Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

How Luxury Management Can Be Your Best Career Bet

The luxury market in India, which was worth an astounding 18.6 billion dollars in 2016, is poised for an impressive 25-30 percent CAGR till 2020

Photo Credit :

1477397400_Ffb23C_The-Smoke-Company.jpg

The luxury retail growth story in India is for all to see. Studies and reports across the world have confirmed that global brands have their sights firmly trained on India for expansion. Apart from e-commerce and FMCG categories, there is another segment where India is one of the exciting emerging markets - the luxury segment. 

The luxury market in India, which was worth an astounding 18.6 billion dollars in 2016, is poised for an impressive 25-30 percent CAGR till 2020. Luxury products and services in the areas of fashion, accessories, jewellery, technology, travel, automobile, and importantly the wedding sector have shown an upward swing with many luxury brands setting up or looking to enter the Indian market. 

India currently accounts for 1-2 percent of global luxury sales, a figure that is bound to grow in the coming years with the US, European and Chinese markets facing saturation or slowdown. 

On the other hand, the Indian market for luxury products and services shows immense promise, as not only UHNWI, but the not so HNIs segment is also indulging and investing in luxury. Apart from traditional markets like Delhi, Gurugram and Mumbai, luxury sales are growing phenomenally in Tier 2 cities, fuelled by people with new money in places like Surat, Jaipur, Coorg, etc.  It is no wonder then, that luxury brands like Mercedes, BMW, Michael Kors and Burberry have a dedicated India presence, and products at price points and features that are inviting enough to bring aspirational Indians to the luxury fold.

This trend is expected to sustain through the next decade, with more brands seriously contemplating an entry into the Indian market and Indian companies tying up with more international brands for a luxurious synergy. In this exciting new scenario, the need of the hour is to bring professionalism and dynamism into the Indian luxury market. 

Consumer behaviour, aspirations, strategy, communication, and even product development of the luxury segment is distinct from other retail categories. It requires a different knowledge and experience from standard market practices.

With such an exponential growth, a specialization in this sector would help those who are desirous of making a career in the luxury retail space. 

A well-crafted luxury management program will enable and empower students prepare a career exclusively in the luxury sector.Such program will aim at providing knowledge, insights, training and practical exposure to current trends and needs in the luxury sector both in emerging markets like India as well as developed markets like Europe. 

Opportunities and Remuneration

An in depth study by research firm McKinsey shows that the overall luxury industry is showing increasing signs of growth from emerging countries with India giving China tough competition, thanks to a slowing economy in the latter.

This means more opportunities for luxury retailers in India leading to an increase in job opportunities as well. The job profile could range from a Luxury Fashion Manager to a Luxury Marketing Specialist. 

The remuneration will depend on the experience of the candidate and can begin with an annual salary of Rs 5 lakhs and upwards. 









                                                    

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


Tags assigned to this article:
career options luxury management ecommerce retail

Dr. Radhika Narayanan

The author is Program Director - Masters in Global Luxury Management, S P Jain School of Global Management

More From The Author >>