Master of science in
LUXURY GOODS & SERVICES
the haute-couture of business education
Program Description The global luxury industry has never been so diverse. Today’s luxury professionals must possess the capacity to evolve; they require an international outlook and an acute knowledge of this complex and discerning marketplace.
PROGRAM DESCRIPTION
The Master of Science in Luxury Goods and Services (MLUX) at the International University of Monaco (IUM) is a 10-month, 60-credit degree completed in three 12week terms. Taught in the Principality of Monaco, a great focal point of global luxury, this unique program is designed to give recent graduates a leading edge in this highly competitive field. It introduces students to the operational, financial, marketing, and product issues that impact strategic and business decisions in the area, while providing a focused insight into the wider traits of the industry. Merging strategic thinking with corporate creativity, the program integrates quantitative rigor and intellectual scope - vital to successfully understanding the high-end market. It focuses on how the luxury industry interacts with the economic, cultural and technological environments of the twenty-first century, the characteristics of today’s luxury consumer and the resonances generated by high-end goods and services. Exploring the current and on-going challenges facing the wider luxury sphere, the MLUX seeks to produce innovative and imaginative leaders who will achieve junior positions across the field, including brand management, product development, strategic planning and luxury product portfolio management. Based on an industry-specific perspective, the MLUX utilizes case studies, projectbased learning and professional immersion to demonstrate a visionary approach to the world of luxury. With unparalleled access to Monaco’s business community, the classroom experience is enhanced by guest lectures, company visits and industry events that inspire and educate in equal measure
“In the MLUX program, we seek students who are really passionate about a specific luxury sector or brand – and who are willing to make the effort to go beyond the surface, beyond the glamorous and dazzling images that only capture the visible part of the luxury iceberg. Luxury has become a global and highly competitive business. Evolving between a long tradition and constant innovation, luxury brands are looking for highly talented, innovative, and global managers that can create added value.
attained a new status: in a hyper-competitive, stressful world they are a form of almost- necessary selfmedication – a trend fueled by the “I am worth it” outlook. Entering the luxury world is a question of passion and vocation but also initiative. This is why the IUM program is not only about academic studies; it provides an education and a multi-sensorial experience.” Annalisa TARQUINI Program Director
Regardless of any prevailing economic situation, a bright future awaits the luxury industry. Luxury goods and services have
MLUX 2010 Class Profile 30 participants 19 different nationalities 30% male – 70% female Average age: 24
GEOGRAPHIC ORIGIN OF STUDENTS Eastern Europe 25%
Americas 16%
Asia 22% Western Europe 38%
AMERICAS ASIA WESTERN EUROPE EASTERN EUROPE
INTERNATIONAL UNIVERSITY OF MONACO
Program outline
Extended Core Courses Introduction to Luxury Goods and Services Marketing of Luxury Goods & Services The Luxury Legal Environment Human Factors in the Luxury Industry Supply Chain Management in the Luxury Industry Accounting & Financial Management in the Luxury Industry Capitalizing the Luxury Venture Luxury Industry & Competitive Analysis Luxury Concentration Courses Luxury Consumer Behaviour Luxury Services Luxury Product Design, Development, and Management Luxury Distribution e-Luxury Luxury Communication Luxury Selling & Boutique Management Managing Luxury Brands Practitioner Cross-Link Courses Luxury Sector Seminars Professional Research Project Post Graduate Internship (Optional)
Program STRUCTURE The MLUX is a 10-month, intensive, graduate business program with three major instructional components: 1. the Extended Core, 2. the Luxury Concentration, 3. the Practitioner Cross-Link.
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The Extended Core: 24 credits The extended core (EC) is a compulsory series of courses completed by all students. The EC immerses students in the most complex and challenging issues of the global luxury market, integrating mastery of relevant concepts and skills with an appreciation of the external factors which affect the modern luxury enterprise. As a result, students are exposed to methods in which key business disciplines are adapted to the high-end goods and services sector. EC courses focus on the theoretical and functional keystones of the luxury industry, such as defining luxury goods and services, operations, accounting and financial management, as well as the legal environment.
