LuxRet introduces Consulting Corps

Partnering with fashion house Salvatore Ferragamo, The Stern Luxury and Retail Club Consulting Corps kicks off its inaugural project this month. The club introduced the LuxRet Consulting Corps as a new opportunity for members to work with top luxury and retail representatives. And Salvatore Ferragamo is a perfect first relationship, as the US division's president, Vincent Ottomanelli, is a member of the LuxRet advisory board. "We've had an ongoing relationship with Ferragamo," explained Sandra Singh, who heads LuxRet with co-president Dana Dillon Townes. "This gives students an opportunity to work with senior-level executives at Ferragamo." To compile its representative group, LuxRet leaders conducted interviews with 25 to 30 Consulting Corps applicants; the individuals chosen were divided into teams of three to five full-time and part-time students. Participation is limited to members of the Luxury & Retail Club, and each team must be composed of at least one part-time student and one full-time member not on the club's executive board. Over the course of two to three months, the groups will conduct extensive market research on behalf of Ferragamo, to understand the state of the company's position and perception amongst consumers in the luxury market. Methods of research will include consumer surveys and focus groups, and the representatives will make final recommendations under the guidance of NYU Stern professors. "The Corps teams have their kick-off meeting in November; they'll spend a lot of winter break working on analysis and will have their final presentation in February, before the advisory board and Ferragamo representatives," added Singh. "That will be followed by a cocktail reception at Ferragamo's main office." She noted that the cross-functional teams have members specializing in a variety of functions, including strategy and marketing. Three projects are included in the program and include an analysis of competitive landscape in women's and men's luxury shoes; an analysis of how luxury companies communicate brands in the retail landscape; and an analysis of luxury goods in the Canadian market. The LuxRet consulting team will work with a senior manager as well as a junior-level staff member from Ferragamo, who will serve as the day-to-day contact and to whom the consulting team will provide weekly updates. Deliverables will consist of a final report with research findings and recommendations and a final presentation in Microsoft PowerPoint to the Ferragamo project team and senior level executives "We hope that this will be an opportunity our members can apply for every semester," said Singh. "And depending on our success, [Ottomanelli] will recommend us to other luxury and apparel companies that he's close with." Founded in 2004, the Luxury and Retail Club was developed as a result of MBA candidates' growing interest in careers in the luxury and retail industries and in response to companies' increasing need for MBA students. Within two years, membership has grown to more than 150 first-year, second-year and part-time members, and includes more than 200 alumni.