NOTICE OF ADMISSION FIRST LEVEL UNIVERSITY MASTER'S DEGREE IN FASHION CORPORATE FINANCE AND MANAGEMENT CONTROL FOR THE FASHION & LUXURY BUSINESS

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1 NOTICE OF ADMISSION FIRST LEVEL UNIVERSITY MASTER'S DEGREE IN FASHION CORPORATE FINANCE AND MANAGEMENT CONTROL FOR THE FASHION & LUXURY BUSINESS Master s Programme Coordinator Catry Ostinelli IN PARTNERSHIP WITH Istituto Marangoni First edition 1. OVERALL OBJECTIVES Those who intend to operate in the Luxury industry in a global context, including those who are already operating in the sector, are currently required to provide specific professional skills, particularly in regard to economic and financial topics. Real Luxury multinationals are operational in Italy, where they are given the responsibility to run in a costeffective way subsidiaries and joint ventures already existing, or planned to be established soon at the international level. This has resulted in the need for managers with specific skills at the company level: managers who provide specialist competencies in the combined areas of finance and management control. The demand for business and financial managers, providing multiple competencies has been increasing in the luxury industry: the most frequently cited as ideal candidates are professionals able to "construe" company development strategies and adjust them at local level, as well as manage start-ups or companies planned to be established soon where luxury goods are in higher demand. The Master's Degree in "FASHION CORPORATE FINANCE AND MANAGEMENT CONTROL FOR THE FASHION & LUXURY BUSINESS" intends to meet such needs. The objective of the Master's Degree in "FASHION CORPORATE FINANCE AND MANAGEMENT CONTROL FOR THE FASHION & LUXURY BUSINESS" is to prepare professionals able to effectively hold managerial positions in the Corporate Finance and Management Control department of companies, where the economic and financial strategies as a whole, of individual legal entities/companies are developed. 2. CAREER OPTIONS The Master's Degree in "FASHION CORPORATE FINANCE AND MANAGEMENT CONTROL FOR THE FASHION & LUXURY BUSINESS" aims at preparing professionals for the following positions: Corporate Finance e Management Control Managers have core competencies in fund-rising-related activities. They are responsible for assessing the balance between sources and their utility, as well as costs and risks relating to instruments for financial markets to calculate risks and liabilities connected to specific investment opportunities, as well as know-how in relation to the major transactions of extraordinary finance. Corporate Controllers are responsible for corporate management control. They support the drafting and monitoring of operation and strategy plans by means of the various mechanisms of budgeting, flow/index analysis, process analysis and mapping, cost analysis and accounting; Managers of specific legal entities/foreign joint ventures (store managers, regional managers etc ) Finance and Management Control Advisors for luxury companies are external advisors of state-owned and privately-run companies who seek to integrate corporate competencies in the area of financial resources, procurement, selection and evaluation of the required investments, M&A transactions, company and assets valuation and management control. Several businesses are already listed or intend to be listed 1

2 and need specific support. 3. COURSE PARTICIPANTS Since the objective is to develop a common pathway between the first and the second level Master s Degree in "FASHION CORPORATE FINANCE AND MANAGEMENT CONTROL FOR THE FASHION & LUXURY BUSINESS", the course will have a maximum number of 30 students per year. The University may exercise the right to cancel the course in event of failure to achieve the minimum number of participants provided for in the Master s regulation. Cancellation, if necessary, shall be promptly notified to the chosen candidates within 20 days from the scheduled beginning of the courses. In the event of failure to start the Master s, the University will refund any fee paid by the candidates, excluding any further material and non-material costs borne by the candidates. 4. ATTENDANCE Attendance is compulsory. More specifically, the attendance of at least 70% of the credit hours of the Master s course is required. 5. ENTRY REQUIREMENTS In order to access the Master s programme, applicants need to have obtained at least a Postgraduate Certificate with subject specialism, in case of graduation in Italy, or at least a Bachelor Degree, in case of graduation abroad. The Master s programme is designed for Italian and foreign postgraduate students, having national diploma or international equivalent qualifications in various courses, mainly in humanities and scientific disciplines, economics, law and technical scientific disciplines. Candidates may opt to take individual core modules, provided that they meet the entry requirements above. These programme is dedicated also to those who have already acquired specific skills (in the appropriate area) at undergraduate level and to industry professionals who want to wish to deepen their knowledge of specific subject. For the purposes of the admission, all applicants must pass a motivational interview. 6. ELIGIBILITY CRITERIA FOR ADMISSION In order to ensure a class composition appropriate to study at master s level, admission to the course is subject to passing a standard motivational interview. Preferred candidates must have experience in the field in national or international Luxury companies. All candidates who attend the selection process will be duly and promptly informed of the outcome by the Master s coordinator. Names of successful candidates will be published on the website of the Università Carlo Cattaneo- LIUC. 7. CREDITS The Master s programme includes onsite classes equivalent to 320 hours, as well as independent study time, a research paper on Management Control and a work-based project (for employed students) or a final internship (for unemployed students), equivalent to a course weighting of 60 credits, i.e. one academic year. This implies that such credits can only be used in postgraduate courses featuring similar disciplines. 8. PROGRAMMME OUTLINE This programme spreads over 12 months approximately, including a five-month period of project work /internship, during which students will be allocated a tutor who will be responsible for the supervision of employed students in the workplace. The programme is part-time (one week a month, from October onwards of each academic year) and consists of: - traditional onsite classes; 2

