Moment of Sexy Empowerment -- La Perla Relaunch Campaign Marketing Strategies

Moments of Sexy Empowerment La Perla Relaunch Campaign Marketing Strategies targeting Chineses Millennial Generation Angie Wu, Chang Sun PROF. Alessandro Cannata FASH763 Summer2020

TABLE OF CONTENTS

Executive Summar y L a Perla Prof ile Situational Analaysis Overall Industry Analysis SWOT analysis Competitive L an dscape Overall Competition Competitors Analysis Perceptual Map Custom er Analysis Segmentation Targeting Current Customer Persona

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Bran d Issue Description Key Success Factors Opportunities and Challenges Th e New Initiative Research Design Research Format & Scope Research Goals Research Design Chart Research Analysis Secondary Research Primary Research Result & Conclusion

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Positionin g Strategies for th e New Initiative Positioning Strategies Perceptual Map in Chinese Market Marketin g Communications Communication objectives Communication mix Creative Brief Big Idea Moodboard Pop-up Experience Timing and Activity Map Budgetin g Current Financial Situation Analysis Return on Investment Measurement Budget Allocation Tasks, Objectives & Effectiveness Testin g & Tra ckin g Explorative concept testing Preliminary subjective evaluation Campaign tracking Diagnostic measures and metrics Marketin g Collaterals an d Pop -up Ren derin gs Appen dix Referen ces

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Executive Summary

L a Perla Relaun ch Campaign La Perla Fashion Holding N.V. (“La Perla” and together with its consolidated subsidiaries, the “Group”), an Italian luxury lingerie house with 65 years of history, has become synonymous with sexiness to many females around the world. In recent years, the group has been in a transformative moment in its business strategies. Pascal Perrier, CEO of La Perla, indicates that the marketing continues to evolve in line with the brand energy and vision to reach a broader, more inclusive customer base, as well as maximizing results in operating channels and geographies.

This project aims to achieve this marketing and management objective for La Perla to be consistent with its luxurious and sexy brand image and to adapt to the contemporary world to embrace inclusivity. After conducting extensive research and analysis, we propose a new initiative specifically targeting the Chinese Millennials, striving to achieve in the broader consumer group with a strengthened regional performance. “Moments of Sexy Empowerment” is an omnichannel marketing campaign outlining a comprehensive plan to relaunch La Perla in China. It leverages the brand’s competitive advantages and brand heritage to create a sensational effect. The project will give in-depth analysis and detailed descriptions in the research process, positioning strategies, communication mix, budgeting, and tracking of the campaign.

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La Perla Profile La Perla is an Italian luxury lifestyle company owned by German entrepreneur Lars Windhorst through Sapinda Group. Founded by couturière Ada Masotti in Bologna in 1954, La Perla is one of few historical fashion houses with a woman founder. In recent years, La Perla stands as a global leader in the luxury fashion market, proving that what would be considered as a historic brand, can adapt, innovate and transform in the face of competition and the obstacles that affect the societies we live in.

Fem in in ity in t h e purest st ate.

Brand History 1954 The Designer Ada Masotti opens a corset boutique in bologna with a promising name –La Perla.The name was inspired by the jewel lined case with red velvet in which the first products were delivered.

1960 After starting with traditional skin tones, La Perla introduces new colored lingerie by introducing a series of co-ordinates in pure “B.B style” in woven that combine chequered or lowered prints with lace.

1971 La Perla is poised to enter the world of swimwear fashion with the brands La Perla beach-wear. In the same year, La Perla presents the first triangle bra in a silk nightgown.

1980 La Perla added the brand Malizia to the portfolio, as well as a swimwear brand Annaclub.

1983 La Perla launches the first wide shouldered body made entirely of elastic lace , a model is a prelude to the so called “under jackets” new lingerie items intended to be party seen.

1986 La Perla launched their first fragrance in 1986. The bottle, inspired by the feminine figure, was created by designer Pierre Dinand.

1994 In the era of minimalism, La Perla launches sculpture the bra that introduced a new concept to underwear.

2002 The La Perla Pret-a-Porter collection makes its debut on the catwalks of Milan collection.

2004 To celebrate their 50th anniversary, La Perla launches the anniversary limited edition collection.

Dream , em o t io n , perfec t io n .

L a Perla co n t in ued to sh ape ever y wo m an’s d esires an d in terpret s it s co llec t io n s w it h a c reat ive sen sit ivity at t h e h ig h est level o f eleg an ce an d style.

Mission Statement

However, La Perla has struggled from having multiple owners and a rapid churn in creative leadership that left it unable to meet the needs of today’s customers. Creative designer Julia Haart, who joined in 2016, left in just two years. In 2018, La Perla recorded losses of €91 million, while revenue dropped 20.7 per cent to €106 million over the year prior. In June, the company announced layoffs that could affect up to 126 workers. In September 2019, La Perla was listed in Paris with a valuation of 473 million euros. It rose 22% on the first day of trading in Paris. CEO Pascal Perrier said: “Listing will enhance the holding company’s financing options and incorporate information about the company into the public domain. At the same time, La Perla is considering acquiring shares in luxury fashion brands and has May enter the beauty industry.

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Situational Analaysis

The global lingerie market size was valued at USD 29.9 billion in 2018 and is expected to register a CAGR of 7.5% from 2019 to 2025. Increasing awareness about the best fit, growing millennial population, and rise in spending power among women are expected to drive the market over the forecast period. Growing popularity of the global market is also attributed to increasing need O V E R A L L

among women to accentuate their natural beauty. Demand for seamless and one piece intimate apparels in natural look is increasing among consumers, which is further fueling the global market growth. For instance, manufacturers such as Jockey, Enamor, Amante, and Hunkemoller offer seamless brassieres and briefs.

