Master of science in
LUXURY Retail Management
In cooperation with: Bottega Veneta Bulgari Emilio Pucci Ermenegildo Zegna Faรงonnable Loro Piana Polo Ralph Lauren Salvatore Ferragamo Valentino
In Association with Luxury Attitude Academy, Paris
Why a Master in Luxury Retail Management ? Luxury retail has become a highly competitive business. Gone are the days when it was easy to sell luxury goods based on the allure of the brand alone. Luxury retailing has been evolving dramatically during these past few years: a wide range of formats and concepts have emerged, posing new challenges to managers. Luxury players are constantly striving to innovate so as to attract and retain ever-more demanding affluent consumers. Due to the convergent trends of increased competition and more knowledgeable customers, the traditional ways of running a luxury store can no longer guarantee success. Today, retail has become a key battleground in the urgent quest to find and keep the best customers. But the luxury retail environment is much more than a store: • It is expected to provide a unique ambiance and atmosphere, reflecting and reinforcing the values of the brand; • It should offer an exceptional and inimitable shopping experience in which consumers develop long-lasting and emotional ties with the brand; • And, in order to accomplish this, it should be managed by a team of highly trained professionals who understand the operational and managerial facets of their job, the sensorial and emotional dimensions of the luxury brand, as well as ever-evolving customer demands and expectations. Taking on these challenges is the MLUX RETAIL program’s ambition...
Master of Science in Luxury Retail Management
Program Objectives The Master of Science in Luxury Retail Management program seeks to educate the next generation of store managers specifically within the luxury sector. It aims to train and develop imaginative, informed, specifically-educated managers capable of crafting novel solutions to the often-unique and highly complex problems that arise in the luxury retail environment. Program objectives are structured around four main sets of competencies:
1. Understanding Luxury History, evolution & trends Introduction to the luxury sectors & major players in luxury retail Overview of iconic luxury products Understanding competitive dynamics within the luxury retail industry
2. Management & Operations Selecting, building and motivating a strong sales team Managing a cost/profit center: profit planning, cost control, budgeting & resource allocation Stock management & logistics Merchandise planning, assortment Marketing at the point of sale: product management, visual merchandising, display, store atmospherics, PR, event management Anticipating customer needs and expectations: consumer behavior, CRM, the design and delivery of high quality service Quality control, performance indicators, boutique audits
3. Nurturing the immaterial, emotional & sensorial dimensions of luxury Aesthetics, semiotics & artistic appreciation Understanding the importance of fashion sense Elegance, “prestance”, etiquette & protocol Codes, symbols & rituals in luxury retailing Experiencing luxury: field trips & luxury company visits
4. Bridging theory and practice Guest speakers series Mentorship program: matching students’ profile & interests with corporate mentors One-week orientation within a luxury company (during the course of the program) Full immersion in a luxury retail setting: 7-month internship in a luxury boutique (at the end of the courses)
Master of Science in Luxury Retail Management
Program Learning Outcomes The MLUX RETAIL program provides a unique cooperative approach bridging theory and practice and guided by a multidisciplinary team of academics, experts and professionals. On successful completion of the Master in Luxury Retail Management program, students will be able to: • Demonstrate an understanding of the diversity and complexity of the luxury industry • Demonstrate an understanding of the complex interrelationships between all business functions within a luxury retail environment • Understand and manage the multifaceted challenges of successfully running a luxury point of sale • Recognize the importance of the human elements in a luxury retail environment • Build and manage long lasting and profitable clients relationships • Deliver value adding innovative and high quality services • Display the skills and behaviors to become a trustworthy brand ambassador
Master of Science in Luxury Retail Management
Career Opportunities Graduates are expected to fill junior positions as stock managers, assistant store managers, store managers, district, area or country managers, assistant retail managers, and retail managers.
