The spending power of millennials and Gen Z has dramatically multiplied over the last few years owing to different factors like globalisation and faster supply chains. While our elders were quite conservative with their spending, today’s youngsters are more likely to splurge on luxuries and indulgences.
Luxury brands and products like Dior, Chanel, and Louis Vuitton have become quite mainstream in 2022. Brands are going all out in creating quality products and memorable experiences around them.
The growing focus and acceptance of luxury brands have created a new spectrum of marketing management known as luxury brand management. Since the fashion world has its fair share of luxury brands and companies, luxury brand management has become a mainstream fashion career path.
Let’s do a deep dive into the definition of the term and how you can become a successful luxury brand manager.
What is luxury brand management?
To put it simply, luxury brand management involves offering exceptional and personalised pre-and post-sales services on different luxury products. The idea is to create a unique and memorable experience for the customer centred around the product.
Luxury brand management requires you to be creative to ensure your brand reaches your target audience. However, it also requires you to be business conscious and keep financial aspects of fashion marketing like ROI and profits in mind.
What do luxury brand managers do?
Luxury brand managers are fashion management's major stakeholders within the fashion world. As a luxury brand manager, you will have to keep a close eye on the market trends and ensure that the product meets all customer requirements and expectations.
While the core job responsibilities might vary from one brand to another, here are some common duties of a luxury brand manager.
- Create comprehensive product designing and distribution plans
- Be in charge of resource allocation and budgeting
- Conduct extensive market research to learn about the competition and other luxury products
- Plan out and supervise advertising and marketing campaigns
- Collaborate with PR professionals to create awareness about the brand.
What other kinds of career paths exist in luxury brand management?
The luxury fashion marketing and management sector has become even more appealing over the past few years as compensation packages continue to grow. According to job postings on totaljobs.com, an average luxury brand manager in the UK can earn up to £85000 annually.
The diversity of jobs in this field isn’t too bad either. Depending on your experience and qualifications, you can land a plethora of positions. A few examples are given below:
- Fashion retail manager
- Luxury brand manager
- Product manager
- Luxury brand specialist
- Fashion PR manager
- Luxury marketing manager
What kind of skills do you need in a luxury brand management career?
A career in luxury brand management can provide you with numerous exciting experiences and a chance to travel the world on company pay. Therefore, it can be worth your time to find out how you can start your career in luxury brand management.
Any successful luxury brand manager would have immense industry experience as well as a wide set of technical and soft skills. Here are some of the most important skills that would be expected of you in this sector.
- Strong communication skills
- Excellent project management skills
- A keen eye for detail
- Ability to conduct accurate and relevant research
- An aptitude for quick thinking and resourcefulness
- Creativity in terms of marketing and communications
- A passion for learning and growing in your career
How can you get started on your luxury brand management career?
The US Bureau of Labour Statistics deems luxury brand management to be a fairly technical career path. That means you would need to have a significant amount of academic knowledge and qualifications to start and grow your career in this domain.
Fortunately, there are several brand management or marketing programmes catering to this demand. Pursuing a master’s programme in the relevant subject can further enhance your career prospects in comparison to a bachelor’s degree.
The London College of Contemporary Arts (LCCA) offers a relevant MA in Fashion and Business Management in association with the University for the Creative Arts. The course is perfect for ambitious young people with a penchant for thriving in the global luxury market.
The programme is tailored to the latest industry trends and can provide you with innovative marketing strategies and audience knowledge. It can also help you market ‘luxury’ to a greater target audience and conduct accurate market research.
Click here to enrol in this luxury management programme at LCCA today!