Luxury Lifestyle: MBA in Luxury and Fashion Management vs. Digital Business

Today, several sectors like luxury and fashion management and digital business landscape are witnessing increased demand for professionals equipped with creative problem-solving abilities. To fill this skill gap, there's a notable shift towards opting for creative courses such as luxury and fashion management, design thinking and so on. These courses are highly valued for their role in combating stagnation, fostering growth, and driving innovation.

According to a study by McKinsey, the luxury industry demonstrates substantial growth potential, particularly in emerging countries like India. An MBA in Luxury and Fashion Management prepares students to devise effective marketing strategies tailored to luxury and fashion brands. Meanwhile, the global digital transformation market is experiencing rapid expansion, driven by advancements in technologies like AI and IoT. An MBA in Digital Business equips students with the skills to navigate this digital landscape, preparing them to leverage technology for business success in an increasingly interconnected world. Let us understand each degree programme in depth to make an informed career choice.

Curriculum Focus

The MBA in Luxury Management empowers students with essential skills and knowledge to analyse perceptions of luxury across diverse markets and products. The curriculum explores areas like social demographics, consumer behaviours, and branding strategies to elevate the brand's luxury value. Through luxury branding courses, students gain insights into the ever-changing dynamics of the global luxury sector. The programme aims to build a strong foundation in strategic financial management within the industry. Additionally, the MBA in Luxury Brand Management ensures students acquire comprehensive expertise in strategic planning, legal considerations, financial management, and other vital aspects crucial for success in the luxury brand industry. The core topics covered in the curriculum are as follows:

• Business Communication
• Legal and Business Environment
• Operations Management
• Managerial Economics
• Marketing Management
• Organisational Behaviour
• Business Statistics and Analytics for Decision Making
• Financial Reporting, Statements, and Analysis
• Luxury Merchandising
• Luxury Retailing Management
• E-Commerce for Luxury
• Brand Management for Luxury
• Luxury Marketing
• Sectoral Immersion: Perfumery and Cosmetics, Luxury Hotels, Accessories
• Integrated Marketing Communication and New Media

The MBA in Digital Business equips students with comprehensive knowledge and insight into various business concepts, strategies, and approaches relevant to the digital landscape. The course caters to individuals seeking to augment their expertise in digital business technologies and methodologies. This programme is tailored to cultivate business students specialising in niche domains such as analytics, fintech, digital marketing, and management consulting within the digital sphere. By fostering technological acumen and sharpening decision-making skills, the programme adds a distinctive edge to enhance students' competitiveness. From marketing and sales to purchasing, logistics, and human resources, students analyse how digital transformation influences every facet of an organisation. The core topics covered in the curriculum are as follows:

• Principles of Economics & Markets
• Managerial Effectiveness & Ethics
• Accounting & Finance
• Organisational Behaviour and Human Resource Management
• Quantitative Techniques & Analytics
• Entrepreneurship
• Marketing Management & Research
• Business Environment & Strategy
• Operations Management
• Growth Marketing
• Consumer Behaviour
• Brand Management for E-commerce
• Web & Social Media Analytics
• Digital Product Management
• Marketing Analytics

Industry Connections

Upon completing an MBA in Fashion Management, students can take up exciting job roles within the fashion industry. Equipped with essential skills, individuals can gain entry into various fashion and commercial sectors. The professionals possess a solid understanding of fashion trends, consumer behaviour, and supply chain management, enabling them to optimise operations and enhance the customer shopping experience. The key industries suitable for fashion management careers are as follows:

Retail Management

Students can oversee daily business operations, implement sales strategies, manage stock levels, and stay abreast of fashion trends to enhance customer satisfaction.

Luxury Brand Management

MBA Fashion Management students will be managing luxury brands, brand development, marketing strategies, customer relationships, and maintaining exclusivity and desirability.

E-commerce and Technology

With the growth of e-commerce, students can contribute to online marketing strategies and data-driven decision-making in fashion technology startups and online retail companies.