Promoted by the fashion market, the lingerie market has grown over the years and demand for these products has increased. Lingerie designers are increasingly emphasizing creating lingerie with lace, embroidery, luxurious materials, and brighter hues.The bra is the most retailed lingerie item. Due to changes in technology and the variety of fabrics now available to designers, innovative bras such as laser-cut seamless bras and molded t-shirt bras are being created. Fullbusted bras are also in great demand. The selection of sizes for women to choose from is more varied than in the past. The idea in choosing bras has shifted from finding one in an average size, to locating one with a precise size.

Increasing concerns over flexible fabric used in lingerie is another factor driving the market.

Demand for the lingerie products is increasing also due to usage of fabrics such as nylon, polyester, satin, lace, sheer, lycra, silk, and cotton. Lingerie designers are emphasizing on creating products with lace, embroidery, luxurious materials, and brighter hues, which is expected to drive the market over the forecast period. Competition within the lingerie industry is rising, and as a result, manufacturers and retailers are shifting their focus to specific niche lingerie items and to trendy lingerie suitable for various activities.

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i N D U S T R Y

A N A LY S I S

Situational Analaysis G l o b a l

Situational Analaysis S W O T

D i s t r i b u t i o n

La Perla sells its collections through a network of more than 150 flagship boutiques, both owned and franchised, in major cities around the world.

The first La Perla boutiques opened internationally in 1991. It also has a presence in the main department stores and specialized shops.

In 2014, Italian architecture studio Baciocchi Associati redesigned the concept of the interior for La Perla global flagships. The new design concept was adopted in the existing flagship stores.

Europe: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, etc.

Asia: China, Hong Kong SAR,, Japan, Macau SAR, Singapore, South Korea, Taiwan SAR Americas: Canada, Mexico, United States Middle East: United Arab Emirates

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A n a l y s i s

Competitive Landscape O v e r a l l

Competitive Landscape C o m p e t i t o r

C o m p e t i t i o n

A n a l y s i s

Direc t Competitor : Fleur of En glan d Founded by Fleur Turner in 2000 with a small all-female team. The brand was first introduced by Liberty of London as a limited-edition collection. It received a royal seal of approval in 2003 when Princess Anne presented me with the ‘Fashion Export Newcomer’ award.

Global Lin gerie Market Highlights •

Fragmented market and intense competition under the presence of global players.

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Produc t women’s lingerie, nightwear, and swimwear. DD+ size available.

Competitive local lingerie brands in the regional market. -- Aisa-pacific: Woacal holding,

Price Ran ge

NEIWAI, Gujin

$ 37 - $540

Notable progress in propelling niche lingerie Distribution

brands against the existing giants

65 elite boutiques worldwide with partnership franchise stores, E-commerce (Website) Competitive Advanta ges 1. Award-winning hand-designed lingerie with feminine, sensual, romantic, elegant, modern, and exquisite style.

2. Excellent social media storytelling intimate communication of the brand values, craftsmanship, design, and sustainability practices.

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Competitive Landscape C o m p e t i t o r

Direc t Competitor : Agent Provocateur

Gen eric Competitor : Vic toria’s Secret

Founded by Joe Corré, the son of designer Dame Vivienne Westwood, in 1994, Agent Provocateur is an iconic British brand. Its mission is “stimulating, enchanting, and arousing” customers.

Victoria’s Secret is founded in 1977. It is an aniconic brand owned by L Brands, featuring its celebrated Angels and world-famous fashion events.

Produc t luxurious lingerie, nightwear, swimwear, ready-to-wear, accessories, and beauty products.

Produc t Women’s lingerie, fragrance, body care, accessories, and athletic and loungewear.

Price Ran ge $25 - $2875

Price Ran ge $10 - $209

Distribution 3 1 boutique and franchise stores in Europe, U.S., and Hong Kong, E-commerce on website and wholesale partners (e.x. Neiman Marcus, Selfridges&Co., etc.)

Distribution

Competitive Advanta ges

Competitive Advanta ges

1. Unique offerings with lively and young product assortment designed to intensify life’s pleasures and celebrate women’s sensuality 2. Finest lace and fabrics with 90 % of them coming from France

1. Leading specialty retailer that widely sold in the global female undergarment market with a strong global presence.

2. Strong association to a sexy, bold and powerful image with highly affordable price.

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More than 1,600 wholly-owned stores, franchise partnerships and direct businesses across six continent, E-commerce (Websit)

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A n a l y s i s

Competitive Landscape C o m p e t i t o r

Competitive Landscape P e r c e p t u a l M a p p i n g

A n a l y s i s

Gen eric Competitor : Vic toria’s Secret Originally from silicon valley as a direct-to-consumer intimate apparel e-commerce retailer, True&Co is an algorithm based bra-fitting intimate apparel brand. The brand is founded by Michelle Lam, and was acquired by PVH Group in 2017.

Produc t women’s lingerie and underwear, with wide plus-size selections.

Price Ran ge $ 16 - $ 64 Distribution E-commerce DTC (Website) Competitive Advanta ges 1. Strong focus on female empowerment and body freedom: design for comfort with soft, stretchy, supportive, pretty, and confidenceboosting materials and style under at affordable price.

2. Market disruptor by big data-driven size-fitting technoloy: Fit quiz before shopping with a recommendation generated from the database of 6 million people

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Variables: • Product Assortment: Niche assortment versus Wide product range • Price Luxurious price versus affordable price • Design: Sophisticated and feminine versus minimalistic and comfort

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Customer Analysis S e g m e n t a t i o n

Behavioral

Psych ographic

When and how consumers purchase La Prela products have a lot to do with the type of product purchased.

