“Growing up in Miu Miu”
Miu Miu Mood Board
Brand Identity Matrix
SWOT Analysis
Market Analysis
Targeting Strategy
Segmentation Variables
Customer Profiles
Perceptual Map
Trend Research Inspiration Boards
Capsule Collection
Marketing Mix: 4 P’s
IS NOT GIVEN TOYOU, YOU HAVE TO TAKE IT
Person: Enjoys affluence
Youthful
Outgoing, daring
Fun, loud
Care-free, wild
Fashion-forward
Symbol:
Logo
Miuccia Prada
Miu Miu store
Signature Miu Miu quilting
Elle Fanning
Miu Miu Collar/Detachable collar
Overcoats
Product: Ready to Wear
Handbags
Eyewear
Accessories
Fragrances
Shoes
Jewelry
Organization: Prada Group
Italian
Family driven company (Prada started in 1913)
5 brands
○ Prada, Miu Miu, Church’s, Car Shoe, Marchesi
1824
Integrated business model 13,000+ employees
● Inclusive
● Enjoys affluence
● Youthful
● Outgoing,
● Fun, bold
● Care-free
● Fashion-forward
● Independent
● Promiscuous
● Rebellious
● Seductive
● Distinctive, avant-garde, provocative style
● Luxury women’s fashion
● RTW, handbags, eyewear, accessories, fragrances, shoes, jewelry
● First fragrance licensed in partnership with Coty Luxury in 2012
● Read to wear is known for being very high quality with great attention to detail
Source:PradaAnnualReport2017
● Strengths
○ Loyal customers
○ Strong advertising with the help of female celebrities
○ Large social media following
○ Established luxury brand
○ Strong brand identity
● Opportunities
○ Create a more accessible designer line to reach a wider audience
○ Childrenswear market is a growing industry
○ Increased exposure to Miu Miu collections through collaborations
○ Growth opportunity in online presence
● Weaknesses
○ Their exclusivity shuts majority of consumers
○ Price point
○ Few stores
○ Bad PR scandals in the past
■ Accusations of sexualizing their young models
● Threats
○ Competitors
■ Ralph Lauren, D&G, Fendi, Bonpoint, etc.
○ Fast Fashion introduces similar ideas at a cheaper price point
○ Global macro-economic factors
○ Fear of in-store shopping following the pandemic
■ Losing brick-and-mortar will hurt business
● Loyal customers
● Strong advertising with the help of female celebrities
● Large social media following
● Established luxury brand
● Strong brand identity
● Distinctive, specific aesthetic and style
○ Hard to replicate
● Exclusivity can stop them from reaching a wider audience
● Price point
● Few retail locations
● Bad PR with accusations of sexualizing their young models
● MIU MIU could potentially lack brand awareness in comparison to Prada
● Create a more accessible designer line to reach a wider audience
● Opportunity to expand with more stores and locations
● Increased exposure to Miu Miu collections through collaborations
● Growth opportunity in online presence
● Can expand accessories line into more affordable to wider audience (millennials)
● Competitors
○ Ralph Lauren, D&G, Fendi, Bonpoint, etc.
