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STRATEGIC BUYING PROJECT

Bronte Johnston Buying Strategy


CONTENTS...

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Introduction to the Strategy Brand and Market Analysis

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2.1. The Brand 2.1.1. Missguided’s History 2.1.2. Missguided Now 2.2. The Competitors 2.2.1. Current Competitors 2.2.2. New Competitors 2.3. The Market 2.3.1. Menswear 2.3.2. PESTLE analysis 2.4. The Consumer 2.4.1. Current Consumer 2.4.2. New Consumer 2.4.3. Consumer Profiling

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Strategic Brand Development

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3.1. Strategic Position 3.1.1. External Analysis 3.1.1.1. Porter’s Five Forces 3.1.2. Internal Analysis 3.1.2.1. Value Chain 3.1.2.2. Resource Based View 3.1.2.3. SWOT Analysis 3.2. Strategic Choice 3.2.1. Ansoff Matrix 3.2.2. Porter’s Generic Strategies 3.2.3. Boston C Group Matrix

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3.3. Strategic Evaluation and Selection 3.3.1. Johnson & Scholes: SAF Model 3.4. Summary

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Product Development

37 38 38 39 40 41 42 43 44 45 46 49 49 49 49 50 52 54 54 56 58 60 62 64

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4.1. Trend Analyis 4.1.1. Design Matters 4.1.1.1. Colour and Fabrics 4.1.1.2. Silhouettes 4.1.1.3. Details and Trims 4.1.2. Nocturne 4.1.2.1. Colour and Fabrics 4.1.2.2. Silhouettes 4.1.2.3. Details and Trims 4.2. Comparative Shop 4.2.1. Garment Type 4.2.2. Price Points 4.2.3. Fabric Composition 4.2.4. Details 4.3. Directional Shop 4.4. Trend Translation 4.5. Range Plan 4.5.1. Phase One 4.5.2. Phase Two 4.5.3. Phase Three 4.5.4. Phase Four 4.5.5. Phase Five 4.6. Product Specifications

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Technical Development

5.1. Technical Pack 5.1.1. Working Drawing 5.1.2. Garment Specification 5.1.3. Size Specification

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5.2. Critical Path 5.2.1. Critical Path Table 5.2.2. Critical Path Summary 5.3. Critical Path 5.3.1. Financial Spreadsheet Table 5.3.2. Financial Spreadsheet Summary

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Merchandising Strategy

6.1. Size Distribution 6.1.1. Size Ratios 6.1.2. Quantities 6.1.3. Distribution Summary 6.2. WSSI

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82 82 83 84 84 86

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Executive Summary

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Reference List

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Appendices

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FIGURES

Figure 1: Timeline of Missguided’s history Figure 2: Womenswear positioning based on levels of fashionability Figure 3: Average price points amongst strategic group Figure 4: Menswear positioning based on fashionability and price Figure 5: PESTLE analysis for Missguided’s new strategy Figure 6: Consumer board for new targeted demographic Figure 7: Porter’s Five Forces

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Figure 8: Missguided’s value chain Figure 9: Resource based view Figure 10: SWOT analysis of Missguided following external and internal analysis Figure 11: The Ansoff matrix Figure 12: Porter’s generic strategies Figure 13: The BCG matrix Figure 14: SAF model by Johnson and Scholes Figure 15: Design Matters colour and fabrics trend board Figure 16: Design Matters silhouettes trend board Figure 17: Design Matters details and trims trend board Figure 18: Nocturne colour and fabrics trend board Figure 19: Nocturne silhouettes trend board Figure 20: Nocturne details and trims trend board Figure 21: Directional shop Figure 22: Trend translation

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Table 1: Competitor strengths and weaknesses Table 2: Consumer profile for new targeted demographic Table 3: Comp shop of polo shirts Table 4: Comp shop of smart shirts Table 5: Comp shop of bomber jackets Table 6: Comp shop of ripped jeans Table 7: Comp shop of joggers Table 8: Comp shop of slim chinos Table 9: Working drawing table Table 10: Garment specification table Table 11: Size measurement specification table sample size S Table 12: Critical path for skinny fit joggers Table 13: Financial spreadsheet for phase 1 Table 14: Size ratios Table 15: Size quantities Table 16: WSSI for phase 1

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TABLES

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46 46 47 47 48 48 79 80 81 82 84 88 88 89


INTRODUCTION TO THE STRATEGY


The buying strategy being proposed for the fashion retailer Missguided, is a product range specifically aimed at a male consumer. This will sit alongside Missguided’s current product portfolio, which currently consists exclusively of products aimed towards women. The menswear product range will be a part of the Missguided brand, opposed to the menswear Mennace brand, which Drapers (2016) reported as being separate from Missguided. The following buying strategy project will explore the Missguided brand along with its competitors, in order to determine whether the proposed strategy will be achievable. It will identify any risks that are involved with the strategy and ways to overcome this risk ensuring that the product launch is a success. The product range will be developed following in depth trend analysis of the Autumn/Winter 17/18 season, which will identify product features that should be included in the range. The range plan will sit alongside a technical development pack as well as a clear merchandising strategy, which will outline the distribution of products in order to minimise risk and maximise sales.

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BRAND AND MARKET ANALYSIS


2.1.THE BRAND... 2.1.1. MISSGUIDED’S HISTORY March 2009 Website goes live January 2011 Named best new e-tailer by Drapers November 2014 Plus size range is launched April 2015 First concession is opened in Nordstrom

June 2015 First UK move into bricks and mortar (Selfridges)

March 2016 Mobile app goes live

May 2016 Bridal market is entered

November 2016 Debut store is opened in London

November 2009 £100,000 turnover October 2013 New websites in Australia and the US

January 2015 Activewear range is launched

May 2015 Launches on ASOS August 2015 Category extensions include lingerie, nightwear and premium sub-brand

April 2016 Named best pureplay e-tailer by Drapers September 2016 Maternity range is launched through ASOS

(Drapers, 2016) Figure 1: Timeline of Missguided’s history

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2.1.2. MISSGUIDED NOW

Missguided currently competes across multiple sales channels including online, mobile, concessions and most recently, in-store. While the brand currently only focuses on selling fashion to women, an obvious strategic direction would be to enter the menswear market. This strategy would be in line with the brands continual expansion, illustrated by the rate of growth for the retailer over the last eight years (Figure 1). Missguided currently has over 3.3 million followers across nine social media channels (Rigby, 2016), decreasing the risks involved with the new strategy as a result of having the ability to reach out to a vast number of consumers. Although Missguided’s mission statement currently focuses solely on a female consumer so would therefore need to be changed as a result of this strategic direction, the current mission statement describes Missguided as a ‘bold, straight talking and forward thinking fashion brand’. This supports the idea of introducing menswear to its product portfolio as this would be a bold and forward thinking move, therefore maintaining the brand image of Missguided.

In the latest financial year, to March 2016, Missguided reported sales of £117m, 34% up on the previous year (Rigby, 2016). Drapers (2016) also reported an increase in sales of 60% in the six months to September 2016. This success follows a multichannel strategy of expanding the brands physical presence. By expanding its presence even further with a range of menswear products, Missguided could potentially enjoy further increased success in the coming years. With increasing sales and such a fast rate of growth, it is clear that Missguided has the financial resources to implement a new strategy as substantial as the one being proposed.

‘Our mission is to empower females globally to be confident in themselves and be who they want to be. Missguided is a bold, straight talking and forward thinking fashion brand inspired by real life that aims to do exactly that. Everything we create is informed by our customer along with global influences like social media, street style, and popular culture, creating a destination that delivers and encompasses everything it means to be a girl on the go in the world today.’ (Missguided, 2017).