3 - practical assignments on subjects learnt in class; - presentation of company experiences; - preparation and presentation of multidisciplinary case histories; - workshops on especially relevant current topics. The Master s programme includes shared modules with the second-level Master's Degree in FASHION CORPORATE FINANCE AND MANAGEMENT CONTROL FOR THE FASHION & LUXURY BUSINESS. The teaching programme consists of 10 courses. Students will be allocated an individual LIUC academic department tutor and an external tutor over the internship/work-based project period. At the end of the programme, students shall present a dissertation-project, that they will write during their final internship/work-based project period with the support of both tutors. In terms of teaching tools, a wide array of IT tools and typical models used in financial analysis and management control development will be made available to students. The teaching material will be tailored to each subject. 9. GENERAL OVERVIEW OF THE COURSES The courses are grouped in two core modules, as follows: 1) Fashion & Luxury spread over 160-hour classes held at the Istituto Marangoni in Milan 2) Business Finance and Management Control spread over 160-hour classes held at the Università Cattaneo- LIUC in Castellanza. CORE MODULE 1 TOPIC 1: MANAGING OF LUXURY TOPIC 2: CREATING, COMMUNICATING AND DELIVERING LUXURY TOPIC 3: HYSTORY OF FASHION TOPIC 4: SOCIOLOGY OF FASHION TOPIC 5: FUTURE FASHION TOPIC 6: DESIGN, CREATIVITY AND INNOVATION CORE MODULE 2 TOPIC 7: FINANCIAL STATEMENT ANALYSIS TOPIC 8: MANAGEMENT CONTROL TOPIC 9: CORPORATE FINANCE TOPIC 10: CORPORATE GOVERNANCE IN A MULTINATIONAL COMPANY Topic 1: Managing of Luxury History and definition of Luxury Distinction between Premium and Luxury Global conglomerates and independent brands Anti-laws of marketing for the Luxury sector Luxury business models and SBUs Positioning and repositioning Luxury businesses Entering emerging markets Managing mature markets Growth strategies and acquisitions strategies in the Luxury sector Supply chain in Luxury 3

4 Luxury and HR Management Topic 2: Creating, communicating and delivering luxury Holistic approach to competition Distribution and retail strategies for the global luxury market From personalised services, the concierge culture, the boutique and e -tailing The importance of global communication in Luxury The codes of Luxury communication and their implementation Online, social media and luxury. Affiliations, collaborations and the Art sector Retail spaces: from the church of the Luxury brand to Retailtainment Topic 3: History of Fashion: the Present Day Modernism and its impact on Fashion Fashion and the European avant-garde movement in art Fashion and politics: World War I and World War II and their impact on the fashion world The most important couturiers of 20th century and their importance for the fashion world today: Paul Poiret, Madeleine Vionnet and her impact on the work of John Galliano, Cristobal Balenciaga, Gabrielle Chanel, Elsa Schiaparelli and her collaboration with the Surrealists: Salvador Dali and Jean Cocteau Fashion and film, costume design, Adrien and Edith Head Democratized fashion: Carnaby St, popular culture and disposability Commerce and branding, diffusion: Roy Halston Frowick, Rudi Gemreich Pluralism, outsourcing and eco-fashion Topic 4: Sociology of Fashion The modern era: and theories The postmodern age: 1960 present day and theories Fashion as a social phenomenon Conspicuous display and functions of dress Identity, gender and lifestyle Global fashion cultures Youth culture and subculture: fashion and anti-fashion Feminism and the representation of the new woman Topic 5: Future-Fashion Relationship between anxiety, the future and fashion. Retro and the end of authenticity. Fashion and ethics: issue of sustainability Physicality, textiles and machines. Digitality and consumption: blogging. Unisex and asexual fashion. Fashioning the architectural body. Globalization: changing scenarios for the XXI century and beyond Hyperluxury in Asian Markets Topic 6: Design, Creativity and Innovation Leaders and followers The concept of creativity and its implication for the luxury and fashion organisations Trend forecasting The creative process and the role of the design team 4