La Perla target consumer varies by demographic and product but are generally in pursuit of exquisite life, representing the quality of life and sense of quality. Women wearing La Perla are independent, sexy, simple, stylish, and ambitious.

In global terms, the purchasing behavior of the demographic has made a transition away from the necessities and towards luxury lingerie like La Perla.

She pays attention to fashion trends, but her style is both classic and modern. She wants to own the quality life sense and social, as such drawn to aspirational and luxury brands. She is interested in quality and heritage. She is an independent, successful career and has a good taste woman.

La Perla might be seen as having a sense of quality, a symbol of senior and elite female consumers.

The brand can be daily wearing, travel items, or personalized gifts.

Dem ographic

Sociographic

The demographics of La Perla’s target market generally consists of middle- to high-income earners. It represents a group of woman who has a sense of quality, a symbol of senior and elite female consumers. While most Le Perla products are designed for the female consumer, the brand offers a range of items that cater to the male consumer, such as sleepwear or underwear.

The La Perla target consumer wants to stay connected with trending, high quality and luxury lifestyle. The way of sociographic is the characteristics that influence the way people receive and perceive messages.

La Perla target consumer receives the brand’s messages in multiple ways: • Instagram: 647k followers • Facebook: 191k followers • Twitter: 42.5k followers • Pinterest: I million followers

Le Perla has been targeting middle-aged women but for now start to target the younger crowds, with marketing plans to match, its product offerings are classic and timeless. Through the restructuring plan, La Perla planned to achieve sales revenue of 130 million euros by 2020.

Celebrity endorsements: Kendall Jenner, Jessica Henwick, Natalia Vodianova.

In the face of uncertainties in the global macroeconomic environment, the consumer sentiment has turned cautious, and La Perla, a luxury underwear brand that is undergoing a period of transformation challenge.

Attempts to reinvigorate the brand and appeal to a younger demographic so far have not succeeded.

La Perla recruited Kendall Jenner as a spokesmodel and dressed her in a sheer gown for the 2017 Met Gala. In addition, La Perla reaches its target market through TV commercials, magazine ads, and billboard advertisements.

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Customer Analysis T a r g e t i n g Current Custom er Base

As a high-end lingerie brand, the primary customer group of La Perla is middle-aged women, who have a high income. Although La Perla has been trying to approach the younger generation of consumers in recent years by pushing out clothing beachwear and accessories, the millennial generation has not become its main consumer group.

Based on above researching and analysis, La Perla’s current consumer group can be analyzed into three female groups, which are affluent group, highincome group, a small percentage of millennial groups.

Customer Analysis

Name: Emma Hooper Age: 43

C u r r e n t

Location: New York City, NY Occupation: Senior Manager of Luxury Brand Revenue: $350,000/year Family Members: Married, with 2 children Education: Master of Science in Financial Economics, Columbia University

Affluent Group : It is a typical luxury customer of La Perla, aged 40 years old and over.

Most of them have a high and stable income, including senior executives, entrepreneurs, and government executives. Most of them located in firsttier economically developed cities, like NewYork, Los Angeles, ShangHai, London.

High-Income Group : This group of people includes celebrities, socialites, movie stars, and fashion bloggers. They differ from the affluent group in that they are relatively younger, but their profession bring them high incomes and give them the ability to enjoy luxury goods.

A Small Percentage of Millennial Groups : The overall age span of millennials is 24 to 39 years old. This part of the consumer group can be divided into two categories, one category has high income (can be summarized in the High-income group); the other category is, although they don’t have high Income, they will pursues a refined life, to meets their consumer demand by overdrawing the credit card amount in advance.

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Interests: Fashion, art galleries, international travel, financial investment, hot topics about women. She focuses on cultivating children’s comprehensive abilities and competitiveness through a series of extracurricular activities, including allowing children to speak bilingual (French/Spanish), and vacationing in Europe with her family so that children can learn art history from the area.

Purchasing Motivation: Emma’s demanding job position requires her to stand at the forefront of fashion. Although her life is very busy, her wardrobe is kept up-to-date every season. She pays attention to the details and texture of clothes, and likes classic and timeless design. She believes that women should always keep themselves refined and elegant, even when they take off their coats, they are still beautiful, charming, and sexy. Every piece of La Perla in her wardrobe reflects her demand for high quality of life.

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C u s t o m e r

P e r s o n a

Justif ication As a high-end underwear brand, La Perla’s main customer base was high-income middle-aged women. But as millennial consumers have become the main group of luxury goods consumption, La Perla has also been trying to reach this consumer group who has huge profits through various efforts.

For example, La Perla not only attracted the younger generation of consumers by launching beachwear and accessories, but also hired anthropologists to learn more about female consumer groups, so as to more fully meet the needs of millennial luxury customers and enhance the usability of the product.

Brand Issue

However, La Peral has not succeeded in approaching the millennial consumer group. In order to reach this group successfully, they are still facing multiple challenges.

As a traditional luxury brand, La Perla has tried to build a connection with the younger generation customers. However, attempts to revitalize the brand and attract young people have been unsuccessful until n ow.

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According to La Perla’s 2019 financial statements, in the fiscal year ended December 31, 2019, the overall revenue of Italian luxury underwear brand La Perla fell 19.2% to 85.8 million euros, with a net loss of 89 million euros, compared with the net profit in 2018 For 5 million euros.

During the period, La Perla’s retail sales plummeted 22% to 74.07 million euros, of which online sales plummeted 17.8% to 9.721 million euros, and outlet store sales plummeted 23.2% to 16.189 million euros. Sales through wholesale channels The amount recorded a 3.3% increase to 11.745 million euros.