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2.2.THE COMPETITORS... 2.2.1. CURRENT COMPETITORS

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Analysis of the levels of fashionability and price within Missguided’s strategic group was conducted (Appendix 1 and 2) in order to identify where Missguided currently sit compared to its main competitors. Figure 2 shows that Missguided sits at the higher end of the fashionability scale based on the presence of key trend-led items as well as the option depth of these items. The average price points of the brand are in line with competing brands, with only Primark and Nasty Gal sitting far outside of the strategic group in terms of pricing structure (Figure 3). While Primark’s low prices make it the largest player operating in the youth fashion market, growth of the brand is slowing as a result of the lack of transactional website and its low levels of fashionability, meaning that the brand is unable to compete on convenience as well as trend driven products (Mintel, 2016). Therefore, although Missguided has a similar cost leadership strategy to Primark, the brand must continue to undercut competition from value retailers such as Primark, in terms of convenience and fashionability across the implementation of a new strategy.

The brands that sit closest to Missguided when considering both fashionability and price are Boohoo and ASOS (Figures 2 and 3). While ASOS has the edge in terms of product and brand offering, Boohoo has grown rapidly in recent years with UK revenues up by 28% in the first half of 2016 following the launch of Boohoo MAN (Mintel, 2016). It is clear from this analysis that in order to continue as a leading player within its strategic group, Missguided must not fall behind competition and therefore launching a menswear range would be a strong strategic move, in line with competitor actions. Boohoo’s success following its launch of menswear indicates the financial benefits that Missguided could potentially gain following the implementation of this new strategy.


Presence of key items

Option depth of key items Figure 2: Womenswear positioning based on levels of fashionability

Average product price (ÂŁ) Figure 3: Average price points amongst strategic group

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2.2.2. NEW COMPETITORS Following the new strategy of a menswear product range, the majority of Missguided’s competitors will be the same as a result of most brands within Missguided’s strategic group already selling menswear. The strengths and weaknesses of three of Missguideds core competitors have been analysed in Table 1 in order to determine the requirements for Missguided to successfully compete in the UK menswear market. Competitor

Boohoo MAN

These competitors have been chosen as a result of their desirability within the menswear market. Main findings of this analysis indicate that both a physical and online presence would be favourable in order to compete across the whole market. Low price and high fashionability is also imperative for the brand to appeal to its young, male target consumer.

Strengths Huge digital and online presence (Smith, 2013).

No physical presence.

Almost unbeatable prices.

Poor perceived quality.

Dedicated Boohoo MAN transactional website (Mintel, 2016). New items launched each week (Mintel, 2016). Large men’s value fashion offering (Smith, 2013).

ASOS

Weaknesses

Extensive range of branded and own-brand fashion (Mintel, 2016).

No physical presence. Lower usage compared to other menswear brands (Mintel, 2016).

Now offers a plus-size and tall menswear range (Mintel, 2017). UK sales up by 18% in 2016 (McGregor, 2017). Global fast fashion brand.

Low sales growth (Mintel, 2016).

Multichannel player. Topman

A highly regarded brand amongst young male shoppers (Mintel, 2016).

Little appeal among older customers (Mintel, 2016).

Collaboration with Nick Grimshaw in 2015 (Mintel, 2016).

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Table 1: Competitor Strengths and Weaknesses


The positioning of Missguided following the launch of its menswear range is shown in Figure 4. The brand will sit at the highest level of fashionability with the intention of undercutting competitors on product, with prices being similar to ASOS in order to remain competitive whilst still maximising profits. It is important that Missguided continues to monitor the actions of competitors following the menswear launch if the brand is to maintain a strong competitive position.

Expensive

Unfashionable

Fashionable

Inexpensive Figure 4: Menswear positioning based on fashionability and price

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2.3.THE MARKET... 2.3.1. MENSWEAR

Missguided’s new strategy means entering into the menswear market. According to Mintel (2016) menswear is set to grow at a faster rate than womenswear, making this a sensible strategic move for the brand after its sole focus being on womenswear since its launch in 2009. With the majority of Missguided’s sales currently being placed online, this also emphasises the importance of selling to male consumers as a result of their purchasing habits making them easier to sell to online (Edited, 2013). A report conducted by Mintel (2016) found that men have become more willing spenders on fashion with an increase in shopping since 2015. This indicates that if Missguided was to ignore this fast growing market, the retailer could potentially fall behind competition and consumers could begin to look elsewhere. This would have a detrimental impact on the success that Missguided has already gained as a result of its high-speed expansion.

Older research suggests that male consumers are becoming increasingly interested in fashion, contradicting the pre-assumption that men are disinterested in fashion (Sindicich and Black, 2011). Kinley et al. (2000) also claim that men look further than the basic functions of clothing, now seeking fashion which is not always necessary but aesthetically pleasing. This supports Missguided’s position of ensuring that the fashionability of products is prioritised over functional aspects in order to suit consumer needs. Although this research is slightly dated, it is clear that the findings still remain true due to the success of menswear retailers within Missguided’s strategic group. When developing a product range, the idea that men seek aesthetically pleasing products should be considered to inform design decisions that are to be made.

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2.3.2. PESTLE ANALYSIS

A PESTLE analysis (Figure 5) was conducted in order to determine the measures that should be taken by Missguided in order to successfully enter the menswear market.

POLITICAL/LEGAL: - US presidential election leading to uncertainty. - Brexit leading to uncertainty and low exhange rates (Drapers, 2016). - The abolishment of maintenance grants (The Guardian, 2016) ECONOMIC: - Brexit leading to uncertainty and low exhange rates (Drapers, 2016). - Growth in the appeal of value fashion brands. SOCIO-CULTURAL: - Healthier lifestyles leading to an increase in activewear and leisurewear brands. - 66% of UK adults use social media every day (We are Flint, 2016). TECHNOLOGICAL: - Advances in digital technologies. - EPOS data and online sales help to respond to consumer needs. - Increase in internet speeds. ENVIRONMENTAL: - Unpredictable weather leading to uncertainty

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Figure 5: PESTLE analysis for Missguided’s new strategy

The current political circumstance in terms of the recent presidential election shows great uncertainty for the US, potentially impacting on Missguided’s sales in this market. As a result, Missguided should primarily launch the new menswear collection solely in the UK in order to avoid risking the success of the launch. In terms of the political and economic landscape of the UK, Brexit has resulted in uncertainty, leading to a cautious approach from consumers (Drapers, 2016). This means that Missguided will also have to take a cautious approach to buying, ensuring that orders are placed as late as possible and enough Open to Buy (OTB) budget is left for in-season buying, in order to minimise risk. With consumers turning to fast fashion brands with more affordable prices, Missguided should take advantage of this growing trend and continue to react quickly to the market in order to maximise growth. The Guardian (2016) reported that maintenance grants have been abolished, meaning that students will have less disposable income. With Missguided targeting students and consumers in their 20’s, this could result in a decrease in spending on fashion within this demographic. Missguided should take advantage of its low priced, fast fashion strategy and continue to communicate this message to its target audience.


Considering the socio-cultural environment, healthier lifestyles have resulted in more activewear and leisurewear brands. Missguided should consider expanding into this segment once the menswear range has been launched successfully. Activewear is currently proving to be a triumph for Missguided with its womenswear collection (Drapers, 2016), therefore this could be a good opportunity to expand its menswear collection if it is successful. We are Flint (2016) found that 84% of all UK adults use social media. It is vital that Missguided maintains its strong relationships with its followers on social media platforms in order to maximise consumer engagement with the new strategy. The report also found that while women are generally more likely to use social media than men, Twitter is one of the only platforms that is favoured by men. As a result, Missguided should consider using Twitter to target new male consumers.

