Why Study Fashion Luxury Management from France A Definitive Guide
Why Study Fashion & Luxury Management from France? A Definitive Guide
A Quick Brief About Fashion & Luxury Brand Management
Before diving directly into the Fashion & Luxury brand management, let’s elaborate more over ‘Brand Management’. On a broader note, brand management holds the organisation and its identity which are to be reflected in the products. From laying strategies for their new products to presenting those products into the market, all of this is a part of brand management. Communicating, building, formulating sound plans for enhancing the image, profit range and market reputation of the brand are main arenas to be worked on. These rules, strategies & plans can be indulged in any industry or brand. However, the case is not the same with fashion and luxury brand management. Constantly adapting to the current trend and remoulding the brand identity is the supreme motto.
The luxury brand management has been around for as long as the fashion industry, and has been expanding at an exponential rate. However, the profession has gained its momentum in the past few decades. In regard to this, the evident numeral data states the global fashion & luxury market has grown to $30.58 billion in 2021 with a stable annual rate of 21.9%. This growth is predicted to go beyond $40 billion by 2025. Such exponential growth reveals how enormous this industry is all over the globe. In the field of fashion, a more standard approach is utilised as the fashion brands mark a lasting imprint in the audiences’ choice. Unlike technological brands, fashion industries play pivotal role in the daily lifestyle of each individual’s nature & personality. Another crucial aspect to be kept in mind, the fashion’s brand identification is not stagnant as other brands, rather being versatile, innovative and well-versed with fashion are the key to keep up the amending trends. A strong emphasis is laid on the social issues to induce the brand’s image in circulating awareness through media marketing and products. Giving a nudge to people for expressing the equivalent thoughts through the products.
Enforce and Evolve
Luxury and fashion brand management involves a profound analysis of brand image & value, communicating to retain potential customers and administer innovative approach in the project designs. The field will develop the notable skills of merchandising, sourcing, distribution, pricing and how to deal with the marketing demands. Due to a heavy load of work amidst balancing an equilibrium between the innovation and marketing, the fashion industry is always looking for exceptionally skilled and experienced brand managers eagerly. The ones who can forge an equated balance with the clients and create hype of the fresh items. In addition to this, luxury brand management is not just confined to fashion industry but has been widespread across other arenas of travel, food, hospitality, jewellery, and small businesses too.
Oftentimes, as a Brand Manager, one must be ready to encounter the – how, why, when and what – related to the company’s vogue and fashion before formulating the scheme. Apart from this, it evolves their analysing abilities of the customer’s trend, behaviour and thus, induce them to target more fruitful audience-base over the period of time. Thus, honing the social media marketing skills for making engaging concepts and communication skills for interacting to the clients over both, in-person as well as online. However, it is of utter significance to comprehend the past trends & legacy of the brand. Moreover, assuring the brand fame and its elitism on the same platform is the key takeaway. To solidify this approach, publicise the brand among the audience and offer the best money value to the affluent consumers. A brand manager is the sole person to forge strong web of network with external agencies among other tasks.
Potential Courses Offered
Before setting foot in the Luxury & Fashion Brand Management world, knowing about the prospective courses and scopes are important. A plethora of courses have been formulated, each exclusive as per the skills & abilities. In fact, an aspirant is subjected to specialise in any given courses and start their own firm through applying the relevant knowledge.Here, the courses being offered while pursuing the degree are enlisted along with the brief insight:
- Global Luxury Brand Strategy
- Luxury Concepts and Practice
- Sustainable Luxury
- Introduction to Research Methods
- Strategy Leadership and Social Responsibility
- Omnichannel Distribution Strategies for Luxury
- Strategic Finance for Luxury Management
- Apprehending the legacy, nature and equity of brand.
- Shed light on significance of brand management in fashion industry.
- Acquaint with the literature, context and attributes of luxury & fashion.
- Brand & consumers centric executable plans.
- Core concepts of industrial intuitions.
- Examine the complexities of luxury sector.
- The evolution of luxury sector over different market.
- Analyse the buyers’ characteristics, demands and behaviour on purchasing the luxury products.
- Instilling idea of sustainable leadership.
- Study the environmental and financial strike on the luxury operatives.