5 Workmanship and heritage Designing for different market levels: Haute Couture, Ready-to-Wear, mass market. Product and production innovation The challenge of counterfeits Topic 7: Financial Statement Analysis The International Accounting Standard Consolidated statement of financial position assets Consolidated statement of financial position - liabilities and shareholders equity Separate consolidated income statement Consolidated statement of comprehensive income Consolidated statement of cash flows Statement of changes in consolidated shareholders equity RATIOS Analysis Topic 8: Management Control The budget-setting process Revenues: what are the main managerial decisions that affects the decrease or increase in revenues in a luxury company? The importance of selling price of the products in the luxury business The importance of selling volume and mix of the products in the luxury business The cost of goods sold The operating costs The importance of purchasing policies of materials in the luxury business: how to set the production budgeted variable costs The importance of the production budgeted fixed costs: depreciation, personnel costs and other external fee in the luxury business Financial Reporting for Global Business Balanced Scorecard Topic 9: Corporate Finance Definition of Capital Budgeting How to evaluate long-term projects Methods of capital budgeting: net present value (NPV), internal rate of return (IRR), discounted cash flow (DCF) and payback period Corporate Investments Short-term investments: short-term debt securities and short-term equity securities Long term investments in bonds Topic 10: Corporate Governance in a Multinational Company Developing strategies and managing the operations of companies whose activities stretch across national boundaries Corporate Social Responsibility The role of the shareholders The role of the Board of Directors Subsidiaries and joint-venture Customs and Trade Policies The OECD Guidelines for Multinational Enterprises IPO How auditors audit: internal audit and independent audit 5

6 Final internship/project work (4 months period) Electives Below are the planned courses: Total planned hours Individual study hours Courses Class hours CFU Managing of Luxury Creating, communicating and delivering luxury History of luxury: 1900 The present day Sociology of Fashion Future Fashion Design, creativity and innovation Financial Statement Analysis Management Control Corporate Finance Corporate Governance in a Multinational Company Stage or final Project work 20 Total

7 10. MODULE EXAMINATION PROCEDURE AND FINAL EXAMINATION In order to complete the Master's course, students must pass all module examinations, as well as a final examination consisting of the presentation of a written dissertation on one or more teaching subjects or subject developed over the internship period. Any remaining examination may be taken in ad-hoc sessions. Exams may only be taken twice. Examination marks are awarded on a numerical scale from 0 to 30. The Degree Commission is established by the Master's Coordinator and is composed of three Master's professors, integrated in each single case by the teacher/s of the subject of the dissertation. The final mark is awarded on a numerical scale from 0 to 100. Students who pass the final examination are awarded the First Level Master's Degree in "FASHION CORPORATE FINANCE AND MANAGEMENT CONTROL FOR THE FASHION AND LUXURY BUSINESS". Students who fail examinations according to the above-mentioned procedures are awarded an attendance certificate, provided that they have achieved the required number of onsite classes. 11. SCHEDULE OF CLASSES Onsite classes term: One week a month, from October 6, 2014 to June The definitive schedule will be published on the Master's website. Final internship/work-based project: from 30/05/2015 to 30/09/ SCHEDULE OF EXAMINATIONS AND FINAL EXAMINATION Examinations: at the end of each course Final examination: by 30/10/2015. (The Master s Director could schedule a further final examination only for those students unable to attend the final examination for serious reasons). 13. APPLICATION FOR PRE-ENROLLMENT The application form for pre-enrollment can be downloaded only on the website where you will find all necessary instructions. Applications should be directly submitted by hand or mailed (to the attention of Ms. Elisabetta Mentasti Segreteria Master, Corso Matteotti Castellanza (Va) tel / fax /572425) : by September 05, 2014 (the postmark date shall be proof of dispatch) with payment receipt of the pre-enrollment fee and the following documents enclosed: certified copy of the original degree and diploma issued by the competent academic authority with official translation into Italian certified and stamped on the original by the Italian Diplomatic Service (Embassy or Consulate) in the country of study; certified copy indicating examinations passed and grades achieved, issued by the competent academic authority; CERTIFICATE OF EQUIVALENCE OF QUALIFICATIONS, issued by the Italian Diplomatic Service (Embassy or Consulate) in the jurisdiction the candidate studied in, printed on letterhead paper and carrying the original stamp, certifying the years of study completed; consular certification of all documents provided in foreign languages for the purposes of the application; curriculum vitae, including details of any employment held; signed photocopy of passport/identity card (recto and verso) and tax number (for Italian citizens), carrying on the back the words TRUE COPY and the candidate's signature; two identical passport sized photographs (signed on the back), one of which will be certified by the course secretariat; 7

