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Do you have the eye and the sense of detail needed to work in luxury? Are you interested in management and would you like to combine your two passions in a single field? Going into luxury management is an excellent alternative. This article explains what luxury management is and what it entails, if you are considering working in this field.
- Has many similarities with classical management.
- Naturally, it is more oriented towards luxury products and/or services.
- This includes the hotel industry, gastronomy and haute couture.
- Can be studied in an international business school.
- Nowadays, it offers many opportunities.
What is luxury management?
The goals and objectives of luxury management and management are virtually the same and the processes to achieve them are the same. That said, luxury management focuses on so-called “luxury” products and/or services because of their particular characteristics.
Among other things, these must be of better quality, rarer, refined, authentic, and have a perfect finish. The products and/or services offered are then clearly more upmarket and luxury management consists in ensuring this.
How is luxury management different from traditional management?
A big difference between luxury management and usual management is the quality of the products and services they deal with. But also, they have different targets. Indeed, in the usual management, these products and services are more accessible and are intended for a larger world. The goal is to serve a larger number of customers.
In luxury management, on the other hand, products and services are not offered to everyone. They are naturally more expensive because of the special features they have in addition to those that are more accessible. One of the criteria that makes them special is their rarity. This is what makes them more valuable than common products.
Also, in luxury management, quality is imperative. Luxury customers always and systematically expect a safe value when consuming luxury products. This is the whole point of designing them and the reason for the existence of the luxury industry.
What are the main sectors of activity in luxury management?
The sectors of activity of luxury management are very similar to those of classical management. However, there are areas that are more specific to luxury management:
The first sector of activity concerned is fashion. In luxury management, we talk about haute couture, leather goods, cosmetics, accessories and quality. The latter is the one that should make the difference with the products offered in usual management.
The hotel industry
The hotel industry is also a business that can work very well in luxury. The hotels, restaurants and other services available in a particular establishment must be of a high standard. The clients of these services are generally very demanding and it is excellence that they buy.
The gastronomy is quite different from the basic cuisine. This is what makes it one of the main sectors of activity in luxury management. All the ingredients that make up the dishes, as well as the wines to accompany them, are selected to offer the best to the customers.
What profession should I choose in luxury management?
If you are interested in the field, there are many jobs available in the luxury industry. Depending on your preferred industry, you can become :
- brand manager ;
- luxury marketing product manager ;
- collection manager ;
- luxury buyer ;
- event manager.
What qualities do you need to thrive in luxury management?
It takes more than being good at management to thrive in luxury management. Here are some of the qualities you absolutely must have to make a career out of it and thrive.
- you must have an excellent sense of detail and be meticulous;
- you must also find out about the elements and ingredients used to make up the products you offer;
- You also need to have an excellent sense of analysis of what customers like and don’t like.
How to train in luxury management at IUM?
Join theIUM to train in luxury management. It is an international business school that offers many related programs. Doing an MSc Luxury Management, for example, is an excellent choice. Go to the school’s website to see what options are available or to the FAQ section for more information.Updated 27 March 2023