How ESSEC Business School’s New Master’s Is Evolving Luxury Education

In 2026, amid an industry-wide slowdown, luxury players are entering an era of recalibration and strategic renewal.

Between 2023 and 2025, around 80 percent of luxury market growth is estimated to have stemmed from price increases rather than volume gains, according to The Business of Fashion and McKinsey & Company’s The State of Fashion 2026. However, this strategy is reaching its limit, driving scrutiny and disillusionment among consumers and industry players alike.

Brands are rethinking how they create meaning, relevance and long-term resilience in an uncertain market. Central to this recalibration will be talent’s cultural fluency married with commercial savvy, extensive consumer insight and increased adaptability.

Indeed, institutions educating the next generation of luxury leaders must create programming that fits with this new era of luxury and its evolved proposition.

Founded in 1907 in Paris, ESSEC Business School is integrating this perspective firmly into its pedagogical approach. Often described as a pioneer of luxury education, ESSEC was among the first institutions to formally integrate luxury management into business education, launching its initial programmes in the early 1990s in partnership with leading industry players LVMH and L’Oréal Luxe.

Now, as luxury enters its next phase, ESSEC is building on that heritage with the launch of a new two-year, full-time Master in Luxury Management, starting in September 2026. The programme is authorised by the French Ministry of Higher Education and Research to award a recognised BAC+5 degree with Master’s Grade, a qualification that is internationally recognised.

Designed to meet the realities of today’s market and anticipate future change, the programme reflects the belief that luxury education must be both academically rigorous and industry-relevant, offering students not only educational lectures, but also professional guidance and networking opportunities with luxury heavyweights.

A defining feature of the programme is its flexibility. After a shared first year grounding students in the fundamentals of luxury business, the second year allows candidates to tailor their learning journey — whether through a study programme with Bocconi University in Milan, tutoring from ESSEC’s industry chairs — including partners like the world’s leading perfume and cosmetics cluster Cosmetic Valley and fragrance developer International Flavors and Fragrances (IFF) — or specialised courses spanning beauty, sustainability, Asian markets and luxury hospitality.

For students seeking hands-on experience, ESSEC supports apprenticeship opportunities in the second year through its industry partners. In France, apprenticeships play a central role in higher education — allowing students to earn a stipend while having their tuition covered by the partnering company.

The Master’s programme is also anchored by ESSEC’s alumni network — a global community of luxury leaders from Paris to Shanghai. With CEOs and directors spanning fashion, jewellery, beauty and hospitality, alumni play an active role in the school’s education, offering both networking opportunities and real-world relevance to the classroom programming.

To learn how ESSEC’s new postgraduate degree is tailored to prepare students for an ever-evolving industry, BoF sits down with the course’s academic director, Oscar Sand, who has over 20 years’ experience in luxury brand management and marketing, including senior roles at Giorgio Armani and Hugo Boss.

Oscar Sand, ESSEC's Master's in Luxury Management academic director. (ESSEC Business School)

What are the key motivations behind the new Master’s programme?

For us, the focus is on future horizons. We are developing leaders who will work in the industry for many years to come. At the same time, we recognise that the luxury industry is going through a reset or transformation, moving away from traditional, conspicuous luxury toward a more experience-driven model. In this environment, the most critical success factor for brands will be talent — the people who drive projects and change.

Yes, there is a slowdown today, but the long-term outlook remains positive. Projections toward 2035 suggest that luxury consumers will increase to 500 million [according to Bain and Company’s 2024 Altagamma Luxury Goods Worldwide Market Study] and the market will reach around €2.2 trillion [according to the study’s 2025 edition]. This points to a strong future for our students.

More importantly, this period of reset makes their education especially relevant: they will not simply enter the industry, but actively contribute to reshaping and redefining the future of luxury.

How does the programme build on ESSEC’s legacy of luxury management education while responding to today’s market?

We are applying a fresh filter to ESSEC’s strong heritage and foundation. This means drawing on a broader range of professors and introducing topics that are increasingly essential, such as AI and sustainability. As a result, the programme benefits from a solid foundation while being reimagined for the future, rather than simply repeating an existing model.

A key strength of the programme is our network of industry partners, including L’Oréal, LVMH and IFF. These partners are actively involved in the programme, bringing the most up-to-date and relevant industry knowledge into the classroom.

How does the Master’s prepare students for an international career in luxury management?

The course will be delivered in English, with a strong emphasis on diversity by recruiting students from different parts of the world. Our alumni network is global, with graduates working across China, Japan, India, the US and beyond, supported by alumni clubs worldwide.

Today’s high-end consumers expect personalised products and experiences — and I treat our students the same way.