With advances in digital technologies, rapid decisions about products can be made, which is vital in a fast fashion environment (Bruce and Daly 2006). This will allow Missguided to launch the new strategy swiftly and effectively in order to minimise the risk of missing any opportunity. EPOS data and online sales should be used to manage stock inventory and track trends in consumer behaviour. This will allow Missguided to respond to consumer needs quickly, therefore minimising risk and maximising profit. The increase in internet speeds has allowed online shopping to become even easier and more convenient for consumers. Missguided should take advantage of its experience in online selling when introducing the new strategy in order to respond to this trend. Unpredictable weather means that there is increased uncertainty for fashion retailers when it comes to buying products. This means that shorter lead times are required with more frequent product drops as well as an increase in OTB budget in order to be able to react to changes in weather. Missguided could also consider more trans-seasonal products when developing the menswear product range, which will help to minimise risk.

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2.4.THE CONSUMER... 2.4.1. CURRENT CONSUMER

Through the brands website, social media platforms and pricing structure, it is clear that Missguided currently target a young female audience of between the ages of 16 – 30 years old. With concessions in Selfridges and a premium sub-brand, Peace & Love, Missguided demonstrates its ability to reach out to a vast consumer base with a more quality conscious demographic.

2.4.2. NEW CONSUMER

In order for Missguided’s menswear strategy to be successful, the new targeted consumers will be males also aged between 16 – 30 years old. By targeting the same age range, the risks involved with reaching out to a new market will be minimised, with current consumers encouraging peers to adopt the new range.

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According to Koksal (2014), younger generations are more fashion conscious as a result of feeling more pressure to be socially accepted today. This therefore suggests that a younger consumer is more likely to adopt a fast fashion brand like Missguided, minimising the risks involved. Figure 6 is a visual representation of the targeted consumer, displaying key interests, traits and day-to-day activities, while Table 2 is a written consumer profile describing the type of consumer to be targeted by Missguided. This consumer analysis will aid the focus of the new product range in order to maximise the chance of it being adopted by the target audience. The consumer board and consumer profile indicate that Missguided’s new consumer will be interested in trend driven products at low prices. Convenience will be also be necessary for the consumer due to a busy and sociable lifestyle.


Figure 6: Consumer board for new targeted demographic


Demographics Name Age Interests Occupation Income Geographics

Jack 21 Socialising with freinds Sports Fashion Student Retail worker Low with support from parents and student finance Manchester, UK

Psychographics 1. Price Priorities when choosing fashion 2. Fashionability 3. Brand Mostly online Channels used to buy fashion Inspiration for fashion Level of interest in fashion

Social media Celebrities such as Brookly Beckham High interest in new trends in order to impress peers

Table 2: Consumer profile for new targeted demographic

2.4.3. CONSUMER PROFILING

Jackson and Shaw (2009), refer to written consumer profiles as ‘Pen Portraits’, that describe the consumer being targeted by the retailer. The description given in the consumer profile for Missguided’s new target consumer (Table 2) is based on accurate research from both academic and commercial sources, including both demographic and psychographic information.

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Both the written consumer profile and the visual consumer board compliment each other in order to maintain a consistent consumer focus throughout the processes involved in the launch of the new menswear product range. In particular, the buying and design teams will use this information to avoid developing inappropriate products for the targeted consumer (Jackson and Shaw, 2009), therefore minimising risks and maximising profits.


STRATEGIC BRAND DEVELOPMENT


3.1.STRATEGIC POSITION... 3.1.1. EXTERNAL ANALYSIS 3.1.1.1. Porter’s Five Forces

Bargaining power of suppliers: • High levels of supplier competition so suppliers have little bargaining power. • Missguided could drive down prices if they can use the same suppliers as they use for womenswear due to bulk buying and economies of scale. • Missguided could offer supplier exclusivity to drive down prices. • Missguided should continue to build on a strong open book relationship with suppliers so that they remain reliable.

Potential new entrants: • Many competitors are already selling menswear (Figure 4), therefore the strategy allows Missguided to compete in the menswear market. • The success of menswear is growing in fast fashion e.g. Boohoo MAN (Mintel, 2016). • Range planning will Bargaining power of be affected and expertise in buyers: menswear will be required in order • Menswear to compete successfully. is a new market for Missguided so bargaining power of Rivalry amongst buyers is unfamiliar. competitive firms • Missguided • Highly saturated could gain some marketplace with intense brand loyalty competition. by undercutting • There is a rising competitors on price number of internet and fashionability. based fashion retailers, • Buying cycle presenting strong must be fast in order competition. to replicate the fast fashion model. Threat of substitute products/services: • OTB budget is • The closest substitute brands will necessary in order to be Boohoo MAN, Topman and ASOS. respond to demand • Product now has less loyalty and consumer needs. (Mintel, 2016) and consumers are

increasingly more price conscious, therefore there is growing competition from value retailers. • Regular comparative shops will be necessary in order to undercut competitors. • A cost leadership strategy will be followed in terms of price and a differentiation strategy will be followed in terms of on-trend product in order to give Missguided a competitive advantage.

Figure 7: Porter’s Five Forces adapted from Porter (1985, p.5).


3.1.2. INTERNAL ANALYSIS 3.1.2.1. Value Chain

Firm Infrastructure: •Head Office located in Manchester. •Founded by Nitin Passi in 2009, who has always been focused on a rapid growth strategy for the brand (Drapers, 2015). HR Management: •Quotes positioned around the Head Office keep staff inspired and motivated throughout the day and help to make a creative environment (Missguided, 2015). Technology Development: •Substantial investment in technology in 2016 (Jahshan, 2016). •Bespoke mobile experience with Tinder inspired transactional app along with a strong transactional website (Jaekel, 2016). Procurement: •Long-term relationships with suppliers. •In-house design team (Drapers, 2015).

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•Substantial investment in infrastructure in 2016 (Jahshan, 2016). •Global markets (Missguided, 2017). •Multiple sales channels with a strong brand image.

•The fun themes throughout the offices are intended to keep staff ‘motivated, retained and striving to be better’ (Bell, 2015). •Over 500 employees since moving to a bigger Head Office space in 2015. •Apple Pay makes payments more convenient. •Huge social media presence with over 3.3 million followers across nine channels (Rigby, 2016). •Click and collect is offered along with next day delivery and Sunday delivery. •Over 50 brand new products are launched every day (Missguided, 2017), as a result of an agile supply chain. Outbound Marketing and Service: logistics: sales:

Inbound logistics:

Operations:

•Partnership with external company (Logistics Manager, 2016). •24/7 warehouse located in Manchester will ‘eventually have a total floor space of more than one million sq ft’ (Logistics Manager, 2016). •Short lead times and very frequent product drops due to some manufacturing in the UK.

•Partnership •Effective with external supply chain management, company which handles the allowing e-fulfilment of Missguided about 150,000 to sustain competitiveness.order per •Functions are week as well as returns kept in-house (Logistics other than Manager, 2016). logistics and manufacturing •International shipping which are available. outsourced •1 standalone (Logistics Manager, 2016). store in the UK with more set to •Currently be opened this stocks year (Drapers, womenswear, 2017). shoes, accessories and •Operates concessions in bridal wear. Selfridges and on ASOS and Nordstrom.

•Substantial investment in marketing in 2016 (Jahshan, 2016). •Clear target market of 16-30. •Celebrity collaborations. •Campaigns are focused on the inclusion of consumers in order to increase consumer engagement with the brand. •Personalised digital marketing helps to drive engagement and build long-term relationships with consumers (Rigby, 2016).

•Customer service is present on social media platforms and email and a live chat function is also available on the website for questions about products and orders.

Figure 8: Missguided’s value chain, adapted from Porter (1985, p.37).


3.1.2.2. Resource Based View

Strategy: •Menswear for Missguided. •Maintain both cost leadership and differentiation advantages. •An understanding of consumer preferences is required.