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Key Success Factors

Opportunities & Challenges La Perla, a brand with a powerful heritage and craftsmanship, has established credible

Relatability to Consumer Women are the ultimate consumers to wear lingerie products, meaning that a brand must ensure that women relate to marketing and promotions. Understanding needs and wants for the female is fundamental for a lingerie brand.

quality and delivered excellent experience. Over the years, its current target consumers clearly understand its authenticity and brand value.. Yet, along with the significant cultural shift, the brand unique selling points are inadequately communicated with the millennial generation. Its brand awareness also falls behind in the Asian market.

Aunthenticity From product design to marketing messages, authenticity means staying true to female-centric identity and being consistent with a brand’s core belief. There is no sector more true than lingerie.

Opportunities • •

Quality and Wearability Women are willing to pay for solutions that are comfortable and are going to last with quality. High-quality lingerie provides comforts, pleasing design, and satisfying functions.

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Covid-19 and quarantine made stay-at-home a new normal, creating more demands for high-quality lingerie products, especially in e-commerce.

Social media, digital platforms, and new V.R. technologies provide a better experience for online shopping with a virtual community.

The notion of female empowerment, self-care, and self-rewarding embraces better designed, useful, and comfortable underwear as self-love.

Challenges

Excellent Experience People do tend to search for a level of service, insights, knowledge, or instruction around lingerie. An excellent and unique experience along the consumer purchasing journey that fulfilling all these requirements is the key.

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Production Capability Lingerie is a technical and SKU intensive product. Demand forecasting across size range and inventory management is crucial for budgeting.

Customer Retention

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Lingerie products tend to have a higher level of customer loyalty. Consumers prefer the brand to take care of them. Retaining customers in all business aspects is the key.

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There are barriers in buying the right and suitable lingerie product online before trying on is hard, requiring a chain of services and technological investment.

Emerging direct-to-consumer brands and technology-driven brands will intensify the competitionEconomic downturn pandemic lock-down cut off the luxury shopping and production capacity.

The third-wave feminism movement advocating body-positivity and inclusivity cultivate a new breath of conscious consumer. It challenges brands’ marketing activities and brings higher risks in P.R. crisis.

It takes time to educate the younger generation with La Perla’s brand value. A brand new position also takes risks for its existing consumer to accept it.

The competitive landscape in Asia is different from the western world. Asian consumers have different preferences and habits in choosing lingerie products.

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The New Initiative The brand issue points out that La Perla should focus on millennials. Starting from the brand 2019 overall strategy of revitalizing and modernizing the La Perla brand, the new initiative will focus on bringing in the contemporary and refreshed image that is appealing to the younger generation.

Mo m en t s o f S exy E m powerm ent L a Perl a R el a u n ch Cam paign: Marketin g Strategies targetin g Chin eses Millennial G en erat io n

La Perla’s performance is inadequate in the Chinese Market. According to La Perla’s 2019 annual report, the corporate strategy is “Streamlining La Perla’s points of sale in order to focus on high-potential locations.”

China, as a part of these locations, should be prioritized. In addition, China is gradually moving to the post-COVID-19 period, confirming the necessity to emphasize the Chinese market.

The new initiative will move beyond La Perla’s mission and delve into the underdeveloped market potential in China.

Targeting Chinese millennials, the brand shall relaunch and rebrand itself to gain the legitimacy of sexiness and obtain the relevance to the growing Chinese community. This marketing initiative will unfold with a nation-wide pop-up campaign, followed by a micro-film postlaunch recall.

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Research Design

Re s earch De s i gn Char t

Research Format & Scope

Form at • • •

The research includes primary research and secondary research.

For primary research, the format is the interview for females from China’s market.

For secondary research, the format is data and information researching from the authoritative academic reports, include Mckinsey, Bain & Company, or Deloitte, etc.

Research Goals

Ta rg e t in g M a rket i n C h in a •

At the same time, we lock the target group in the Chinese market. Because this market has basically recovered from the COVID-19 hit, and it is also a major market for luxury goods consumption. According to data from Mckinsey, in 2018, Chinese consumers at home and abroad spent 770 billion RMB ($115 billion) on luxury items—equivalent to a third of the global spend.

To Investigate • • • • • • • •

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The overall situation for globally underwear market· The overall situation for China’s underwear marke.

Chinese millennia customers’ consumer behavior of underwear purchasing Chinese millennial customers’ preference for underwear.

How Chinese millennial customers obtain product information.

What factors can motivate Chinese millennial consumers to make consumption.

Chinese millennial consumer groups’ perceptions of high-end underwear.

The brand image of La Perla in the eyes of Chinese millennial consumers.

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Research Analysis Secondary Research

Highlight 3 World-of-Mouth and influence marketing is crucial in promoting lingerie products •

For Overa l l M a rket : Highlight 1 Quality • •

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Top Pain Points for Lingerie Shoppers are Size, Fit and

According to the EDITED report, an estimated 75% of women are wearing the wrong bra size.

The rise of e-commerce requires brands to place an invested interest in online fitting services. Fit and size are relatively easy to communicate in brick-and-mortar.

But delivering quality and comfort is hard as they are subjective attributes.

In the lingerie market where comfort is the top priority, “comfort” is mentioned in reviews 4.8 times more than “sexy.”

Highlight 2 Sexy is still relevant in the lingerie market but needs to communicate authentically and relatable • • •

Mariela Rovito, CEO of lingerie company Eberjey commented: “Women want to be sexy in an authentic way.”

Diversity and inclusivity also demand a reassessment of the traditionally sexualized imagery of the lingerie industry.

An Yotpo survey of 1,000 eCommerce lingerie shoppers shows 77% of participants said that authentic photos from customers affected their purchase decisions more than professional photos from stores.

