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Are you passionate about the luxury industry and want to work in it at all costs? To do so, you need to know all the challenges and issues involved in this sector. That said, it can be quite easy to distinguish luxury management from classical management, especially in terms of processes. This article explains the main issues of luxury management and what characterizes it.
The challenges of luxury management:
- Mainly concern innovation, promotion of products and/or services and study of the demand.
- Depends on the national or even global situation at the time of the sale.
- Relate largely to customers and consumers.
- Are quite different from those of classical management.
What are the issues and challenges of luxury management?
Luxury management faces many issues and challenges, especially in today’s dynamic world. It is also worth mentioning that the risks are much higher in the luxury industry, hence the importance of knowing these issues and challenges.
Luxury products and/or services already have their own particularities that characterize them. Among them, we can mention rarity, refinement, authenticity and scarcity. In addition to these criteria, you must also be in constant search of innovation to keep consumers loyal and prevent them from getting tired of your products and services more quickly.
Less numerous than in classical management, the competitors are all well prepared in the luxury field. Staying competitive is then more difficult and preserving the brand image, for example, as well as its visibility becomes a real challenge for the luxury company.
Promotion of the product and/or service
A great challenge in the field of luxury management is also to ensure the promotion of the product and/or service to make it known to the public. This promotion requires a great deal of subtlety and relevance in the various means used for advertising.
One of the greatest challenges of luxury management is to adapt products to the needs of consumers. Indeed, as the so-called “luxury” products and/or services are specific, they are aimed at a restricted clientele. Building loyalty becomes a necessity to maintain profitability. However, this is far from obvious when the needs of the customers diverge.
What are the characteristics of the luxury management sector and how does it differ from traditional management?
The luxury management sector has its own characteristics and this is what distinguishes it from traditional management.
One of the criteria that a product must have to be qualified as “luxurious” is rarity. Many luxury garments, accessories or furniture, for example, are made with rare or hard-to-find components. This is what makes them rare luxury products that only a limited number of people can afford.
The quality guarantee is one of the most important codes in the luxury management sector. When customers consume luxury products, they automatically expect a quality product. This criterion often makes the difference with similar products available to the general public.
For a product to be luxurious, it must be refined. You can see in the design and finish all the care with which the product was made. The design is often well thought out in order to achieve an elegant result and the installation of the details is always well thought out.
What professions can be considered for working in luxury management?
The good thing about luxury management is that there are many jobs available. All you have to do is make the right choice based on the industry you want to work in.
Thus, you can consider becoming :
- luxury product manager ;
- luxury buyer;
- brand manager ;
- collection manager ;
- community manager.
Is it possible to train in luxury management at the IUM?
Register at IUM to learn about luxury management. It is indeed an international business school that also teaches everything about its related fields. Thus, you can, for example, opt for an MSc Luxury Management within the school. If needed, you can get more information by visiting the school’s website and/or its FAQ section.Updated 14 September 2023