IIM-A launches 10-day course - Rs 5L luxury

Robert Polet, chairman of the iconic Italian fashion label Gucci , made this observation about the economic downturn recently: "My company is in the business of selling dreams. You can't put a price tag on a dream." It is this dream industry, seemingly insulated from the recession, that Indian Institute of Management-Ahmedabad (IIM-A ) is hoping to cash in on while offering a course in luxury management in collaboration with ESSEC Business School in Paris. This 10-day programme for executives, being offered for the second year in a row, itself is a luxury in these times of austerity. It costs nearly Rs 5 lakh, excluding travel costs. Phase-I will be held in France in June and phase-II in August in Ahmedabad. "Theoretically, the luxury sector is considered recession-proof . For instance , luxury cars are selling well even now. People see value in high-end products and there is some loyalty attached to such brands," says professor Prathap Oburai who is co-ordinating the programme from IIM-A . Oburai's view is seconded by German luxury car maker Porsche which announced only last week that it expected sales to grow by 20 per cent in India in 2009, even as global sales dipped. Giorgio Armani opened a boutique and a shop in New Delhi in October last year.

Interestingly, New York Times has reported last month that while India makes up only 0.4% of global luxury goods sale, there are 1.5 million households in India which could afford luxury goods. A major target group for the course is professionals in luxury and fashion industries in Europe and the Indian sub-continent . "ESSEC has a one-year programme in luxury management for several years. Moreover, France and Italy are capitals of the luxury industry," elaborates Oburai. Last year, participants included jewellers, garment manufacturers and perfumers . This year, they expect some from luxury car and hotel industry. The course will train participants in implementation of luxury strategy, best practices and business models and give exposure to exciting opportunities in emerging markets like India.

Source : timesofindia.indiatimes.com/Ahmedabad/IIM-A-launches-10-day--Rs-5L-luxury-course-/articleshow/4383196.cms