Competitive Advantage: •Responsive to consumer demand and trends. •Cost leadership advantage in terms of low-cost products and high volume. •Differentiation advantage in terms of the high level of on-trend fashion. •High variety of products for women. •Strong reputation with current consumers. Organisational Capabilities: •Short lead times so the ability to respond to trends and consumer demand quickly. •Clear consumer group allows the brand to target effectively and efficiently. •Effective distribution network.

Resources Gap: •Relationships with menswear suppliers. •Consumer data analysis. •Personnel experience required in certain functions e.g. menswear buying skills are needed for range planning.

Resources: Financial •Strong growth and high revenues of £117 million in the financial year to March 2016 (Rigby, 2016). This allows Missguided to invest money into products and various functions of the business. Physical •The warehouse will ‘eventually have a total floor space of more than one million sq ft’ (Logistics Manager, 2016). •Some manufacturing locations are in the UK to enable shorter lead times. •1 standalone store in the UK with more set to be opened this year (Drapers, 2017). Technological, innovation and creativity •Strong transactional website and app (Jaekel, 2016). •Presence across social media allows the brand to engage with consumers and create long-term relationships. •Agile supply chain with short lead times helps to respond quickly to demand. Reputation •Strong reputation built from being very trend led with short lead times and low cost. •Celebrity collaborations appeal to the young target market. Human •Strong skills across all functions of the brand. •Created, motivated staff as a result of the fun working environment (Bell, 2015).

Figure 9: Resource Based View adapted from Grant (1991, p.115).


3.1.3. SWOT ANALYSIS Strengths:

Weaknesses:

Strong financial capabilities (Rigby, 2016).

Lack of presence on the high street.

Favourable reputation as a value retailer within the womenswear market. Ability to react to consumer needs and trends as a result of short lead times. Clear target consumer group therefore the ability to focus targeting.

Lack of experience within the menswear market. Unable to compete on quality as a result of a cost leadership strategy.

Wide customer reach as a result of having a strong social media presence (Rigby, 2016).

Opportunities:

Threats:

The menswear market is growing Many substitute brands and products faster than the womenswear market with brands such as Boohoo MAN (Mintel, 2016). already gaining huge success (Mintel, 2016). This highlights the opportunity for Missguided to expand its consumer Low consumer loyalty to products and base. brands (McColl and Moore, 2011) The rising power of influencers (Gilliland, 2016) could decrease the risks involved with the strategy. Figure 10: SWOT analysis of Missguided following external and internal analysis

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Following the analysis of the external environment (Figures 5 and 7), it was found that although there is much uncertainty in the fashion industry as a result of the current political and economic environments, the menswear market is a growing sector with opportunities for Missguided to expand its consumer base. Micro analysis of the external environment (Figure 7), found that retailers within Missguided’s strategic group are already achieving success following the launch of a menswear product range. For example, since launching in July 2013 (Boohoo, 2014), Boohoo MAN has brought huge success to the Boohoo brand with UK revenues up by 28% in the first half of 2016 (Mintel, 2016). With Boohoo being Missguided’s closest competitor, it is important for Missguided to keep up with competition and therefore take advantage of this opportunity. Although consumer loyalty to products and brands is low (McColl and Moore), meaning that there is a threat of losing customers to substitute brands, this could also provide an opportunity for Missguided to undercut competitors, such as Boohoo MAN, as a result of having higher levels of fashionability and therefore appealing to a vast consumer base.

Internal analysis (Figures 8 and 9) found that as a result of its previous success within the womenswear market, Missguided has built up a resilient reputation as a fast fashion brand able to meet consumer demand at low prices. With the financial capabilities required and the ability to reach out to a vast consumer base as a consequence of having a substantial social media presence, it is clear that Missguided has the core competences and organisational capabilities to successfully implement the strategy. Although the brand has a lack of experience within the menswear market, financial resources mean that expertise can be bought and the high levels of staff motivation is likely to result in a successful launch. While Missguided is unable to compete on the quality of its products as a result of its focus on a cost leadership strategy in terms of product prices, the brand should take advantage of consumers beginning to turn to fast fashion at lower prices due to the uncertainty within the external environment.

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3.2.STRATEGIC CHOICE... 3.2.1. ANSOFF MATRIX Existing

New

MARKET PENETRATION

PRODUCT DEVELOPMENT

MARKET DEVELOPMENT

DIVERSIFICATION: develop new products or services for new markets

New

MARKETS

Existing

PRODUCTS

Figure 11: The Ansoff Matrix, adapted from Ansoff (1987, p.109).

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According to Ansoff (1987), diversification involves developing new products or services for new markets, therefore broadening the retailer’s product and market portfolios. For Missguided, launching a menswear range will be a form of diversification (Figure 11) because it involves entering a new market and new product ranges will be necessary. Although this is a high risk strategy which can be the most costly, it can also be the most rewarding as a result of having the opportunity to maximise profits. Following the internal analysis of Missguided (Figures 8 and 9), it is clear that Missguided already has the resources available in order to implement the strategy effectively, or the brand can at least gain the required resources as a result of having the financial capabilities to do so (Rigby, 2016). The opportunity of success within the menswear market (Mintel, 2016) makes this an attractive opportunity, therefore overriding the high level of risk involved.

Small number of industry segments

All or most industry segments

3.2.2. PORTER’S GENERIC STRATEGIES High cost of production

Low cost of production

DIFFERENTIATION

COST LEADERSHIP

FOCUS

Figure 12: Porter’s Generic Strategic, adapted from Porter (1985).

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Although Porter (1985) believes that a company performs best by choosing one of the three generic strategies to concentrate on, other researchers have found that a combination of the strategies offer the best chance at achieving competitive advantage (Cross, 1999). However, whichever strategy is chosen, it must fit within the goals and objectives of the company in order to achieve competitive advantage (Ross, 1999). For Missguided’s strategy, it is important to ensure that the brand image remains the same as a result of the success that the brand has already had. In order to sustain the same brand image, the same strategies which are used for womenswear will be chosen for the menswear range. Therefore, both a cost leadership strategy and a differentiation strategy will be followed. The cost leadership strategy will focus on gaining competitive advantage by having low costs. However, Missguided will need to ensure that prices are not lowered too much so that revenues are not lost (Cross, 1999), making the brand unprofitable. The differentiation strategy will focus on providing uniquely on-trend products, gaining high customer loyalty (Allen and Helms, 2006). By combing these strategies, Missguided will be able to undercut competitors both on price and products, therefore gaining brand loyalty and maximising profits.

3.2.3. BOSTON C GROUP MATRIX Although the BCG matrix has received criticism for assuming that market share is a reliable indicator of future profitability (Calandro and Lane, 2007), it is still a popular and useful tool to use in order to measure where is best to allocate resources and maximise opportunity. A BCG matrix (Figure 13) has been completed for the product portfolios of Missguided’s closest competitors, Boohoo MAN, ASOS and Topman, to identify what products should make up the portfolio of Missguided’s menswear range if profit is to be maximised.

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It is important that Missguided takes advantage of ‘stars’ due to these products being highly profitable and popular with competitors. ‘Question marks’ and ‘cash cows’ should also be incorporated into the product portfolio in order to meet consumer needs and provide basic essentials. On the other hand, ‘dogs’ should be avoided because these products are worst selling styles with high risk and potentially high costs if the attempt is made to differentiate them.


RELATIVE MARKET SHARE High

Low

STARS

QUESTION MARKS

High

Ripped jeans Distressed denim

MARKET GROWTH

Longline

Low

CASH COWS

Denim jackets Slogans Checked shirts

DOGS

Bomber jackets Dungarees Basic hoodies/sweatshirts Badges Baggy fit jeans/trousers Skinny fit trousers Chinos Paisley print Printed t-shirts

Figure 13: The BCG Matrix.

33


3.3.STRATEGIC EVALUATION AND SELECTION...

