Why study luxury brands?
A specialized degree in luxury brand management is a novelty in higher education, but universities have created highly outstanding programs capable of thoroughly preparing their students for a prosperous career in the luxury industry. With this degree, you will be able to constantly exercise your creativity while working with elite companies in various sectors -- travel, automobiles, perfumes, and fashion are just some of the possibilities.
One of the best benefits of working in an elite industry is an elite salary. A position in a luxury brand can open doors for the corresponding luxurious lifestyle many people dream of.
What will you be learning?
Pursuing a degree in luxury management, you will learn everything from the basic concept of luxury to the intricacies of the luxury chain and distribution. You will learn what draws customers to luxury brands and the value of the brand statement and innovation. Product design, pricing, and strategy are also elementary fields covered by the degree.
These programs commonly offer placements within well-known companies and the opportunity to observe how established businesses run. Students often work with field experts on specific projects and gain valuable industry experience.
Future of the business
Despite the economic recession spreading in recent years, luxury products and services consumption has increased steadily. With new brands emerging every year and an expanding customer base, the luxury sector grows. Consequently, so does the need for specialized professionals.
A study by McKinsey concluded that with the shake-up caused by the COVID-19 pandemic, new trends and strategies would gain space in the industry. Putting digital operations at the center of the business model should be a priority. Companies will invest more in e-commerce, virtual showrooms, digital marketing, and other strategies to digitalize the end-to-end supply chain.
The study also showed that anticipating changes in consumer behavior is vital. One recent trend that stands out is sustainability -- customers are leaning towards more responsible consumption and prioritizing brands associated with sustainable practices, environmental, and social responsibility.
The growth of the business and alluring career prospects have continuously attracted more people to the luxury industry. A career in luxury brands has the power to give you a global projection, working with elite companies with headquarters around the world and collaborating with public figures and recognizable names.
With this degree, you can pursue various careers: luxury brand manager, brand strategist, communications manager, customer relations manager, marketing director, fashion retail manager -- the possibilities are numerous, and you will undoubtedly find a position that matches your profile.
Sustainability and fashion
The fashion industry is currently responsible for up to 10% of the world’s carbon emissions. Thanks to the high demand for cheap and fast manufacturing combined with overproduction, three-quarters of the garments produced globally are burned or dumped in landfills.
Research by the UC Riverside suggests that mass customization can help significantly in reducing waste and making the fashion industry more sustainable if done under the right circumstances. However, the Harvard Business Review has pointed out that the issue runs deeper, and only through redefining sustainability in fashion can the industry truly move forward.
Why work in luxury fashion?
If you are passionate about fashion and honestly believe in the importance of luxury goods, you have the main qualities necessary to advance in the industry. Knowing that when a customer purchases from a luxury brand, they are not simply buying a product, they are buying a dream, is critical in understanding how and why the sector works.
Luxury fashion isn’t simply selling overpriced pieces made from slightly better material. It’s creating the extraordinary and showing your customers things they never thought possible. Balancing creativity with business can be a challenging task to manage. Being guided by your passion and constantly reminding yourself why your work matters are the only ways to succeed.
ESSCA is an accredited business school founded in 1909 in France. As one of the most established management schools in Europe, the degrees offered by ESSCA ensure students will stand out in the global market. With eight campuses, the school counts on over 270 partner universities in 56 different countries to give students opportunities for internationalization and a vast network.
As a part of the diversification of ESSCA’s educational offer, ESSCA Online Campus creates 100% online programs (short, degree and nano programs) meeting the best international standards and dedicated to students from around the world.
With the recent and upcoming trends in luxury fashion in mind, ESSCA Online has created the MSc International Business 4.0 - Luxury Marketing & Fashion Management, a master’s degree, taught entirely online and in English, designed to provide students with the knowledge and experience necessary to meet the high demands of the sector.
The program is divided into two semesters and focuses on the basic concepts of international business before focusing on the intricacies of Luxury Marketing and Fashion Management. The program also offers the opportunity of a one-week stay in Paris, hub of luxury, where students will visit large companies, startups, concept stores, and luxury fashion houses, gaining valuable insights from the world’s fashion capital.
If you carry the necessary passion and creativity and want to receive world-class preparation to start a career in luxury fashion’s exciting and innovative industry, visit ESSCA’s website to learn more about the programs and how to apply.
Article written in association with ESSCA.