Luxury brands have always been a multi-billion dollar industry now, and it takes a lot more than only creative designers and elegant models to make or break the identity of a luxury brand. Here comes the need for fashion management that plays a major role in the establishment of brand awareness and uncovers new trends. It aims to ensure that the product is available to buyers at the right time and place. So let us take a deep dive at Luxury Brand Management.
What is Luxury Brand Management?
The term luxury is derived from the Latin word ‘lux’ meaning light. Luxury is meant to stand out, as evidenced from the distinct brand logos and outlets that are built to impress. Luxury brands (such as Louis Vuitton, Rolls Royce etc.) are associated with prestige/status, and often go on to differentiate the owners from the crowd.
Luxury brand management relates to the perception of a particular brand among consumers in the market. It broadly includes the “connection” between a brand and the consumers: ranging from the product quality to the brand loyalty displayed towards the brand. In the luxury products segment the “story” behind the product is of at least as much importance to the audience as the product itself. Thus a typical luxury brand adds value to their line of products by offering a compelling (and often creative) narrative to their target audience while trying to establish a tribe of faithful believers.
One of the main principles of luxury brand management lies in the separation of clients and non-clients – creating a no-go zone through high prices or exclusivity.
What do Luxury Brand Managers do?
Luxury brand management has been around for as long as the fashion industry, but the profession has only significantly grown in popularity in the last few decades. In order to appeal to the targeted clientele, high-end merchandise needs brand managers to make strategic moves for promotion and branding. As such, luxury brand management is a driving force in the success of the fashion industry.
All brands, big or small, have brand managers in place to market the luxury products for the public. Luxury brand managers have a critical role in corporate decisions, given the expertise and value they bring to the organisation.
A Luxury Brand Manager will be working at a high-end fashion house. Thus, it is important that you know how to maintain both the high standards of the organization as well as a good relationship with the customers so that you can efficiently manage your time amongst customers.
One must also know how to entertain clients and be innovative while planning corporate gifts to ensure that certain clients continue work with you, you might also be required to attend promotional events and business lunches.
Scope
A specialization in luxury brand management enables a candidate to understand consumer behaviour along with a deeper understanding of the target audience mix. It also helps in gaining vital skills related to product development, sourcing, distribution, pricing, and merchandising. It also frequently involves crafting media communication: crafting content and marketing that accurately reflects key aspects of the brand.
If you have a keen eye for details, love being updated with the latest fashion trends, good at project management, and enjoy communication, this might be the “custom-made career” for you. As a luxury brand management professional, your duties might incorporate some or all of the following:
- Conducting research for new product launches
- Designing marketing and advertising campaigns
- Collaborating with creators, artists, and designers
- Product development: design, fabrication, quality specifications
- Retail buying, vendor negotiation, maintaining stock levels
- Media management: relationships with journalists/editors
Job Prospects
Graduates of Luxury Brand Management are likely to work in the following roles:
- Luxury Brand Manager
- Product Manager
- Product Marketing Manager
- Fashion PR Specialist
- Fashion Retail Buyer
- Brand Marketing Consultants
Where to study?
Apart from the US, European countries with rich history related to luxury brands like France, Italy, and the United Kingdom are excellent destinations for studying the subject. An MBA or a master’s degree with a specialization in luxury management are the two primary options at the graduate level.
Here are a few global schools offering courses related to luxury brand management (in no particular order):
- ESSEC Business School, France
- SDA Bocconi School of Management, Italy
- NYU, Stern School of Business, New York
- MIP Politecnico di Milano School of Management- Neoma Business School, Italy
- EDC Paris Business School, France
- SP Jain School of Global Management, Mumbai
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