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The Luxury Concentration: 24 credits The luxury concentration (LC) further develops this basis by examining the relationships between various business units in the luxury firm - demonstrating how they relate to each other and to the wider industrial, commercial, governmental, and social environments. This allows students to relate the specialised nature of LC courses to the world of business in a wider context.
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The Practitioner Cross-Link:12 credits The practitioner cross-link (PCL) consists of a series of seminars, guest lectures and field trips (LXRY 664: Luxury Sector Seminars). It also includes a Professional Research Project that is conducted all the way through the academic year and structured around three main components: an in-depth industry analysis, a company or brand analysis selected within the chosen industry, and an applied business project. The directed industry analysis requires students to perform an in-depth assessment of a specific luxury sector based on the theory, skills, and knowledge acquired through their courses and own research. Within that specific luxury sector, each student will have to study one company or brand in order to understand their strategies, assess their performance and identify the sources of their competitiveness. Finally, each student will have to conduct a comprehensive and meaningful research project applied to the sector, company or brand, and discipline chosen. The MLUX includes optional French language instruction. Furthermore, throughout the program students work with the Center for Career Development and Corporate Relations, as part of IUM’s commitment to realizing the career potential of each student.
INTERNATIONAL UNIVERSITY OF MONACO
COURSE DESCRIPTION
COURSE DESCRIPTION Professional Research Project (9 credits) As the culminating experience of the MLUX, this course requires students to develop a project-based field study to investigate industry, market, and topical issues or opportunities related to the luxury industry. The course is designed to facilitate the application of theory, academic models and concepts, proper terminology, creative skills, and knowledge acquired over the course of the MLUX program. Students will also have to conduct a comprehensive research that will be valuable for the company or brand investigated.
LXRY 658: Accounting and Financial Management in the Luxury Industry The course provides an overview of the financial aspects involved in making luxury business decisions such as forecasting, budgeting, optimizing, valuing, evaluating, and auditing results.
LXRY 651: Introduction to Luxury Goods & Services This course provides a broad overview of the entire luxury industry and outlines the diversity of numerous luxury sectors. Using case studies, articles and other professional reports, the course considers methods and techniques for organizing and managing the unique factors impacting the industry.
LXRY 654: Capitalizing the Luxury Venture This course examines ways of financing the start-up of a new luxury venture. Students will learn how to prepare a financial plan, including projecting sales and capital expenditures, as well as designing proforma income statements, balance sheets, and sources and applications of funds statements.
LXRY 652: Marketing of Luxury Goods & Services This course provides an overview of the entire luxury marketing management process in a global context. It explores the role marketing plays within luxury companies and focuses on the development and analysis of consistent marketing strategies.
LXRY 661: Luxury Product Design, Development, & Management This course introduces students to the tools, tactics, and strategies employed in the luxury product or service design and development process.
LXRY 665: Luxury Consumer Behaviour This course investigates the dynamics of human behaviour and how it relates to decision making in the luxury sector. It concentrates on the most important factors that influence the consumer’s decision making process: motivations, personality traits and the self-concept, values and lifestyles, psychological processes as well as group membership, social classes and subcultures. LXRY 653: The Luxury Legal Environment This course presents the principal legal mechanisms used when working with luxury goods and services, and focuses on specific issues of law and the luxury industry such as counterfeiting, intellectual property rights, brand protection, distribution agreements, etc. LXRY 655: Human Factors in the Luxury Industry This course focuses on organizational behaviour and systems, and human resource management for the luxury industry. It concentrates on the variables that affect behaviour at the individual level as well as group dynamics. LXRY 655: Luxury Industry and Competitive Analysis This course provides students with the opportunity to critically review microeconomics and macroeconomics theories, conceptual frameworks and other models in order to understand the dynamics of a given industry and assess the firms’ competitiveness within. The course culminates with an in-depth analysis of a luxury sector.
LXRY 657: Supply Chain Management in the Luxury Industry This course focuses on supply chain and distribution issues which are assessed and discussed using topical examples from the luxury industry.
