What is the current growth rate of Luxury Retail Management in India? What has changed in the last ten years?The luxury retail market in India is showing positive signs of growth every year. In 2014, luxury sales grew by 17 per cent annually; up from estimated 14 per cent in 2013. The fashion and accessory sectors account for approximately 30 per cent of this growth; but the potential is much greater.I believe that with correct training and innovative strategising, the new generation of business leaders can take the luxury retail market to a global level and establish India as one of the key players in the industry. I'm confident that we will see a number of home grown luxury brands on the global map in few years. There's certainly a lot of potential, they only need the right guidance.What do you think are the challenges ahead?India as a luxury retail market has not arrived at the global platform yet and thus there is a lot of scope for advancement. Be it in terms of fashion, household goods, interiors, or business enterprise, many people still prefer to buy it from abroad than in India. The main reason for this is that we have luxury retail stores in India but its brand management is not done well. Apart from that, the luxury shopping experience is still not there in India, and that is a big problem for a segment that can easily afford to go and buy abroad. Another big problem is the one of very high duties on luxury products.How does MISB Bocconi plan to aid the growth of luxury retail management in India?At MISB, we offer a Post Graduate Programme in Business (PGPB) with a specialisation in Luxury during the exchange semester in Milan; we also offer open enrolment and customised executive programmes for young professionals, managers, entrepreneurs and brand promoters who would like to learn more about the new-age strategies and the changing global environment. The aim is to establish a luxury retail education system and bring in the best globally accepted practices to develop a skilled workforce, which could transform in the Indian retail space.What are the advantages of the MISB curriculum and how is it different from other universities?The base of our curriculum is the same as it is in Italy (where the course is ranked 12th worldwide by the Financial Times). The biggest advantage for MISB students is the international exposure via faculty members and exchange programmes. We concentrate on developing their business planning ability alongside their corporate and personal communication skills. Our courses so structured that after completing one 10-month training module in Mumbai, students do a two-month internship at corporate houses. The second module of the programme begins with an optional campus abroad stint—students can take one course in any of our six partner universities. Post this, they are sent to Italy for four months of specialisation in four to six courses. Then they return to Mumbai during placement season.

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What trends should managers of luxury brands be thinking about as they look towards the next decade?India and Italy are not very different in terms of retail structure. Only few years ago Italian retail was dominated by family-owned stores and small chains. With the beginning of the new millennium, the process of modernisation in the retail market has accelerated. The phenomenon of retail concentration, the growth of buying groups, assortment scrambling, concept stores and more in general retail innovation, are trends we are will in India in the next future. We believe that managers and CEOs should be prepared to take up these challenges, and we are here to assist them. The difference now is that technologty can play an important role in India. Another gap to fill is the training of the sales teams, to bridge the social divide with clients.What advice would you give somebody looking to start working in the luxury industry?If possible, persue professional courses specialising in the same subject to gain theoretical knowledge and think innovatively. While practical knowledge and learning on the job is very important, this industry is not a place for someone with no background. It may take a person with no official training more time to reach a level, which someone with a few years of academic training may reach in a very short time. Another aspect you should focus on is your presentation and communication skills, be it your appearance or the way you write emails or talk to your clients. It is essential that you are able to represent your brand and exude its core qualities. In addition, you need to be up to date with current international as well as local trends and business policies, by reading up on the industry news. Only when you know what's trending will you be able to adapt to the changing scenario.