Business schools are breeding grounds for the next generation of luxury sector entrepreneurs.At top schools in Europe and the US, ambitious innovators are taking luxury-orientated master’s and MBA programs, determined to pick up the skills necessary to break into a notoriously tough market.
Launched more than 20 years ago, ESSEC Business School’s sector-specific MBA program was the first of its kind.
“If you want to break into the luxury industry, you have to bring something unique to the market,” says Simon Nyeck, the MBA’s director. “If you have an original idea, ESSEC can help develop it, build a story and create the brand,” he says.
With its start-up incubator, the school provides a rent-free space and organizes meetings with investors, allowing entrepreneurs to rapidly develop their ideas without administrative hassle.
Yet even with b-school backing, launching your own luxury business venture is not easy.
“Although we’ve had some successful entrepreneurs, we don’t see that many,” says Simon. “Luxury is the only sector in the world where old means good,” he continues. “If you’re not part of LVMH or Richemont, you don’t have much leverage.”
Although difficult, Simon insists that starting up your own luxury enterprise is “not impossible”.
As the industry enters the digital era, it is on the internet where Simon sees space for emerging luxury brands. “On the internet it’s about being quick, smart and lean.”
While he accepts that utilizing new digital platforms is important, on one point he is unequivocal: “If you want to be successful today in the luxury business, you have to sell to the Chinese.”
Despite the recent economic downturn, Chinese consumers still account for 31% of all global luxury sales, according Bain & Company.
With this in mind, SKEMA Business School’s master’s in luxury and fashion management is taught both in France and on the school’s Suzhou campus in China.
Around 10% of its alumni go on to start businesses in the luxury sector —something the program’s director, Ivan Coste-Manière, attributes firmly to the school’s “multi-campus driven strategy”.
Despite SKEMA’s global approach, Ivan sees a returning emphasis on local craftsmanship as a huge opportunity for aspiring luxury entrepreneurs.
“From global, we are now going in reverse,” he says. “Bespoke, niche, innovation-driven luxury is booming, driving a tremendous potential for ‘local jewels’; ethnic brands which offer very exclusive products and services.”
In the US, NYU Stern’s MBA program is looking to harness this trend.
“I take students on visits to places ‘off the beaten path’ to help them gain an appreciation of hand-made luxury goods,” says Thomaï Serdari, director of the program’s luxury marketing specialization.
For Thomaï, NYU Stern is “the place to be for aspiring luxury entrepreneurs”.
“Last year, we introduced the ‘Luxury Launch’ course to cover various aspects of launching a business and specifically the building blocks of a business model tailored to the luxury space,” she says.
Although the course is not on offer this year, it is likely to return based on student demand, as ambitious entrepreneurs flock to New York City.
“NYU Stern gives [students] access to the strongest luxury retail market in the US,” says Thomaï. “Our network of graduates is global, strong, and renowned for its effectiveness.”
The UK capital is another ideal location for luxury entrepreneurs.
London Business School (LBS) boasts a powerful network of more than 40,000 alumni. “Students and graduates are able to tap into a wealth of knowledge and experience whenever, wherever,” says retail and luxury careers center manager Fiona Stubb.
LBS offers a program in luxury management for MBAs with Walpole, an organization comprising 170 British luxury brands, as well as a Deloitte-sponsored start-up incubator to help develop early-stage business ventures.
In partnership with the British Fashion Council, MBA students are also given the chance to pitch their ideas to real businesses.
While the percentage of LBS MBA graduates who go on to launch their own luxury ventures is small, Fiona has noted a growing interest in the sector as a whole.
“There have even been cases where current students and alumni have provided funding for start-ups coming out of LBS,” she says.
Student Reviews
The best intercultural university
There are more than 50 nationality in the grade, so there are opportunities to interact with people from all around the world. In terms of academics, the BBA course offers diverse courses for the 1st
Creativity, adaptability and entrepreneurship
The Master in Management program at the ESSEC Business School allows the students to choose their courses accordingly to their preferences and their professional targets. We can also go through international exchange and take part in internships with companies that are also partners with the school. The school is also next to the city of Paris.
