Managers With Degrees In Luxury In Demand. With luxury companies setting up base in India, there is a growing demand for managers armed with specialized management degrees in luxury. Looking at the growth in career opportunities in luxury, leading business schools which offer management courses in luxury brand management, such as ESSEC in Paris and SDA Bocconi in Milan are witnessing an increase in demand from markets like India.
The trend, said industry experts, is expected to grow further as luxury expands its scope in India. Looking at the potential, SDA Bocconi has started an Indian branch named MISB Bocconi, located in Mumbai, to leverage its experience within Indian executives. Luxury, which covers a broad range of products and services such as fashion, food, arts, movies, cultural industry, hotels & tourism, is estimated to become a $15 billion industry in India by 2015.
`Indians with luxury business school degrees are sought after in India. This is because luxury is seen as a sector with a big opportunity over the next few years. It's a noticeable trend that more Indian students are opting for MBA degrees in luxury because there is a growing demand for managers with such specialization,'' said Tulika Tripathi, managing director, Michael Page, India, a specialist recruitment firm.
ESSEC Business School was the first school to launch an MBA in international luxury brand management in partnership with LVMH and L'Oreal Luxe, specifically to recruit and train high potential managers to develop their luxury business particularly in Asia. The business school has assigned its top officials to frequently travel to Delhi and Mumbai to monitor the growth of the industry and interview prospective candidates.
`As t he l uxury i ndustry grows in India, more career opportunities are becoming available. Since 2009, the programme has seen its graduates being hired by Genesis Luxury, Reliance Brands, Burberry, Gucci, Remy Cointreau, Richemont, L’Oreal Luxe. However, some Indian graduates have preferred to gain international exposure before returning home and have gone to work for companies like DFS in Hong Kong or Chalhoub in Dubai where there are multiple opportunities,'' said Anthea Davis, director, corporate relations and career development, ESSEC.
At ESSEC, the MBA in international luxury brand management is a specialized programme that accommodates up to 40 students per year from 20 different nationalities. While there was only one Indian student on the programme in 2007, today there are seven.
Davis said the first recruitment needs initially came from Japan, China and Korea but in the last 8 years, ESSEC has seen an increasing demand from Brazil, Russia, India and South-East Asia. The number of partner companies the programme works with and supplies talent to include luxury groups such as Richemont, Kering, Estee Lauder Group as well as single brands such as Burberry, Chanel and Zegna.
`The luxury goods market being largely retail driven, and now saturated in Europe, companies are looking to open stores in new locations and markets which are not yet developed. This generates job opportunities for graduates both in running retail operations and in the back office with an increasing number of subsidiaries being set up abroad. For example, Richemont recently opened a subsidiary in Delhi in October 2012 where one of the graduates has been hired as brand manager for Vacheron Constantin Watches,'' said Davis.
Bocconi, on the other hand, has an MBA class in partnership with Bulgari which was started in Rome last year. ``Foreign students are increasing and in the last five years the Indian audience became the first on in terms of enrolled students, getting to a percentage of 20% in MBA and executives classes,'' said Stefano Caselli, vice rector for international affairs, Universita' Bocconi.
While there is a strong increase in demand for skilled Indian MBA graduates who are able to blend knowledge of the Indian market with an international background, Caselli said placements are going up as the Indian market is becoming more attractive and developed for luxury industry.
QUITE LUXURIOUS
Luxury covers fashion, food, arts, movies, cultural industry, hotels & tourism
By 2015, estimated to become a $15 billion industry in India
Management courses with specialization in luxury in demand
Management graduates with luxury specialization being absorbed by Genesis Luxury, Reliance Brands, Burberry, Gucci, Remy Cointreau, Richemont, L’Oreal Luxe
With the government opening up single and multi-brand retail, the demand for such graduates likely to increase
London School of Business & Finance has recently introduced its luxury management programmes
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