Versace Lingerie Brand Extension
Mi’Kiera Graham-Young Rylie Healy Kristin Taylor Hunt Cherish Riley FASM 215 Fashion Aesthetics & Style Winter 2015 Professor Meeta Roy
Executive Summary
The purpose of this project was to create a brand extension. We decided to create a lingerie brand extension for Versace. Versace is a brand that exemplifies sex appeal and sophistication. A Versace lingerie line makes perfect sense. The expected outcome is for our loyal customer to be very excited to treat herself to high-end intimates while being able to completely adorn her body in a brand she covets. Success hinges on brand loyalty. The Versace Woman can wear her Versace bra and panties as well as her Versace ready-to-wear or couture. Success also hinges on building strong, new relationships with new wholesalers Versace has never done business with. Versace does not wholesale their clothing in many department stores, but it would be smart to start new lingerie market connections as a lot of Versace competitors wholesale at the major luxury department stores.
Table of Company Summary
Overview
Market Analysis
Target
2
Size of the Market
18
Demographics
History
3
Key Players
19
Psychographics
Current Ownership Structure
5
Competitive Landscape Analysis
21
Customer Profile
Current Revenue
6
Future Growth Plans
7
SWOT Analysis
8
Current Positioning
11
Current Placement
13
Promotional Activities
15
Contents Consumer
24
4Ps Strategy
Product Strategy
Summary
32
Conclusion
41
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Mood Board
33
Works Cited
42
29
Fabric Board
34
Appendices
45
Lingerie Flats
35
Pricing Strategy
36
Placement strategy
37
Promotion Strategy
39
Company Summary
1
OVERVIEW 2
VERSACE HISTORY
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This moves us into the 21st century with Donatella holding the reins as creative director and vice president. The brand continues to be immersed in pop culture and grow as a lifestyle brand.
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Current Ownership Structure
Versace is a family run business under The Gianni Versace S.p.A Group. Blackstone owns 20% stake in Versace. Gianni Versace’s Niece and Donatella Versace’s daughter, Allegra Versace, owns 50% stake in the Gianni Versace Group. The President of Versace is Santo Versace. The Vice President and Creative Director is Donatella Versace (One Source). The Chief Executive Officer is Gian Giacomo Ferraris. The Chief Executive Officer of United States Operations is Michele Sodi. The Director of Wholesale Worldwide is Marc Duhm. In the United States, the Director of E-commerce is Beth Simon, the Director of Merchandising is Alla Farberov, and the Vice President of Retail is Salvatore Tramuto (LinkedIn). 5
Current Revenue
One Source reported Versace’s total income as 411.1 million USD as of December 31, 2013. Their net sales were 389.0 million USD. Their net profit was 1.8 million USD. In 2012, Versace showed a 20% revenue advance to 408.7 million Euros. Sales at the company’s stores surged 39%. Net income rose to 8.5 million Euros from 7.9 Euros. In 2013, 60% of sales came from the signature line. There was a 50% gain in earnings to reach at least 94.5 million Euros. In 2014, 40% of sales were made from leather goods purchases. The revenue forecast is expected to climb 18%, reaching 656.6 million Euros.
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Future Growth Plans
Versace plans to expand their retail network. The plan is to increase the number of directly operated stores to more than 200 units by 2016 in established markets. They also plan to further the development of Versus Versace. Room for growth is seen in Japan and Korea, not necessarily in emerging markets. E-commerce business is also in plans to be enhanced. Global sales for 2016 are hoped to reach 800 million Euros or 1.09 billion dollars (“Versace Global focus�). 7
Swot Analysis Strengths - Established brand image
Weaknesses - Those with High incomes, but not high net worth
-137 stores worldwide - Versace’s financial state - Multiple brand extensions - Had to back out of the China market - High demand for luxury goods - Innovative and stylish products
Opportunities - online retail and e-marketing are growing
Threats - Competing with large financial groups, such LVMH and Kering.