● Fast Fashion introduces similar ideas at a cheaper price point
● Risks regarding image and brand recognition
○ Success in luxury goods business is linked to image and distinct character of brand
● Fear of in-store shopping following the pandemic
○ Losing brick-and-mortar will hurt business
● Global macroeconomic risks due to its international scale
○ An unfavorable global economy could adversely affect the propensity to spend on luxury goods
Carters Inc= 2.1
H&M= 1.6
Nike=1.5
Balabala=1.4
Old Navy(Gap Inc)=1.3
Adidas=1.1
Designer Childrenswear Market: 6,559.2 USD Million
● Millennial (25-34)
● “HENRYs” or High-Earners-Not-Rich-Yet with incomes of 100k-249.9k
● Parents
● Feminist ● Rebellious
● Allows children to freely self express ● Fashion conscious
● Enjoys leisure traveling ● Social Media savvy ● Luxury consumer
● Buys Luxury clothing for themselves
● Keeps up with current trends
● Enjoys buying clothing for children
● Matching with their children
TheSourcingJournal
Moncler
Balenciaga
Chloe
Bonpoint
Conservative
Stella McCartney
Ralph Lauren
Nike Adidas
Children’s Place
Gap Kids
Carter’s
Dolce & Gabbana
Brunello Cucinelli
Fendi
Kenzo Gucci
Burberry
Versace
Givenchy
Moschino
H&M
Miu Miu Mini
Zara Kids
Stella McCartney = ($63-$86)
Fendi= ($130-$220) Benetton =($18-$32)
Brunello Cucinelli= ($220-$410)
Burberry= ($130-$260)
Gucci= ($170-$270)
Kenzo= ($42-$120)
Chloe= ($70-155)
Balenciaga= ($195)
Givenchy= ($104-$270)
Versace= ($130-$245)
Dolce&Gabbana= ($265-$814)
Moschino= ($70-$205)
Bonpoint= ($78-$278)
Gap Kids = ($10-$30)
Moncler= ($115-$130)
Ralph Lauren= ( $22-$115)
The Children’s Place= ($20-$50)
Carters Inc= ($20-$30)
“Grandma’s House”
“Modern Heritage”
“Earthsavers”
“Annabelle ” “Viola”
“Modern Heritage” & Fall 2015
Signature Miu MIu
“Grandma’s house” & Fall 2017
Headbands in “Grandma’s House” color palette & Resort 2020 “Paloma”
Ankle socks using classic Miu Miu prints
https://www.vogue.com/fashion-shows/resort-2020/miu-miu/slideshow/collection#11
https://www.businessoffashion.com/articles/intelligence/miuccia-prada-unravels-difference-prada-miu-miu
https://libproxy.fitsuny.edu:2908/display/972952/?fromSearch=%3Ffreetext%3Dmiu%2520miu
https://wwd.com/business-news/financial/pradas-full-price-strategy-drives-progress-in-1203542098/
http://blogs.brighton.ac.uk/sarahhenning/2017/05/09/miu-miu-brand-analysis/
http://www.catwalkyourself.com/fashion-biographies/miu-miu/
https://www.pradagroup.com/en/group/group-profile.html
https://www.businessoffashion.com/articles/intelligence/how-kiddie-street-style-stars-are-driving-the-childrenswear-market
https://www.businessoffashion.com/articles/intelligence/the-childrenswear-market-comes-of-age
https://sourcingjournal.com/topics/lifestyle-monitor/childrenswear-parents-shopping-toddlers-tweens-cotton-edited-mintel-baby-yoda-19 1565/
HunterFoulke
MarlennSabbagh
GiannaEidel
ColetteWard
Oftenreferredtoas“Prada’snaughtylittlesister”,MIUMIUwasbornin1993asan expressionofMiucciaPrada’sboldandprovocativetakeonmodern,femininedressing.Codes centraltothehouseincludeunexpectedtwistsonclassicshapes,offkiltercolorsandprints, andadesignpointofviewcelebratingquirky,youthfulnaivety.Itsdynamicproductofferingis supportedbyanoverarchingvisionwhichinformstheMIUMIUuniverse.Duetothisstrong brandDNA,anextensionintothechildren’swearmarketwouldserveasanaturaladditionto theMIUMIU,andPradaGroup,portfolio.
MIUMIUwasbornin1993asasubsidiaryofPradaGroup.MiucciaPradacraftsthe brand’syouthful,unconventionalidentityindependentfromitssisterbrand.Thebrandopened theirfirststoreinViaDellaSpigaandnowownsandoperatesatotalofonehundredand seventy-threestoresworldwide.MIUMIU’sproductofferingcurrentlyincludeswomen’s ready-to-wearapparel,bags,footwear,accessories,licensedeyewearandfragrances.
PradaGroupisclassifiedasaSpA,inItalianshorthandfor“societàperazioni”.Also knownasajoint-stockcompany,thistypeoforganizationismarkedbyalimitedliabilityforall shareholdersandthecreationofitscapitalinto“shares.”Also,afteralongawaited2011IPO, PradahassincebeenlistedontheHongKongStockExchange.Prada,afamilyownedItalian luxurybrand,generatedanetprofitof256millioneurosthisyear,up24.5percentcomparedto
its2018netprofitof2015million.In2019theirrevenuetotaledawhopping3.22billioneuros, up2.7percentinrelationtoits3.14billionrevenuein2018.Retailsalesalsogrew4.1percentto 2.63euros.
