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The continuing challenge to recruit and retain the best people was the focus of a discussion among
Asia Pacific senior luxury brand managers at the recent MasterCard-ESSEC Luxury Brand Management Executive Program. These managers cited the increasing difficulty
to employ people passionate about the service industry as a key issue for the industry to address – the small pool of talent available is in
high demand and tends to change jobs frequently.
The
MasterCard-ESSEC Luxury Brand Management Executive Program was held in Singapore
last month. Fourteen executives from Asia Pacific were awarded full scholarships by MasterCard Worldwide, to attend the four-day intensive course run by the prestigious
ESSEC Business School. Given their exceptional qualifications and experience, an additional two participants were given the opportunity to
attend the program funded by their employers.
They received an intensive and interactive learning experience over four days of lectures and training. The course covered the key
challenges and dynamics of the luxury industry, different models of luxury brand development and unique challenges in managing services
for competitive advantage.
“What we discover is that if you don’t have good people in your stores or boutiques, you could lose clients, exactly the way hotels lose
clients because of flaws in the service delivery system. At the end of the day it’s all about people, processes and having your standards
right,” said Allwyn Drego, General Manager, Taj Exotica, Goa.
June
Seah, Regional Senior Marketing Manager, Greater China & Taiwan, Starwood Hotels &
Resorts added, “I would say there are two things about the hotel industry in China that struck me and my hospitality industry course mates in this program.
One would be the shortage of manpower. Everybody’s poaching from everyone, so we’re recycling the same people or fast tracking people.
The other point would be that it’s a challenge to build and maintain loyalty in China. The Chinese market is emerging. People are testing and
trying new opportunities and learning in the process, so there is no real loyalty to any particular brand yet. This is something that we are
trying to address by strengthening our company’s loyalty programs, perhaps even localizing them
to fit the local market to be more market relevant.”
Course participants found the interaction with executives from other top luxury brands, in various industries, invaluable. The 16 executives
are industry professionals, practicing in markets such as Singapore, China, Hong Kong, Taiwan, Korea, Thailand and India. They come from
industries such as luxury retail, automobiles, hotels, property and banks.
“It was a chance for them to exchange ideas and experiences, and what many of them found was that they share the same challenges, such
as finding the best and most passionate people for the job,” said Michel Phan, Assistant Professor of Marketing and LVMH Chaired
Professor at ESSEC Business School in Paris.
ESSEC is one of the world’s top business schools in international management education. The renowned French institution runs
the world’s only luxury brand management MBA program, which has become a reference point for the global luxury industry.
“The rapid and continuous growth of Asian luxury markets represent both a formidable opportunity and a major challenge. In particular, as
income rises, more consumers get to buy luxury goods for the first time. Their purchasing behavior differs from that of more mature and
sophisticated markets, leading luxury brands to develop appropriate marketing approaches without diluting their exclusive image.
Simultaneously, many Asian service companies have been offering new forms of luxury, in particular in the hospitality industry, thus
competing with more established brands. Luxury brands need to keep abreast of these evolutions in order to be
able to maintain the subtle and complex combination of quality, heritage, craftsmanship, service and exclusivity that set these brands apart,” said Christian Koenig,
Director of ESSEC Asian Center in Singapore.
The MasterCard-ESSEC Luxury Brand Management Executive Program aims to provide professionals in the luxury retail and service
industry with an understanding of current branding, management and consumer trends. This unique curriculum had previously only been
taught at the ESSEC campus in France. Through the MasterCard-ESSEC Luxury Brand Management Executive Program, selected modules
were made available to students in the Asia Pacific region at ESSEC’s recently established Singapore campus and research center – The ESSEC
Asian Center.
This year’s scholarship recipients were able to choose to attend the program in either Singapore or Hong Kong, giving participants with
busy schedules more flexibility.
Those interested may apply for the second session in Hong Kong from August 22 to 25. The deadline for application is June 30.
Admission to the MasterCard-ESSEC Luxury Brand Management Program is based on a rigorous selection process. Professionals
currently employed in the luxury industry in Asia Pacific are invited to apply. All applications will be reviewed by a
MasterCard-ESSEC academic panel, which will determine a select group of 15
scholars. Course graduates will be awarded internationally-recognized certificates by ESSEC Business School. The program will be conducted in English.
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