- Looking to expand target market to a - Economic recession impacted younger generation purchases - Global expansion in retail network
- Lots of competition in the luxury market - knockoffs
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Strengths Analyzed Versace’s brand image is established as sexy and sophisticated. Versace is a strong single standing fashion house that has established its brand since the early 1980s by its founder Gianni Versace. From the late 90s up until present day, Versace has maintained a clear brand aesthetic by incorporating elements of rock and roll, art, and theatre, then transforming it into the Versace well-known brand symbol, the Medusa. The Medusa is one of the brands key elements in being recognized globally. The greek mythology symbol represents power strength, and classic tradition which encompasses the overall aesthetic of Versace. Versace having a variety of successful product lines, allows us to predict our brand extension will follow along the same path. Versace has stores all around the world, allowing the brand to be known globally. For a brand to be successful, it needs to be accessible to its target consumer. Versace has a variety of brand extensions. The label offers clothing for men, women, and children, along with shoes, jewelry, watches, sunglasses, and perfumes. These many product categories give the Versace customer a lot of options. The many extensions also help differentiate the brand from competitors that have less product offerings. There is a high demand for luxury goods as luxury goods are better quality. One Source reported that quality is the number one consideration for the luxury consumer when purchasing goods. An increase in luxury spending is related to increased female employment (Warc Briefing). Versace has always been an innovative brand. Gianni Versace invented the Orton Chainmail design that has inspired younger designers. Gianni was always innovative in his use of fabrics and manipulations (Wilcox). Versace provides the stylish sex appeal and confidence women desire. In the Atelier Versace Spring 2015 couture show, Versace sent a gown down the runway that revealed the model’s whole side through sheer material.
Weaknesses Analyzed A Weakness, if any, in luxury market is amongst the aspirational “mass affluent”: those with high incomes, but not high net worth (Salfino) as they are more likely to be affected by an economic downturn than those with a high net worth. An economic downturn will affect spending power of those with high incomes. Versace was highly leveraged during the recession in 2008. In the past, Versace’s method of producing money for the company was to take out bank loans. Once the recession hit, Versace was affected negatively and left with large debts. This meant Versace had to find investors to fund the fashion house. Blackstone, an American private equity firm, invested in 20 percent of the company to help with the financial instability (“Versace Agrees”). Versace’s financial instability forced the brand to back out of the Chinese market. This is a weakness because China is a growing luxury market. China was predicted to account for 20% of the global luxury market by 2015 (Warc Briefing).
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Opportunities Analyzed Online shops are the future. Online, as well as brick-and-mortar, allows a brand to have an omni-channel business. Customers are started to expect to be able to purchase an item online if it is not available in the store. Already, the luxury consumer shops online 30% of the time (Salfino) and that number is expected to grow. Versace is looking to expand their offerings to a younger generation with their Versus Versace line. The line is being rebranded to target a youthful, digitally-savvy customer (Shea). This will open up Versace’s reach to the world populations. the CEO of Versace, Gian Giacomo Ferris, stated in a June 2014 interview that ”our number one priority is to expand our retail network (“Versace’s Global Focus”).” With this being said, these future growth plans can allow our brand extension to grow and adapt as an asset to the house. Threats Analyzed Versace is a small company compared to conglomerates such as LVMH and Kering. Versace does not have the same financial backing to compete with big financially backed luxury brands. The Gianni Versace group also cannot possibly bring in the profits that LVMH and Kering do. The economic recession impacted purchase power. The luxury consumer with just a high income was not able to purchase luxury goods the same. Any economic downturns will always affect the luxury market negatively. When unemployment is high and money is tight, people will treat themselves, but not as much (Salfino). There are numerous luxury brands competing in the same space. Luxury brands have similar target customers and similar exposure of their products. It is a fight to differentiate one luxury brand from another. It is also difficult to market a brand in a world cluttered with advertisement. Knockoffs are a problem for the whole luxury market. Knockoffs are cheap and very close matches to the real thing. Knockoffs fool loyal customers that do not know how to verify the authenticity of what they are buying.
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Current Positioning
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These brands are those that are competitors of Versace. They are all luxury brands with similar aesthetics or target customers as Versace. The perceptual map shows Versace’s placement to these competitors based on their pricing and accessibility.
