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MasterCard-ESSEC Luxury Brand Management
Executive Program Takes Asia’s Luxury Retail and
Services Talent to the Next Level
Asia/Pacific’s Growing Affluence and Consumption Spurs Industry to Hone
Understanding of Luxury Brand Management in the Region
Scholarship Program to be Offered in Two Locations, Singapore and Hong Kong,
for the First Time
Hong Kong, 17 February 2008 – MasterCard Worldwide in collaboration with the
ESSEC Business School is offering the MasterCard-ESSEC Luxury Brand Management
Executive Program for the second year running. The program is designed to equip
professionals in the luxury retail and services industry with an understanding of current
branding, management and consumer trends.
The MasterCard-ESSEC Luxury Brand Management Executive Program comprises
scholarships for a four-day intensive course run by the prestigious ESSEC Business
School. The renowned French institution runs the world’s only luxury brand management
MBA program, which has become a reference point for the global luxury industry. This
unique curriculum had previously only been taught at ESSEC’s campus in France.
Through the MasterCard-ESSEC Luxury Brand Management Executive Program,
selected modules have been made available to students in the Asia/Pacific. This year a
total of 30 scholarships are being offered.
“This program layers ESSEC’s well-established luxury brand management curriculum in
France, with a fresh Asian perspective on luxury industry trends. The professors teaching
the courses are well-respected academics in their field, and have worked closely with
leading global luxury brands in developing their business strategies through their
research. Scholarship recipients from 2007 have told us that the program gave them
invaluable new perspectives on the luxury segment,” said Christian Koenig, Director of
the Singapore campus of ESSEC.
The collaboration draws on research by MasterCard which attests to the rapid expansion
of the affluent consumer market in the region. It shows that the size and the spending
power of the affluent consumers of Asia are expected to expand rapidly over the next
decade. Discretionary spending of the affluent households in 12 key Asian markets, over
70 million households strong in 2015, will exceed $600 billion.1
1,2 “Succeeding Like Success, The Affluent Consumers of Asia”, Yuwa Hedrick-Wong, John Wiley & Sons
(Asia) Pte Ltd 2007. Note: The 12 key Asian markets in this study are Australia, China, Hong Kong, India,
Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand.
MasterCard Worldwide – Page 2
MasterCard-ESSEC Luxury Brand Management Program Takes Asia’s Luxury Retail and Services
Talent to the Next Level
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The Chinese luxury market will be a special focus of the MasterCard-ESSEC Luxury
Brand Management Executive Program, with a whole day dedicated to the study of its
enormous growth potential. This will incorporate an analysis of the luxury consumer
market, the geographic distribution of China’s affluent consumers and the different
regional characteristics.
China’s rich households, defined as those earning an annual income of $50 000 and
above, were estimated to number around 48 000, with a collective income of almost $3
billion in 2005. Assuming a trend rate of real GDP growth of 7.5% per year over the next
10 years, it is expected there will be over 400 000 such households in 2015, averaging an
astonishing annual growth rate of 23.8%. Their collective income will also grow by about
10 times, exceeding $29 billion by 2015. Research shows the rich in China are spending
on everything from cars, to dining and international travel.2
“A market such as China, where the affluent consumer segment is growing rapidly, is of
special interest to the luxury industry. Chinese consumers are reshaping the market with
their enormous purchasing power and aspirational lifestyles, and this scholarship program
with its focus on China, will give industry professionals the insight they need to drive
their businesses in this market,” said Georgette Tan, vice president, Communications,
Asia/Pacific, Middle East and Africa, MasterCard Worldwide.
The program’s focus on Asia struck a chord with recipients of last year’s scholarship,
including Patsy Chan, Chief Operating Officer, Richemont Asia Pacific, Taiwan.
“There were a lot of real case studies that helped us understand the market, the
competitors, and to apply the theory and practices learnt during these four days. The
atmosphere was very relaxed and created good interaction amongst all classmates in the
sharing of experiences and innovative ideas,” said Chan.
This year’s scholarship recipients will be able to choose to attend the program in either
Singapore or Hong Kong. The first session will be held in Singapore from April 11 to 14
and the second in Hong Kong, from August 22 to 25, giving participants with busy
schedules more flexibility.
Scholarship recipients will receive an intensive and hands-on learning experience over
four days of lectures and training. The course will cover the key challenges and dynamics
of the luxury industry, different models of luxury brand development and unique
challenges in managing services for competitive advantage.
Admission to the MasterCard-ESSEC Luxury Brand Management Program is based on a
rigorous selection process. Professionals currently employed in the luxury industry in
Asia/Pacific are invited to apply. All applications will be reviewed by a MasterCard-
ESSEC academic panel, which will determine a select group of 30 scholars. Course
graduates will be awarded internationally-recognized certificates by ESSEC Business
School. The program will be conducted in English in Singapore and Hong Kong. The
deadline for application for the first session in April is March 7 and that for the second
session in August is June 30. Those interested in more information on the scholarships
and course components can log onto www.essec.edu/Mastercard-ESSEC
MasterCard Worldwide – Page 3
MasterCard-ESSEC Luxury Brand Management Program Takes Asia’s Luxury Retail and Services
Talent to the Next Level
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About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link
among financial institutions, businesses, cardholders and merchants worldwide. As a
franchisor, processor and advisor, MasterCard develops and markets payment solutions,
processes over 18 billion transactions each year, and provides industry-leading analysis
and consulting services to financial institution customers and merchants. Through its
family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves
consumers and businesses in more than 210 countries and territories. For more
information go to http://www.mastercard.com.
Contacts:
Helen Lo, Weber Shandwick, helo@webershandwick.com (852) 2533-9955
Terence Yam, Weber Shandwick,tyam@webershandwick.com (852) 2533-9900