Business students who aspire to work in the luxury sector are looking for more than just glamour and prestige. They also want to join companies that have a positive impact on society and the environment, according to a new survey by the Financial Times.
Luxury Education Rankings 2023
The Financial Times has published its annual rankings of the best master’s programs in luxury management, based on the feedback of more than 1,000 alumni who graduated in 2020. The rankings measure the quality of teaching, career outcomes, diversity, and social responsibility of the programs.
The top three programs in 2023 are:
- Master in Fashion, Experience and Design Management at SDA Bocconi School of Management in Italy
- MSc in Luxury Management and Marketing at emlyon business school in France
- MSc in Luxury Management at International University of Monaco
Social and Environmental Responsibility
One of the key findings of the survey is that business students who choose to specialize in luxury management are increasingly concerned about the social and environmental responsibility of the luxury industry. They want to work for brands that are committed to sustainability, ethical sourcing, diversity, and inclusion.
According to the survey, 82% of the alumni said that social and environmental responsibility was an important factor in their choice of employer, and 76% said that they would be willing to accept a lower salary to work for a company that aligns with their values.
Some of the luxury brands that are recognized for their social and environmental initiatives are:
- Gucci, which has launched a 10-year sustainability strategy that aims to reduce its environmental impact, promote diversity and inclusion, and support local communities
- LVMH, which has created a dedicated environmental department and a carbon fund that invests in projects to reduce greenhouse gas emissions
- Stella McCartney, which is a pioneer in sustainable fashion and uses only organic, recycled, or regenerated materials in its collections
The Future of Luxury
The survey also reveals that business students who pursue a career in luxury are optimistic about the future of the industry, despite the challenges posed by the Covid-19 pandemic. They believe that luxury will continue to grow and innovate, driven by new technologies, emerging markets, and changing consumer preferences.
Some of the trends that are shaping the future of luxury are:
- Digitalization, which enables luxury brands to reach new customers, offer personalized experiences, and enhance their online presence
- Experiential luxury, which focuses on creating memorable and meaningful experiences for customers, rather than just selling products
- Social luxury, which leverages the power of social media, influencers, and online communities to engage and inspire customers