3.3.1. JOHNSON & SCHOLES:SAF MODEL Suitability (would it work?)

•Menswear is set to grow at a faster rate than womenswear (Mintel, 2016) so this is a suitable strategy for growth. •Men seek fashion which is not always necessary but aesthetically pleasing (Kinley et al., 2000) which is well suited to Missguided’s fast fashion brand image. •Consumers are turning to fast fashion brands with more affordable prices, making Missguided a suitable choice of retailer. •Missguided has a strong reputation in the fast fashion industry for providing trend led products at low prices, so should be able to exploit this in order to overcome threats. •The strategy capitalises on Missguided’s strengths and acts as an opportunity for the brand to show its ability to adapt to different markets in a challenging political and economic landscape.

Feasibility (can it be made to work?) •Continual financial growth with huge turnovers (Rigby, 2016), therefore the financial resources are available in order to invest in the strategy. •Large warehouse space (Logistics Manager, 2016) so the capacity for an increase in orders is available. •Staff are motivated and creative (Missguided, 2015) so can adapt to change. Any required expertise can be gained with financial resources and the attraction of a fun working environment. •Menswear market is growing so provides a good opportunity for Missguided to achieve growth. •Competitive landscape so Missguided will need to undercut competition wherever possible.

Acceptability (will they work it?) •Diversification strategy so high costs and high risks are involved. •Missguided will have to invest financially, however, following analysis of the market, it is clear that the brand will earn huge rewards. •The level of risk is acceptable due to the success of competitors such as Boohoo MAN (Mintel, 2016). The risk must be taken if Missguided is to continue to compete against close competition.

Figure 14: SAF model by Johnson and Scholes, adapted from Johnson and Scholes (2011).

34


3.4.SUMMARY To summarise the strategic brand development, it is clear that Missguided is able to successfully implement the proposed strategy of launching a menswear product range. Although there are a number of risks involved and the current UK economic and political landscape is uncertain, the benefits that can be gained from implementing the proposed strategy outweigh any possible threats. Missguided is a brand with a strong reputation and vast capabilities, making this strategic direction the most suitable for its brand image.

35


PRODUCT DEVELOPMENT


4.1.TREND ANALYSIS... 4.1.1. DESIGN MATTERS

38


4.1.1.1. Colour and Fabrics

Figure 15: Design Matters colour and fabrics trend board


4.1.1.2. Silhouettes

40

Figure 16: Design Matters silhouettes trend board


4.1.1.3. Details and Trims

Figure 17: Design Matters details and trims trend board


4.1.2. NOCTURNE

42


4.1.2.1. Colour and Fabrics

Figure 18: Nocturne colour and fabrics trend board


4.1.2.2. Silhouettes

44

Figure 19: Nocturne silhouettes trend board


4.1.2.3. Details and Trims

Figure 20: Nocturne details and trims trend board


4.2.COMPARATIVE SHOP...

Table 3: Comp shop of polo shirts

46

Table 4: Comp shop of smart shirts


Table 5: Comp shop of bomber jackets

Table 6: Comp shop of ripped jeans


Table 7: Comp shop of joggers

48

Table 8: Comp shop of slim chinos


A comparative shop of Missguided’s closest competitors was conducted, featuring key products of fast fashion menswear retailers. Findings indicate the requirements of Missguideds menswear range if the brand is to be able to compete successfully.

4.2.1. GARMENT TYPE

The products offered by competitors are predominantly fast fashion pieces with a substantial number of core basics featuring across departments. According to Dan Dutton, Merchandising Manager at Mennace, men shop for specific items meaning that core staples are necessary to run throughout each department, something which Missguided should consider when developing the product range for men.

4.2.2. PRICE POINTS

All of the price points featured in the comparative shop are in multiples of ÂŁ1, avoiding a more value based pricing structure. Missguided currently uses the same style of pricing as found in the comp shop so it is important that the new range features the same multiples in order to make the collections as cohesive as possible, while remaining in line with its closest competitors.

4.2.3. FABRIC COMPOSITION All of the retailers analysed in the comparative shop are fast fashion brands with fabric quality not being a high priority for them. It is important that Missguided has a reasonable level of quality throughout its product range in order to minimise the number of returns and maintain a good reputation, however, costs must be minimised if large enough profit margins are to be made. As a result, fibres such as cotton and polyester should be used across the product range, similar to competitors.

4.2.4. DETAILS The higher priced products that are featured in the comparative shop include greater attention to detail than the lower priced products. Missguided should reflect the cost of any details and trims to be featured within products through the selling price in order to maximise profits. Kinley et al. (2000) found that men look further than the basic functions of clothing, now seeking fashion which is not always necessary but aesthetically pleasing, demonstrating the need for details within fast fashion garments.

49


4.3.DIRECTIONAL SHOP...

50


Figure 21: Directional shop

51


4.4.TREND TRANSLATION...

52


Figure 22: Trend translation

53


4.5.RANGE PLAN... 4.5.1. PHASE ONE

Bomber Jacket

Classic Fit Hoodie

Zip Up Textured Hoodie

Long Sleeve T-shirt

MISSGUIDED MENSWEAR A/W 17/18 LAUNCH: 21st AUGUST 2017


Plain T-shirt

Skinny Fit Joggers

Slim Fit Chinos

Skinny Fit Super Ripped Jeans

55


4.5.2. PHASE TWO

Zip Up Jacket

Quilted Sweatshirt

Oversized Quilted Hoodie

Plain T-shirt

MISSGUIDED MENSWEAR A/W 17/18 LAUNCH: 18th SEPTEMBER 2017


Smart Shirt

Skinny Jeans

Casual Shirt

Skinny Fit Ripped Jeans

57


4.5.3. PHASE THREE

Quilted Jacket

Jumper

Borg Lined Denim Jacket

Long Sleeve T-shirt

MISSGUIDED MENSWEAR A/W 17/18 LAUNCH: 16th OCTOBER 2017


CLASSIC CLASSIC CLASSIC CLASSIC

Slogan T-shirt

Skinny Fit Ripped Jeans

Textured T-shirt

Skinny Jeans

59


4.5.4. PHASE FOUR

Quilted Fur Lined Coat

Leather Look Jacket

ICONIC ICONIC ICONIC

Slogan Hoodie

Long Sleeve Polo Shirt

MISSGUIDED MENSWEAR A/W 17/18 LAUNCH: 13th NOVEMBER 2017


Long Sleeve Textured T-shirt

Skinny Fit Smart Trousers

Plain T-shirt

Skinny Jeans

61


4.5.5. PHASE FIVE

Smart Coat

Smart Shirt

Quilted Panel Jumper

Plain T-shirt

MISSGUIDED MENSWEAR A/W 17/18 LAUNCH: 11th DECEMBER 2017


Skinny Fit Joggers

Skinny Fit Ripped Jeans

Skinny Fit Smart Trousers

Skinny Jeans

63


4.6.PRODUCT SPECIFICATIONS... Bomber Jacket

Zip Up Textured Hoodie

Style Code: MM001

Style Code: MM002

Description: Zip up bomber jacket

Description: Zip up textured hoodie

RRP: £35

RRP: £25

Fabric Composition: 97% polyester, 3% elastane

Fabric Composition: 52% cotton, 45% polyester, 3% elastane

Details: Elasticated collar/hem/cuffs, zip opening, feature side pockets

Details: Elasticated cuffs, zip opening, drawstring hood, contrast side pockets, textured surface

Size Availability: XS, S, M, L, XL Size Availability: XS, S, M, L, XL Care Instructions: Machine washable Care Instructions: Machine washable Phase: 1 Phase: 1 Product Classification: Fashion Product Classification: Hero