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Buying decision trend in the lingerie industry is the plethora of dedicated online communities filled with participants eager to discuss the latest trends and brands.

In niche industries like the lingerie market, brands need to get their items into the right influencers’ hands and prove themselves. Word of mouth spreads like wildfire in these communities, according to EDITED report.

Highlight 4 A shifting demand in the lingerie market: embracing size inclusivity, diversity, and the nude colors •

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2019 saw a rise in body positivity advertisements, yet there is still a long way to go for inclusive sizing.

The appetite for plus-sized lingerie continues to grow, as shown in Google searches for the term.

Meanwhile, a greater variety of shades fall under “nude” as more brands work on setting a new precedent for inclusivity across skin tones.

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Research Analysis Secondary Research

For a long time, Chinese women turned to very specific product codes for their lingerie: super-padded bras with big laces and heavy details only sold by Chinese or Asian traditional lingerie brands like Aimer or Gujin.

However, Chinese young women are experiencing important behavioral changes, not only include lingerie consumption patterns, but also the preference for lingerie’s style.

Below are the four new key feminine attitudes in China.

Fo r Ch in e se Marke t China Underwear market is projected to reach $ 89.5 Billion by 2020, with a GAGR of 17% from 2016, and Asia will have a big dynamic momentum on the market growth. According to market research firm Mintel Group, the amount Chinese women are willing to spend on underwear rose 79% from 2009 to 2013.

Women now place more emphasis on the quality of their lingerie, and expect quality pieces to carry a higher price tag. In China, it should be noted, prices for lingerie are lower than abroad; anything over 300 RMB ($45 USD), would be considered luxury. Tier-1 cities including Beijing, Shanghai, Guangzhou and Shenzhen serve as the main drivers for sales of intimate wear, accounting for more than 30 per cent of total sales in the country.

China’s Top 10 Luxury Lingerie Brands are Berry Melon, Victoria’s Secret, La Perla, Agent Provocateur, NEIWAI, Maniform, Aimer Group, Triumph International, Embryform, Wacoal.

High-end underwear consumption area in China: Beijing, Shanghai, Shenzhen, Hainan, Shandong, Jiangsu, Fujian

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Highlight 1 •

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Young women, influenced by international brands and engaging on social media platforms like Instagram, look for more refined details, thinner fabrics—they are shunning super-padded bras with big laces and heavy details.

Another trend that is gaining favor with young Chinese is called “free the boobs.” In large cities like Shanghai and Beijing, some free-spirited women want to embrace freedom by not wearing bras at all.

“Lingerie is more than an outfit, it’s a way to express inner desire.”

Highlight 2 •

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Openness to the World with A Lighter Lingerie

• Therefore, women will look to wear underwear that increases their sexiness as well as highlights their fit bodies.

Highlight 3 •

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In addition to style and trends, young generations of Chinese women continue to have strong expectations of quality and healthy products, especially when it comes to the clothing that will surround their intimate parts.

Comfort and health go together when women choose their lingerie for everyday use.

Highlight 4

Empowered By Fit Lingerie

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Post-80s and -90s Chinese women are more self-sufficient and independent (especially in the first-tier cities). Lingerie is a good way for them to express themselves, and they are increasing their budgets for their lingerie products.

With the evolution of lingerie in China comes the evolution of fitness and health clubs. Being skinny is not in style anymore, rather having a shaped body is more in line with today’s body image trends.

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Well-being With A Comfortable Lingerie

Emancipation With A Sexy Lingerie

Chinese women have been shy about showing their body shape and revealing their skin and were less comfortable when wearing and talking about sexuality or “sexy” lingerie.

But the taboos have been loosened for the younger generation, and they tend to discuss this topic in more of a humorous way.

China’s younger generation consumers start to embrace their feminine power to become sexier, be bolder and dare to express themselves when dressing.

Research Analysis Primary Research Me th od o l o g i es •

In order to make a comprehensive strategy for La Perla to reach the younger generation consumer successfully, we will conduct research on the millennial female consumer groups while learning about the consumer behavior of underwear purchasing, the channels of obtaining purchase information, and perception of brand image for La Perla. Participants for primary research include eight to nine females from 24 to 40 years old with different occupation..

Primar y Resea rch Insi ghts

Pa r t ic ipa t i o n s •

As a qualitative method, ethnographic will be adopted as methodology for primary research. We will conduct a series interview to get ‘under the skin’ of millennials’ insight for high-end underwear. Due to the impact of COVID-19, it is hard to reach the target market to investigate personally.

Therefore, all primary research will be conducted in the form of an online interview.

Se e re s ea rch q uest i o n s an d t ran sc ript in ap p en d i x .

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Research Analysis Result & Conclusion Co ns u m er Preferen ce a n d Tre n ds in L in ge rie Prod u c t s •

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In both the Western and Chinese markets, females still consider beauty and sexy when choosing underwear, but they pay more attention to the material and comfort of underwear, which indicates that female selfawareness has improved in modern society.

Comfort is the most important criterion in choosing lingerie. Millennial females are willing to pay for better quality. By better quality, it not only means tangible quality like design, materials, sizes, and fitting, but the overall well-being of life and spiritual need of self-satisfaction and selflove.

Specifically, in China’s market, the most obvious change is that the relationship between Chinese women and their bodies has changed, which subverted the previous generation’s lingerie desires. Being skinny used to be the physical code considered as pretty in China, but new codes are emerging like a fit body considered as healthy.

Meanwhile, sexy is relevant among Chinese female millennials but cannot compromise to fit and comfort. Nowadays, Chinese young women are looking to be sexier and more seductive in their lingerie choices.

World-of-Mouth is still the main way to promote women’s buying behavior. Community-based marketing and influential marketing is more cost-effective in the lingerie product category.

