Luxury mkt is booming, and there’s a high demand for luxury managers

Frédéric Picard, Managing Director, Glion Institute of Higher Education in an interview with Bizz Buzz, discusses the growing importance of luxury management education, the key challenges and opportunities facing the luxury industry, and the importance of international experience for students interested in a career in luxury. He also talks about the new Luxury Management bachelor's degree, based at its Switzerland campuses, which will open doors to a career in the multi-faceted luxury industry

How would you describe the luxury market in India and abroad?

The luxury market in India and abroad is a dynamic and ever-evolving industry. In India, the luxury market has been growing rapidly in recent years, with an increasing number of high-net-worth individuals driving demand for luxury goods such as designer clothing, jewellery, and watches. However, the Indian luxury market is still in its nascent stage compared to the global market and this growth comes with challenges such as maintaining exclusivity while catering to a larger customer base. Additionally, the Covid-19 pandemic has had a significant impact on the industry, forcing brands to adapt their strategies and focus on e-commerce channels. Despite these challenges, the luxury industry in India and abroad continues to evolve and thrive as it meets the changing demands of consumers.

What kind of courses are you offering for Indian students?

The Bachelor’s Degree is the perfect preparation for high-level leadership careers in the hospitality and service industry, boosting their overall experience, competences and transferable skills. There are three different specialisations: Luxury brand strategy, international hotel development and finance, international event management. There are four masters: Master of Science in International Hospitality Business, Master of Science in Hospitality, Entrepreneurship and Innovation, Master of Science in Real Estate, Finance and Hotel Development, Master of Science in Luxury Management and Guest Experience.

Do you offer entrepreneurship opportunities?

As an education institute, our goal is to empower aspiring entrepreneurs by offering them the resources and support they need to succeed. The very nature of hospitality is constant innovation, and such an approach is developed within students of the leading schools. When you add to this the international network, one can acquire through your cohort and the influential alumni contacts available in a diverse range of positions, it becomes clear why the entrepreneurial path is very much open to hospitality graduates. We provide access to mentorship programs and networking events that can help entrepreneurs grow their businesses and connect with other like-minded individuals. Our Masters in Entrepreneurship and Innovation is dedicated to helping entrepreneurs navigate the challenges of starting a business, from developing a business plan to marketing their products or services.

How will Bachelor’s in Luxury Business degree help students for a high-level leadership career in the international luxury industry?

The Luxury Management Bachelor's degree course at our Switzerland campuses is designed to provide students with a deep understanding of the luxury market, from its history and evolution to its current trends and future projections. Through a combination of theoretical coursework and practical experience, students will gain a well-rounded education that prepares them for success in a variety of luxury-related careers. This programme offers a holistic approach to learning, allowing students to gain a comprehensive understanding of the industry, from its history and evolution to its current trends and challenges.

It offers a unique opportunity to gain direct industry exposure through a range of activities, including a field trip, visits to luxury stores and manufacturing facilities, industry roundtables, and an entrepreneurial challenge. Graduates of this course can expect to have access to a wide range of rewarding career opportunities, including positions in personal luxury goods, private jets, automobiles, private banking, fine dining, food and wine, high-end health and wellness clinics, and much more.

What are some of the pivotal skills and knowledge that students can expect to acquire from a luxury management course?

The Luxury Management Bachelor Degree course at Glion is a comprehensive programme that prepares students for a career in the luxury industry. It covers a wide range of topics, including luxury branding, marketing, and management. Students also learn about sustainability in the luxury industry and how to create innovative solutions that meet both customer needs and environmental standards. The first internship involves students foraying into the world of luxury hospitality, where customer experience is the key.

The seven-semester programme covers a wide range of topics, including luxury branding, marketing, and management. Students also learn about sustainability in the luxury industry and how to create innovative solutions that meet both customer needs and environmental standards.

How has the luxury industry transformed in recent years, and what impact has this had on luxury management education?

The luxury industry has undergone significant changes in recent years, driven by shifting consumer preferences and the rise of digital technologies. As a result, luxury management education has had to adapt to keep pace with these changes. One key trend has been the increasing importance of sustainability and social responsibility in luxury brands. This has led to a greater emphasis on ethical business practices and environmental stewardship in luxury management education programmes. Another trend is the growing influence of digital channels on the luxury market, which has prompted many schools to incorporate courses on e-commerce, social media marketing, and other digital strategies into their curricula. Additionally, there is a greater focus on experiential learning and hands-on industry experience in luxury management education programmes, as students are expected to have a deep understanding of the industry before entering the workforce.

Furthermore, emerging economies like India are rapidly witnessing a boom in luxury department stores and commercial centres, hinting at the enormous potential of the luxury segment in the country.

What are some of the key challenges and opportunities associated with managing a luxury brand?

Managing a luxury brand requires balancing tradition with innovation to create an exceptional customer experience while maintaining profitability. These challenges include maintaining exclusivity while expanding the brand's reach, ensuring consistent quality across all products and services, and experimenting with new materials, designs, and experiences. Additionally, luxury brands have the opportunity to build strong relationships with customers through personalised experiences and exceptional customer service. Finally, managing a luxury brand allows for greater control over pricing and profit margins, as consumers are willing to pay a premium for quality and exclusivity. Luxury is about sustaining the part of the intangible, premium promise that is about emotion, sense of belonging, prestige, and ideals, not about providing a superior good or service. Consumers in the market nowadays are seeking qualities other than purely material ones. Businesses need to provide a remarkable customer experience that extends beyond the product itself in order to develop a strong brand that connects with their target audience. This may involve providing individualised service, hosting special events, or even creating a community where consumers can interact.

How significant is international experience and exposure for students interested in pursuing a career in luxury management?

International experience and exposure are substantial for students aiming to embark on a career in luxury management. With the luxury industry becoming increasingly globalised, gaining experience in diverse cultural and business contexts is essential to comprehend the intricacies of the luxury market. Furthermore, the luxury industry is highly competitive, and international exposure can furnish students with a competitive edge in the job market. It also offers prospects to design a network of contacts that can prove beneficial when seeking employment or collaborations in the luxury domain. Switzerland in this regard is an iconic luxury territory and an excellent destination to pursue a luxury management course.

The country is recognised for its high-end watchmaking, banking, and hospitality industries, which are vital elements of the luxury market.

What are the placement opportunities for young graduates?

There are several steps that graduates can take to convert them to opportunities. Networking is key, as it allows graduates to make connections and learn about job openings that may not be advertised publicly. Graduates can also consider internships to gain experience and build their resumes. With two professional internships in the Bachelor programme of 6 months, students can put their knowledge to the test with real life customers and colleagues. During these internships, students have the opportunity to work alongside experienced professionals in their field of study and gain valuable insights into the industry. They are able to apply their theoretical knowledge to practical situations and develop important skills such as communication, problem-solving, and teamwork.

What are the fees for these courses? Are there any scholarships students can avail?

The Bachelor’s in Luxury Business lasts 3.5 years and 7 semesters including two 24 week internships. The Academic fees are 229.5 KCHF. As a private institution, Glion provides a number of scholarships and financial aid for Glion students through around 10 different packages. Each scholarship and financial aid package has a specific criteria and eligibility is examined on a case-by-case basis for those students who have submitted a complete application. Students may also be eligible for loans offered in their home country. Scholarships may not be combined and cannot be granted retroactively.