Sat, 11 Jul 2020

Managing luxury

Posted on Monday, October 21, 2013

A three-day course on Strategic Management of Luxury Business offered by IIM-B will help participants understand the Indian luxury consumer. Poonam Jain reports

A global affluence study by research group TNS has established that India is home to three million affluent households.

Another study by a Swiss wealth manager Julius Baer predicts that the wealth of high net worth individuals in India (that is people with assets of $1 million and above) will more than double by 2015. Given this trend, the three-day course offered by the Indian Institute of Management (IIM) Bangalore hopes to open more doors for senior managers and entrepreneurs in the luxury brand market.

“The Indian luxury consumer has evolved rapidly,” says S Raghunath, professor, corporate strategy and policy at IIM-B, “but along a path that is inherently different from those in other developing economies.” The concept of luxury in the Western world is very different from how Indians perceive luxury. “Those brands that are willing to understand this, will better connect with the local Indian consumer and succeed,” adds Raghunath, who will teach the course with Manoj Nakra, an alumnus of IIM-B and who has managed international luxury brands for two decades.

The course intends to examine the major future trends that will shape the evolution of the luxury business, especially with the revival of haute couture in India. In addition, participants from established brands in luxury retail will learn about strengthening their brand presence in India. It will also facilitate entrepreneurs shape a workable business model that would work for Indian conditions. 

“The course material was planned,” explains Raghunath, “through research and case writing on themes such as the evolution and growth of Indian luxury businesses, professionalising the management of luxury business, managing a portfolio of luxury brands, the impact of globalisation of luxury business to managing channels — direct, JVs, or franchise covering various aspects of luxury business.” 

Luxury management is not just dependent on customer expectations. “Luxury brands are driven by their internal programme, their global vision, the specific taste which they promote as-well-as the pursuit of their own standards,” he adds. 


Fact Sheet
Eligibility: Senior managers of international luxury businesses; designers looking to create luxury brands; suppliers; advertising agency executives of luxury brands
Date: December 9-11, 2013
Curriculum: The course material will include case studies, lectures and talks by industry leaders
Cost: Residential - Rs 60,000; non-residential - Rs 58,500 
 

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