América Economía, a Latin American business publication, recently published an article highlighting the importance of the luxury industry within the global economy as well as the role played by business schools to prepare the future leaders of this flourishing industry.
In the article, Michel Phan, Director of the MSc in Luxury Management & Marketing, explains that one of the key reasons why the luxury industry is still growing fast is because "most of the luxury brands have diversified and expanded their offer in order to include products and services targeted to a wider audience. Today you don't have to be extremely rich to purchase luxurious products. This diversification also allows the industry to constantly innovate and continue to prosper." Jennifer P. Roig, the author of the article asserts that "in general, experts agree that countries like China are the primary markets where the luxury industry expands, as the middle class is quickly increasing. Thanks to higher incomes, people start to consume more luxury products and services. They are looking to truly experience the luxury industry."
While the luxury industry is booming globally, the sector remains very competitive and requires managers who fully understand how it operates. In the article, Michel Phan conveys that "the luxury industry is getting more and more complex, and companies need talented leaders who have the skill-set to manage and develop brands on both local and global scales. Furthermore, this industry is ruled by strict codes and operational methods that managers need to learn. Because companies are searching for such talent, business schools are working to statisfy their needs."
EMLYON Business School launched the MSc in Luxury Management & Marketing, an industry-specific master programme, over five years ago in order to respond to this growing demand. Michel Phan states that "industry-specific master programmes really focus on challenges and topics related to the luxury industry. By giving them the necessary knowledge and tools, these programmes fully prepare the students to start their career. When they graduate, the students are immediately operational to work in any organisation."
Recruiters look for knowledgeable young talent prepared to bring innovative ideas to companies but they also search for graduates with "communication and leadership skills. Someone who is a good team player and who knows how to coordinate" states Michel Phan. He also mentions that "graduates looking to work in this industry need to speak several languages, be open-minded and flexible as they travel a lot."
Jennifer P. Roig also interviewed current students of master programmes focusing on the luxury industry, including Andrea Trejo, a current student of the MSc in Luxury Management & Marketing from Mexico.
"I wanted to discover the strengths and players of a key industry that makes people dream. We live in a globalised society where borders are ephemeral and the luxury industry is becoming more important in emerging markets. For this reason among others, I decided to join this programme".
During the interview, Andrea explained that she wants to start working in marketing, whether it entails business development or a more digital sector. "I also like visual merchandising and event planning" she says. "What I want is to work in creative groups either for one of the brands that I admire or for a communication agency specialised in the luxury industry."