Luxury management is a very niche management programme that students interested in specialising in high end products and lifestyle can consider.
The one-year programme covers a wide range of areas, including managerial and marketing skills such as product development, legal issues such as patents and licensing, and core functions such as finance, production and human resources. As part of the programme, students get to complete an internship in a luxury boutique to get a practical, hands-on experience in the industry, says Navin Chopra, chairman, The Chopras, an education consultancy firm.
Luxury goods and management is a specialisation option in many top business schools in the US. This concentration is frequently found in conjunction with hospitality management or fashion merchandising/ management courses. One such leading programme is offered by the Savannah College of Art and Design in Georgia, points out Renuka Raja Rao, country coordinator, Education USA Advising Services United States-India Educational Foundation (USIEF).
At the University of Monaco (IUM), an MBA programme offers four specialist electives that focus on the luxury sector. The Bordeaux Business School, in France offers a Wine MBA. The INSEEC Group, with its schools in five cities in France, Great Britain and the principality of Monaco offers an MBA in luxury brand management. The Reims Management School offers a specialisation in wine and luxury management.