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Current Placement
Versace currently has 15 U.S. boutiques in 8 states. There are boutiques in Atlanta, Beverly Hills, Costa Mesa, Dallas, Honolulu, Houston, Las Vegas, Mclean, Miami, New York City, and Orlando. The brand’s online shop ships internationally to 8 countries. those countries are the USA, Italy, the UK, France, Spain, Belguim, the Netherlands, Austria, and Germany. Versace wholesales their menswear and/or womenswear clothing at Neiman Marcus, Nordstrom, and Saks Fifth Avenue. Their other products, such as perfumes and watches, are available at Bloomingdale’s, Macy’s, Belk, Bon-Ton, Dillard’s, J.C. Penny, Kohl’s, Lord & Taylor, and Sears.
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Current Promotional Activities Versace promotes their brand using print advertisements that are placed on billboards and in magazines, such as Issue, Vogue, Post, Elle, New York, and Vogue Italia. Versace is active on social media using Facebook, pinterest, twitter, instagram, YouTube, and Google+. Versace has newsletters available for e-mail. Customers sign up through the Versace website.
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Versace collections show in Milan during fashion week for Autumn/Winter and Spring/Summer Ready-to-Wear, Haute Couture, Menswear, Resort, and Pre-Fall. Versus Versace shows at New York Fashion Week. Versace hosts launch parties as well. There were launch parties for Versus Versace, Versace for H&M, and store openings. Versace has released television advertisements for their perfume, Bright Crystal, and Versace Euro Men’s cologne.
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Market Analysis
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Size of the Market
Euromonitor reported that Women’s underwear increased by 3% in volume terms and by 5% in current value terms in 2013. Women’s underwear has seen an increase since 2008, excluding 2009 with the economic downturn. The 2008 sales totaled 16,291.7 million USD and grew to 18,065.0 million USD in 2013. The Women’s underwear market saw a 4.8% current value growth in 2012/2013. The forecast sales for women’s underwear in 2015 are 11,425.1 million USD and 11,616.5 million USD in 2016. The forecast sales of underwear percent value growth from 2013 to 2018 is 1.3%. 18
Key Players
19
These are the key players in the underwear/lingerie market by revenue (One Source) Brands: Victoria’s Secret - 1,416.0 million dollars Maidenform - 600.3 million dollars Calvin Klein - 241.0 million dollars Retailers: Nordstrom - 12,540.0 million dollars Bloomingdale’s - 2,317.0 million dollars Barney’s - 904.7 million dollars
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Competitive Landscape Analysis
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These competitors are some of the top lingerie brands accessible to United States consumers. They are considered luxury lingerie, which is the new market Versace will be entering. These brands are also accessible in some of the same luxury department stores where a consumer can purchase Versace products. These brands offer similar products that we have planned for our Versace Lingerie Assortment.
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Target Consumer
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Demographic Segmentation The Versace target consumer is a 25 to 44 year old woman. We plan to launch the lingerie in the key cities, Miami, New York City, Los Angeles, and Las Vegas, so we examined the demographic information of our target customer in these locations. American FAct Finder stated that In New York City, 30.9% of the population are women 25 to 44 years old. In Los Angeles, 28.9% of the population is our target consumer. In Las Vegas, 14.1% and in Miami, 14.4% is our target consumer. Our target consumer is segmented within her own group. These groups are the upper middle class women with “discretionary incomes ranging from $100,000 to under $150,000. [Also] Core Affluent consumers with discretionary incomes of at least $150,000, with household incomes of under $450,000; and the “‘One Percenters (Salfino).’” Most of our target consumers are college graduated with their bachelor’s degree or higher. In NYC, 18 to 24 year old college graduates account for 20.1%, 25 to 34 year old women account for 50.5% of graduates, and 35 to 44 year old women account for 39.5% of graduates. In Los Angeles, 18 to 24 year old women are 11.2% of college graduates, 25 to 34 year old women are 36.2% of graduates, 35 to 44 year old women are 31.9% of graduates (“American FAct Finder”).
