The luxury industry is equal to the worlds' 13th largest economy: BCG insights

MUMBAI, India - Aug. 1, 2016 - PRLog -- Luxury is not democratic. By definition, it is exclusive, rare. Luxury brands aggressively restrict when, where and how they are made, sold and to whom.

Dealing with a luxury customer is also therefore a science. Limited availability and personalisation adds to the desirability for luxury, and India is ripe for this market.

Experts believe that over the last few years, luxury brands have entered India, exited India and are now wiser, in their strategies to re-enter the country, with intention to stay and build their audience.

"Till a decade ago, very few luxury brands were available in India. But now, the country has become the prime destination for top-notch global brands, many high-end luxury brands have quickly set up shops here, some are at the threshold waiting to enter and many more are eyeing India." shares Dr Radhika Narayanan, Director, Master's Program in Global Luxury Goods & Services Management (MGLuxM), S P Jain School of Global Management, Mumbai- which has announced its twin-city program, in collaboration with Milan's MIP Politecnico di Milano Graduate School of Management.

The Luxury Industry in India can be broadly stratified under three heads

1. Luxury fashion products: Jewellery, apparels, electronic gadgets, shoes, handbags, belts, cosmetics, fragrances, crockery, wine and accessories

2. Luxury Automobiles: which includes luxury cars, motorcycles, yachts, jets.

3. Luxury services: Hotels, Resorts, Travels and Tours, Holiday Destinations, Cruise, Health Care, Real Estate, Spas, Salons, Education, and the big Indian Wedding Services

Regardless of the category, established companies know that luxury is an experience and not just an object.

It is about the little things that leave an outsized impression. Components of experience include – how luxury is delivered, packaging (powerful first impression), store environment and sales staff (the store's design, ease of layout, the staff's education, a personal style and   gentle persuasion, that must match the object being sold.

To support the potential growth of the luxury market in India, the country needs skilled professionals who understand both domestic and international luxury industries well in terms of its economics, consumers, products and services. SP Jain School of Global Management recognises this need and aim to exposing program participants to the world of global luxury and relate and connect it to a bursting emerging luxury market like India.

About S P JAIN SCHOOL OF GLOBAL MANAGEMENT

http://www.spjain.org/

S P JAIN SCHOOL OF GLOBAL MANAGEMENT is a business school of Indian origin that offers an Australian degree. It has campuses in Dubai, Singapore, Sydney and Mumbai. Their Full Time MBA and Global MBA programs have significant recognition as evinced through global rankings.

Forbes: Top 10 Best International 1 Year MBAs (2015 – 16)

The Economist: Top 100 Fulltime MBAs worldwide (2015)

Forbes: Top 20 Best International Business Schools (2013 - 14)

Financial Times: Top 100 Global MBA programs (2011 and 2012)'

S P JAIN SCHOOL OF GLOBAL MANAGEMENT launched its fourth campus in Mumbai in June 2015. Such was the demand for its courses, that a second campus followed in Kohinoor City, Kurla in Feb 2016, making SP Jain School of Global Management, Mumbai's No.1 MBA college for undergraduate, post graduate and executive MBA courses, as well as innovative courses like Big Data, Global Family Managed Business.

The school is accredited by the Tertiary Education Quality and Standards Agency in Australia and is licensed by the Knowledge and Human Development Authority of the Dubai government.