Top business school in France
Doing PhD in essec took some time, to be precise about five years. But the experience was very good and cost effective too. There are opportunities for the student for teaching assistantship and that helps both financially and in career. In the final year I could manage to teach marketing to M1 students and this helped shape my career
Great college
The program is well suited for early professionals with an engineering degree preferably or a degree in economics. I would suggest taking the ceasure irrespective of the experience level as it helps you take your time to adjust to the job market.
Good school in France
I am currently enrolled in M2 in Essec business school. I am specialising in marketing management. The Grande Ecole programme is valued in France and my school ranks very high up. There are a lot of opportunities for internships and CDD.
The program curriculum
BBA program. The program is really practical and useful, provide us many international opportunities. Like internship and humanitarian experience, and the flexibility is also really cool, we can choose different campus and tracks as we want.
International Course
This school is very international and business oriented. Highly recognized by the companies The campus has been renovated and is very functional and modern from now on. Excellent atmosphere. Reputation of essec is a plus
Friends, Career opportunities.
The program I did gave me the opportunity to start in Singapore. I got the chance to know all the students that started there and we bonded and made some friends for life. The career opportunities that ESSEC also gave me were unbelievable.
Practical and useful
I think the best thing about Essec is that it's not focusing on academics rather it emphasizes on future job mindset and professional experiences..
The classes are interesting and we have plenty of workshops attributing to different sectors..
The campus is very nice with a good cafe and wonderful library.
The only problem is the location of the campus. It's quite far from Paris.
Amazing experience! Must try
I think its a very amazing school with great and experienced faculty. Also the alumni network is very solid and useful. The school has a great balance of studies and work experience which is really essential for a student.
GBBA: Diverse, Enriching, and Career-Boosting
My experience at ESSEC Business School has been outstanding. The Global BBA program offers a rich academic curriculum and diverse learning opportunities. I appreciated the chance to study on different campuses, including an international exchange, which broadened my perspective. The social environment is culturally diverse and vibrant, enhancing both my personal and professional growth. The administration is attentive, constantly offering new academic and student life opportunities. The campus facilities and classrooms are excellent. I highly recommend ESSEC for its excellence, global exposure, and career opportunities.
ESSEC BS BBA REVIEW
The English track BBA program at ESSEC is simply exceptional. Courses are taught by internationally renowned professors who are experts in their field. The subjects taught cover a wide range of disciplines from marketing to finance, strategy and entrepreneurship. The English track is a major asset because it allows you to develop perfect mastery of professional English, essential in today's globalized business world. Some students love student life at Essec, which is one of the best in France, but it all depends on taste.
Great program, incredible school
I love almost everything about this school, from the student life to the academic program and the opportunities it provides.
I'm currently at the Paris campus, in Cergy, and I'm really enjoying it.
The BBA program is very rich and diversified, you can start with geopolitics and then finance, what I mean is that there's a great balance between the subjects in this program.
I was also lucky enough to spend a semester at the Singapore campus, and I loved that experience on the other side of the world.
ESSEC is also known for its dynamic and rich student life, with access to several parties a week and the various associations within the school.
If I could recommend just one school, it would be this one - I'm 100% satisfied.
Great experience
First of all, what I appreciate the most is the academic environment. The courses are extremely stimulating and are taught by high-level professors, often experts in their field. The diversity of subjects offered, ranging from marketing to finance, including entrepreneurship, allows you to acquire a complete and versatile education. The group projects, although sometimes stressful, are also an opportunity to learn to work in a team, which is essential in the professional world. One area that I feel could be improved is the management of student events. Although many activities are organized, I have noticed that some events can lack organization or communication, which can frustrate those who want to get involved. Better coordination between the different student associations and the administration could really improve the overall experience.