64


Classic Fit Hoodie

Long Sleeve T-shirt

Style Code: MM003

Style Code: MM004

Description: Classic fit overhead hoodie

Description: Long sleeve panel t-shirt

RRP: ÂŁ22

RRP: ÂŁ10

Fabric Composition: 52% cotton, 45% polyester, 3% elastane

Fabric Composition: 100% cotton

Details: Elasticated cuffs, drawstring hood, feature zip up side pockets, classic fit

Details: Contrast sleeve panels/collar, turned up sleeves, oversized fit Size Availability: XS, S, M, L, XL

Size Availability: XS, S, M, L, XL Care Instructions: Machine washable Care Instructions: Machine washable Phase: 1, 3 Phase: 1 Product Classification: Basic Product Classification: Basic

65


Plain T-shirt

Slim Fit Chinos

Style Code: MM005

Style Code: MM006

Description: Classic fit t-shirt

Description: Slim fit chino trousers

RRP: ÂŁ6

RRP: ÂŁ15

Fabric Composition: 100% cotton

Fabric Composition: 100% cotton

Details: Classic fit, crew neck

Details: Turned up hems, pockets, belt loops, slim fit

functional

Size Availability: XS, S, M, L, XL Care Instructions: Machine washable

Size Availability: 28S, 28R, 30S, 30R, 30L, 32S, 32R, 32L, 34S, 34R, 34L, 36R, 36L

Phase: 1, 2, 4, 5

Care Instructions: Machine washable

Product Classification: Basic

Phase: 1 Product Classification: Fashion

66


Skinny Fit Joggers

Skinny Fit Super Ripped Jeans

Style Code: MM007

Style Code: MM008

Description: Skinny fit joggers

Description: Skinny fit super ripped jeans

RRP: ÂŁ14

RRP: ÂŁ22

Fabric Composition: 97% elastane

cotton,

3%

Fabric Composition: 98% elastane

cotton,

2%

Details: Elasticated hems, drawstring waist, statement front pocket, skinny fit

Details: Turned up hems, extreme rips, belt loops, functional pockets, skinny fit

Size Availability: XS, S, M, L, XL

Size Availability: 28S, 28R, 30S, 30R, 30L, 32S, 32R, 32L, 34S, 34R, 34L, 36R, 36L

Care Instructions: Machine washable Phase: 1, 5 Product Classification: Fashion

Care Instructions: Machine washable Phase: 1 Product Classification: Hero

67


Zip Up Jacket

Oversized Quilted Hoodie

Style Code: MM009

Style Code: MM010

Description: Zip up collared jacket

Description: Oversized hoodie with quilted sleeve panels

RRP: ÂŁ35 RRP: ÂŁ25 Fabric Composition: 97% polyester, 3% elastane Details: Collar, elasticated hem/cuffs, zip opening, feature side pockets

Fabric Composition: 98% elastane

cotton,

2%

Size Availability: XS, S, M, L, XL

Details: Elasticated cuffs, drawstring hood, quilted sleeve panels, feature zip up side pockets, oversized fit

Care Instructions: Machine washable

Size Availability: XS, S, M, L, XL

Phase: 2

Care Instructions: Machine washable

Product Classification: Fashion

Phase: 2 Product Classification: Hero

68


Quilted Sweatshirt

Smart Shirt

Style Code: MM011

Style Code: MM012

Description: Classic fit sweatshirt with quilted shoulder panels

Description: Classic fit oxford shirt RRP: ÂŁ14

RRP: ÂŁ18 Fabric Composition: 100% cotton Details: Crew neck, panels, classic fit

quilted

shoulder

Fabric Composition: 100% cotton Details: Button opening, classic fit Size Availability: XS, S, M, L, XL

Size Availability: XS, S, M, L, XL

Care Instructions: Machine washable

Care Instructions: Machine washable

Phase: 2, 5

Phase: 2

Product Classification: Basic

Product Classification: Fashion

69


Casual Shirt

Skinny Jeans

Style Code: MM013

Style Code: MM014

Description: Classic fit casual shirt

Description: Skinny fit jeans

RRP: ÂŁ14

RRP: ÂŁ18

Fabric Composition: 100% cotton

Fabric Composition: 98% elastane

Details: Feature front pocket with button fastening, button opening, classic fit

cotton,

2%

Details: Belt loops, functional pockets, skinny fit

Size Availability: XS, S, M, L, XL Care Instructions: Machine washable

Size Availability: 28S, 28R, 30S, 30R, 30L, 32S, 32R, 32L, 34S, 34R, 34L, 36R, 36L

Phase: 2

Care Instructions: Machine washable

Product Classification: Basic

Phase: 2, 3, 4, 5 Product Classification: Basic

70


Skinny Fit Ripped Jeans

Quilted Jacket

Style Code: MM015

Style Code: MM016

Description: Skinny fit jeans with ripped knees

Description: Hooded quilted puffa jacket RRP: ÂŁ35

RRP: ÂŁ20 2%

Fabric Composition: 99% polyester, 1% elastane

Details: Turned up hems, single rips, belt loops, functional pockets, skinny fit

Details: Hood, button and zip opening, quilting, elasticated cuffs, feature front and side pockets

Fabric Composition: 98% elastane

cotton,

Size Availability: 28S, 28R, 30S, 30R, 30L, 32S, 32R, 32L, 34S, 34R, 34L, 36R, 36L

Size Availability: XS, S, M, L, XL Care Instructions: Dry clean only

Care Instructions: Machine washable Phase: 3 Phase: 2, 3, 5 Product Classification: Fashion Product Classification: Fashion

71


Borg Lined Denim Jacket

Jumper

Style Code: MM017

Style Code: MM018

Description: Oversized borg lined denim jacket

Description: Crew neck slim fit jumper RRP: ÂŁ15

RRP: ÂŁ40 Fabric Composition: 100% cotton Fabric Composition: 100% cotton Details: Button opening, faux shearling collar and lining, feature front pockets with button fastening, oversized fit

Details: Ribbed hem/cuffs, crew neck, slim fit Size Availability: XS, S, M, L, XL

Size Availability: XS, S, M, L, XL

Care Instructions: Machine washable

Care Instructions: Machine washable

Phase: 3

Phase: 3

Product Classification: Basic

Product Classification: Hero

72


Slogan T-shirt

Textured T-shirt

CLASSIC

Style Code: MM019

Style Code: MM020

Description: Contrast slogan t-shirt

Description: Textured slim fit t-shirt

RRP: £10

RRP: £10

Fabric Composition: 100% cotton

Fabric Composition: 100% cotton

Details: Classic fit, printed contrast slogan, contrast collar, crew neck

Details: Crew neck, textured surface, slim fit

Size Availability: XS, S, M, L, XL

Size Availability: XS, S, M, L, XL

Care Instructions: Machine washable

Care Instructions: Machine washable

Phase: 3

Phase: 3

Product Classification: Fashion

Product Classification: Fashion

73


Quilted Fur Lined Coat

Leather Look Jacket

Style Code: MM021

Style Code: MM022

Description: Quilted fur lined coat with checked lining

Description: Leather look jacket with checked lining

RRP: ÂŁ50

RRP: ÂŁ40

Fabric Composition: 50% polyester, 48% cotton, 2% elastane

Fabric Composition: 100% polyurethane

Details: Fur lined hood, checked lining, button and zip opening, quilting, feature front and side pockets

Details: Zip opening, feature front pocket with button fastening, zip opening side pockets, waist belt, checked lining, quilted shoulder panels, feature zips on sleeves

Size Availability: XS, S, M, L, XL

Size Availability: XS, S, M, L, XL

Care Instructions: Dry clean only

Care Instructions: Machine washable

Phase: 4

Phase: 4

Product Classification: Fashion

Product Classification: Hero

74


Slogan Hoodie

Long Sleeve Polo Shirt

ICONIC

Style Code: MM023

Style Code: MM024

Description: Oversized slogan hoodie

Description: Classic fit long sleeve polo shirt

RRP: ÂŁ18 RRP: ÂŁ14 Fabric Composition: 98% elastane

cotton,

2%

Details: Printed slogan, elasticated hem/ cuffs, feature front pocket, drawstring hood, oversized fit