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Psychographic Segmentation Versace is a luxury brand, therefore the target consumer is a luxury woman with a high income or a high net worth. “Capgemini and RBC Wealth Management’s U.S. Wealth Report 2014 finds that the wealth and population of high net worth individuals (HNWI) grew to record levels in 2013 (“Keeping”).” In the United States, 10% of the very wealthy got their money through heritage or celebrity while the other 90% worked their way up from the middle class. Lifestyle Monitor reported that the luxury consumer is attracted to quality and durability majority of the time. Quality is the most important consideration when a wealthy American is making a purchase. Often, this consumer prefers to have one item that will stand the test of time opposed to several trendy pieces. This consumer is less concerned with trends as she believes herself to be a trendsetter. Brand names also play a part in consumer psychology. It is reported that brand loyalty will be part of the success (Salfino). The established customer base will be excited for a new product extension. “‘…the market is still mostly comprised of those with discretionary income who place their emphasis on brand and not the price (Salfino).’” Women’s underwear saw an increase by 3% in volume terms and by 5% in current value terms in 2013 due to women trading up to higher-end intimates. This behavior will help Versace’s move into the lingerie market. Women use the purchase of lingerie as a way to give themselves a present. Lingerie is a confidence booster for women. Women are choosing to indulge in higher-end intimates opposed to value-priced underwear (“Womenswear”).
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When there is an economic downturn, those with high incomes, not high net worths, are affected and tend to spend less, while high net worth consumers will continue to buy (Salfino). It is reported that consumers will continue to spend money regardless of an economic downturn or a low income. Consumers will continue to treat themselves and. A lifestyle monitor survey found that virtually all Americans bought a treat, and 23% of those consumers bought luxury apparel (“Keeping”). As the United States continues to recover from the recession, it is expected that consumers will have an increase in disposable income, which translates into an increase in purchases of apparel (“Womenswear”). “‘As income goes up, the propensity to spend goes up with it,’ Schulman says, adding that 180 million consumers earn less than $100,000, while 60 million earn more than that (“Keeping”).” With an increase in income, where consumers shop also changes. Those earning $200,000 or more shop at department stores 39%, specialty stores 20%, chains 16%, and mass merchants 7% (“Keeping”). Those earning $100,000 or more shop in chain stores 29%, department stores 23%, specialty stores 16%, mass merchants 11%, and off-pricers 7%. “The highest earners are the largest group to buy most of their apparel via e-commerce (“Keeping”).” The Monitor survey also revealed that online shopping is favored by 10% of those earning $200,000 or more and 6% prefer e-commerce in the $50,000 to $199,000 range.
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By the VALS consumer profile, the Versace target consumer is an innovator. According to the Strategic Business Insights, innovators are “successful, sophisticated, take-charge people with high self-esteem. Because they have such abundant resources, they exhibit all three primary motivators in varying degrees. They are change leaders and are the most receptive to new ideas and technologies. Innovators are very active consumers, and their purchases reflect cultivated tastes for upscale, niche products and services. Image is important to Innovators, not as evidence of status or power but as an expression of their taste, independence, and personality. Innovators are among the established and emerging leaders in business and government, yet they continue to seek challenges. Their lives are characterized by variety. Their possessions and recreation reflect a cultivated taste for the finer things in life.�
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Customer Profile Our customer is Emilia Eckhardt. She is a 38 year old married career woman. She works as an Art Director and her husband is a Plastic surgeon. They reside in New York City. Her salary is $150,000 annually. Her husband earns just over $600,000 annually. They are an upper class family that worked their way up from the middle class through a college education (Salfino). She is loyal to the Versace brand. She is concerned about her appearance and her taste is for the sultry. She is established and loves the skin she’s in. The sexy Versace clothes express her independence and personality, as wearing Versace is not just a symbol of status for her. She shops at the fifth avenue Versace frequently for her work attire, as well as her party attire because the clothing is great quality. As an art director, Emilia attends a lot of industry events and Atelier Versace helps her stand out from the crowd. Mrs. Eckhardt is an innovator and she embraces new technology. She was one of the first consumers to purchase an iPhone 6 Plus. She enjoys the finer things in life, which also includes travel. One of the couple’s vacation locations is South Beach, a neighborhood in Miami Beach, Florida to escape the cold New York winters. When in Miami, Emilia shops at the Miami Versace. Emilia will be excited to be one of the first customers to get her hands on Versace lingerie. She will be elated to have high-end intimates from a brand she covets. She will also be eager to model the new lingerie for her husband.
