Masters in Luxury Management

Masters in Luxury Management

Luxury Management covers a wide range of industries, including jewelry, wine and spirits, travel, fashion and technology. Luxury brand management often differs from other brand manager roles – the goal of a brand manager in a luxury company is to ensure that the brand is known by all but consumed by a select few, lest it lose the luxury edge of exclusivity.

Individuals looking to work in the luxury sector may want to consider a masters in luxury brand management to deepen their knowledge of the field. Specific luxury management masters are more focused on the topic, whereas an MBA specializing in luxury has a broader scope and may be preferable for those who want to keep their options open.

The Luxury Market

According to Bain & Company, the luxury market grew 5 percent in 2018 to an estimated US$1.3 trillion globally. The same report found that the market for personal luxury goods, the core of the luxury sector, reached a record high of US$287 billion, representing a 6 percent growth.

The ever-increasing spending power of Chinese consumers is a leading factor in this growth as they represent 33 percent of global luxury spending. The growth in online luxury purchasing continues, accounting for 10 percent of all luxury sales, with accessories the top category sold online (Bain, 2018).

Consumers aged 25-44 make up the majority (67 percent) of those who regularly purchase luxury items for themselves, according to GlobalWebIndex. The most popular product categories for these ‘regular treaters’ are cars/automotive (26 percent), household/furniture items (36 percent) and travel (36 percent).

Luxury Management Masters Programs

SDA Bocconi offers the EMiLUX – Executive Masters in Luxury Management – in partnership with ESSEC Business School. The 13-month program is designed for executives to enrich and develop their knowledge of the luxury industry. Experiential learning is a key part of the course, with field study trips to Champagne, Italy, Dubai, India, Paris and Singapore.

The MSc in Luxury Management & Marketing at emlyon business school is an 18-month global program with terms in Paris, London or New York and Shanghai. This helps you develop a broad view of the luxury industry across multiple markets. Recruiters for emlyon in the luxury industry include Cartier, Christian Dior and Richemont Group.

Unsurprisingly, the University of Monaco Business School offers an MSc in Luxury Management. Monaco has always been associated with the upper echelons of luxury and the MSc program offers three tracks for participants to choose from: Luxury Fashion & Accessories Management; Luxury Hospitality & Event Management, and Luxury Brand Management. They also offer the world’s only Yachting Track, tapping into Monaco’s yachting heritage.

Luxury Management MBA Specializations

If you want to pursue an MBA specializing in luxury brand management, there are many options. In New York City, both NYU Stern School of Business and Columbia Business School offer MBAs with a luxury focus. Columbia offers five electives designed to give students an overview of the luxury industry. In addition, the Retail & Luxury Goods Club provides networking opportunities, hosts an annual conference and recommends masterclasses like Design & Marketing of Luxury Products and Creation of a Retail Enterprise.

NYU offers a specific Fashion & Luxury MBA, a one-year program aimed at those pursuing careers in the fashion and/or luxury industry. The curriculum has four key components designed to deepen your foundation in business and expand your knowledge of fashion and luxury: the business core, the fashion and luxury core, Stern Solutions (experiential learning) and elective courses.

If you are interested in studying in Europe, both HEC Paris and ESSEC Business School offer MBA specializations in Luxury Management. At ESSEC, students undertake core MBA courses in combination with luxury-focused modules such as Luxury Consumption and Consumer Behavior, Luxury Distribution and Retail Management and Counterfeit in Luxury. Participants can also undertake an optional boutique internship. The HEC luxury specialization takes place in two very different luxury markets, Shanghai and Paris, and aims to help students develop the relevant skills and knowledge to get ahead in the luxury industry.

Although the MBA program at London Business School doesn’t offer a specific luxury concentration, it does have several options for students who want to pursue a career in the industry. The Walpole Luxury Program connects students with senior luxury retail mentors from companies such as Burberry, Rolls Royce and Boodles – the Walpole alliance is comprised of 170 British luxury brands. The Retail and Luxury Goods Club is one of LBS’s most popular professional clubs, with over 3,500 members who take part in professional career treks, conferences, and networking events.

Written by Julia Gilmore

Julia is a writer for TopMBA.com, publishing articles for business students and graduates across the world. A native Londoner, she holds an MSc in Marketing Strategy & Innovation from Cass Business School and a BA in Classical Studies & English from Newcastle University.

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