EXECUTIVE SUMMARY 2
INTRODUCTION 3-4
Background of Balenciaga
Balenciaga’s Current Retail Strategy
Technology in Retail
RATIONALE 4-6
The Luxury Market
The Competition
The Consumer
THE RETAIL STRATEGY 7-10
Digital Mirror
The App
AI Styling and Colour Analysis
Integrated Marketing Campaign
Timeline and Goals
CONCLUSION 11
APPENDICES 12-14
REFERENCES 15-17
Phygital spaces: a term used to describe the blend of physical and digital spaces (Huang et al, 2023), are becoming increasingly popular in fashion retail. To capture consumers’ attention in the fast-paced environment that is the fashion industry, businesses must engage consumers in an innovative and experiential way (Diamond et al, 2015). Balenciaga is one of the many fashion brands that is adapting to technological advancements to look to the future of fashion retail. This report aims to develop a retail strategy proposal to be launched at the end of 2024 for Balenciaga’s flagship store in London, that utilises Artificial Intelligence (AI) and Augmented Reality (AR) technology to incorporate digital mirrors into physical spaces as one seamless experience for the consumer. Generation Z (Gen-Z) will be the target demographic as Balenciaga wants to position itself towards increasing its’ Gen-Z customers.
Based on Balenciaga’s background, competitors and consumer base, the retail strategy for the London flagship store will be as follows: a digital mirror that visualises Balenciaga clothing on the consumer using AR. It will also have the added benefits of a built-in AI styling tool and colour analysis feature that consumers can access from an app on their phone as well as on the digital mirrors. The objectives of the strategy are to:
Increase the number of Gen-Z consumers for Balenciaga through understanding their needs and values.
Provide a phygital experience that does not exist in Balenciaga’s current or previous retail strategies.
Develop a relationship with the Gen-Z customer that aims to last short-term and long-term.
Balenciaga is a luxury fashion brand that was founded by Cristóbal Balenciaga Eisaguirre in 1917 but is now owned by the Kering Group (Polan and Tredre, 2020). As a brand, Balenciaga was known for its innovative silhouettes hinting to surrealist movements and Spanish influences (English and Munroe, 2022). Today, Balenciaga has a streetwear style that pushes the boundaries of conventionalities, partly due to the creative direction of Demna Gvasalia who was appointed in 2015 (Kering, n.d.). The current target demographic for Balenciaga is upper-class millennials, which is shown through model casting, pricing strategy and choice of influencer partnerships (Diamond et al, 2016). But now, Balenciaga aims to shift its attention to Gen-Z. In 2022, Balenciaga scored 88.95 on The Brands IPX Global Index (IFDAQ, 2022). This index measures market value and predicts sales trends and, since Balenciaga scored highly, it is evident that the brand has a substantial influence. To maintain this influence and relevance, Balenciaga is forward-thinking and adaptable when it comes to advances in technology and has already experimented with the Metaverse and gaming experiences (Williams, 2021), which is appropriate for moving towards targeting Gen-Z as they are digital natives (Ayuni, 2019).
BALENCIAGA SCORED
88.95
BRAND IPX GLOBAL INDEX
Balenciaga currently adopts an omnichannel approach for its retail strategy (Cabigiosu, 2020). This is evident through the brand’s efforts to flawlessly combine brick-and-mortar retail with online retailing. For example, customers can book an appointment for an in-store consultation on the Balenciaga website. Also, consumers can access links to Balenciaga’s social media channels on the website whilst also accessing the website through the social media channels. There are various benefits to omnichannel retailing, for example, one advantage is that it can improve the experience for the customer as the touchpoints are integrated into one (Mason and Jarvis, 2023). Balenciaga responds to its target customer’s behaviour by prioritising e-commerce (Cabigiosu, 2020) but without ignoring the need for a memorable and experiential in-store experience. Balenciaga’s flagship store in London on New Bond Street embraces an unconventional design that differentiates from other luxury fashion brands (See Appendix A). Industrial and brutalist architecture of the store aims to represent creative director Demna’s vision of contemporary luxury (Chitrakorn, 2022). This means that the store is a perfect canvas for implementing new technology. Therefore, for Balenciaga’s future retail strategy, it would be appropriate to take advantage of the modernity and prime location of the flagship store to introduce a new pioneering digital strategy.
