Why a MSc in Luxury Management (Retail Management Specialization)?
The Specialisation in Luxury Retail Management is a unique program designed to meet the specific needs of
major luxury retail players. It is the ideal course for students interested in acquiring managerial skills to build an international career.
Luxury retail has become a highly competitive business.
Gone are the days when it was easy to sell luxury goods based on the allure of the brand alone. Luxury retailing has been evolving dramatically during these past few years: a wide range of formats and concepts have emerged, posing new challenges to managers. Luxury players are constantly striving to innovate so as to attract and retain ever-more demanding affluent consumers.
Due to the convergent trends of increased competition and more knowledgeable customers, the traditional ways of running a luxury store can no longer guarantee success. Today, retail has become a key battleground in the urgent quest to find and keep the best customers.
But the luxury retail environment is much more than a store:
1) It is expected to provide a unique ambiance and atmosphere
, reflecting and reinforcing the values of the brand;
2) It should offer an exceptional and inimitable shopping experience
in which consumers develop long-lasting and emotional ties with the brand;
3) And, in order to accomplish this, it should be managed by a team of highly trained professionals
who understand the operational and managerial facets of their job, the sensorial and emotional dimensions of the luxury brand, as well as ever-evolving customer demands and expectations.
Saloni Ghia, Indian, Master in Luxury Management (Retail Management Class of 2012)
Public Relations & Communications Trainee at Gucci, India
"The MLUX Retail program equipped me with the theoretical insight and practical knowledge to work in the challenging field of luxury. The unique advantage offered by this course includes a 6 month internship which gives a vital edge over other graduates. Through this course I gained tremendous industry and international exposure, the opportunity to develop my skills and make lifelong connections."
The Specialization in Luxury Retail Management at a glance
A pioneer program thought to answer the specific needs of Luxury Retail companies
Personal development and managerial courses to develop your leadership skills
Lasting partnerships with international major players supporting the program with lectures, and career opportunities
Many group activities enabling students to develop a team work spirit
Presentation skills practice throughout the year
The Master of Science in Luxury Management (Retail Management) prepares young students to make their first steps into an international
career. It seeks to educate the next generation of store managers and international managers
specifically within the Luxury Retail sector.
The MLUX Retail avails oneself of a mix of academic content and professional collaborations and it is designed to train and
develop specifically-educated managers able to craft novel solutions to the highly complex problems that arise in the
luxury retail environment.
Students learn the complexity of the luxury industry and the interrelationships between all business functions within a
luxury retail environment and develop the skills and behaviors to become trustworthy brand ambassadors.
The 4 essential skills for today’s luxury retail managers:
The MSc in Luxury Management (Retail Management) learning outcomes
On successful completion of the program in Luxury, participants will be able to:
- Appreciate the unique facets of luxury, and the importance of brand heritage as translated into the products they are
- Demonstrate a culture of appreciation for the quality of the service;
- Feel confident in their ability to deliver a consistent, distinctive, unique service experience in their store;
- Understand and use the needed instruments/tools and methods to complete their managerial profile;
- Exhibit sensitivity and the relational skills needed to optimize the quality of service delivered in the boutique, and
therefore increase sales and reinforce customer loyalty.
Some of the courses offered in the MSc in Luxury Management (Retail Management 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.
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.
Strategic Forecasting and Budgeting for Retail operations
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 retail operations. They are expected to learn, analyze, implement and manage financial information for efficient business management decisions.
Retailing and Luxury Goods is so much more than just picking out pretty things. Financial Modeling, Budgeting and Planning are an essential part of strategic planning, new business planning, and turnaround situations. Accounting tells you where you have been; Financial Planning tells you where you are going.
Selling Ceremony implementation in a Luxury boutique
A Course that will review the selling ceremony basic aspects in the Luxury business, and that aims to help the participants to better sell in the store, showing the example to their staff and understanding and practicing the soft skills in order to pass down their knowledge by debriefing their staff’s sales presentation on the floor (Coaching). A reminder of the required behaviour (art of elegance) and how to deal with different nationalities and cultures (cultural understanding), will help participants to improve their communications and management skills required in the Luxury Retail Industry.
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.
Luxury Sales Techniques
This course introduces students to sales techniques and retail matters from a managerial perspective. It emphasizes learning more about customers’ needs and behaviors within a retail setting in order to develop stronger and more efficient relationships with them.
Students will learn about specific sales techniques experimenting every step and tools of the effective sales process for luxury industry. It emphasizes learning more about customer service in order to maximize customer loyalty and satisfaction in a boutique setting.