CurrentownershipstructureissplitbetweenMiucciaPradaandPatrizioBertelli.The PradaGroupprofilereports(2018)thattheportfolioisrepresentedinover70countries.Prada’s distributionstrategyutilizesselectluxurydepartmentstores,multi-brandstores,franchisees,and e-tailers.Thegroup’s2019reportstatesthat(2019)“Theretailchannelgenerated82.8%ofthe PradaGroup’sconsolidatedsaleswhilethewholesalechannelaccountedfortheremaining17.2.”
Communicationactivitiesalsotakeplacethroughthebrand’sdirectlyoperatedstores, wholesalechannelpartners,andintegrativee-commercestrategy Additionally,theyhave establishedMiuMiuTales,ashortfilmserieshighlightingworkswrittenanddirectedbywomen whocriticallycelebratefemininityinthe21stcentury,thusbolsteringastrongbrandidentity
PradaGroup’sgrowthplanstakepriorityinrationalizationofthewholesalebusiness, seekingtoendrampinddiscounting.Additionally,PortiaCrowewrites(2019),“MiuMiuwasthe worst-performingbrandinPrada’sportfolio,withsalesfalling8percentatconstantexchange rates.Ready-to-wearatthelabel,whichismarginallyprofitable,hasgrownforsixconsecutive semesters,executivessaid,butleathergoodsareunderreview Revenuesatthenamesakebrand rose1percent,whileChurch’sgrewby3percent.Thiswaspartlyattributabletoadipinretail salesfollowingPradaGroup’sdecisiontophaseoutend-of-seasondiscountsinstoresbytheend oftheyear Thecompanysaidthishadamid-single-digitimpactonretailtrends,whilefull-price salesrose2percentinthefirsthalfoftheyear.”
OrganizationStructureChart-PradaGroupFinancialReport
BrandIdentityMatrix
ThesizeofthefashionretailmarketforchildrenswearisapproximatelyUSD171.7
Billionwitha2.6%salesperformancegrowthfrom2005projectedinto2024(Graph1and2).
Thedesignerchildren’swearmarketisworth6,559.2billion(USD)(Graph3).Intermsof RetailValueRSPworldwide,theleadingcompaniesinthechildren’smarketfollowrespectively, Carters,H&M,Nike,Balabala,OldNavy(Gap)andAdidas(Graph4).Thecountriesinthe worldwiththebiggestmarketshareofchildren’swearincludeHongKong,China,Taiwan, Thailand,Russia,Mexico,USA,France,ItalyandTurkey(Graph5).Takingintoconsideration thattheAsia-PacificandEuroperegionscomprisemostofPrada'snetsalesfromdirectly operatedstores(Statista)andthemarketshareNorthAmericaholds,ourchildren’swearlinewill launchinthesethreeregions.
TherearemanyluxurybrandsinthemarketforwhichMIUMIUcompeteswithfor marketshare.TheseincludebutarenotlimitedtoChloe,StellaMcCartney,BrunelloCucinelli, Burberry,Balenciaga,Givenchy,Bonpoint,Moncler,RalphLauren,Fendi,Gucci,Kenzo, Versace,Dolce&GabbanaandMoschino.LeadersinthismarketincludeGivenchyKids,which willdroptwocollectionseachyearwitharound130piecesofseason.Balenciagacompetesas wellwithitsgenderneutralchildren’sline.Gucci’s‘fakeGucci’t-shirtforkidssoldoutat Selfridgeswithinfivedays:theteeretailsat($112)andtheadultversionsellsfor($375).
Howeverduetothesizeofthechildren’swearmarket,wecouldnotneglectotherretail giantswhichinclude,Carters,H&M,Nike,Balabala,OldNavy(Gap)andAdidas.Thesebrands holdaretailvalueRSPrespectively,2.1,1.6,1.5,1.4,1.3,1.1(Graph4).