- Develop a grave understanding of vital sustainability problems.
- Gain a versatile & practical knowledge about different arenas of luxury sector.
- Map out a sustainable plan addressing the personal & vocational ethics.
- Research approaches & time management skills
- Insights about research projects & designs.
- Critical thinking on comparing over different designs.
- Deeply examine the manager’s part in executing, planning and evaluating.
- Motivated upon the responsibilities and leadership in surging growth.
- Encourage the students to opt an authority to lead in the luxury sector
- Critical examination of managerial trends & growth of retail.
- Oversee the distribution of goods & services.
- Exploration of each luxury channel including collaborating.
- Emphasising over bridging the store experience with digital platform.
- Management of economics & financial strategies in luxury sectors.
- The concerns while funding and functioning a business, at private and public level.
- Exploration of each luxury channel including collaborating.
- Understanding the micro & macro prospect of industry.
Brand Strategies – Closer Look to Gucci’s Case Study
Talking about a much real and on-field aspect, luxury brand management is certainly not a cakewalk and, requires the peak of all skills & senses. Increasing the perceived brand image and substantially growing the luxury product value, a detailed plan of execution is needed. A number of ups & downs are welcomed along the way, but eventually with dedicated mentality, leadership skills and supreme inside-knowledge about the industrial whereabouts, this task is possible. Putting the plan into implementation, budgeting the brand, conducting marketing campaigns and franchising with other designers, all comes in handy.
In order to showcase an elite brand image ahead of fashion pioneers, a well-informed and sound strategy must be paved to grave a lasting impact of luxury products on the consumer’s mind. One such way is by leading an advertising campaign on various platforms and using peculiar publications for a widespread influence. To make it even simple, understand this case study of ‘Gucci’ and how it attained its worth even after falling abruptly.
Back in 1923, Gucci started off with a mere small shop of luxury leather goods in Florence. In the later runs, Maurizio took over the company and instilled his plan to witness constant growth of the company. Given that he was a witty & smart businessman, Gucci expanded over distribution, acquired all the franchises in North America and raised price. Yet, the company faced bankruptcy and a sudden downfall. The reason being, missing out the crucial aspect of consumer’s understanding and perspective.
Gucci contemplated each domain of business, pricing, production and product marketing. To try new approach, each and every department unified and started working towards achieving one paramount goal rather than functioning differently. As suggested by their luxury brand manager, they opted to a unique and different approach than their competitors: Focussing more to the brand image, than the product itself.
Moving on to the bigger picture, there used to be tremendous pressure over the design creators and thus, held an elevated significance. Gucci separated their designers as different entities and applauded them for their exquisite exhibits. This became more popular among reputed brands in France including Dior, Givenchy, Chanel and more. Often celebrated and regarded as the “Star Designer Strategy”. This not only increased their product sales, but polished the brand image immensely and transformed the entire company as the most elite, a pioneer in the luxury & fashion world. Certainly, this marketing strategy helped rebuild the image after its uncertain downfall. Now, Gucci is the brand as known by the affluents.
Vocational Outlook
Undoubtedly, a degree in Luxury and Fashion Brand Management will aid one into several major openings in the industry, giving a much wider scope to look upon. Clearly, this field has emerged to be an extremely popular among the younger generation due to its affiliation with the fashion-luxury world. Usually regarded as the most vivacious and vibrant industry to work in, with the passionate, obsessed with fashion and like-minded colleagues. Here’s an avid list on potential career roles/professions to choose from as per the interests and dexterity.
Of All, Why France?
France has been the fashion capital of the world and a global hub to the leading fashion houses. Often regarded as the pioneer of luxury & fashion brands, a number of international fashion brands are originated from France. Put simply, the country breathes fashion and luxurious expressions, from the locals to the elite communities. By studying in the French universities, the students are often indulged in various business-related & managerial programs and engage more to work for the local fashion companies. This being said, the universities have forged strong associations with massive firms, solely for training & internship purposes. Giving students an authentic aspect of the fashion and luxury industries. Perhaps, there is no better place to study fashion & luxury brand management than in the world’s fashion hub itself.
In short, the luxury brand management is the driving force of success in the fashion sectors.
The Closing:
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