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4Ps Strategy
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Product Strategy For this new product category, we will launch a small assortment to test out with our target consumer. Gianni Versace was known to reinvent materials by using processes of replacement, overlapping and layering, blending, and interlacing with concepts of social and historical role reversal, which is exactly what we wanted to achieve when producing a lingerie brand extension for Versace (Wilcox). Donatella is always thinking about her brother when she designs, so it is only right to honor him with this new extension as well. This assortment will include four different bra and panty combinations, one bodysuit, two slips, and one robe. The robe is going to be available as a custom piece reminiscent of the Gianni Versace era. The robe features the Oroton chain mail that Gianni invented in 1982. It will also be branded with ‘Versace’ down the back along with the medusa logo. Featuring the brand’s name printed on the robe will tie it into the Present. Specifically, Donatella’s Autumn/Winter 2015/2016 Ready-to-wear collection was what we had in mind. The product fits the sexy and confident aesthetic that is Versace. The collection does not leave much to the imagination because showing skin is not a fear at the Versace house. Select lingerie pieces are also branded with the medusa logo that is often adorning Versace ready-to-wear pieces. The collection will come in the colors red, navy, gold, and black. It will also feature materials such as Black napa leather, lace, silk satin, and gold grommett studs. WGSN stated details in lingerie for the A/W 16/17 season as fetish details, such as choker-inspired necklines. Strapping seen in stretch satin was stated as a new elegance in the ‘demurely erotic’ theme. Kingfisher blue was a color for the season. The Kingfisher blue report and the blues in the Versace A/W 15/16 collection were reasons for our color choices. Black is a given in the lingerie market. The WGSN key colors for A/W 16/17 were acid gold, atmospheric blue, and sweet red, which we also saw in the Versace A/w 15/16, so we used the colors in our lingerie product as well. Metallic leather and peek-a-boo cutout details mixed with delicate was stated as the modern erotic on WGSN also.
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Mood Board
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Fabric Board
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Lingerie Flats
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Pricing Strategy For pricing, we will be placed higher than La Perla and lower than Agent Provocateur. The average price of La Perla is 385 dollars and the average price of Agent Provocateur is 665 dollars. We would like the average Versace price to be in the 500 to 600 dollar range. The custom Oroton chain mail robe will be $6,000. The long, navy slip will be $1,000. The short, red slip will be $650. The bodysuit will be $600. The black, studded, strappy bra will be $700. The matching, strappy thong will be $550. The red bra will be $350. The matching, high-waisted panty will be $500. The choker, studded straps bra will be $575. The matching panty with a medusa medallion will be $500. The strappy, asymmetrical choker bra will be $590. The matching, safety pin boy shorts will be $550. The average price, excluding the outliers, the custom robe and long slip, will be $557.
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Placement Strategy
Our plan for distribution is to place the new lingerie extension in existing channels, as well as some new channels. Versace has its own brick-and-mortar boutiques in the U.S. market. We plan to launch in a few key cities to test out the consumer want for the product. We have found that our target consumer is a city-dweller in these cities where Versace boutiques are located. These key cities will be Miami, New York City, Las Vegas, and Los Angeles. Versace wholesales their clothing at Neiman Marcus in the U.S. market. Many of Versace’s competitors also sell wholesale at luxury department stores. Our customers are exposed to our competitors when they shop in the department stores so our brand must be accessible at wholesale level as well. We will build relationships with luxury department stores’ lingerie buyers, such as in Nordstrom, Barney’s, Bloomingdale’s, Bergdorf Goodman, and Saks Fifth Avenue, to add more wholesale as well. In the United States, high-earners prefer shopping at department stores 58% of the time (Salfino). E-commerce is also a growing market and may be the future of retail. In the U.S., 30% of high-earners are shopping online (Salfino). Our e-commerce ships to nine countries internationally. Our competitors have also realized the importance of online shops, so we must offer the lingerie extension online as well. Omni-channel is the focus in retail today. If a customer visits a boutique and the lingerie item they desire is unavailable in store, we want our customer to be able to order the item online and have it shipped to their home instead. Our merchandise is also sold online at the Neiman Marcus e-commerce site, so our lingerie line will also be accessible there.