Retail manager: in charge of setting and monitoring key performance indicators for all boutiques as well as business development and growth strategies across a wide geographical area
Assistant store manager: directly supports the store manager in leading the sales team to deliver superior customer service and optimize sales performance and operations
District/Area/Country manager: supervises and coordinates multi-stores operations within a given geographical area
Stock manager: responsible for relationships and communications with the central warehouse and central buying teams, merchandise replenishments, stock transfers, inventory management, product rotations
Store manager: oversees all operational, financial, managerial and marketing activities performed within the boutique; supervises sales team performance and customer relationships; defines, controls and evaluates sales goals by product category, staff and timeframe; prepares weekly and monthly sales reports
Master of Science in Luxury Retail Management
Program Content A total of 60 credits
51 credits equivalent to 510 hours of class room instruction 9 credits dedicated to research and practice
LUXURY SPECIALIZATION COURSES Studying the luxury industry 10 credits
PRACTITIONER CROSS LINK Bridging theory and practice 9 credits
CORE BUSINESS COURSES APPLIED TO LUXURY Education professional and efficient managers 35 credits
PERSONAL DEVELOPMENT COURSES Nurturing the immaterial, emotional & sensorial dimensions of luxury 6 credits
Master of Science in Luxury Retail Management
LUXURY RETAIL SPECIALIZATION COURSES Studying the luxury industry
Introduction to the luxury industry Luxury Fashion Seminar Cosmetics Seminar Luxury Watches Seminar
Jewelry Seminar Leather Goods Seminar Other Luxury Sectors Seminar Iconic luxury products
CORE BUSINESS COURSES APPLIED TO LUXURY RETAIL Education professional and efficient managers Luxury Marketing Management Luxury Consumer Behavior Luxury Services Luxury Distribution Marketing at the Point of Sale Luxury Sales Techniques Luxury Boutique Audits & Performance Indicators CRM Merchandising
Accounting & Financial Management Budgeting & Planning for retail operations Stock Management & Logistics Human Resource Management in a luxury retail environment Sales Team Management Retail Operations Management PR & Communications at the Point of Sale
PERSONAL DEVELOPMENT COURSES
Nurturing the immaterial, emotional & sensorial dimensions of luxury Aesthetics, semiotics & artistic appreciation Fashion sense & grooming Presence, Appearance & Style
Codes, symbols & rituals in luxury retailing Experiencing luxury: field trips & luxury company visits
PRACTITIONER CROSS LINK Bridging theory and practice
One-week orientation within a luxury company (during the course of the program)
Full immersion in a luxury retail setting: 7-month internship in a luxury boutique at the end of the program
Master of Science in Luxury Retail Management
Unique Cooperation with Luxury Retail Professionals Selection Corporate involvement in the candidate selection process: Pairing companies and students from the very outset
1st Term Mentorship program: Identifying a Mentor and a Tutor within the company for each student.
Master of Science in Luxury Retail Management
The MLUX RETAIL program has been designed in close collaboration with professionals from leading luxury brands, in order to better meet the need of luxury retailers. A tight cooperation has been developed with the consulting and training company, Luxury Attitude. Based in Paris, it is one of the world’s first and most renowned consulting companies focusing exclusively on the luxury sector. Its clients have included the leading luxury retailers as well
luxury hotels around the globe. One of its key programs revolves around the theme of “Selling Luxury” and “Designing Unique Service“. Thanks to this collaboration MLUX RETAIL students will receive one of the finest and most unique professional trainings in luxury retail. Luxury retailers are also highly involved in the program and participate in the following 4 stages.
2nd Term
3rd Term
One week Orientation Internship: Introducing students to the brand’s history and values, and familiarizing students with the multifunctional activities within the luxury retail environment
Field Trip: Visit of luxury companies
Internship Seven Month Internship: Full immersion and actual work experience in a luxury boutique
Master of Science in Luxury Retail Management
Course Descriptions Introduction to Luxury Goods and 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. 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. It describes how consumers are the focus of all marketing actions and how environmental changes influence marketing strategy development and implementation. Human Factors in the Luxury Industry & Sales Team Management This course focuses on organizational behaviour and systems, and human resource management for the luxury retail industry. It concentrates on the variables that affect behaviour at the individual level and then goes on to a thorough examination of the foundations of group dynamics. Students will learn about different store management tools which impact on the performance of the sales team. Supply Chain Management & Stock Management This course focuses on what luxury operations managers do, how operations management involves a range of business functions, and the tools that operations managers use. Supply chain and logistics issues are assessed and discussed using topical examples from the luxury retail industry. Stock management techniques at the point of sale are also addressed. Accounting and Financial Management in the Luxury Industry This course provides a general overview of how accounting and financial management contributes to the luxury organization. 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. Luxury Communication & Media Planning This course introduces students to the ways in which marketing communications are used in a retail environment as a lever to enhance the brand positioning and reinforce customer loyalty. It examines ways in which communication strategies establish a dialogue between providers of a luxury product and their respective publics or markets. Luxury Distribution This course focuses on the critical elements impacting the quality and nature of the luxury purchasing experience. It also analyzes the different distribution networks as well as the business models and strategies behind each: retail (directly operated stores, flagships, concept stores, shop-in-shop, corners, etc) and wholesale. Students will learn how to adapt the luxury retail outlet to conform to customers’ expectations in terms of services, 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. Luxury Sales Techniques & Boutique Management This course introduces students to sales techniques and retail matters from a managerial perspective. It emphasizes learning more about customers’ needs and behaviours within a retail setting in order to develop stronger and more efficient relationships with them.
