Living in a consumerist society that values brand recognition, there is constant pressure on brands to create a certain image for themselves, one that resonates with their goals. Luxury brands like L’Oréal Paris, Louis Vuitton, Gucci, and so on, have established an undisputable reputation across the world, an image, in fact, a legacy they need to constantly uphold. Need is the mother of invention, and the field of Luxury Brand Management has emerged out of this. This blog will help you gain insight into the possible career prospects in luxury brand management.
WHY PURSUE A CAREER IN LUXURY BRAND MANAGEMENT?
In today’s world luxury brands in every field are growing at a fast pace. It has also become essential for them to create a strong impression on the customer base, which allows them to compete and carve a brand impression. This can be achieved through strategic planning and execution in various verticals. This is exactly where luxury Brand Management comes into the picture. In India, Luxury Brand Management has seen a sharp rise owing to the influx of numerous luxury brands in the market over the past few years. India, the fastest growing economy in the world, is projected to grow with career opportunities in every sphere.
CAREER PROSPECTS IN LUXURY BRAND MANAGEMENT
1. LUXURY BRAND MANAGER:
- The most popular job that students take after completing a course in Luxury Brand Management is that of a Luxury Brand Manager.
- JOB RESPONSIBILITIES: A luxury brand manager is responsible for conducting market research for luxury products, overseeing and organising marketing campaigns, product and distribution planning, managing brand budgeting and resources, collaborating with luxury designers, and supervising marketing assignments.
- SKILLS AND QUALIFICATIONS REQUIRED: A luxury brand manager must be equipped with good analytical, leadership and collaboration skills along with a strong vision.
- While there are no set entrance pathways, a graduate degree in Luxury Brand Management is a good start.
- PAY SCALE: In a high-end company, pay will range from around Rs. 40,000 to 50,000 per month to as high as Rs. 2.5 to 3 lacs per month. However, the salary can be lower in start-ups and brands with a limited marketing budget
2. CUSTOMER RELATIONSHIP MANAGER:
- A customer relationship manager maintains an ongoing level of engagement with key customers. Customer relationship managers build trusting relationships with clients and protect the brand by maintaining a positive image.
- JOB RESPONSIBILITIES: Building and maintaining profitable relationships with key customers, overseeing the relationship with customers handled by your team and resolving customer complaints quickly and efficiently.
- SKILLS AND QUALIFICATIONS: Communication and interpersonal skills including speaking, writing and listening, knowledge of CRM tools, customer-oriented attitude experience in sales or customer service; and knowledge of company products and services.
- Qualification required is a bachelor’s degree in administration or a related field.
- PAY SCALE: At the entry-level, you can expect a pay of Rs. 3 LPA
3. PRODUCT MARKETING MANAGER:
- JOB RESPONSIBILITIES: The role of a product marketing manager is diverse. They tell stories, design products, carry out data analysis, and conduct sale advisory. They are the key players that get products into the market.
- Involved in the development and production phase of the product, product marketing managers use their expertise taught in courses related to luxury Brand Management to analyse the demands of customers and get a better idea of their wants.
- SKILLS AND QUALIFICATION: Strong communication, analytical, strategic thinking, creative development, prioritization, collaboration are a few of the skills you required in this role.
- Qualification includes Graduate or Bachelors’ degree in business, marketing, technology, or any related field.
- PAY SCALE: An average pay of Rs. 15 LPA can be expected.
4. FASHION PR SPECIALIST:
- JOB RESPONSIBILITIES: Fashion PR Specialists must find creative ways to manage the company’s brand name in the public eye. PR specialists select the information that they want to share with the public and conduct press conferences to distribute the news through television, newspapers, radio and direct mail. They also handle the company’s communication with the media.
- SKILLS AND QUALIFICATIONS: Knowledge of journalistic basics including proper news release formats; excellent written and oral communication and presentation skills; good interpersonal skills; good time management and multi-tasking skills; ability to handle stress are essential.
- A 4-year degree in Public Relations or a related field has become increasingly necessary. Modules in fashion and journalism help.
- PAY SCALE: The job offers an average pay of Rs 5 LPA.
5. FASHION RETAIL BUYER:
- JOB RESPONSIBILITIES: As a Fashion Retail Buyer, you will be involved in analysing the market pattern of buying in order to predict the upcoming trends. You will also be involved in deciding which merchandise to sell and making considerations about how much product should be sent out in the market to meet the consumer demands. Moreover, you will have to examine the discount and sale performance too.
- SKILLS AND QUALIFICATIONS: Should be analytical, have decision-making, and negotiating skills, ability to use procurement and point of sale software, along with having awareness of fashion trends.
- Qualification only includes a high school diploma some large companies may also prefer a bachelor’s degree.
- PAY SCALE: Offers an average salary of Rs 7 LPA.
Having a strong base with required practical skills and deep knowledge is essential in luxury brand management, like any other career. Getting high-quality education from a reputed university is the first rung of the ladder of success. Switzerland, being home to several luxury brands like Zurich, Rolex, Logitech etc. is a highly considerable option to look into. We at Switz Education will help your luxury dreams come true if you aspire to.