Some of the courses offered in the MSc Luxury Management (Goods and Services Specialization)
Introduction to Luxury Goods and Services
This course provides a broad overview of the entire luxury industry and outlines the diversity of numerous luxury sectors: the history, the evolution of luxury , markets, major players, and trends,...
Using case studies, articles and other professional reports, the course considers methods and techniques for organizing and managing the unique factors impacting the industry.
Luxury Industry and competitive analysis
We provide students with the opportunity to critically review microeconomic and macroeconomic theories, conceptual frameworks and other models in order to understand the dynamics of a given industry and to conduct in-depth analysis within the Luxury Goods industry. All this culminates in the preparation of an Industry Analysis Report in which the students should demonstrate the knowledge acquired throughout this course.
Bora Qesja, Albanian, Master in Luxury Management (Goods and Services Class of 2011)
Assistant Product Manager in L’Oreal, Italy
"I consider my experience at IUM as something unique and unrepeatable from both a professional
and human aspect. It represented a big opportunity to not only amplify and deepen my
knowledge of the luxury business but to also learn how to confront myself with the complex
problems met in a working environment. I expanded my professional network via several visits
made to luxury companies and made friends for life."
Accounting and Financial Management in the Luxury Industry
This course provides a general overview of how accounting and financial management contributes to the luxury organization. The course provides an overview of the financial aspects involved in making luxury business decisions such as forecasting, budgeting, optimizing, valuing, evaluating, and auditing results.
Marketing of Luxury Goods & Services
This course provides an overview of the entire luxury marketing management process in a global context. It explores the role marketing plays within luxury companies and focuses on the development and analysis of consistent marketing strategies.
It describes how consumers are the focus of all marketing actions and how environmental changes influence marketing strategy development and implementation.
Luxury Communications and Media Planning
This course introduces students to the ways in which marketing communications are used within the global brand marketing strategy, with a specific focus on the luxury industry. It examines ways in which communication strategies establish a dialogue between providers of a luxury product and their respective publics or markets.
Human Factors in the Luxury Industry
This course focuses on organizational behavior and systems, and human resource management for the luxury industry. It concentrates on the variables that affect behavior at the individual level and then goes on to a thorough examination of the foundations of group dynamics.
Luxury Boutique Audit & Performance Indicators I
This course will develop a framework for understanding the essential elements needed to audit “the service” that is provided in luxury brand boutiques and hotels.
It emphasizes learning more about customers' needs and behaviors within a hospitality setting in order to develop stronger and more efficient relationships with them.
The final session examines how to effectively present and communicate the audits to a luxury company, which will then be presented publicly, in a professional, quantitative and qualitative manner.
Luxury Consumer Behavior
This course investigates the dynamics of human behavior and how it relates to decision making in the luxury sector. It concentrates on the most important factors that influence the consumer’s decision making process. These include, at the individual level, motivations, personality traits and the self-concept, values and lifestyles, as well as psychological processes and at the social and cultural level, group membership, social classes and subcultures. The course also discusses definitions of culture and how these affect postmodern consumer mores, how members of different cultures vary, and on what criteria they can and cannot be compared.
This course will examine the unique aspects of services management and marketing, with a particular focus on services in the luxury environment. The methodology used will be both theoretical and practical.
Underlying the approach of this course is the “service perspective”. According to this perspective, customers are not looking for goods or services, but rather for benefits or solutions to their problems. In other words, to be competitive, firms need to understand their selected customers’ total needs in order to design and deliver the core solution: the pertinent package of goods and services.
CRM & Client Database Management
The course approaches its subject matter from a relational viewpoint. That is, it emphasizes learning more about customers ‘needs and behaviors in order to develop stronger relationships with them, through technology and by integrating information about consumers, sales, marketing, responsiveness, and luxury market trends. Topics include CRM and the sales force, and the use of CRM software to manage a sales force; lead and contact management tracking; forecasting sales leads and the importance of conversion rates; customer interaction and the Web; and call centers and help desk management. Students will learn how to use CRM technology to gain insight into customers and understand the critical value customers possess. On completing the course, they will understand the importance of using CRM software to create, track, and manage partnerships, contracts, and agreements; and in distribution management.
Managing Luxury Brands
In this course, we will examine luxury strategies from a branding perspective, and address the most important issues involved in maximizing the value of existing luxury brands and in building luxury brands. This course provides an overview of the ways in which luxury brands are conceived, developed, launched, nurtured, and protected. It focuses on imparting techniques and strategies for developing a luxury brand.
The course will combine the most recent luxury brand management knowledge with practical application, and develop a framework for understanding the essential ingredients of effective marketing of luxury brands and services. The course covers topics such as creating brand positioning, measuring brand equity, using brand equity to expand a business, understanding brand management in order to deliver sustained customer value and brand loyalty.
Luxury Legal Environment
This course presents the principal legal mechanism used when working with luxury goods and services, and focuses on specific issues of law and the luxury industry such as counterfeiting, brand Protection and Defense of Intellectual Property rights, trademark licensing, distribution agreements, etc.