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Ch in ese Consu m er ’s Percepti on o f L a Perl a •

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Sexy is associated with La Perla most, suggesting that the brand position aligns with consumers’ perception and preference.

However, there is still a gap from knowing it to understanding La Perla’s sexy.

La Perla’s brand awareness is low for the majority of Chinese millennials. Localized social media, e-commerce platforms, and brick-andmortar services will help in building up the connection and provide branded experience.

According to our interview, La Perla is for more mature female groups and pricy despite the fact that they like the brand product assortment. The brand should justify its product by educating consumers and build up an emotional connection.

Pain Points addressed by Interviewees include the insufficient and ineffective promotion and limited product sizes. They suggest that La Perla should cover more fitted sizes to meet the expectation of their comfort needs.

Con cl us i on Both our primary research and secondary research confirmed the brand issue within the younger generation. La Perla’s strategy in reconnecting millennials is not working, especially in the Chinese market.

For women, underwear is no longer a product of pleasing men, but a pursuit to meet their own needs. Chinese female also has an oriental interpretation in sexiness. Therefore, La Perla needs to consider the essential needs of modern women through the way of design thinking. Within the Chinese market, building up the connection with the millennial female with authentic sexy, and comfortable product and branded promotion activities to gain the relevance and legitimacy will be critical to its business success. The brand also needs to consider further not only how to attract the attention of the target customer, but also how to establish contact with people around the target customer.

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Positioning Strategies for the New Initiative

Positioning Strategies According to the brand issues and research analysis, we go beyond La Perla’s current target customer analysis. We redefine the market segmentation and positioning space within a specific focus in millennials and the Chinese lingerie market.

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Pos i ti oni n g S tate m e nt

Positioning Strategies for the New Initiative

Perceptual Map in Chinese Market • • •

Within the Chinese market, La Perla should position itself as an expert in creating an intimate and authentic sexy among Asian female millennials. Coming from a rich heritage that distinct from both Western brands and Asian brands, it represents the new definition of sexiness with perfect comfort. Therefore, La Perla needs to consider tailors the best and oneof-the-kind experience for modern women to become a better version of themselves.

Among all high-end underwear brands in China, La Perla belongs to traditional underwear brand, its price is keeping in the top.

If La Perla wants to attract the new generation of consumer groups, it should consider innovations while retaining the original traditional DNA of the brand.

Comparing with other high-end luxury underwear brands, La Perla hasn’t reached to millennial generation enough on the current Chinese market.

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Marketing Communications Communication Mix

Communication objectives Pri ma r y Medi a Our communication plan is to increase the brand awareness of La Perla in China through holistic relaunch campaigns and events leading to product trials and actual purchase. The campaign will focus on Chinese Millenial consumers, and geographically the affluent located in the firsttier metropolitan cities. The promotion aims to communicate with target consumers directly and intimately in order to increase brand awareness and brand equity in China. In the long-run, this campaign will serve as an initial touchpoint to build up a strong and long-lasting relationship with Chinese consumers.

Objective 1 Build up strong brand awareness in China Objective 2 In-depth customer relationship management 1. Understand Chinese consumer through data collection 2. Maintain relationship loyalty with existing consumer Objective 3 Product trial and create purchase intention for the target consumer

The primary medium focuses on digital channels and PR events. As lingerie products tend to have an intimate nature, offline channels can create a sense and texture of brand in the post-COVID-19 situation. Meanwhile, based on La Perla’s existing communication channels in China, adding more localized digital platforms should be reinforced to maintain existing consumer relations and expand to the millennial targets.

The fundamental objective of relaunching La Perla in China is to create brand awareness. Therefore, the top priority is to create a sensational effect and illicit national-wide attention to the brand.

Digital Channel

As China is recovering from COVID-19 with reopens under the retail setting, the communication process will focus on creating the synergy of online campaign and offline experience. As a luxury intimate underwear brand that is young in the Chinese landscape, the campaign shall use the approach of harmonized retail and marketing methodologies. With this campaign, La Perla shall be placed at the center of luxury lingerie within the Chinese target consumer’s mind.

Xiaohongshu, Tik Tok, T-Mall, WeChat, Weibo, Website Retail Channel & Direct Marketing • •

Itinerant Pop-up stores and private yacht holiday Upgraded In-store services

Celebrity Endorsement • •

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Current Brand Ambassador in China: Jia Song Select two more Brand Ambassador: Yuqi Zhang

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Marketing Communications Communication Mix Se con d a r y M ed i a

Syn e rgies

Secondary media pays more attention to the ancillary channels to support the primary channel. It will include magazines and their digital version. Other selected KOL and influential accounts on social media, for example, GQ, will also support content distribution.

Meanwhile, out-of-home advertising aims to generate more local traffic, which is sensitive in terms of time. Target consumers often choose to travel by underground to destinations to avoid heavy traffic and be environmental-friendly. Billboards and ads in the nearest subway and across the department store are effective in creating attention.

Digital Channel

Marketing Strategies Use the harmonized retail techniques to focus on online-offline integration, and nurture a wide range of touch-points to maintain customercentric services.

Time Strategies

The Big Idea Moments of Sexy Empowerment

Store’s opening-hour in-person service and limited-time pop-up experience to be upscaled by 24/7 digital care to create long-lasting brand relevance.

Cost Strategies

Digital Platform of Traditional Media: E-magazines Influential accounts and KOL accounts on WeChat and Weibo, e.g. GQ Out-Of-Home & Printed Media: • • •

Creative Brief

Despite the fact that celebrity endorsement and out-of-home ads are cost-intensive, a series of pop-up events will be effective in creating a viral effect. Digital channels shall turn them into longlasting effects.

