A Degree in Luxury!

As per a recent report by A.T. Kearney, a global management consulting firm, the current world luxury market size is US$15 bn and it is estimated to reach US$18 bn by 2017. The report also projected that a quarter of the luxury market will be shared by India and China by then. As India gets set to encounter this gigantic growth in all things luxury, the question is—does the country have the human resources to handle it?

Need for Luxury Brand Management in India
India is the fastest-growing emerging market for luxury goods and is projected to contest China's position as the world's leading luxury consumer. According to a report from Euromonitor International, the country's luxury market is expected to grow 86 per cent in constant value terms between 2013 and 2018.
India's impressive growth in luxury goods' sales is the result of several factors. The traditional Indian custom of personal adornment has led to a strong demand for luxury accessories, opulent jewellery, timeless timepieces, designer clothing and footwear.
This has created a need for specific professional training, skill development and education about the luxury industry.

Crux of the Course
The Luxury Brand Management specialization was created in response to the luxury industry's increased demand for Glion graduates. The new program will equip students with distinctive skills to pursue a successful international career in hospitality and luxury management.

The institute's specialization in Luxury Brand Management is the first of its kind to be offered by any hospitality management school. It was launched in April 2015 and classes will commence from July 2015. The coursework which has been designed by involving leaders from the luxury industry encompasses case studies, interviews and workshops. It will be taught during the final year, as part of the 3.5 year bachelor's degree program.

The coursework includes: Designing Luxury Brand Experiences, Management of Luxury Brand, Marketing of Luxury Goods and Services, Luxury Consumer Behaviour and Luxury Communication and Media Planning.

The specialization caters to the different segments of luxury market such as retail, hospitality, tourism, events and sports. Glion partnered with Domus Academy in Milan, Italy to develop the curricula. A prestigious design school, Domus is considered a school of global excellence in the areas of fashion, design and architecture. Through this collaboration, students may attend workshops in Milan conducted by Domus and industry partners. Some of Domus' partners include Cartier, Christie's, De Beers, Moncler and Salvatore Ferragamo.

Career Prospects
The career prospects are many and diverse in the field of luxury. In today's luxury industry where services play a very important role in growth and revenue earning, students can explore careers in various sectors including retail, fashion, hospitality and tourism. Wherever there is a luxury product or service, there is a demand for specially trained professionals. Glion students participate in a year-long internship that allows them the opportunity to learn the industry and discover their passion.

Luxury management courses around the world
Some of the top schools and universities that offer a course on luxury management include Domus Academy in Milan, Italy; the University of Monaco; and the ESSEC Business School in Cergy-Pontoise, France. Glion's program is unique; besides being a multi-course specialization, it will focus on helping students learn the luxury industry while pursuing a degree in hospitality management.

Demand for Luxury Management Education
Mature markets still account for the major market shares of luxury sales across the globe, most notably the U.S., followed by Japan, Italy and France. Emerging markets such as China, has shown an increasing appetite for luxury and althought many brands have set up a presence there, most luxury spending is still done in the four leading markets. According to a report from Bain & Company, the global market for personal luxury goods has tripled in size over the past 20 years, to €223 billion in 2014. While that growth has eased a bit in 2014, Bain research shows that the slower pace is likely to be more sustainable over the long term. The luxury sector is also shifting away from geographic markets to a more consumer-oriented perspective, given that people increasingly buy luxury goods when they travel. This shift has large implications for luxury brands, which must now think about product offerings from a global perspective, instead of fitting them into neat categories that adhere to seasonal and national boundaries.

About Glion: Glion Institute of Higher Education is a private Swiss institute that offers undergraduate, graduate and post-graduate programs. Glion is accredited at the university level by the New England Association of Schools and Colleges, Inc. (www.neasc.org) through its Commission on Institutions of Higher Education, and offers programs in the fields of hospitality, tourism, events, sports and entertainment management. The campus-based student body comprises more than 1,600 students representing more than 90 nationalities. There are 85 faculty members including full- and part-time equivalent lecturers as well as visiting lecturers.

Luxury Courses Around the World
Domus Academy in Milan, Italy- Master in Luxury Brand Management
The University of Monaco- Master of Science in Luxury Goods & Services
The ESSEC Business School in Cergy-Pontoise, France- MBA in International Luxury Brand Management
Glion Institute of Higher Education, Switzerland-Bachelor in Luxury Brand Management

Course Content 
Designing Luxury Brand Experiences
Management of Luxury Brands
Marketing Luxury Goods and Services
Luxury Consumer Behaviour
Luxury Communication and Media Planning

Potential Luxury Markets 
Retail
Hospitality
Tourism
Events
Sport