Afterconductingresearchonsegmentationvariables,weconcludedthatthebesttargeting strategywouldbeconcentrated/nichemarketing.Thisapproachwouldbestfitourbrandbecause childrenswearisoneoftheraremarketswheretheenduserisnottheconsumer,sothisparticular targetingstrategyworksbestforspecialitygoods.
OurdemographicsegmentationwillbetargetedtowardstheMillennialcohort,aged 25-34.Forluxurybrands,thepopulationprojectionsshowpowerfulopportunitiesemergingfor luxurymarketsthatcantapthepotentialoftheseconsumers.Additionally,luxurymarketsshould target“HENRYs”orHigh-Earners-Not-Rich-Yetwithincomesof100k-249.9k.Asreportedby GraceCook(2017),Millennialparents,whoaredressingtheirchildreninthesameclothesas theydressthemselves,arethedrivingforceoftheindustry.Theyholdaspendingpowerof1.3$ trillion,accordingtoresearchbytheMissouri-basedcreativeagencyBarkleyUS.DuetoMIU MIU’sexistingfemaleconsumer,wearehopingtotargetmothersofthisgenerationinterestedin multigenerationalfashion.Anotherkeyaspecttothisdemographiciscelebrityoffspring,who areincreasinglybecomingfashioniconsatanearlyage fromNorthWesttoPrinceGeorge, PrincessCharlottetoBlueIvy.
AccordingtoDavidPark,anIllustratoratComplexmagazine,(2017)“Peoplewantto dressuptheirchildrentokeepthemfresh”.Ourtargetcustomershouldbeconsciousofdressing theirkidsinawaythatmakesthemstandout.AccordingtoanarticlefromtheBOF,ahugepart ofthemillennial,andstreetwear,cultureislimited-editionproducts.Ourtargetedcustomerwill haveapeakedinterestinclothingthatisrare.TomKalenderian,whoworkedastheexecutive vicepresidentandgeneralmerchandisingmanageratBarney’s,saidthathiscustomers“gravitate towardsbrandsfortheirkidsthattheypersonallymightwear”.ThisgivesushopethatMIU MIU’scurrentcustomerwillextendwithusintothemarketforchildrenoftheirown.
TheAsia-PacificandEuroperegionscomprisemostofPrada'snetsalesfromdirectly operatedstores(Statista).MIUMIUflagshipstoreintheAoyamadistrictofTokyo,coreofthe brand’sJapaneseoperations,willalsoprovetobeanimportantgeographiclocationforMIU MIUMini.DuetoPradabeinganItalianLuxurycompanywealsofeelitisimportanttopay homagetoitsidentityandlaunchinItalyandtheEuropeanregionssuchasFrancethatprovide significantdesignerchildren’swearmarketshare.Thebrandwillalsolaunchit’schildren'swear
lineinNorthAmerica(NewYorkCity)asluxurychildren'sbrandshaveprominentmarketshare there.
AccordingtoBusinessOfFashion(2017),Consumptionhabitshaveshiftedtowards morefrequentpurchases.Wearetargetingconsumersthataresparseontheirshoppingsprees, especiallyduetothefactthatchildrengrowfastandfrequently.London-baseddesigner RoksandaIllincicsaidthatbuyingperceptiondiffersfromyourselftoyourchildren.“Youwould indulgeinhermuchmorethanyouwouldyourself”.Ourtargetcustomerwillhavethismentality thatshoppingforherchildrencanbe viewedasafunactivity.Ilincic continuesbysayingthatwhen creatingherbrand,“Ifeltthemarket waslackingabitoffun,thatthe thingsforkidswereeithertoopink ortooperfect”.Thesemomsshould havethemindsetthatthemarketis readyfortheboldandfunkycollectionMIUMIUiswillingtooffer.Itisalsoimportanttoknow thatalthoughkidsarenotgoingtothegymoryoga,theystillhaveaninterestinmirroringthe parentswayofdressing(Kalenderian).
