Luxury brands feel talent pinch
Entering the Indian market may have seemed an attractive proposition for luxury brands, but there’s one thing they didn’t bargain for: manpower challenge. Luxury brands are being forced to recruit from industries like hospitality and telecom, run extensive training programmes and even poach manpower from mature luxury markets like the Middle East. The Indian luxury industry is still in its sunrise days.
Since most brands are new in India, there are very few trained persons who can be hired. The scene will only change gradually, he adds. With the world’s fastest-growing population of millionaires, India is a lucrative market for luxury brand makers. The country currently accounts for around 2-3% of the global luxury industry, but is projected to grow annually at 25% till 2015.
There are nearly 8 million consumers in India with an annual income of Rs 40 lakh or above, who are the prime targets of these brands. LVMH, which manages brands like TAG Heuer, Christian Dior and Zenith, order rimonabant online sees India amongst the top five markets for TAG Heuer globally, and carries out extensive career planning for individuals here.
Japan’s luxury watch maker Seiko, which entered India in 2007 with a wholly-owned subsidiary, hired people from varied sectors like IT, consumer electronics and telecom. It undertakes month-long training programmes to groom new recruits on how to sell products and connect with consumers.
While the core skills may remain the same, they need to be tailored for the luxury industry. Some recruits are even sent to our global headquarters in Tokyo and other production hubs to over the counter propecia understand what the brand stands for!
Headhunters estimate the Indian luxury industry will create nearly one lakh jobs over the next five years. Since the country’s organised retail industry has matured a bit, some seasoned professionals will move up the ladder in the luxury business. As the luxury market operates with high margins, the compensation levels will also rise
Follow the discussion on this topic on LinkedIn
Source: [Economic Times India Times]
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!