How to Get into Luxury Brand Management
An integral part of the fashion industry, luxury brand management caters to the promotional needs of high-end brands, and career options in this area continue to grow in popularity. So what kind of jobs are available in luxury brand management and how can you get into it? Read on to find out.
Why should you study luxury brand management?
The fashion industry is booming with career options today, especially because of its increasing popularity and rapid growth. The value of the global fashion industry has been estimated at US$3 trillion, which corresponds to about 2% of the world’s GDP (gross domestic product). If you are thinking about pursuing luxury brand management as a career, here’s why it could be the right way ahead for you:
- Until a couple of decades ago, this wasn’t much of a career choice. However, the fashion industry’s fast growth has opened up a series of opportunities in various sectors, including luxury brand management.
- The demand for luxury products has gone up, directly influencing the employment available in the sector. In fact, the luxury market grew 5% in 2017. As of 2017, the luxury fashion industry was worth €1.2 trillion.
- Over the years, the dynamics of the luxury industry have changed by leaps and bounds. Effective marketing techniques and innovative promotional campaigns have helped new brands compete with established industry names. At the same time, existing brands are venturing into new markets and creative approaches.
Careers in luxury brand management
The luxury fashion industry is fresh, interesting and attractive, which has led to its booming popularity. If you choose to pursue a degree and launch a career in the area, you will be able to land different kinds of roles based on your interests and expertise, such as:
- Luxury brand manager: If you assume this role, you will be responsible for conducting market research on target products, devising strategies based on the market needs and company profile and preparing advertising and promotional campaigns. Since you will be responsible for the branding and promotion of products, you will need to create an image for the brand that is identifiable to the targeted audience. A major part of your job will include teaming up with designers and creators in order to make a lasting impression on the target audience and boost sales.
- Fashion retail buyer: A retail buyer is responsible for curating the style of merchandise that would appeal to consumers when they visit a store. The job includes responsibilities such as analysing buying patterns, overseeing the management of stocks, maintaining good professional ties with suppliers, assessing the current market trends and predicting sales trends that would benefit the merchandise line.
- Product marketing manager: Since products are a vital aspect of luxury brand management, it is essential to draw up product-specific strategies. A product marketing manager is responsible for planning and executing these strategies in order to fulfil customers’ requirements. If you assume this role, you will be required to closely assess the production process, market trends, development process and surveys pertaining to customers’ expectations from the product.
- Fashion PR specialist: Since the fashion industry is always in the public eye, it is vital for brands to hold a favourable image. Here’s where the expertise of a PR specialist comes in. The job responsibilities of a fashion PR specialist include building an appealing public image for the brand, maintaining positive interactions with the media and liaising with fashion writers and editors who can help promote the brand.
What does a luxury brand manager do?
- Conduct market research that is specific to consumers and products;
- Plan and execute promotional campaigns;
- Devise product and distribution plans;
- Manage the brand’s resources and budget;
- Liaise with external branding agency and promotional representatives.
How to get into luxury brand management
- Entry requirements for a course:
- Undergraduate degree or equivalent in any subject area;
- IELTS score of 5.5 (with at least 5.5 in each band);
- Work experience is preferred.
- Communication skills: Impeccable communication skills go a long way, especially in a profession where you have to constantly interact with clients, partners and customers.
- Business acumen: Since you will be working in an extremely competitive business, having quick decision-making abilities to handle challenges and issues can help you flourish in this sector.
- Observation skills: In the fashion industry, having a keen eye for details is vital. Hence, you must possess good observation skills in order to ace your role.
- Research skills: As a luxury manager, you will be required to analyse market trends that can help you strategise future business moves.
- Passion: Having a keen interest in luxury brands and the way they work is essential to follow this career path. Since this job requires determination and zest, it is crucial that you are passionate about it.
The evolution of luxury brand management has led to its becoming a crucial part of the fashion industry. If you are interested in becoming a luxury brand manager, you can apply for the Online Dual MSc and MA in Strategic Marketing (Luxury Brand Management) course offered by London School of Business and Finance (LSBF). The course focuses on helping students gather the expertise to manage premium brands at a global level and understand how luxury brands function in the international economy. LSBF offers an innovative learning environment and global experience to prepare students for their professional endeavours.
This article was written by Meghdeep Patnaik and edited by Luna Campos.