While the programme is rooted in Europe, the teaching will combine local expertise with strong international perspectives. Throughout the learning process, students will thereby naturally develop an international mindset.

Given my background, there is a strong focus on the Asian market and China’s long-term growth — despite its present challenges. Dedicated courses and case studies will also explore the growth of India and the resilience of the US market. In addition, students will be required to learn at least one second language, enabling them to operate confidently across cultures.

How does ESSEC’s alumni network strengthen the learning experience?

At the school’s recent careers fair, we welcomed a wide range of partner companies, giving students the opportunity to speak directly with recruiters, share their CVs and learn about current job opportunities. At each stand, alongside the company representatives, there was also an ESSEC graduate working in that organisation, helping to answer students’ questions and share first-hand experience.

That same afternoon, I met with an ESSEC alum who is the former retail director at Sephora France. Alumni like him do much more than return to speak to students — he will deliver masterclasses for the new programme, has already been responding to prospective candidates on LinkedIn and may also join our advisory board.

Beyond guest lectures, I plan to identify a group of alumni currently working in the industry to actively advise and challenge the programme — from the syllabus to the overall structure. They will share insights on the skills and knowledge students need to build successful careers. In this way, our alumni are not just part of our past, but a vital part of our future.

Personalisation is a key feature of the second year. Why is giving students choice over their learning journey important?

I approach designing the programme using the same strategies I apply in the luxury industry. Today’s high-end consumers expect personalised products and experiences — and I treat our students the same way. Drawing on my industry experience, I focus on addressing their individual needs.

Looking at industry trends, brands are increasingly specialising in unique value areas such as lifestyle and craftsmanship. Data [from Bain & Company’s Finding a New Longevity for Luxury 2025 report] shows that specialist brands outperformed generalists in 2025 — with 70 percent of the brands achieving growth last year being specialists.

This insight shapes our programme: the first year provides a broad foundation, while the second year allows students to follow their interests and specialise in areas that directly meet the evolving needs of the industry.

How does the programme equip students for professional life in the luxury industry after graduation?

The three areas we look at in the first year are ‘Strategic Core,’ which covers corporate strategies, marketing and finance in luxury; ‘Modern Tools’, where we consider the likes of marketing analytics and intellectual property laws around digital challenges; and ‘Soft Skills’ — such as leadership and behavioural codes in the luxury workplace. These are designed to set students up for success in their future careers.

Luxury is an entire ecosystem, and students need to understand not just brands, but also events, media and how experiences are created for luxury clients.

In the second year, students can take part in immersive business trips, travelling to global luxury hubs to analyse business models in the field; business games and bootcamps, such as the ‘Start-up Shaker Bootcamp,’ a competitive business simulation; and the ‘Capstone Project’, where they apply finance, strategy and operational principles to solve a real-world luxury business challenge.

The careers service also offers tailored support for students ahead of their transition into the professional sphere — including personalised one-to-one coaching, LinkedIn profile optimisation and salary negotiation advice. Access to recruiters is extensive, with 140 career events held annually and more than 300 companies participating.

How do partnerships with luxury companies translate into real value for students?

A few weeks ago, two managers from LVMH spoke with our students about working in the group — how roles are structured, how departments operate — helping to support future placements.

We will also offer masterclasses from guest speakers — with talks from a model, a retail director from a luxury brand and a chief content officer from a media group already lined up for the upcoming programme.

Luxury is an entire ecosystem, and students need to understand not just brands, but also events, media and how experiences are created for luxury clients. These talks and interactions give students a closer, more practical understanding of the industry while also building networks to help secure future roles.

What kind of values, motivations or skills are you looking for in applicants?

Looking beyond standard requirements like English proficiency, I interview students much as I did when recruiting for luxury brands. For this Master’s programme, prior experience is welcomed but not essential.

Students need strong attention to detail, excellent presentation skills and the ability to adapt strategically. The luxury industry changes rapidly, so candidates must be able to learn, adjust and navigate these shifts effectively. Ultimately, the key qualities I look for are passion, curiosity and open-mindedness.

What kind of luxury leaders do you hope this programme will help to shape?

I hope to shape students into leaders with three key dimensions. Firstly, as empathetic, human-focused leaders who listen, care and foster a culture of trust and belonging within the industry. Secondly, as responsible leaders who balance purpose and sustainability with profitability. Thirdly, as visionary leaders who are determined, courageous and bold in embracing transformation and change.

Having worked in the industry for over 20 years, I have seen many senior executives with extensive experience who focus only on numbers or struggle with decision-making. That is why these three dimensions are so important — to develop leaders who are not only skilled, but also human-focused at their core.

Discover more about the programme here.

This is a sponsored feature paid for by ESSEC Business School as part of a BoF partnership.