From top-end “bling” to expensive cars and high-end fashion, the mainland-led demand for luxury products and services in Asia has exploded over the last few years, leaving in its wake a critical shortage of talent.
Because of the expectations associated with the image of luxury, recruiters and educators familiar with the sector say the industry needs professionals with niche knowledge, defined skill sets and leadership capabilities – proficiencies that can be acquired through a specialist MBA programme.
With a talent scarcity in the “Middle Blingdom”, as some industry insiders refer to the China luxury market, showing few signs of improving, business schools both internationally and locally are adding MBA programmes and electives designed to equip the next generation of luxury leaders.
Last year, according to global consulting firm Bain & Co, the mainland luxury market grew by almost 20 per cent, with a noticeable shift from wholesale to direct-owned retail. Globally, despite continuing economic turmoil, Bain & Co expects the luxury goods market to grow by 6 to 7 per cent.
In London, the global need for more luxury and fashion talent has been recognised by the London College of Fashion (LCF), which is launching the UK’s first fashion EMBA in September this year.
“Fashion is a trillion dollar industry, far ahead of the music business in earnings, yet there is a shortage of high-calibre executives,” says George Bouvier, LCF Executive MBA (Fashion) course director. He says the 18-month management programme will allow students the opportunity to network with leading industry figures and is the first course of its kind to specialise in fashion. “Whether in Hong Kong or Japan, the message is the same: send us your best-trained executives,” stresses Bouvier.