According to a 2018 report by Bain & Company, the global luxury industry is worth a staggering USD 1.3 trillion annually. Of this, the personal luxury market is worth nearly USD 300 billion, and growing. A significant portion of the growth in the luxury industry now comes from emerging economies, particularly from Asia. In India, the luxury market is estimated at around USD 30 billion (Assocham 2018). The luxury industry is generally considered to be recession proof, and as the world gets wealthier, a greater share of this wealth is dedicated to the pursuit of luxury. This makes the luxury industry ever more relevant.
This programme takes an in-depth look at the luxury industry from a marketing perspective. The luxury industry is often poorly understood, largely because the concept of luxury itself has different meanings for different groups and contexts. In addition, many of the rules that apply to traditional marketing do not apply to the marketing of luxury offerings. We begin by providing you with a strong conceptual understanding of luxury. We then take you through the various stages of luxury marketing from an industry overview to brand building, pricing strategies, and to the licensing and distribution of luxury brands.We also highlight emerging challenges and business opportunities in luxury markets such as sustainability and the sharing economy. We cover multiple topics which will help managers to make better decisions related to luxury marketing.
We intend to train new and existing luxury marketers to become better decision makers by exposing them to various luxury brands, concepts, business models and strategies, and the challenges facing each of these facets from a marketing context. After the completion of the programme, you will be able to answer the following questions:
1. What will the luxury industry look like in 2021?
2. How does luxury marketing differ from the marketing of non-luxury offerings?
3. What are the different business models for managing luxury brands?
4. Which tactical levers would you need to pull to achieve your strategic objectives?
5. How can you efficiently manage your luxury brand’s growth?
We draw on a mix of research findings, cases, and handson exercises to deliver the course. We also have two sessions delivered by a guest lecturer who will share his extensive experience in Indian luxury retailing.
The course is targeted at managers and entrepreneurs who are either operating in the luxury and premium sectors or who wish to enter the luxury sector in future. You do not need any existing experience in the luxury industry.