Fabric Composition: 100% cotton Details: Collared neck, two button opening, classic fit Size Availability: XS, S, M, L, XL

Size Availability: XS, S, M, L, XL Care Instructions: Machine washable Care Instructions: Machine washable Phase: 4 Phase: 4 Product Classification: Basic Product Classification: Fashion

75


Long Sleeve Textured T-shirt

Skinny Fit Smart Trousers

Style Code: MM025

Style Code: MM026

Description: Long sleeve textured t-shirt with quilted contrast shoulder panels

Description: Skinny fit smart trousers RRP: ÂŁ16

RRP: ÂŁ14 Fabric Composition: 100% cotton Fabric Composition: 100% cotton Details: Crew neck, quilted contrast shoulder panels, textured surface

Details: Zip and botton opening, feature side pockets, belt loops, skinny fit

Size Availability: XS, S, M, L, XL

Size Availability: 28S, 28R, 30S, 30R, 30L, 32S, 32R, 32L, 34S, 34R, 34L, 36R, 36L

Care Instructions: Machine washable

Care Instructions: Machine washable

Phase: 4

Phase: 4, 5

Product Classification: Hero

Product Classification: Basic

76


Smart Coat

Quilted Panel Jumper

Style Code: MM027

Style Code: MM028

Description: Smart longline coat

Description: Oversized panel jumper

quilted

sleeve

RRP: ÂŁ45 RRP: ÂŁ15 Fabric Composition: 95% polyester, 5% viscose Details: Longline length, single button opening, feature side pockets, collar

Fabric Composition: 100% cotton Details: Crew neck, ribbed hem/cuffs, quilted contrast sleeve panels, oversized fit

Size Availability: XS, S, M, L, XL Size Availability: XS, S, M, L, XL Care Instructions: Dry clean only Care Instructions: Machine washable Phase: 5 Phase: 5 Product Classification: Hero Product Classification: Fashion

77


TECHNICAL DEVELOPMENT


5.1.TECHNICAL PACK... 5.1.1. WORKING DRAWING Style #: MM007

Style name: Skinny fit joggers

Company name: Missguided

Department: Menswear

Season: A/W 17/18

Release date: 21/08/2017

RRP: ÂŁ14

Size range: XS, S, M, L, XL

GARMENT FRONT

Table 9: Working drawing table Eyelets to allow for the drawstring to thread through

Drawstring waist

Statement front pocket with front zip fastening 8cmx10cm Elasticated, ribbed waistband to provide good stretch

Concealed back pockets for decoration 8cmx1cm 504 overlock offers good stretch and recovery on all joining seams and is highly secure

Elasticated, ribbed cuffs to allow for a slim fit

GARMENT BACK

79


5.1.2. GARMENT SPECIFICATION Style #: MM007

Style name: Skinny fit joggers

Company name: Missguided

Department: Menswear

Season: A/W 17/18

Release date: 21/08/2017

RRP: £14

Size range: XS, S, M, L, XL

Size labels: Centre back

Labels:

Fabric composition: 97% cotton, 3% elastane

Thread: POLY - match fabric colour (nude/grey/black) Table 10: Garment specification table

5.1.3. SIZE SPECIFICATION GARMENT FRONT

GARMENT BACK

A C

L

B D

M N

H

G

E

F

80

J

O

K

P

I


Company Department Sample garment Season Landmark

Measurement description

Missguided Men’s trousers MM007 Size S skinny fit joggers A/W 17/18 Measurement Tolerance (cm) (mm)

A

Front waist - top of waistband

39

2

B

Front waist - bottom of waistband

41

2

C

Depth of waistband

6

2

47

2

87

5

62

5

85

5

22

5

4

5

I

Front hip width - from below waistband to 10cm down Outside leg lenth - from below waistband to finished cuff hem line Inside leg length - from below crotch to finished cuff hem line Centre front leg length - from below waistband to finished cuff hem line Centre front - from below waistband to below crotch Depth of cuff

J

Front hem width - top of cuff

13

2

K

Front hem width - bottom of cuff

11

2

L

Back waist - top of waistband

39

2

M

Back waist - bottom of waistband

41

2

47

2

13

2

11

2

Waist total measurement (top of waistband)

78

2

Waist total measurement (bottom of waistband)

82

2

Hip total measurement

94

2

Hem total measurement (top of cuff)

26

2

Hem total measurement (bottom of cuff)

22

2

D E F G H

O

Back hip width - from below waistband to 10cm down Back hem width - top of cuff

P

Back hem width - bottom of cuff

N

Additional measurements

Table 11: Size measurement specification table - sample size S

81


5.2.CRITICAL PATH... 5.2.1. CRITICAL PATH TABLE Department Style code Style name Supplier

Knitmania UK

COO

UK

Quantity

6,500

Menswear MM007 Skinny fit joggers This supplier specialises in jerseywear and knitwear with the capacity to turn requested samples around in 24 hours (Knitmania, 2016), suitable for Missguided’s fast fashion business structure The close location of this supplier means that lead times can be kept to a minimum with delivery to warehouse taking no longer than a day. This allows Missguided to have a very quick turnaround of products from design to appearing on the website. Travel time for factory visits can also be kept to a minimum, allowing for cost savings. Shipping costs will be low due to the location of the supplier. 2,500 black colourway, 2,500 grey colourway, 1,500 nude colourway. This is the initial order quantity. Repeat orders will be made if the product sells well.

Activity Date Leadtimes Notes/Issues Product development must be finalised Product by this date in order for the product to be development 14/06/2017 N/A produced in time for the shipping deadline. finalised An extra two working days are given in Samples/ order to allow for any potential issues with costings 23/06/2017 1 week paperwork or delivery. arrival date Pre-selection meeting is set two working Pre-selection days after samples/costings arrival date meeting in order to allow enough time to gather 27/06/2017 N/A Factory visit Selection meeting Garment fitting deadline

82

28/06/2017

relevant information about the styles to be presented. 1 working Only one working day is required due to the location of the factory. day

30/06/2017

N/A

14/07/2017

2 weeks

Selection meeting is set two working days after factory visits in order to allow enough time to gather all relevant information about garments for bulk manufacture. This allows time for several fit samples to be carried out if necessary, as well as time for finalised paperwork, tech packs, fabric testing and lab dye approval.


Product order confirmation deadline Fabric order confirmation

18/07/2017

20/07/2017

Bulk production start

27/07/2017

Shipping deadline

17/08/2017

Distribution warehouse deadline Product launch

21/08/2017 21/08/2017

Product confirmation deadline is set two working days after garment fitting deadline date in order to allow enough time to make N/A any necessary changes to the product order following garment fits. The sealed sample can then be created. Fabric order confirmation deadline is set two working days after product order confirmation deadline in order to allow 1 week enough time to gain relevant confirmation from senior personell. An extra five working days are given in order to allow enough time for any 2 weeks operational issues in the factory during production. The order must be shipped by this date in order to arrive at the warehouse in time for N/A the product launch date. An extra one working day is given in order 1 working to allow enough time in case of traffic and day weather issues on the roads.

N/A

No lead time necessary due to the product only being launched online to begin with.

Table 12: Critical path for skinny fit joggers

5.2.2. CRITICAL PATH SUMMARY The critical path table can be used to monitor the progress of product development as well as to bring attention to those activities and processes that have crucial lead times. For example, Table 12 shows that bulk production should begin on 27/07/2017 if the order is to be completed in time for the product launch, and to ensure that demand is not missed. In order to control risk, the critical path should be monitored consistently and any activities controlled by the buyer should be managed well.

