A Quick Guide to a Career in Luxury Brand Management
Luxury brands have always been a multi-billion dollar industry, and it takes more than creative designers and stylish models to make or break a luxury brand identity. Here comes the need for fashion management that plays a major role in establishing brand awareness and discovering new trends. It aims to ensure that the product is available to buyers at the right time and in the right place. So let’s dive deep into Luxury Brand Management.
What is luxury brand management?
The term luxury comes from the Latin word “lux” which means light. Luxury is meant to stand out, as evidenced by distinct brand logos and outlets designed to impress. Luxury brands (such as Louis Vuitton, Rolls Royce, etc.) are associated with prestige/status and often help to differentiate owners from the crowd.
Luxury brand management is about the perception of a particular brand among consumers in the market. It broadly includes the “connection” between a brand and consumers: ranging from product quality to brand loyalty displayed towards the brand. In the luxury goods segment, the “story” behind the product is at least as important to the public as the product itself. So a typical luxury brand adds value to its product line by delivering a compelling (and often creative) narrative to its target audience while trying to establish a loyal tribe of believers.
One of the main tenets of luxury brand management is the separation of customers and non-customers – 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 grown significantly in popularity in the last few decades. In order to attract the targeted customer, high-end merchandise needs brand managers to take strategic actions for promotion and brand image. As such, the management of luxury brands is a driving force behind the success of the fashion industry.
All brands, big or small, have brand managers in place to market luxury goods to the public. Luxury brand managers have a critical role in business decisions, given the expertise and value they bring to the organization.
A Luxury Brand Manager will work in a high-end fashion house. Thus, it is important that you know how to maintain both high organizational standards and a good relationship with customers so that you can effectively manage your time with customers.
You also need to know how to entertain clients and be innovative in planning corporate gifts to ensure that some clients continue to work with you, you may also be required to attend promotional events and business luncheons. ‘business.
A specialization in luxury brand management allows a candidate to understand consumer behavior as well as a deeper understanding of the target audience mix. It also helps build essential skills related to product development, sourcing, distribution, pricing, and merchandising. It also often involves creating media communication: creating content and marketing that accurately reflects key aspects of the brand.
If you have a keen eye for detail, like to be up to date with the latest fashion trends, are good at project management and love communication, this could be the “tailor-made career” for you. As a luxury brand management professional, your duties may include some or all of the following:
- Carrying out studies for the launch of new products
- Design of marketing and advertising campaigns
- Collaborate with creators, artists and designers
- Product development: design, manufacturing, quality specifications
- Retail purchases, negotiating with suppliers, maintaining stock levels
- Media management: relations with journalists/editors
Luxury Brand Management graduates are likely to work in the following roles:
- Luxury Brand Manager
- Product manager
- Product Marketing Manager
- Fashion PR specialist
- Fashion Buyer
- Brand Marketing Consultants
Where to study?
Besides the United States, European countries with a rich history related to luxury brands such as France, Italy, and the United Kingdom are excellent destinations to study the subject. An MBA or master’s degree with a specialization in luxury management are the two main options at the graduate level.
Here are some 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 Global School of Management, Mumbai
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