Sustainable Fashion

Students work on incorporating green standards throughout the supply chain and promoting ethical buying practices to influence sustainability in the fashion industry.

Fashion Consultancy

MBA students can provide professional guidance to individuals or organisations in the fashion sector, offering strategic advice and refreshing brand images.

On the other hand, geared towards the digitally savvy youth of today, the MBA in Digital Business prepares individuals to navigate the evolving digital landscape and remain competitive in the future job market. Earning an MBA in Digital Business equips students with a distinct advantage over peers who lack similar expertise. The course paves the way for enhanced job prospects, increased earning potential, and accelerated career growth. The key industries suitable for fashion management careers are as follows:

Digital Marketing

Students can leverage their knowledge to engage with customers, manage social media platforms, and master concepts like search engine optimisation (SEO) and pay-per-click (PPC) advertising.

Data Analysis

The programme equips students with the ability to analyse data to drive informed decision-making, encompassing proficiency in data visualisation tools and predictive modelling.

E-commerce

Students gain expertise in designing, managing, and optimising ecommerce platforms, emphasising user experience design, inventory management, and payment system optimisation.

Emerging Technologies

Students can explore career options in companies leveraging cutting-edge technologies such as blockchain, artificial intelligence (AI), and virtual/augmented reality.

Business Strategy

Students develop strategic acumen, understand market dynamics, and identify trends to help steer big multinational corporations or startup companies.

Career Pathways

To meet the rising demand for expertise in luxury and fashion brands, the curriculum is meticulously crafted to cultivate the skills essential for a thriving global career. An MBA in Luxury and Fashion Management equips students with the competencies required to oversee prestigious brands. Through collaborative partnerships with industry leaders and hands-on learning experiences, students emerge with a nuanced comprehension of luxury and fashion brands. Here are some promising career pathways that students can pursue after graduation:

• Fashion & Luxury PR Specialist: Fashion & Luxury PR Specialists foster positive relationships with a brand's clients, endorsers, and media outlets to uphold the brand's distinctive image.
• Fashion Retail Buyer: Fashion Retail Buyers analyse trends, forecast sales, manage inventory levels, and coordinate logistics to understand customer preferences and market trends.
• Brand Manager in the Luxury Sector: Brand managers are responsible for maintaining a luxury brand's premium positioning and cultivating loyalty among its exclusive clientele.
• Social Media Specialist in Luxury: Social media specialists leverage various platforms to engage with the brand's audience, generate awareness, and foster emotional connections.

The digital business landscape in India is rapidly expanding, emerging as one of the fastest-growing marketing industries. There is a pressing demand for professionals well-versed in leveraging social media and digital platforms for product and service promotion. Following an MBA in digital business, a plethora of employment opportunities await. Established enterprises and startups alike seek skilled professionals capable of navigating the digital field and optimising online reach for their ventures. Here are some promising career pathways that students can pursue after graduation:

• Head of Digital Marketing: The Head of Digital Marketing oversees a company's online marketing strategy, devises digital strategies, and ensures effective lead generation and conversion.
• Director of E-Commerce: The Director of E-Commerce drives a company's online sales by formulating strategies to boost website traffic, enhance conversion rates, and increase profitability.
• Digital Marketing Consultant: Digital Marketing Consultants offer their expert advice on various aspects like traffic building, lead generation, and customer engagement.
• Digital Transformation Manager: Digital Transformation Managers are responsible for optimising existing processes, structures, and roles within an organisation through digital solutions.

Way Forward

As the demand for creativity in education continues to rise, specialised programmes like the MBA in Luxury and Fashion Management and the MBA in Digital Business offer invaluable opportunities for career growth and innovation. With a focus on developing strategic skills tailored to the needs of luxury brands and the digital landscape, these programmes equip graduates with the expertise needed to thrive in dynamic industries. As industries evolve and embrace digital transformation, the demand for professionals with specialised knowledge in these areas will only continue to grow. With the right blend of creativity, expertise, and strategic thinking, students can pursue fulfilling careers, shaping the future of their respective industries.