Luxury as a market segment has grown substantially over the years. With the growth in size of business the skills required to manage a luxury brand has become more specific and specialized. The International University of Monaco has taken the initiative to fulfill this demand, The University has created a masters degree program in luxury retail management. The skill set required here is very different from general retail management course.
Some of the very top brands including Gucci, Ermenegildo Zegna, Faconnable, Ralph Lauren, Loro Piana and Salvatore Ferragamo are involved with the courses which prepare the students for retail careers in luxury boutiques. The course starts with the study of the history of luxury and its growth and then it moves into the management techniques and related issues. The course also include a tour of luxury companies and a seven month long internship with a luxury boutique for the hands on experience.
Monaco has grown into a hub for luxury brands. The streets of Monaco are full of luxury boutiques which are overflowing with all kinds of luxury products to cater to a large number of wealthy tourists who are visiting through the year. The University of Monaco already offer a masters degree course in luxury goods with focus on managing luxury brands and capitalizing a luxury venture.