The global luxury goods market has boomed over the past two decades, reaching €224bn in annual revenue, and the number of luxury consumers has surged from 140m worldwide to more than 350m.

At the same time, there is growing demand for luxury management programs. Many business school students want to work at prestigious luxury brands such as LVHM, Kering, Swatch Group and Richemont, whose products are more tangible than services.

As the luxury business becomes more global, with growth in sales powered increasingly by Chinese consumers, who make up more than 30 percent of luxury spending, Online MBA programs are paying closer attention to the sector.

But shares in luxury goods companies have suffered in recent years following a fall in luxury sales in China, a trend amplified by the Covid shutdown that hit luxury stores in China as well as the supply chains of western luxury brands.

In the UK, Warwick Business School, which is home to a longstanding Online MBA program, offers courses on luxury management to its online students. “We examine the dominance of western luxury brands and whether that will continue with the rise of China,” says Qing Wang, professor of marketing and innovation at WBS.

“The globalization of luxury is also presenting problems for brands and potentially undermining their authenticity, especially as different cultures tend to interpret the value and meaning of brands differently,” she adds. “How are brands changing their business models for emerging markets?” It is a question explored on Warwick’s luxury courses. […]