A company's brand is kind of like the equivalent of a person's clothes: it's the first impression most people get about you and a way of communicating your identity. As it turns out, people who are wealthy enough to afford luxury items tend to be impressed by different things than the rest of us (in terms of both clothing and branding!), leading to the distinction between "luxury" and other brands.
A brand, meaning the sole legal right to use a company's name, logo, jingle, and even sometimes font, can be hugely expensive. Though you cannot hold it in your hand, this intellectual property's value is certainly real. Its monetary worth lies mainly in how it affects sales: most people would rather buy an iPhone than a xyzPhone. Brands are often assessed at hundreds of millions of dollars - in a few cases, hundreds of billions.
Somebody needs to curate and manage this valuable and in fact irreplaceable asset. Given the amount of money involved, this can be a very important and well-paid job. It is also highly multi-faceted and at times somewhat esoteric.
Aside from branding, a bachelor's degree in luxury management also covers luxury goods (fashion in particular), retail, accommodation, and services. A luxury management graduate ends up prepared for a variety of jobs in high-end companies. You will also have the option of later getting an MBA in a specialized luxury field.
To be successful after graduation, you need to be presentable, well-spoken, creative, and have people skills rivaling those of a cult leader. Several of the best courses are offered in English in countries known for appreciating the good life, Italy and France in particular.