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Promotion Strategy To launch this lingerie extension, we plan to host an exclusive party. The party would take place at the Miami boutique or at the Versace Miami mansion. We will invite celebrities and who’s who in fashion. Versace is a very pop culture involved brand, so celebrities will be important to endorse and show support for the new line. We will have the celebrities because in the future they will wear our lingerie, post instagram photos in it or tweet about how much they love the product, which will get to the public, their fans, and create more desire. This same effect happens when celebrities wear Versace gowns on red carpets. During the party, we will showcase a preview of the new collection. The purpose of the party would be to create buzz and awareness about the new extension. Important media outlets will also be present to review the line and write a feature. For our print advertisement campaign, we will feature a celebrity or top model in the lingerie, as stated above, Versace is very pop culture involved. Lady Gaga and Madonna were recent, successful brand ambassadors. Strength, sensuality, and confidence will be the theme of the advertisements. The models will be alluring, seductive, feminine, and uninhibited, words that represent the brand. Our focus will be on strong quality ads. “The Luxury Marketing Council’s Greg Furman, founder and CEO, says major brands have already begun shifting their ad message to concentrate on quality (Salfino).” The advertisements will be placed in fashion magazines, such as Vogue, Elle, and Harper’s Bazaar, which are magazines our luxury woman reads. We will also feature our ad campaign on social media. @Versace_Official has 1.8 million instagram followers and the Official Versace Facebook page has over 3 million likes. Our ads will also be placed on billboards. Our last strategy will be a short, seductive fashion film that will entice the viewer. It will be uploaded to the Versace youtube channel, as well as a 15 second micro-film version for instagram. These will be our version of a commercial, as our luxury consumer is not likely to be enticed by television commercials. The fashion film is the future of advertisement, as shown through the use by luxury brands such as Prada. The fashion film is innovative and dynamic. It is better to appreciate a product and add to the complexity for the viewer through movement opposed to static images.
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Conclusion
In summation, we really believe in this lingerie brand extension because lingerie is sexy and Versace exemplifies what it is to be sexy. A lingerie brand extension logically makes sense and it has lots of potential. This lingerie brand has the potential to increase revenue and it will be meaningful to our sophisticated target woman. Our target consumer is a sexy, luxurious businesswoman. She wears Atelier Versace to her galas. She wears Versace ready-to-wear in her everyday life. She wears Versace eyewear, Versace Fragrance, Versace fine jewelry and accessories, and Versace watches. And now she can wear Versace lingerie too.
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“Warc Briefing: Luxury.” WARC. 1 Nov. 2010. Web. 8 Mar. 2015. <http://0-www. warc.com.library.scad.edu/Content/ContentViewer.aspx?MasterContentRe f=d60e5b6c-516b-41d0-b252-3750ca83224a&q=luxury consum er&CID=A92174&PUB=WARC-EXCLUSIVE>. Whitworth, Melissa. “Versace for H&M Launches in New York with a Little Help from Prince.” Versace for H&M Launches in New York with a Little Help from Prince. Http://www.telegraph.co.uk/, 09 Nov. 2011. Web. 08 Mar. 2015. Wilcox, Claire, and Valerie D. Mendes. The Art and Craft of Gianni Versace. London: Published by V & A Publications ;, 2002. Print. Zargani, Luisa. “Versace Plots Growth And Eyes IPO By 2020.” WWD. 28 Feb. 2014. Web. 22 Feb. 2015.
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Appendix A Perceptual map numbers and calculations
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Appendix B
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