OurfirstcustomerisGraceJames.Sheisa32yearoldInstagrambloggerandjuststarted designingherownlineofwomen’ssportswear.Herhusbandisasuccessfulcommercialreal estateagentandveryactiveingivingbacktohiscommunity.Theyhavetwoyoungdaughters andanotherchildontheway.TheyliveinalargeapartmentontheUpperEastSideandspend thesummerattheirhouseintheHampton’s.Gracespendsmostofherdayswriting,designing, andgalavantingaroundFifthAvenuelookingfortheperfectoutfitforthenextfashionorsociety eventonheragenda.Gracealsolovestodressherdaughtersupinbrightcolorsandprintsto showcasetheirloudpersonalities.
AnothercustomerwehaveisNicolettaBertelli.Sheis36yearsoldandisanart connoisseur.Whensheisnotgoingtoartgalleriesandbuyingpiecessheisoftencreatingwork ofherown.Togetherwithhertwoyounggirlsandherhusband,theyliveonherfamily’s50-acre vineyardinTuscany.Whileherdaughtersareatschool,Nicolettaisfocusingonhernotforprofit organizationthatprovideschildrenwithanenvironmenttofostertheirartisticside.
Usingdatafromchildren’swearpricing,specificallygirlst-shirts,wewereabletogain anaveragepricepointperbrand.OurYaxisrepresentsascalefromtheleastexpensivetomore expensivebrands.Utilizingouruniquesellingproposition,conservativetoplayfulis
demonstratedonourX-axisasMIUMIUisknownforit’soffkilter,femininestyling.According toanarticleontheSourcingJournal,playfulclothingisthemostimportantaspectwhenbuying children’sclothingGraph1.Also,duetomarketshare,prominentplayersinthechildren’swear marketareincluded.
(Children’sweargirlsT-shirts)
1. The“Annabelle”teddycoatisarepresentationoftheMIUMIUFall2015collection combinedwiththetrendreport,“ModernHeritage.”ThiscoatpullsfromMiucciaPrada’s inspirationforthe2015line,cheeky,sensory,communistoverload.Thislinesharesa moreprovocativetakeofthe1950’s.Bothourcollection,andtheRTW2015lineconsist offamiliarfabricationsofthe50’s,usingthickwoolandsimilarneutraltones.
1. The“Claudia”coatusesasimilarcolorationtoMIUMIU’sFall2017RTWlineinspired bythemadnessofglamourinfrontofanuncertainfuture.Withthat,thecoatalsotakes inspirationfromthe“Grandma’sHouse”colorstoryandtheme.
2. The“Charlotte”dressisinspiredbyMIUMIU’sFall2011colorpaletteandstory.This linewasmeanttotransportitsviewersbacktotheWorldWarIIerainParis.The Charlottedressusesasimilarmutedburntorangetone.Throughthesilhouette,andby addingtheflowerprinttothedress,youthandplayfulnessareemulatedtostayonbrand withMIUMIU.
3. The“Camilla”top’sprintistakendirectlyfromtheMIUMIUSpring2018runway.The runwaywasinspiredbytheBaby-Boomergeneration(includingPradaherself),andhow theymadetheirownwayfromayoungage.Italsousesasimilarruffledsilhouetteasthe Spring2012MIUMIUshow,whichwasaboutescapingskirtsforpantsuits.Thistop epitomizesbothofthesemessagesandMIUMIU’sbrandimagethroughthe sophisticated,yetyouthfulstyleofit.Alongwiththat,thetopusesthe“Grandma’s House”colorscheme.
4. The“Paloma”pantsusethetrendforecast,“Earthsavers,”astheinfluenceforthecolor andmaterialsused.TheoverallstyleofthepantsisverysimilartoMIUMIU’sResort 2020collectionwhichpullsinspirationfromconservatismthroughglamourandfun.
5. The“Viola”detachableCollarisatakeonMIUMIU’sinfamousaccessory.Beingthat MIUMIUisabrandthatispublicizedusingacollarasanaccessoryoradditiontoan outfit,wefeltthatitwasnecessarytoprovideoneforgirlsstartingfromayoungage.
6. The“Olivia”headbandismeanttopulltheoutfittogetherthroughamorebasic-colored accessory.TheOliviaheadbandswouldrangeinsolidcolorsfromthe“Grandma’s House”theme,andwouldbethemostversatileandwearablepiecesintheentire collection.
