It was a power-packed month for students of SP Jain School of Global Management’s Master in Global Luxury Goods & Services Management (MGLuxM) program as they participated in a series of virtual Power Talks with industry leaders and gained insights into the world of luxury watches, jewellery, and the role of media in shaping consumer choices. They also got the opportunity to meet MGLuxM alumni and discover first-hand the skills required to succeed in the luxury industry.
Here are the highlights:
WORLD OF WATCHES
A Power Talk with Gaurav Suri (Head of Swatch India)
April 9, 2021
The much-awaited Power Talk on the World of Watches started with an overview of the Swatch Group’s performance in India, followed by a discussion on the watch market and price points that group watches into “affordable” and “premium”. Gaurav shared that unlike the fashion industry, which is known to be organised and methodical, the watch industry is fragmented and disorganised. As the head of a leading international brand in India, he spoke of his long experience in India’s challenging corporate world.
Speaking of digitisation as an outcome of the ongoing COVID-19 pandemic, he shared with students that he considers the current digital trend to be a short-lived, temporary phenomenon and things will return to the way they were as soon as the pandemic ends. He added that the state of the ongoing pandemic is highly uncertain and remarked that one can’t be sure of where it might be headed or when it will end.
ALUMNI TALK
With Tanaya Shilamkar (Visual Merchandiser at Gucci) and Yash Dhamani (Owner of National Facets)
April 16, 2021
We had the pleasure of welcoming back MGLuxM alumni Tanaya Shilamkar and Yash Dhamani to chat with our current students on the skills required to succeed in the luxury industry. Tanaya kick-started the session by advising students to be passionate about exploring areas that spark their interest and encouraged them to remain open to new opportunities. Growth never happens by chance. It is a result of hard work and what one makes of the various opportunities they receive. She also spoke of the importance of first-hand experience and encouraged students to visit luxury stores and go behind the scenes to learn and experience how they function.
Yash urged students to set clear goals and identify what they want to gain from their SP Jain education and international experience. He emphasised the role of reading and writing in one's personal growth and spoke of the importance of following a planned routine, networking and communicating, and carrying oneself with confidence.
EVOLVING MARKETS OF MEDIA
A Power Talk with Anamika Butalia (Managing Editor, Elle Decor India; Associate Editor at Elle Decoration Canada/Quebec)
April 24, 2021
Anamika Butalia is a renowned media personality and was the speaker of the Power Talk on the role of the press in shaping consumer choices. She remarked that the press has become somewhat of a custodian for brands. With increasing advances in IT, print and digital media play significant roles in shaping consumer demand and interest in products, regardless of the brand. She added that "print won’t die but might undergo radical changes and embellishments in future".
Anamika highlighted the importance of setting aspirational value to products and explained that in doing so, the product becomes something that the consumer looks forward to owning, even if it can’t be purchased on the spot. She also spoke of the physical experience of buying a product and added that while one may shop online, the value of the in-store experience cannot be underestimated or ignored.
A refreshing conclusion to Anamika's session was her advice to students to “be the jack of all trades instead of being a master of one”. She urged them to keep up with changing market demands and trends and look for opportunities to build and expand their skills.
WORLD OF LUXURY JEWELLERY
A Power Talk with Varuna D Jani (Jewellery Designer at Varuna D Jani Fine Jewellery Pvt Ltd)
April 30, 2021
Varuna’s highly interactive Power Talk included stories from her journey of navigating through India’s largely male-dominated jewellery industry and carving a new path for herself. Speaking on the Indian luxury market, she shared that “India luxury needs to have a soul, unlike the west. In India, it’s all about connecting and showing that the consumer is bigger than the brand. Indians are driven by sentiments, and a brand needs to work as a friend, guide, and philosopher with its consumers. Relationship management is very important. India needs innovation, and luxury brands need to come up with unique ways in terms of service, and in the way they communicate with their target audience”.
During the talk, she also spoke of exclusivity, inclusivity, personalisation, and customisation as emerging focus areas for luxury brands. She concluded by introducing students to the concept of “tirelessness” in modern heirlooms. "An heirloom should last for at least 60 years, and even beyond that, and should never run out of fashion."