This Dubai university is offering a dual degree in luxury management

This Dubai university is offering a dual degree in luxury management

Last year, marked a promising trajectory for global luxury sales which reached an estimated $312bn. While luxury sales worldwide increased around 6 per cent year-on-year, sales in the Middle East rose around 1 per cent to approximately $8.4bn. The GCC luxury market is around 3 per cent of the global market.

The Covid-19 pandemic has upended the luxury industry. The global personal luxury goods market is expected to contract between 22-35 per cent this year. The GCC personal luxury sales meanwhile - including beauty, fashion, jewellery, gift, and watches - decreased between 1-3 per cent every year from 2015, reaching $8.3bn compared to a global worldwide estimated turnover of $299bn.

Even the most optimistic forecasts predict that the global luxury industry will return to pre-pandemic levels only in 2022.

While the recovery pattern or timeline remains uncertain, what is beyond doubt is that management professionals working within the luxury industry will need a new skill set that allows them to not only be aware of how to navigate the downturn in the luxury industry, but also how to curate a truly global outlook where they can spot markets and product segments that will see higher growth in the near- to mid-term.

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