LXRY 659: Luxury Communication This course introduces students to the ways in which global integrated marketing communications (GIMC) can be used in strategic planning for the luxury enterprise. LXRY 660: Luxury Distribution, This course focuses on the critical elements impacting the quality and nature of the luxury purchasing experience. Students will learn how to adapt the luxury retail outlet to conform to customers’ expectations in terms of mood, atmosphere, physical impression, and sensation; and will appreciate the importance of the tactile elements of the luxury shopping experience in communicating the brand message. LXRY 663: e-Luxury This course is designed to introduce students to the new technologies that are influencing the luxury industry. It focuses on new technologies used in webmarketing, communications, research, and E-tailing. LXRY 662: Luxury Selling & Boutique Management This course introduces students to sales techniques and retail matters from a managerial perspective. Customers’ needs and behaviours within a retail setting are analyzed in order to develop stronger and more efficient relationships with clients. LXRY 656: Managing Luxury Brands This course provides an overview of the ways in which luxury brands are conceived, developed, launched, nurtured, and protected.. A practical approach is emphasized throughout the course by reference to real world examples and proven tools used to build a luxury brand.
MLUX
Professional Development and Career SERVICES
Russian KRONOMETRY LUXURY WATCH, RETAIL MANAGER, FRANCE
The Office of Career Development and Corporate Relations (OCD) assist students in their pursuit of a successful career. The OCD provides three types of activities: the Personal Development Program (PDP), designed to identify and enhance students’ potential in view of their future careers; interactive workshops designed to build each student’s personal marketing strategy and job search approach; and the cultivation of corporate relationships dedicated to developing networking opportunities.
“The year of the MLUX at the International University of Monaco has established itself as a bright spot among the best memories of my life. ‘Spot’ because the year passed at the speed of a lightning , and ‘bright’ because disregarding its short duration we accumulated endless invaluable experiences, exceptional due to the place, its atmosphere and the people. The toughness of the program is not an issue, being constantly immersed into a multicultural setting with numerous people to learn from, and having the luxury to study in depth what one is genially passionate about. It is not only an academic institution, it is also a school of life on the one hand, and a warm ‘home’ on the other. With sufficient persistence and diligence, one ends up with unique knowledge, wonderful friends for life, great memories and tons of opportunities within the professional arena.”
80% of the MLUX 2008 Graduates found employment within three months after graduation.
NETWORK OPPORTUNITIES
Below is a list of companies where our students are working or undertaking graduate internships: Chanel, Louis Vuitton, Prada, Longchamp, Giorgio Armani, Ermenegildo Zegna, Camper & Nicholson, Fraser Yachts, Guerlain, Kronometry, Van Cleef & Arpels, etc.
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networking opportunities The Principality of Monaco, synonymous with exclusivity, is a melting pot for the movers and shakers of the luxury world. IUM’s unique location between the industry’s two biggest players - France and Italy – means that students gain privileged access to a broad range of social and professional events during their studies. Examples of these include many professional trade fairs or exhibitions such as Luxepack, the Monte-Carlo Yacht Show, Monte-Carlo travel Market, Monaco Spa Event, TopMarques, BaselWorld, Pitti, etc, participation in the Next Generation Entrepreneur Forum, and invitations to attend various trendy events (Monaco Formula One Grand Prix, Monaco World Music Awards, etc). The Mentorship Program also provides unique opportunities to meet and bond with experienced professionals from the luxury world. Students also play central roles in discussion forums, seminars, and workshops throughout the year that provide exceptional opportunities to meet with successful business leaders.
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We also provide a Mentorship Program, which connects students with local business leaders who volunteer to share their knowledge and experience, and help guide students into a suitable career choice. Students meet their mentors throughout the year for advice; all the mentors during 2006-2007 are or have been CEOs or managing directors of corporations. The MLUX program is a business curriculum with a focus on the luxury industry, which is made of a vast variety of goods and services, from fashion, leather goods or jewellery, to hotels, yachts, private jets, concierge services or real estate. During their studies, students have the opportunity to specialize on any of these sectors. Regardless of their chosen specialization, they will be encouraged to acknowledge and grasp the diversity and complexity of the luxury industry. This diversity is naturally reflected in the professional careers our graduates select at the completion of the program.
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MARIA, MLUX 2008
PHILOSOPHY
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Teaching Philosophy
2010
The Economist Intelligence Unit, Which MBA? Guide - Top 100 MBA programs in the world Ranked 37 - 1st worldwide for student employment three months after graduation and 2nd worldwide for the diversity of its student body
The IUM teaching philosophy is based on three highly effective learning principles.