7. The“Eleanor”socksbringmanyfamousMIUMIUprintsontothefeetoflittlegirls. TheybringMIUMIU’spersonalityinamoresubtleandversatilewaywhilegiving younggirlstheopportunitytoexpressthemselvesinamorepersonalandfashion-forward way. ForourMIUMIUMinicollection,wefoundthatduetoCovid-19itisprojectedthat globalconsumptionrateswillfall,slowingdowntrends.Duetothis,atrendinthechildren’s marketisknownas“Grandma’sHouse.”Grandma’sHouse”isstyledbasedonvintage hand-me-downsandretroprints.Withthat,theideaofsustainabilitywillnowbemoreapparent andwillbesomethingkidspickuponfromayoungage.Thecolorpaletteforthisthemeissoft andtonalconsistingofmanyearthtonesandmutedblushcolors.
Anothertrendforecastweconductedfoundthatmanynatural,warmtonesshouldbeused
inourcollectionbasedoffofthechildrenswearthemetitled“Earthsavers.”Earthsaverscenters eco-friendlymaterialsandlong-lastingdyes.Itencouragesacomfortable,softgarmentthat offerspracticalityandmixesindoorandoutdoorsilhouettes.WeusedGrandma’sHouseand Earthsaversasinspirationforourcollectionbecausetheyeachemphasizeenvironmental protectionandsustainabilitywhichcoincidewithPradaGroup,andMIUMIU’ssocial responsibilityandpartoftheircorporateprincipals.
Thefinalchildrenswearthemeweusedasinspirationforthedesignandstyleofour collectioniscalled“ModernHeritage.”ModernHeritageconsistsofclassic,neutralcolor palettes,butholdtheirvalueinthischallengingmarket.Thisthemefocusesonlong-lasting, timelesspiecesandsilhouetteswithmodernaccents.ModernHeritageservesastheperfect balancewithMIUMIU’sout-of-the-boxstyletoprovidemorewearableandlong-lastingstaple piecesinthecollection
Price
Ourfirstfeaturedpieceinthecollectionisthe “Annabelle”Teddycoat.MadeinItaly,thisgarmentfeaturesa shearlingcollar,cuffsandpocketsaswellasbrassbuttons.This piecewillbelistedatapricerangeof$850-$950.Thispricerange determinedwithfabricationandthedesignprocessinmind. Whilealsocomparingcoatsofsimilarstylefrom
leadingcompetitorswefoundcompetitorsretailluxurychildrensouterwearinthe$900range.
Oursecondfeaturedpieceisthe“Charlotte”asseenontheleft.The“Charlotte”isa burntorangecottondresscomplimentedwithflowermotifsanddelicaterufflesalongthe neckline.Thisclassicbibstyledressismadeofpurecottonpoplin,afabricthataccentuatesthe brightcolorandpatternpresented.Thisdresswillretailintherangeof$550-$650,comparable toluxurychildren’sdresspricingstrategiesacrossthemarket.
The“Viola”isanodtothehouse'siconicdetachablecollars.Thesecollars ontherightwillcomeinanarrayofdifferenttextures,stylesand prints.Thesedetachablecollarsretailinapricerangeof$85-$125asresearch luxurychildrenswearaccessorymarketsshowsthatcompetitorsprice goodscomparatively.
fourthpieceforthiscollectionisthe“Claudia” bluecoatto Similartothe“Annabelle”thisplayfulbutpracticalcoatisalso madeoffinevirginwool.Linedwithafauxfurcollarandcontrasting flowerprint,thisistheperfectseasonaltransitioncoat.Thiscoatwillbe
pricedat $1000-$1100,comparabletoluxurychildren’souterwearpricingstrategy
The“Paloma”pantsontherightarethefifthpieceforourcuratedcollection.Thesekhaki likepantsaremadeof100%cottonwithasoftprint.Perfectlylightforanicefalldaythesepants caneitherbedressedupordresseddown.Pricedatapricerangeof$200-$250.Thispricewas determinedafterlookingatluxurybrandtrousersmadeofthesamefabriccontentwhopriced pantssimilartotheseinthe250range.