Magazine: Vogue, Ella, Harper Bazaar Subway exit Ad Billboard Department store signage

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Creative Brief Creative Concepts

Moodboard

Syn o psis

O ve ral l Con ce p t

Every woman is the sexiest version of her when mutually empowering with other women. With the relaunch of La Perla in China, the pop-up campaign will redefine the concept of sexiness under the unique Chinese landscape, and create a series of empowerment moments for every lady and their besties.

Key Wo rds Sexy, Female empowerment, Luxurious, Femininity, Confident-boosting, Self-satisfying

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Moodboard

Moodboard

M i c rof i l m Cam pai gn

Po p - u p S to re The entire experience includes three itinerant pop-up stores in Shanghai, Beijing, Xi’an, and one invite-only private yacht holiday in Sanya.

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Pop-up Expereience

Pop-up Expereience Eve nt Exp eri en ce D esi gn @ Shan g h a i - Bei j i n g - Xi’an Yatch Holiday Planning •

• Preregistration on Campaign App •

•

800 people per day are allowed to enter the pop-up for the best experience. 10:30-14:30 250 seats / 14:30-18:30 250 seats / 18:30 - 22:00 300 seats.

This App will also collect consumer data in terms of body sizes to develop localized lingerie fitted Asian female body once the campaign ends.

•

Opening Day •

Launch • •

The pop-up store will open on Thursday at 14:00 and last four days throughout the weekend to Sunday.

Featured celebrities: • Tamia Liu & Xin Jiang • Yao Tong & Shuying Jiang

Yuqi Zhang & Eva Huang

•

•

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There will have three opening events altogether in Beijing, Shanghai, and Xi’an. Each of them will invite two celebrities to style one La Perla collection together with a professional stylist. Three cities will have three different celebrity duos to introduce three different collections in order to build up product recognition and comprehension.

VIP consumers will receive an invitation to the opening event. They will interact with stylists and celebrities. All content in this event will become marketing asset and content on social media The entier event will go live on Tik Tok

•

• •

Eve nt Exp e ri e n ce De s i gn @ S anya

This event is a one-day experience designed for celebrities and loyal consumers on the VIP list. Privacy and a sense of inclusiveness is the primary requirement of this event. This activity will launch only if the itinerary pop-up stores are proved to be a success and meet the brand’s expectations and objectives.

Sanya is a well-known destination of a tropical beach holiday on the Chinese tourism island, Hainan island. It is popular during the summer season for a beach vacation. This one-day experience will be a beach-inspired vacation focused on La Perla’s sleepwear and swimsuit collection.

Guests are invited to have an intimate holiday with La Perla. Beginning with a Sunday brunch, there will be a workshop throughout the afternoon. Lingerie dinner and afterparty will go live.

Group size: 15-20 people, three La Perla, craftsman Featured celebrities: Jia Song, Wen Liu

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Nature of Product Selling • Summer is the best selling time for lingerie, underwear, and swimwear. Both launching pop-up and yacht experience need to fall into the hottest season of the year.

Pop-up Expereience Po s t- L a un ch R ec a p : M ic ro f ilm Campaign During the pop-up post-launch period, La Perla will use the opening events video footage, and Tik Tok lives as original assets to create a film campaign and distribute it on its media platform.

Synergetic Seasonality • The pre-launch period is right after the end of Chinese new year when sales promotions almost finish, and people are going back to metropolitan cities for work.

• The campaign shall cover the Chinese Valentine’s day during the Post-launch period, coinciding with the post-production video campaign. This is the most accurate and appropriate time point to remind consumers of the brand and revisit the store both digitally and physically.

• The video marketing campaign aims to achieve the third objective in product trial and purchase. Moreover, Post-launch should end before the holiday season.

Recap story one: Brand Story This microfilm will use the footage of the Collection Introduction part of three opening events. It will remind the consumer about the brand heritage, reinforcing the consumer’s understanding of La Perla’s product, service, design inspiration and process, and craftsmanship.

Recap story two: Powerful Moment Inside La Perla’s Closet This microfilm will use the footage of the styling part of three opening events.

It will remind the consumer about the empowerment moments that ties into La Perla’s sexiness.

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Timing & Activity Map

In the 2019 fiscal year, La Perla’s total revenue is € 85,821000, include € 74,077000 from Retail Stores and €11,744000 from Wholesale. Comparing with € 106,240 000 total revenue in the 2018 fiscal year, La Perla’s total revenue has declined in 2019. Factor underlying the revenue decline in 2019 include: 1. Lost sales from discontinued product categories which are not relevant under the revitalization strategy 2. A reduction in selling space, due to the exit of low productivity retail locations 3. Production complications reducing the supply of fresh merchandise to stores, particularly during the first half of the year 4. A decline in promotional activity and discounting

ROI Measurement •

We set an expected revenue of €30 million for La Perla in the Chinese market. La Perla’s average product unit price is € 300, so at least 100 thousands of products need to be sold.

•

Based on La Perla’s total revenue of € 85,821,000 in 2019, we put 5% of the total revenue into advertising and marketing in the Chinese market. Therefore, the advertising budget for the Chinese market is €4.3 million.

•

So that La Perla’s ROI on China’s market is 6% : €30 million- €4.3 million)/ €4.3 million*100% = 6%

But La Perla adopted the revitalization strategy in the second half of 2019 and made good progress, reflected on the strengthened management team, began product revitalization, evolved marketing program, launched La Perla Beauty subsidiary, initiated an upgrade of IT and core information systems.

After La Perla was sold to German entrepreneur Lars Windhorst’s Tennor Holding BV in 2018. Although its revenue has also declined, it reduced its loss to 50 million euros in 2018. At the same time, La Perla to List in Paris is in September 2019, and its market value will reach 473 million euros.

