In Indian market, the awareness of luxury brand is limited to certain popular brands only. Indian consumers are not even aware of their lesser-known counterparts which may have better pedigree, rich culture and heritage. Thus Luxury Brand Manager plays an important role in brand positioning the luxury product and service so as to not only occupy a niche space in consumers mind but also separate it from competition.
Basically a Luxury Brand Manager is a professional who strategizes about ways to not only enhance the perceived value of luxury products, but also market upscale premium expensive brands to people who buy them for experience as well as to stay updated with latest trends. He is responsible for educating the customer about the core values the brand represent in addition to building strong brand recognition as well as brand visibility amongst the consumers.
Indian luxury landscape: The luxury landscape is on an impressive growth spree in India as per following:
- In 2022, as per Euro monitor International report, India’s luxury goods market is slated to touch $8.5 billion.
- By 2030, Indian luxury market is predicted to surpass $200 billion
- As per Statista, in 2022, Revenue in the Luxury Goods market will reach US$7.60bn. Between 2022 and 2027, the luxury goods market is estimated to grow at CAGR of 1.43% annually.
- As per Statista, in 2022, Luxury Watches & Jewelry is largest segment in luxury market with a market volume of US$2.23bn.
Little wonder that many luxury brands are lining up to grab a share of the Indian luxury pie. This will ensure high demand for Luxury Brand Managers.
Career Prospects:
On completion of Luxury Brand Management course, following are few of the career profiles that can be targeted:
- Luxury Brand Manager: You will be responsible for devising an effective marketing strategy to create differential position for your brand to attract this specific niche audience. You will be analyzing the market as well as the target customer to understand their tastes and preferences so as to collaborate with designers as well as creators inorder to supervise manufacturing. Furthermore, you will also be accountable for sales as well as revenue generation.
- Luxury goods product manager: You will oversee planning and development of the product through various stages basis research & analysis of the end consumer preferences. Additionally, you will collaborate with quality assurance, marketing, sales and product design teams while handling the production process.
- Merchandising manager: You are expected to identify and source luxury high-end quality products at the apt prices so as to sell them at your retail stores. You also need to hire and train the appropriate staff, create marketing strategies and budget while overseeing the profitability.
Luxury Brand Management Course
In order to study Luxury Brand Management Course, you must choose a college that offers industry-centric curriculum providing not only holistic understanding of the developed luxury markets, but also how to apply this learning about marketing, competitive strategy, managing of multi-brands, pricing strategy, retail as well as sales concepts in emerging markets like India. Furthermore the college must offer placement support as well as exposure through interaction with industry experts and CEOs along with faculty from global partner universities.
Opportunity strikes once only, so grab it with both hands before time runs out.
