How Sydenham College is prepping students for the $200 billion luxury market

The degree will offer an education in various facets of the luxury market, from apparel to accessories, and fine wines to services such as concierge and travel

Mumbai: India is one of the world’s fastest growing luxury markets, pegged to reach $200 billion by 2030, says a recent report by Bain & Company. A spurt in this segment has created the need for hundreds of well-trained personnel who can cater to a high-end clientele. Like sports management did a few years ago, luxury management is a growing field, and tapping into this market, the Sydenham College of Commerce and Economics is introducing a four-year Bachelor of Science (BS) degree in Luxury Brand and Retail Management (LBRM) from this academic year. It becomes the first public institute in India to offer such a degree.

Sydenham College

“The core objective of the course is to develop entrepreneurial skills in the luxury industry. The curriculum will provide a nuanced understanding of luxury products, services, and the market,” says professor Rajnish Kamat, vice-chancellor of Homi Bhabha Cluster University that governs Sydenham.

The degree will offer an education in various facets of the luxury market—from apparel to accessories, and from fine wines to services such as concierge and travel to managing luxury assets such as yachts, fine art, automobiles, and real estate.

But what exactly constitutes luxury? Is it necessarily expensive goods or something more ineffable? Kamat says the answer to that question marks the start of his degree course. “For luxury brands, pricing must align with the perceived quality of the product. A higher price tag is often associated with a superior quality, craftsmanship, customer experience or exclusivity. It’s not uncommon for the price of an apparel to cost more than a television set or a washing machine solely based on the apparel brand’s prestige and perceived value,” he adds.

The Andheri-based SP Jain School of Global Management however beat Sydenham College and began a one-year Masters programme in Global Luxury Goods & Services Management in 2016. “With so many international luxury fashion, lifestyle and tech labels in India now, luxury brand management has become an emerging new age industry,” says Smita Jain, programme director for MGLuxM and Master of Science in International Hospitality Business at the B-school. “The luxury industry is unique, and it requires a deep understanding of consumer behaviour, brand management, sales strategies and cultural influences, which are all key elements of our course curriculum.” The SP Jain master’s degree in luxury management costs

₹ 15 lakh. Students spend six months in Mumbai, another four in Milan and the last two months in either Milan or Mumbai for a live industry project as part of their dissertation. Students of SPJGSM, says Jain, have been placed across India, and in locations like Abu Dhabi, Dubai, New York and Milan.

Increasingly, says Syndeham’s Kamat, the need for well-trained personnel in the luxury business means that most of their students will be absorbed within the country. The recently-built Jip World Plaza at Bandra-Kurla Complex alone requires 600 skilled personnel who can handle their elite clientele.

Luxury brands significantly expanded their footprint in India in 2023, leasing over 600,000 square feet of retail space across various formats, a 170% jump from the 2022, according to a report by real estate consultant Centre of Excellence in Responsible Business (CBRE) South Asia and the PHD Chamber of Commerce and Industry (PHDCCI). As per the report, some 25 international retail brands specialising in lifestyle and luxury goods are projected to debut in India in 2024. This influx is expected to bolster the demand for commercial property leasing.

In 2021, three such brands entered the Indian market, followed by 11 in 2022. The trend continued in 2023, with an estimated 24 international brands making their debut. Notable among these was Maison Margiela, the French fashion and fragrance brand in January 2024.

Subsequently, in February, Charles Tyrwhitt, the British menswear brand, launched its maiden store in Ahmedabad while the Swedish lifestyle brand Gaston Luga initiated its sales in the Indian market through e-commerce platforms, Ajio Luxe, Tata Cliq Luxury, and The White Crow.

Alumnus shows the way

Dhaval Gandhi, investor and financial analyst who specialises in India’s burgeoning luxury market passed out from Synedham College over two decades ago but retains his ties with his alma mater. He spurred the college management to consider starting the undergraduate degree in luxury management. “As an investor, I am closely connected with the market. Various reports show that many top luxury brands are planning to launch their products in India,” says Gandhi. “At present, most companies hire crossover graduates, from mass media and marketing backgrounds for instance. But increasingly there is a realisation that specialised and skilled manpower is required for the luxury market.”

Construction of a new set of classrooms is underway in the Sydenham campus at present, and the curriculum is being designed with inputs from luxury experts like Avantika Kilachand, Manan Mehta from Zoya, Anjali Gaikwad from Lighthouse Consultancy and Kapil Khandeparkar of Goa Institute of Management. “The program’s design reflects the collaboration with industry experts. The college will sign MoUs with industry players for mandatory internships,” says Shrinivas Dhure, principal, SCCE. Students, he adds, will be encouraged to learn Italian and French to make their students’ prospective competitive in the global market.

In addition to Sydenham which will start from this June, and SP Jain, five other institutions across the country offer courses in luxury management at present.