Strategic Forecasting and Budgeting
This course is designed to assist students to develop the analytic skills, the understanding and ability to apply the tools necessary for forecasting and planning luxury operations. They are expected to learn, analyze, implement and manage financial information for efficient business management decisions.
This course will cover the technological, strategic and marketing aspects of e-luxury. Topics to be covered include the evolution of the Web, from 1.0 to 4.0; web-marketing tools and techniques; achieving visibility on the Internet; strategic use of Google (analystic, adwords, adSense); brand management through the Web; key success factors in web design and applications; different uses of the web in a luxury focused B2C and B2B environment; sources of value in ecommerce.
This course focuses on the critical elements impacting the quality and nature of the luxury purchasing experience. It also analyzes the different distribution networks as well as the business models and strategies behind each: retail (directly operated stores, flagships, concept stores, shop-in-shop, corners, etc) and wholesale. Students will learn how to adapt the luxury retail outlet to conform to customers’ expectations in terms of services, mood, atmosphere, physical impression, and sensation; and will appreciate the importance of the tactile elements of the luxury shopping experience in communicating the brand message.
Supply Chain Management
This course focuses on supply chain and distribution issues which are assessed and discussed using topical examples from the luxury industry. The course will cover what operations managers do, how operations management involves a range of business functions, and the tools that operations managers use.
Students will develop the skills and concepts needed to ensure the ongoing contribution of a firm's operations to its competitive position, as well as an understanding of the complex processes underlying the development and manufacture of products, and the creation and delivery of services.
Luxury Product design & development
This course will focus specifically on design strategies associated with luxury goods including the value of design, brand and product identity, the role of design in product innovation, the New Product Development Process, the role of design for the Made in Italy success.
Design driven innovation and design value will be illustrated with relevant theories and concrete examples from the Jewelry, Car, Fashion, Furniture and Furnishing sectors.
In addition, students will put their understanding and creativity into practice by developing a team design strategy projects in the luxury field.
A Professional Immersion (6-month Internship) is also included in the curriculum.
Please note that this list is not exhaustive and subject to change
Exchange your thoughts to inspire new ideas
The Specialization in Luxury Goods and Services ensures that curriculum matches the luxury business standards by working with luxury industry players.
The interaction with these companies goes through several possible activities:
Professional guest lecturers and series of CEO conferences
(Chloé, Bulgari Hotel, Façonnable, JWT, Parmigiani, Mauboussin, Gucci, Fraser Yachts, Wally, YSL, Sergio Rossi,…)
Attending the most important events and fairs
linked with the Luxury world (Car show in Geneva, Monaco Yacht Show and Luxe Pack in Monaco, TFWA in Cannes, Fiera del Mobile in Milan, International Jewelry Show in Valenza, Luxury Briefing conference in London…)
are organized yearly to further reinforce understanding of professional expectations.
Students visit major firms or industrial plants in European capitals having the chance to go straight to the main source of the information.
Some of the companies visited: Valentino, Kenzo, L’Oréal, Acqua di Parma, Hotel de Crillion Paris, Bulgari, Gucci, Ermenegildo Zegna, Safilo, Lungarno Collection Hotels, Fendi, Bulgari Hotel, Rossi Moda, Polo Ralph Lauren, Christian Dior Jewelry,…
presentations inviting HR managers interested in communicating on the company’s values and business results and in recruiting our students.
Career Opportunities for the MSc in Luxury Management (Goods and Services) students
In addition to providing students with both the technical and soft skills that the luxury service oriented industry required, the program prepares participants for career opportunities in a wide range of business functions including sales and marketing, communications, general management, finance and operations.
As a result, graduates will be prepared to take on international assignments and satisfy the growing needs of the hospitality and event industry recruiting institutions. Students can explore career opportunities in a wide range of business functions and can connect with a number of recruiting firms.
By being located in Monaco in the heart of the French Riviera where numerous events take place and luxury hotels are located,
students have the opportunity to move their first steps into the industry.
Some of the companies where IUM Master in Luxury Goods and Services Alumni have interned or are still working:
Lanvin, Louis Vuitton, Fendi, Salvatore Ferragamo, Harry Winston, Bottega Veneta, Gucci, Tiffany, Swatch Group, Chanel, Ralph Lauren, Tourbillon (Swatch Group), Campari, Fabergé, Dior, Emilio Pucci, Paco Rabanne, Façonnable, Chalhoub Group, Valentino, Ogilvy Public Relations, L’Oréal, Cartier, Fraser Yachts, Quintessentially, Burberry…
Aliza Sharfe, Canadian, Master in Luxury Management (Goods and Services Class of 2009)
Customer Experience Specialist at Chanel, USA
"The MLUX program at IUM offered me an exceptional educational experience.
The small class size, international student body, and location in Monaco provided an ideal environment for graduate studies in the business of luxury. The program balanced academic content with practical experience; through my internship placement, I later secured full-time employment in my area of interest."