Retail Marketing & Operations
Retail marketing activities are based on strategic plans and detailed operations and many decisions are taken with regard to merchandising, business analysis, sales processes, sales force management, in-store communication and a host of other challenging aspects. The course will enable students to learn how retail elements support marketing and branding strategies. The course focuses on a broad theoretical framework as well as the tools which are fundamental to luxury retail management. Participants will understand the luxury retail landscape and also learn about key retail marketing issues and instruments. Particular emphasis will be placed on effective retail operations management with a strategic approach.
Retail Buying & Merchandising
This practical course is designed to ensure students gain a practical understanding of how the retail buying and merchandising divisions within a retail organization work and to explain the interactions with the other departments.
This course enables students learn how to develop and buy a collection, and how to calculate the purchase budget: understanding of the Collection Plan and Purchase notions, understand what is at stake in the various industries with a wide vision, and be able to understand and develop a Purchase Plan.
Supply Chain Management & Stock Management
This course focuses on what luxury operations managers do, how operations management involves a range of business functions, and the tools that operations managers use. Supply chain and logistics issues are assessed and discussed using topical examples from the luxury retail industry. Stock management techniques at the point of sale are also addressed.
This course explains also the significance of inventory management in retail – with a strong focus on the apparel and luxury segments. We will describe the fundamental techniques to manage different types of inventories, and when to use these in practice. We will discuss how uncertainty impacts inventory systems, and will focus on demand forecasting techniques, through a very practical class exercise using fashion products.
Sales Team Management
This course enable students learn specific sales team management skills experimenting managerial tools to develop effective leadership in luxury industry. Students will learn about different store management tools which impact on the performance of the sales team.
It emphasizes learning more about how to develop team competences, commitment and performance in a boutique setting.
This course introduce Asia’s diverse and unique business environment, and examine the key elements and common themes of business management and doing business in China, India, Singapore and Malaysia. The course provides a cultural insight into dealing with the main ethnic groups: students will understand management and leadership styles in China, India, Singapore and Malaysia, and the government’s role in each economy.
Students will gain an appreciation of the potential for further development of the luxury industry in Asia
China, India, Singapore and Malaysia.
This course is aimed at providing an overview of the North American and European Union markets.
Students will become conversant with the main features of the North American and European Union markets, including regulation, the conduct of business, work ethics and marketing, through a rigorous and critical approach of these topics.
Students will Identify the key value drivers in your business and they will study how the luxury retail industry can increase the business in the mature markets.
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 Retail Management 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…)
- Field trips
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,…
- Employer Branding presentations
inviting HR managers interested in communicating on the company’s values and business results and in recruiting our students.
Careers Opportunities for the MSc in Luxury Management (Retail Management) students
The MLUX Retail program has been developed in cooperation with luxury retail companies, in particular within the fashion, accessories, watches and jewelry industries, and has benefited of the experience and the recognition of the MSc in Luxury Management program.
Students interested in developping their international career within a luxury fashion or accessories brand, typical luxury
retail companies, are recommended to apply to this specific program. An experience on the shop floor is considered
essential to acquire the skills to understand the key aspects of the luxury business such as the clients’ needs, the product
and the brand’s values.
The broad range of skills attained during the intense and practical program will enable Master in Luxury Retail Management students to be prepared for future positions such as:
: involved in the seasonal buying session to ensure the right merchandise is purchased in the right quantity according to market and customer trends; responsible for sales reports, competitor and market trend analysis; provide product training to retail staff to ensure good product knowledge across all stores.
: in charge of setting and monitoring key performance indicators for all boutiques as well as business development and growth strategies across a wide geographical area.
: supervises and coordinates multistore operations within a given geographical area.
: oversees all operational, financial, managerial and marketing activities performed within the boutique; supervises sales team performances and customer relationships; defines, controls and evaluates sales goals by product category, staff and timeframe; prepares weekly and monthlysales reports.
Assistant store manager
: directly supports the store manager in leading the sales team to deliver superior customer service and optimize sales performance and operations.
Some of the companies where Master in Luxury Retail Management & Master in Luxury Goods and Services Alumni have interned or are still working:
Louis Vuitton, Prada, Fendi, Façonnable, Salvatore Ferragamo, Christian Louboutin, Bottega Veneta, Gucci, Tiffany, Swatch Group, Chanel, Polo Ralph Lauren, Emilio Pucci, Ermenegildo Zegna, Dior, Valentino, Cartier, Max Mara...
Chang LIU, Chinese, MSc in Luxury Management (Retail Management Class of 2013)
Worldwide Retail trainee at Bottega Veneta, Italy
"I think I’m very lucky, because I was chosen by a company which not only understands my enthusiasm for luxury industry, but also is willing to give me a chance to dedicate my passion for the brand. Now I’m really looking forward to my future in Bottega Veneta, the people I will meet there and the new experiences and challenges to come..."