Therefore, La Perla can raise a part of funds from issuing stocks to expand in the Chinese market.

Current Financial Situation Analysis

After investigating the spending on each type of advertising technology in the Chinese market, the following is the distribution for the advertising.

Total marketing budget is €4.3 million in one year.

Budgeting - 54 -

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Budget Allocation

Tasks, Objectives & Effectiveness Budgeting - 56 -

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Tasks, Objectives & Effectiveness Budgeting - 58 -

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We showed mood boards and keywords of the pop-up campaign to the interviewees and asked for their feedback.

Key Findings: • Easy-to-understand: La Perla needs to take a more intimate approach to make its target audience feel the quality. Consumers prefer intimate and interactive experience with the brand and its lingerie products.

• Associations: The perception of sexiness among La Perla’s Chinese millennial female does not manifest in a seductive way. Therefore, the pop-up shop‘s merchandising and design shall be careful in interpreting selected La Perla collections.

• Pre-Purchase: Having a souvenir upon leaving the pop-up shop can leave a long-lasting memory. It can also excite brand attachment and intentions for purchase.

Preliminary Subjective Evaluation Key Findings: • The pop-up store’s promotion must focus on local traffic, local lifestyle KOLs, and cultural influencers.

• Brand comprehension that gear to pre-purchase is the primary goal of the pop-up store.

• The pre-launch campaign should generate buzz to create brand awareness, requiring the popup design to incorporate more elements of brand heritage and craftsmanship.

Explorative Concept Testing

Campaign Tracking Impression: • Track the exposure of ads. On the premise of meeting the standard, it can be understood that the more independent users who see the advertisement, the wider the influence of the advertisement. In addition, you also need to consider the effectiveness and completeness of advertising. Some advertisements will be quickly turned off by users, and some advertisement users will watch for 2 seconds, 5 seconds, and 15 seconds. The brand information received is obviously different.

Click-Through Rate: • Clicks/Impressions=Click-through rate; Factors that affect advertising CTR include, for example, advertising content, creativity, time of delivery, etc.; therefore, if the CTR does not meet the expected results, LaPerla makes an analysis based on these factors.

Target Customer Percentage: • Laperla’s main target customers are female millennial consumers in China.

Therefore, we need to track through big data about how many advertisements are received by millennial female consumers.

Reach: • It represents the number of independent users who have seen the target advertisement more than once. Because the frequency of advertising will affect the influence of the target audience, the frequency is too low and the influence is not enough, and the audience cannot remember the brand; but the frequency is too high, it will disturb the audience, and it is also a waste of the advertiser’s budget.

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Brand Awareness: • Since the first step of the HOE in advertising is to create strong brand awareness, the first diagnostic is to check if top of mind awareness has increased over time. After post launch period, we will make a survey related to below question • After Post-Launch Survey Question: When thinking about underwear brands, what brands come to mind?

Purchase Intentions: • We next assess buying predisposition • After Post-Launch Question: Suppose you were about to buy underwear products, which one brand would you most likely buy?

Brand Considerations: • Since consumers are likely to consider a repertoire of brands we can also assess this.

• After Post-Launch Question: What other brands would you consider buying?

Ad Recall: • Ad recall means asking the target audience to describe any ad he or she can remember for that product category.

• After Post-Launch Question: Please describe any digital ads you have seen for Laperla.

Marketing Collaterals & Pop-up Renderings

Ad Recognition (execution and branded cut-through): • The easiest way to assess this is to show or describe the ad (without the brand) to a person.

• After Post-Launch Survey Question: Have you seen this ad?’ and ‘What is the brand?’

Message Take-out and Image Tracking: • If the advertising is influencing brand image, then the target audience should be able to • After Post-Launch Survey Question: Apart from encouraging you to buy, what do you think is the main message of the ad for this brand?

Diagnostic measures & metrics Testing and Tracking - 62 -

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Out-Of-Home Billboard and Magzine

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Digital Marketing: Xiaohongshu

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Marketing Collaterals

Digital

Digital Marketing:

Marketing:

T-Mall Ecommerce

WeChat Account

Banner

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Pop-up Renderings

Entrance and introductory area

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Pop-up Renderings

Introductory and exhibition area

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Pop-up Renderings

Exhibition area

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Entrance and introductory area (panorama)

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Pop-up Renderings

Pop-up Retail Showroom and Celabrity Try-on Stage (on the opening event)

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Pop-up Renderings

Pop-up Retail showroom

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Pop-up Renderings

Pop-up Retail showroom

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Pop-up Renderings

Fitting area featured with VR try-on screen

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Pop-up Renderings

Fitting area featured with VR try-on screen

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Pop-up Renderings

Fitting area featured with VR try-on screen Ipad installation for app download and CRM

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Pop-up Renderings

Fitting area featured with VR try-on screen

Joint room to exit

Ipad installation for app download and CRM

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Pop-up Renderings

Joint room to exit

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Instagrammable Photo Booth

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Pop-up Renderings

Instagrammable Photo Booth

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Pop-up Renderings

Check-in & Check-out Counter, served with cocktails

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Pop-up Retail Showroom and Celabrity Try-on Stage

Entrance and Exhibition Area

Instagrammable Photo Booth Check-in & check-out counter

Pop-up Renderings

Pop-up Store Layout

3D Virtual Travelling Video If video is not playing, please access through this link: https://drive.google.com/file/d/1rNNyFdRjg-ze9bZZddUcCybdG4kflofn/view?usp=sharing

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Appendix

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Appendix

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Appendix

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Appendix

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“---.” Jing Daily, 5 Dec. 2017, https://jingdaily.com/the-top-luxury-lingerie-brands-in-china/.

THANK YOU!

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