Masters in Luxury Management

Did you know that Louis Vuitton burns all unsold bags?

Yes, crazy, isn't it?

Why, you may ask?

Simply because they aim to prevent stock malpractices and theft.

Working in the luxury industry is a dream for many. It's truly unlike working in any other field. This industry is particularly fascinating to many students mainly because it is a unique blend of glamour, creativity, and exclusivity.

But the question is, is it worth pursuing a Masters in Luxury Management?

Let me break it down for you.

Before I share my two cents on this topic, let me tell you about my experience. I had the opportunity to attend one of France's best business schools (ESSEC), where I participated in several luxury and brand management courses conducted by CEOs and top strategists from French luxury companies like LV, Dior, Hermès, and more.

Additionally, having worked in France for more than 2 years, I have a fair idea of universities that provide the best opportunities and universities that enjoy a good reputation amongst employers.

So, let's deep dive.

Who is Luxury Management course for?

If you’re someone who wishes to work at Gucci, Fendi or Hermes, a master’s in luxury management can help you achieve your goal. A Master's in luxury management is for people who are who are deeply committed to pursuing a career within the luxury industry. It's a special program that focuses on a niche, so it's important to be confident about building a career in the same. In case you are not absolutely sure about building a career in luxury management, than your best choice is to opt for a general management degree like MiM that offers a luxury track or specialization.

What do they actually teach in Luxury Management?

Like every other business-oriented management degree, a masters in luxury management will help you understand the luxury industry from a business perspective. The luxury market today in 2024 is like never before.?

Luxury Management courses cover a wide range of topics related to the luxury industry. You'll learn about things like branding, marketing, customer psychology, and sales strategies specific to luxury goods and services. You'll also study the history and evolution of luxury, as well as current trends and consumer behavior. Additionally, you'll delve into the business side of luxury, including financial management, supply chain operations, and strategic planning.

Top 5 Masters in Luxury Management Programs

France, a global hub for fashion houses and home to many luxury brands, is famous for its luxury management degrees for obvious reasons. I have outlined a few more courses you can check out

In the above list, I have added the MiM programs at ESSEC Business School Paris and HEC Paris because they offer luxury management related certificates and courses in their MiM programs itself. Since these are the best French business schools, they have strong industry partnerships with luxury brands across the world. Also, getting a job after graduating from these top B-schools is comparatively easy.

Please note that I have prepared this list purely based on my opinion of the programs and their reputation in France. I have considered factors like location, course curriculum, diversity, job prospects, program flexibility, tuition, etc.

I have outlined a few more good courses that you can check out!

• Skema Business School also offers MSc in Luxury and Fashion Management which has a duration of 12 months and costs around € 35,000.
• IESEG School of Management offers a Master’s in Fashion Management in Paris with a specialization in luxury brand management. Its duration is 2 years and costs around € 19,400.
• Paris School of Business offers an MSc in Luxury and Fashion Management over a tenure of 1 year. The overall expenditure is about €23,175.
• Neoma-Polimi offers an International Master in Luxury Management in collaboration with the Polimi Graduate School of Management in Milan, Italy. This program is interesting because it is based in two cities recognized as the cradles of the luxury industry. The master's program duration is 15 months with an estimated tuition of € 24,500.

Masters in Luxury Management Eligibility

• To pursue a master's in luxury management, you need to have a 3 years undergraduate degree from any discipline.

• Some universities require GMAT/GRE scores or any equivalent examinations. However, some universities provide GMAT waivers

• A strong Statement of Purpose or SOP or cover letter is an important document for your application and luxury management abroad.
• Similarly, top universities will require you to write essays showcasing your motivation to pursue a masters in luxury management.

• CV or Resume is another important piece of document that highlights your skills, accomplishments and competence as a candidate.

• If you come from a non-English speaking country, you might need a certificate proving your English proficiency like IELTS or TOEFL. The minimum score is university-specific. Most universities in France will exempt you from this requirement if your Bachelors degree was in English.

• Letter Of Recommendation is also a vital testimony of your competence. Be sure to find yourself referees, academic or professional supervisors, to write and highlight your strengths and leadership capabilities.

• A Master in Luxury Management is a versatile course for young graduates as well as experienced professionals. In most cases, students have about 0-3 years of experience.

Jobs Post Luxury Management

Now that we have the list of best universities with eligibility, let's see what are the career paths after a masters in Luxury management?

Luxury management being a professional degree has quite a financial investment involved with it. So a very common question comes up - Is a Masters in Luxury Management worth it??

We understand that concern. However, studying luxury management in France or abroad is a pathway to a lucrative career in 2024! Due to the revolutionizing fashion industry, it calls for people with a business aptitude infused with skills in luxury management. So you can imagine the opportunities you can get post luxury management masters.?

After graduation, you will be eligible for following types of roles:

• Luxury Brand Manager
• Luxury Advisor
• Merchandiser
• Business & Product Development Specialist
• Marketing Manager
• Innovation Manager
• Operations and Supply Chain Specialist

Estimated salary post luxury management

After completing a master's in luxury management in France, individuals with no experience may commence with a minimum salary of 40,000 euros, which can extend up to 60,000 euros or more based on work experience. Similar to many other countries, graduates from prestigious institutions typically earn significantly higher salaries compared to those from tier 2 and tier 3 universities.

Do remember that if you have no experience, getting a job can get tricky, so choose a program that includes internships and has a solid career services center.

Should you pursue a Masters in Luxury Management in 2024?

In 2024, statistics project a revenue of $368.90 billion in the luxury goods market, with an anticipated growth rate of 3.22%. The technology boom and evolving shopping methods have prompted leading luxury management brands to seek students with exceptional management skills combined with profound knowledge of the luxury market.

So, studying for a master's in luxury management is worth it BUT only if pursued from a top university!

Do you wish to get into a TOP Luxury Management program? I can help you get in. Click here to schedule a free call with me!

I am Bijal and I help students get into world's best universities. I have traveled to 30+ countries and visited several university campuses to conduct on ground research about different programs.

I am the founder of EdYou Abroad , a study abroad boutique focused on providing honest and authentic study abroad counselling.