The“Olivia”headbandtotheleftistheperfectaccessoryforoursixthpieceofour collection.Thisheadbandistakentothenextstepwithvelvetbraidedfabric.This headbandwillbepricedat$130-140.Duetothefabricationaswellasotherdesigner accessories’pricingstrategies.
The“Camilla”floraltopisourfeaturedblouseofthiscollectionmade withafabriccontentofcottonpoplin.Thetrendypuffedsleevemakesthis blousesoeffortlesslycute.Withpatternsinspiredbyspring2018readyto wear,thisblouseiscomplementedwithjusttherightamountofruffle.Coming inatalistedpriceof$350-$450.Thisblouseislistedatthismarketpricedue tothefabriccontentandstyleaswellaswherecompetitorspositioned themselvesinthispricerange.
The“Eleanor”socksaretheeighthpiecetocompleteourcollection.Forthese usesomeofMIUMIUiconicprintstobeputonthem.Made thesesocksareperfecttospiceupanylittlegirl'swardrobe. theseaccessorieswillbe$35-50dependingonsize purchased. Gabbanalongerkidssocksbeingpricedat$60.
Placement
AfterresearchingwhichretailersMIUMIUMini’scompetitorssellthrough,wehave concludedthatspecialized,luxuryretailerswouldbemostappropriate.Theseretailersinclude SaksFifthAvenue,Bloomingdale’s,BergdorfGoodman,andNeimanMarcus,aswellastheir onlineplatforms.Withthat,onlineretailers,Farfetch,Net-a-Porter,andTheWebsterwouldall alsobefittosellthecollection.The168MIUMIUstoresaroundtheworldwouldalsohavea sectionsetasideforchildrens.
TheGrouphasexpandeditsdistributionnetworktoaboutonehundredandsixtydirectly operatedstores“DOS”inthemostprestigiouslocationsofthemajorinternationalshopping destinations.DOSserveasaprimarysalesfunctionandthereforeourchildren’slinewillbe placedamongthesestoresinourtargetedgeography.Thesestoresareintegratedwithan e-commercestrategythatallowsthegrouptomonitorinrealtimethesalesperformanceofthe variousmarketsforeachbrandandproductcategory.MIUMIUalsooffersavarietyoftheir productsthroughhighendretailer’sonlineplatforms.Usingtheseonlinesiteswillprovideour targetcustomeraccesstothisupandcomingline.Hypekids,whichislaunchingwithKidsFoot Lockerasasponsor,willincludestylenewsandfeaturedesignerswiththeirkids,aswellassell
children’sitemsonHypebeast’sglobale-commerceplatform,HBX.Withthiscollectionbeing allaboutstyleandcreativity,thiswillbeaperfectplacetoselltheline.
WithMIUMIU’s7.4millioninstagramfollowers,thisplatformwillserveasakey advertisingstrategyfortheproposedbrandextension.Stylishkidsaretheultimatestatement accessory.Notably,NorthWestisevidenceofthemassinterestinthechildrenswearmarket.She teamedhercustomVetementssequindresswithapairofVansOldSkoolkicks.Thissparkeda trendinthechildren’swearmarket.Throughpairingtheinterestincelebritychildrenanddigital marketingchannels,MIUMIUMiniwouldmaximizemarketshare.PradaGroupisalsoknown foritsawardwinningadvertisingcampaigns,whichispromisinginthefacttheywillreacha wideaudiencewiththisline.
MIUMIUisacompanypositionedtoofferauniquesalespropositionandgainmarket shareinthechildren'swearsector MiuMiu’sbrandmarkproposesastrongandsubversive femininedesignsignatureforthetoddlerand4-16-year-oldenduser Thehouses’existing contemporary,elevatedproductoffering,andstrongbrandequitytranslateseffortlesslyasa primerforthisproposedbrandextension.ByutilizinginspirationfromMIUMIU’sexisting
designobjectives,factorsinthecompetitiveenvironment,andpredictedtrendsforchildren’s clothing,weplantopenetratethemarketwithaseven-piececollection.DuetoMiuMiu’s establishedbrandidentity,webelievethiswillbeasuccessfulextensionofthePradaGroup’s holdingsasitoffersanoveltakeonthewardrobeandlivesofyoungwomen.
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