History, Culture, and Management of Luxury

History, Culture, and Management of Luxury --- The course will discuss the evolution of the luxury industry from earlier times until today and tackle the challenges facing the industry in the future. The course will be delivered via in-person sessions in Ann Arbor. Even though we saw a sharp fall in revenues in 2020 compared to 2019 due to the COVID-19 pandemic, the global personal luxury goods market has recovered to its pre-Covid levels in 2021 and it is expected to reach US$388 billion in 2025. Luxury is a unique industry; brands play a big role in luxury, however, managing luxury brands is different from traditional brands. This course is designed to (1) provide students with an in-depth understanding of the history and culture of luxury, (2) provide an overview of the global personal luxury goods sector and key players and trends in the industry, and (3) teach the principles of luxury management.