83


5.3.FINANCIAL SPREADSHEET... Style Code/ Name MM001 Bomber jacket

84

Image

Fabric composition

Colours

Sizes

Product classification

97% polyester, 3% elastane

XS - XL

Fashion

MM002 Zip up textured hoodie

52% cotton, 45% polyester, 3% elastane

XS - XL

Hero

MM003 Classic fit hoodie

52% cotton, 45% polyester, 3% elastane

XS - XL

Basic

MM004 Long sleeve t-shirt

100% cotton

XS - XL

Basic

MM005 Plain t-shirt

100% cotton

XS - XL

Basic

MM006 Slim fit chinos

100% cotton

XS - XL

Fashion

MM007 Skinny fit joggers

97% cotton, 3% elastane

XS - XL

Fashion

MM008 Skinny fit super ripped jeans

98% cotton, 2% elastane

XS - XL

Hero


5.3.1. FINANCIAL SPREADSHEET TABLE

Table 13: Financial spreadsheet for phase 1

£35

Retail Retail Single % of margin margin product phase (%) (£) cost (£) 60% £21 £14 11%

6,500

Total phase cost £91,000

Total retail value £227,500

£25

60%

£15

£10

8%

4,000

£40,000

£100,000

£22

60%

£13.20

£8.80

17%

10,000

£88,000

£220,000

£10

60%

£6

£4

17%

10,000

£40,000

£100,000

£6

60%

£3.60

£2.40

17%

10,000

£24,000

£60,000

£15

60%

£9

£6

11%

6,500

£39,000

£97,500

£14

60%

£8.40

£5.60

11%

6,500

£36,400

£91,000

£22

60%

£13.20

£8.80

8%

4,000

£35,200

£88,000

Selling price

Total quantity

Total 57,500

£393,600 £984,000


5.3.2. FINANCIAL SPREADSHEET SUMMARY The quantities of each product are based on the product classification. A lower number of full priced sales are expected for hero products compared to basic products, which is why the quantities for basics are higher than the quantities for hero items. If a product sells well, repeat orders can be made in order to meet consumer demand, however, these initial quantities offer the lowest risk strategy, therefore reducing costs. The retail margin is set at 60% for every product because this is the retail margin that Missguided currently uses for its womenswear range. The selling price of each product is in line with Missguided’s current pricing structure, therefore ensuring that each range is consistent.

86


MERCHANDISING STRATEGY

85


6.1.SIZE DISTRIBUTION... 6.1.1. SIZE RATIOS XS

S

M

L

XL

1

3

3

2

1 Table 14: Size ratios

6.1.2. QUANTITIES Product Classification

XS

S

M

L

XL

Total Quantity

Basic

1,000

3,000

3,000

2,000

1,000

10,000

Fashion

650

1,950

1,950

1,300

650

6,500

Hero

400

1,200

1,200

800

400

4,000

Table 15: Size quantities

6.1.3. DISTRIBUTION SUMMARY

88

The distribution of sizes is based on a ratio of 1:3:3:2:1 across the sizes XS, S, M, L, XL, shown in Table 14. The sizes are concentrated around S – L, reflected by the larger quantities allocated to those sizes. Without any historical data, it is unclear what the best size ratio to follow is, however, with a young consumer base, it is likely that the sizes S – L will be the most popular amongst this target segment. This is also consistent with Jackson and Shaw’s (2001) standard distribution curve (Appendix 4). According to Jackson and Shaw (2001), size ratios are important because the correct sizes provide the opportunity for extra sales, therefore maximising profits. If the size ratio used for this product range needs altering, this can be done in preparation for any future buys. Currently, only an idea of the size ditribution is required as a result of trialling the product range online. If the product range was to be launched in stores, a store allocation plan would also be required.


6.2.WSSI... 51,500

0

12,500

39,000

4.1

39,000

0

14,000

25,000

2.8

04/09/2017

31,000

6,000

13,000

18,000

2.4

11/09/2017

28/08/2017 21/08/2017

Missguided Phase 1 Forecasted Opening Closing Weeks W/C Intake weekly stock stock cover sales

18,000

0

9,000

9,000

2

Comments High expected sales due to menswear launch and high social media engagement as well as customers buying outfits ready for the bank holiday weekend. High expected sales following pay weekend as well as word of mouth marketing for the new range as more people begin to adopt the range. High expected sales following a 30% off student promotion and 20% off new customer promotion emailed to the target market as well as being announced on website and social media channels. Lower expected sales due to consumers saving money until the next pay weekend so therefore have less disposable income to spend on fashion. Free next day delivery offered to boost sales.

Table 16: WSSI for phase 1

Forecasted weekly sales are based on specific marketing events as well as external factors such as pay weekends and bank holidays. Missguided conducts regular promotional offers, which is reflected by the high forecasted sales shown in Table 16. Intake is booked in for the third week of the phase in order to replenish products before the end of the phase and to maximise sales. Two weeks cover is left at the end of the phase so that the products from phase 1 can be sold alongside other phases to allow for outfit building. More intake can be booked in for following phases if a product is highly demanded by consumers.

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EXECUTIVE SUMMARY


The proposed strategy to enter the menswear market through an Autumn/ Winter 17/18 product range, is a strong strategic move for Missguided to make. Both competitor and market research identified this as being the most suitable direction for Missguided as a result of its existing core competences and organisational capabilities. The menswear range will be a permanent strategy for Missguided due to the opportunities that the menswear market has to offer. With menswear continuing to grow at a faster rate than womenswear (Mintel, 2016), it is important that Missguided continues to take advantage of this if it is to remain competitive. Challenges that were faced during the implementation of the strategy were centred around the lack of historical data due to this being a diversification strategy (Ansoff, 2987). For example, best-selling products and sales were difficult to forecast as well as the distribution of quantities and sizes as a result of the lack of experience that Missguided has in this market. In depth research was carried out in order to minimise the risks involved, however, the information gathered might not truly reflect the Missguided consumer. By using the data gained during the first season following the launch, Missguided will be able to make more accurate decisions in the future based on product sales. For example, best-selling products during the first range can be repeated for the Spring transitional phase in order to meet consumer demand and minimise risk. On the other hand, worst-selling products can be avoided by considering key styles/ colours that consumers did not respond well to. By keeping a close eye on the actions of competitors, Missguided will be able to maintain a competitive position in order to maximise sales. Dan Dutton, Merchandising Manager at Mennace, suggested that although this is a sensible strategic move for Missguided to make, there are a number of limitations associated with entering a new market. For example, there will be supplier base limitations which will most likely mean that resourcing will be required for a new supplier base. This is because the detailing involved in menswear and womenswear products is very different and therefore suppliers with different specialties may be necessary. This will require time and money in order to find the best suppliers for the menswear product range. Additionally, a new strategy such as this one might not always be able to satisfy minimum order quantities with suppliers as a result of the need for smaller initial quantities to minimise risk. In this case, wholesale partners such as ASOS and Selfridges can be used in order to increase the order quantities. Although the proposed strategy does not currently consider wholesale partners, this will be something that can be contemplated if required.

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IMAGE REFERENCES http://www.asos.com/men/

http://www.boohooman.com https://www.missguided.co.uk https://www.pinterest.com http://www.topman.com/?geoip=home

WORD COUNT 4377 words

96


APPENDICES


APPENDIX 1: FASHIONABILITY TABLE

Product Research: (Edited, 2017) Trend Research: Howard (2017); Linares (2017)

APPENDIX 2: PRICE TABLE 1

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(Edited, 2017)


APPENDIX 3: PRICE TABLE 2

(Edited, 2017)

APPENDIX 4: STANDARD DISTRIBUTION CURVE

(Jackson and Shaw, 2001)

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Missguided Strategic Buying Project  
Missguided Strategic Buying Project  
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