The Present Scenario:
In the present job market, MBA is no more a fascination. In Fact it is completely saturated as hundreds of thousands of MBAs from Tier 2 and Tier 3 Business Schools seek fewer and fewer available jobs. Even if they manage to find one, they certainly need to settle for less.
Besides, there are plenty of marketing, sales and HR professionals with traditional degrees, to add up to the highly competitive low paying jobs circuit. This rat race is absolutely frustrating and demoralizing. One who invests a considerable fee in pursuing an MBA, suddenly finds that his investment is not delivering expected ROI.
According to the latest statistics:
3 lakh plus MBAs graduates in India annually – Marketing is the most preferred specialization closely followed by HR.
Most of the marketing graduates end up in either sales or low-end BPO roles. Neither of these functions is relevant to the subjects learnt.
There is a clear gap in the knowledge acquired and the job roles to be executed, leading too further frustration amongst the qualified MBA.
Significant numbers of professionals face a career burnout without even reaching to the middle or senior management roles.
Potential candidates getting badly paid, leads to frustration and depression, as they are not able to recover what they’d invested.
Candidates from Tier 1 B Schools are preferred by the organizations which is good in a way, but that also hugely affects the future of potential candidates from other B-Schools.
The new Career Alternative:
Pushing your child for an MBA? Are you aware of the risk involved in career growth?
Instead, why not a course related to Luxury Brand Management. India is a big country with the largest number of young people and if that energy can be utilized and channelized effectively then we are no less than any developed nation. The retail sector in India is still not explored to the core and has plenty of opportunities. The luxury retail sector has the highest growth potential brands.
The Luxury sector is a niche space with restricted numbers of highly placed brands. The Luxury Industry opens up new avenues for young energetic enthusiasts to enjoy a career that is recession proof, offers easy to acquire skills and has a huge variety of segments to choose from or rotate within. Today luxury has seeped into every aspect of our lifestyles. Automobiles; fashion; travel & tourism; health and wellness; hospitality & fine dining; aviation; medical tourism; watches & jewelry; home & interiors; technology & hybrid – almost everything is affected by the luxury phenomenon. Further segmentation of the phenomenon has resulted in premium – accessible – aspiration – core luxury, thereby increasing the need gap in the talent pie.
Just like any other consumer business, any luxury product has roles in the front and back end. Managerial roles typically could be in the fields of marketing; communications; research; supply chain & logistics; merchandising; banking & finance; design; manufacturing etc. The front-end roles which act as the customer touch point area’s would includes sales consultants; sales supervisors; store managers etc.
Do you have what it takes?
Working for a luxury brand needs a certain attitude. One has to be well educated, well behaved, appears pleasing, willingness to learn and should possess passion for excellence. One needs to know and like the products one sells, inside out. Promoting them has to be something that one enjoys. Advising someone on usage of these products requires creativity and imagination. Besides, one needs to develop good inter- relational skills.
Being an avid listener and having customer service awareness is the most important ingredient. One should also be confident and mentally strong, as you will be dealing with educated customers with strong personalities.
A brand wants people with ambition, determination & a career drive, besides loving their job. People with strong academic background are always preferred so do not neglect studies. Mastering two languages including English will always give you an edge. Most famous fashion brands are international & one may need to interact with people of other countries. Since Luxury brand management involves a high level of customer interaction, those with a natural flair for networking especially with the corporate class and the ability to build up a rapport with key decision makers will do well for themselves in this industry. Luxury houses posses zero tolerance for anything that is below average or of low quality. Thus it is essential for an individual working in this field to set high standards of maintaining good quality customer relations and efficient time management skills.
It is essential for luxury brand managers to be in love with their product and believe that the company offers a value addition in terms of status and elegance to its client. A luxury brand manager who assumes the role of a mentor can spearhead the transformation of and merging luxury brand into a dominant market player.
Luxury Connect Business School:
Luxury Connect Business School is by far the top choice for luxury brand management courses. They are rightfully hailed by the media as India’s first and only Luxury B School. From Aston Martin to Rolex, From Mercedes to Carl Zeiss, their alumni have been well placed in the world’s biggest brands. The Luxury brand management programs offered by LCBS give aspirants an overall idea about quality as a concept and the standards, criteria needed as per the Luxury industry. The programs are also based on industry specific purposes so that the future graduates understand how the brand culture works. An emphasis on domestic as well as international luxury brands is provided as LCBS have an active collaboration with international schools and faculty.
In an era of specialization, the generic MBA culture is wrapping up & fading quickly. The supply demand equation of related jobs VS available MBA candidates is completely skewed. The retail sector is booming in India and luxury is an unavoidable reality of our lifestyles. A career in luxury management is promising future for aspiring youth. These brands target a very specific set of audiences. This audience in term is provided services by a set of people who posses certain aptitude, attitude and willingness to learn, be humble and perform consistently. India being the youngest country in the world, has everything, the luxury industry is looking for. A correct career choice would save many from being a sheep in the herd, instead it will give them an opportunity to live life king size, with pride.
LCBS, India’s first Luxury Business School, therefore looks a wise career option, as it will provide complete insight on how luxury industry works and groom aspirants in the needed manner.
Authored Article by: Mr. Akshay Gupta, Chief Operating Officer at Luxury Connect Business School