When we refer to Luxury brands, the first thing that comes to mind is fashion and hospitality. However it encompasses Automobiles, Wines, Mobiles, Watches, Yachts and Homes & real estate etc. The consumer of luxury products are a breed apart who have different media habits and needs to be enamoured and reached out in a different manner. The rules of brand management that are applied to market regular products do not apply to those of luxury products.
Another factor that is an impediment is that fact that Indians have been exposed to limited luxury brands and that too on their visit abroad or while discussions with friends or relatives from abroad. At times, their lesser known counterparts have richer heritage and pedigree vis-à-vis them. Thus Luxury Brand Manager plays a significant role in strategizing to create awareness, build positioning, as well as visibility and educate customer about its core values. Additionally he also needs to make sure that the brand delivers on those values that it is promising its customers.
Luxury brand management involves:
- Marketing Strategy to create awareness, build strong brand recognition, visibility and reinforce the perceived value and loyalty for that particular Luxury product and/or service.
- Research and analyze the market, trends, competition, consumers etc.
- Educate the customer about the core values that the brand offers.
- Pricing Strategy
- Retail Strategy
- Trend forecasting
- Media Strategy
Indian luxury landscape: There are exciting times ahead for luxury Brands entering India, since luxury landscape is on a remarkable expansion spree:
- By 2022, Global market for Luxury Goods is estimated to peg at US$242.8 Billion
- It is estimated that by 2026, Global market for Luxury Goods will rise to US$296.9 Billion growing at 4.8% CAGR
- According to Euro monitor International report:
- India’s luxury goods market, by 2030, is expected to go beyond $200 billion.
- As per Statista
- Between now and 2027, the luxury goods market, will rise at a CAGR of 1.43% annually.
This implies that there is significant demand, both in domestic as well as international markets, for trained Luxury Brand professionals.
Career Prospects:
- Luxury Brand Manager: He is accountable for coming up with marketing strategy not only attract niche audience but also to craft a distinct position for the brand basis research and analysis of the market and target customers. He also proposes budgets and is accountable for sales and revenue generation.
- Luxury goods product manager: He researches & analysis the end customers buying behaviour, market trends and socio-cultural factors etc. and accordingly is responsible for overseeing, planning and development of the product including collaborate with varied teams and departments like marketing, quality assurance, sales and product design teams etc.
- Merchandising manager: He identifies the luxury high-end quality products and sources them at the appropriate price in order to sell them at retail stores. Additionally, he is also responsible for recruiting and training the apt manpower, designing marketing strategies, budgeting and maintaining profitability.
- Visual Merchandiser: He is responsible for developing floor plans along with enhancing the aesthetics of the storeso as to attract, engage and convert the visitors into customers.
- FASHION RETAIL BUYER: He analyzes consumers, their buying patterns, their preferences and accordingly predicts future sales trends. Basis this analysis, he plans and manages stocks, along with their sourcing and display inside the retail space so as to attract the appropriate customers. He also needs to interact as well as build business relationships with the vendors.
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