Small class size.
We maintain a highly personalized teaching environment by restricting the number of students in each class, which allows for personal attention, individual coaching and interaction with the professor.
Expansion CNN (Mexico & Latin America) Top 50 MBA programs in the world - Ranked Top 36 SMBG France– Ranking of all our Master programs
Student diversity.
Eduniversal – IUM has been awarded with 4 Palmes considering its international influence
We create and encourage a culturally diverse student body that is sensitive to, and appreciative of, cultural differences. We strive for the tenets of sound scholarship, academic honesty, and the presentation of a comprehensive level of subject matter in innovative ways. At IUM we have a highly demanding and academically rigorous teaching style, but we also demand active learning by encouraging class participation from the students. This approach contributes to make the University a place of intellectual and practical exchanges of the highest level.
NETHODOLOGY
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Instructional Methodology The MLUX seeks to provide graduates with the skills and knowledge to succeed in an increasingly fast-paced, highly competitive and specialized industry. The program’s aim is to produce imaginative, informed, specifically-educated managers capable of crafting novel solutions to the often-unique problems that arise in the luxury industry. Program participants come from all over the world and represent a variety of backgrounds and professions, creating a multi-layered student diversity that enhances personal development and career prospects. The Professional Research Project serves as the scaffolding of the program. Each student must choose a specific luxury sector and study it in depth, from diverse perspectives: economic, financial, marketing, human resources management, etc, but also from the point of view of suppliers, producers, employees, retailers and, customers.
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A first-class curriculum.
RECOGNITION
MONACO : A UNIQUE LOCATION The Principality of Monaco forms an exceptional backdrop to a dynamic and diversified economic entity. In this context, IUM serves as an incubator for a wide range of synergies, from the complete support of the government to the full involvement of the business community. The MLUX leverages these relationships by integrating the knowledge and experience of practitioners working in this milieu into the classroom through teaching, guest lectures and, field trips. A genuine passion for a luxury sector or brand, full commitment to studying and learning and thorough preparation are the three main elements to successfully completing the MLUX. Due to the intensive nature of the program, students are expected to make a significant learning effort during scheduled course times and should expect to spend approximately 30-40 hours per week outside class for study, class projects, reading, and preparation. AlthoughtheprogramistaughtentirelyinEnglish,MLUX students may also take French language classes. Students who successfully complete the MLUX will demonstrate an understanding of the enjeux stratégiques of the luxury industry and be able to explain the significant position the luxury industry holds in the modern global economy. They will display the skills necessary to manage successfully the human element inherent in all aspects of luxury goods and services in times of change and uncertainty, and discuss and critically evaluate the importance of brand relationships as they exist in the modern luxury enterprise.
application process Admission requirements
Selection Criteria
● Completed application form (available from www.monaco.edu) ● A Bachelor degree or equivalent ● Official university transcript (or certified English translation) ● Proof of English Proficiency (TOEFL, TOEIC, IELTS, Cambridge certificate) ● Two letters of recommendation (academic and/or professional) ● Up-to-date curriculum vitae ● Prospective students may be subject to an interview ● An internship in a luxury company undertaken before the entry into the program is recommended
1) Passion for the Luxury Industry. Prior experience or internship is a plus.
To learn more about the Application Procedure, please visit our website:
2) Academic ability and potential as shown by grades or equivalent tests and examinations. An equivalent GPA of at least 3.0 on a 4.0 scale is requested. 3) Motivation to study and work in the Luxury Industry. Clear definition of career aspiration. 4) Uniqueness and contribution to the University’s mission. Ability and willingness to work in a diverse, international environment. 5) Leadership potential, personal achievement and interests
Please note that the information contained within this brochure may be subject to change
www.monaco.edu
CONTACT INFORMATION International University of Monaco Admissions Office 2, avenue Albert II MC 98000 Monte Carlo Principality of Monaco The International University of Monaco is a partner of the INSEEC Group, one of the largest French educational institutions with campuses in Paris, Bordeaux, Lyon, London and Monaco.
For more information on the MLUX PROGRAM or on the admission process contact Leila Bello at: info@monaco.edu or call +377-97-986-986.
www.monaco.edu