8 e. language certification and any other qualifications/documentation deemed relevant or requested by the university; f. permit to stay (for non-eu students) Applications submitted by or fax will be rejected. The opening times of the Secretary Office are the following: Monday and Thursday 9:00 AM 12:00 PM; 02:00 PM 04:30 PM; Tuesday, Wednesday, Friday 9:00 AM 12:00 PM. For any information foreign students can send an to the following address: (tel / fax /572396). The list of admissions, payment methods and enrollment procedure of admitted candidates will be published on the Master's website that should be monitored by the candidates. Any application submitted after the application deadline will only be examined upon unquestionable approval of the Director for the Master s programme. Admitted candidates will be notified by to the address provided by each one of them in the preenrollment form. Selected applicants shall enroll at the Segreteria Master of the Università Carlo Cattaneo LIUC within eight days from notification, unless otherwise instructed by the latter. 14. ENROLLMENT PROCEDURE Candidates will be individually informed of the outcome of the motivational interview required for admission to the Master s programme, as well as of useful information necessary to formalize the registration. Each enrolled student will be provided with a proof of identity, called "LIUC card", valid throughout the course. At the conclusion of the course or in case of transfer, invalidation of university career or abandonment of studies, such document should be returned to the Segreteria Studenti (Students Office). In case of theft, loss or destruction of them, the student should explain the circumstances in which the event took place and apply for a copy by submitting the documents to the Segreteria Studenti, as follows: application on legal paper containing the applicant s personal information and his/her register number; a copy of the loss or theft report released by the local police station or the Carabinieri Public Security Authority; 2 passport photos duly signed on the reverse side; receipt of payment for compensation cost of the copy of the enrollment card. The student is personally responsible for any damage to his/her present LIUC card. The cost of the copy of the LIUC card is (twenty). 15. TUITION AND PAYMENT METHODS The current fee is 26, The payment through bank transfer shall be in two installments: the first installment equivalent to 5, upon notification of passing of the motivational interview; the second installment equivalent to 21, within three months from the beginning of the Master course. 16. FACILITIES The LIUC-Università Cattaneo LIUC is located approximately 20 km from Malpensa Airport. How to get to LIUC: From Milan From Varese From Malpensa Airport 8

9 Ferrovie dello stato (Stateowned railway company) Railway company Ferrovie Nord Legnano rail station, STIE bus lines in 10 minutes (stop in front of the university) Ferrovie Nord (Piazzale Cadorna, train route Novara - Castellanza (Stazione nuova, via Morelli, at the corner with via Kennedy), bus shuttle for the old station (a 5-minute walk to Liuc) and for downtown Castellanza. Busto Arsizio rail station STIE bus lines in 15 minutes (stop in front of the university) Railways directly reaching the airport - Line Malpensa Express- Busto Arsizio rail station - connection train to Castellanza, 5-minute walk By car Highway A8 Milano-Laghi, exit Castellanza from Milan, at the roundabout one turn left and continue on the Saronnese road towards Castellanza at the roundabout go straight ahead, through 2 traffic lights and 2 more roundabouts, then turn right (drive along supermarket Esselunga), follow the indications LIUC Aule e Parcheggi (i.e. LIUC university and car park). Highway A8 Milano-Laghi exit Castellanza from Varese, turn right and drive straight ahead on the Saronnese road, through 2 traffic lights and two roundabouts, turn right (drive along former supermarket Esselunga), follow the indications LIUC Aule e Parcheggi (i.e. LIUC university and car park). Highway A8 Milano-Laghi exit Castellanza from Varese, turn right and drive straight ahead on the Saronnese road, through 2 traffic lights and two roundabouts, turn right (drive along former supermarket Esselunga), follow the indications LIUC Aule e Parcheggi (i.e. LIUC university and car park). The LIUC-Università Cattaneo is provided with university dormitories, arranged on four floors and covering a total area of almost 10,800 sq.m.. Inside, they is equipped with 250 rooms, designed according to various types of use, IT rooms, language labs and a library section. Every room is equipped with multipurpose telecommunication plugs for direct phone calls, television antenni for satellite reception, plugs for PCs and connection to LIUC IT network and the Internet, which enable students to study independently and carry out research in their spare time. 9

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