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. The course also discusses definitions of culture and how these affect postmodern consumer mores, how members of different cultures vary, and on what criteria they can and cannot be compared. Luxury Sector Seminars By focusing on leading luxury brands, the course examines management techniques and strategies in a range of luxury sectors such as perfume and cosmetics, jewelry and watches, fashion, wines and spirits (enology) but also hospitality, yachts, private jets, and real estate. It also delves into the operational and management considerations involved in managing a department store, boutique, concession, or franchise. Students will develop an understanding of the differences inherent in managing the various sectors of the industry. The seminars are lead by professionals that are specialized in a specific luxury sector and that are willing to share their knowledge, experience and expertise with students Customer Relationship Management The course approaches its subject matter from a relational viewpoint. That is, it emphasizes learning more about customers’ needs and behaviors in order to develop stronger relationships with them, through technology and by integrating information about consumers, sales, marketing, responsiveness, and luxury market trends. Students will learn how to use CRM technology to gain insight into customers and understand the critical value customers possess. Retail Operations Management This course covers all the activities linked to the operational management of a store or multi-stores and, provides an integrated and multidisciplinary perspective. It encompasses topics such as knowledge of products, customer service, selling techniques, staff management, customer files exploitation, management of back office support centres and relationships with diverse and multiple business partners. Retail Marketing Management This course describes all activities performed at the point of sale and more specially focuses on the product management tools, techniques and strategies. It analyzes the interaction between all the marketing, organizational, and human dimensions involved in the performance of these activities in the store. It explores the interface between the store and functions such as buying, merchandising, visual merchandising, product training, showroom, etc. Luxury Services This course examines the unique aspects of services management and marketing, and emphasize the importance of designing, developing and managing “the high quality service perspective“, especially within the luxury environment. Strategic Forecasting and Budgeting This course allows students to develop the analytic skills and understand and apply the tools necessary for forecasting and planning retail operations. They will learn to analyze, implement and manage financial information for efficient retail management decisions.
Master of Science in Luxury Retail Management
Study in Monaco or Paris The MLUX RETAIL Program is also delivered in Paris, in the premises of our parent company, the French “Grande Ecole� INSEEC.
The Monaco Program is only offered with a starting date in Fall (entry in September 2010)
In Paris, the program can be started in the Fall term (entry in October 2011) or in the Winter term (entry in January 2011)
Master of Science in Luxury Retail Management
Executive Program The MLUX RETAIL Program can be offered as an Executive Program delivered on a seminar format, combining onsite lectures and online sessions. It can also be customized to the specific needs of a company. Executive Format over 18 months
Module I
Module II
4 courses 1 week per course online support
4 courses 1 week per course online support
Module III
Module IV
4 courses 1 week per course online support
Professional Thesis
(17 credits)
(17 credits)
(17 credits)
(9 credits)
The Executive Master of Science in Luxury Retail Management is a 18-month, 60-credit degree program. The program is divided in four modules and integrates on-campus and distance learning. The Executive MLUX RETAIL Program is seeking candidates who possess an undergraduate degree, have completed at least three years of work experience, and hold – or demonstrate the potential to attain managerial positions. Candiates holding degrees in disciplines other than management or business are encouraged to apply. Because modules combine face-to-face residential periods on-campus and distance learning, participants are therefore able to follow the program regardless of their geographic location. The Executive MLUX RETAIL Program is taught entirely in English.
Master of Science in Luxury Retail Management
Application Process for full-time students
The program is aimed at individuals who are specifically interested in pursuing a managerial career in luxury retail. The program is open to recent university graduates from any field as well as to professionals who desire to rapidly advance their careers by acquiring the skills necessary to successfully manage a luxury boutique. A Prior experience in retail or luxury retail is preferred but not obligatory. For young graduates, an internship in a luxury company undertaken before the entry into the program is strongly recommended.
Admission Requirements
Selection Criteria
● Completed application form (available from www.monaco.edu)
Passion for the luxury industry.
● A Bachelor degree or equivalent in any disciplines
Motivation and clearly defined professional aspirations.
● 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 ● Interview by luxury retail professionals
Leadership potential. Ability and willingness to work in a diverse, international environment. Open-mindedness and intellectual curiosity. Past academic and/or professional achievements.
● Non-Refundable Application Fee: €100 payable when the application form is submitted.
Tuition and Fees
APPLICATION DEADLINES
MLUX RETAIL tuition is €19.500
DEADLINE - Rolling Admission Late admission - space available only
Tuition includes: ● All resident courses. ● Books and Case Studies ● Access to the IUM computer system including free printing allowance
Contact: Ms. Leila BELLO, Director of Admissions Email: info@monaco.edu
● Orientation and Integration seminars
Ms. Annalisa TARQUINI, Program Director Email: atarquini@monaco.edu
● 2 field trips to visit luxury companies
Mr. Alberto LAVIA, President, Scientific Commitee
● Christmas Ball & Graduation Gala Dinners ● Student Association & Alumni Membership Fees ● Enrolment Fee: €1.900 payable on the student’s acceptance of the offer of admission. Total MLUX RETAIL tuition and fees: €21.400.
For more information, visit www.monaco.edu
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 and London.
For more information on the MLUX RETAIL PROGRAM or on the admission process contact Leila Bello at: info@monaco.edu or call +377-97-986-986.
www.monaco.edu