There have been many recent advancements in technology that can improve the retail experience for the customer. The omnichannel strategy is just one example that many retailers, like Balenciaga, are utilising. However, there are some technological features of retail that are more experiential, such as the metaverse, augmented reality (AR) and artificial intelligence (AI). Balenciaga has not left these elements of technology untouched as Balenciaga clothing is being sold on the metaverse to redefine the exclusive concept of luxury for the purpose of becoming more accessible to consumers (McDowell, 2022). Technology can impact a wide range of aspects of retail, but in terms of the instore experience, there are many opportunities for luxury fashion brands to use technology to create captivating visual displays (Koumbis, 2021). Technology can also aid the purchasing experience so that it is quicker and more convenient for the customer, as businesses can collect data about its customers before they visit the store and therefore create a more personal relationship with the customer. Therefore, Balenciaga can make use of technology in its London flagship store to involve customers in a way that separates the brand from other luxury retailers.
Luxury fashion involves a balancing act of maintaining exclusivity, whilst also being accessible to consumers (Ishihara and Zhang, 2017). The luxury market can be divided into a hierarchy as suggested by Posner (2015), and Balenciaga sits in the high-end section since expensive ready-to-wear pieces are sold. Luxury fashion brands hold a sense of prestige and therefore luxury retail strategies reflect this. For example, luxury fashion retailers have the opportunity to create more meaningful relationships with customers than high-street fashion brands, by being creative with the way that products are marketed. With the unpredictable state of the current economy, consumers are looking for more than just a product-central approach and favour experiences (Mckinsey & Company, 2022). This may have evolved from the restrictions during the Corona Virus pandemic, since customers were unable to shop in-store. However, because of this, customers have become familiar with online environments (Hoang et al, 2023). Therefore, luxury brands like Balenciaga can adapt to the change in consumer behaviour by utilising both physical and digital spaces through creating a captivating and interactive campaign.
“Consumers are looking for more than just a productcentral approach”
It is important to consider Balenciaga’s competitors when creating a new strategy because this strategy aims to be original for the purpose of differentiating from other brands. One of Balenciaga’s main competitors is Gucci because both brands sell luxury ready-to-wear that have a streetwear style. Gucci has used the Metaverse through a campaign called Gucci Town on the online gaming platform Roblox (See Appendix B), to target younger consumers (McDowell, 2021). This strategy aims to build awareness about Gucci’s heritage within a digital world. Balenciaga also took advantage of this digital trend by using battle royale game Fortnite (See Appendix C) as a platform to promote its clothing (Yotka, 2021). Similar to Roblox, the game is dominated by a younger generation and through selling digital clothing, luxury becomes more accessible to those who are less likely to be able to afford real life luxury clothing. Therefore, both these strategies broaden the consumer base for the brands. However, these campaigns do not take into account the importance of the in-store experience. The Metaverse may be a useful tool for creating brand awareness and selling digital clothing, but it does not include the personal experience that customers can receive in-store, such as interactions with inspirational store assistants and sensory stimulation. Therefore, including technology in bricks-and-mortar combines both aspects in a way that is innovative, whilst still creating a memorable experience for the customer (Spanke, 2020).
The target demographic for this retail strategy will be Gen-Z because Balenciaga is aiming to position itself towards the younger generation. Gen-Z is known as the generation of change as they have strong values towards ethics and sustainability (Euromonitor, 2023). Not only that, but this generation has grown up in a digital age and are one of the generations that use smartphones the most (Euromonitor, 2023). This suggests that when curating a strategy for Balenciaga that will target Gen-Z, technology is an important factor to consider as they are digital natives (Ayuni, 2019). According to Statista’s (2023) insights into Gen-Z’s online shopping behaviour, almost 50% of Gen-Z use their mobile phone to purchase products online. Therefore, for Balenciaga’s retail strategy, it would be beneficial to incorporate mobile phones into the strategy since they are such an important part of Gen-Z’s purchasing behaviour. However, despite this, the physical store is still valued by Gen-Z. After the restrictions of the Corona Virus pandemic the need for experiences became a vital way of gaining Gen-Z customer loyalty. Gen-Z want a seamless blend between physical and digital, especially from luxury fashion brands (Euromonitor, 2023). For that reason, a phygital approach to retail will be the strategy to position Balenciaga towards the younger generation.
50%
OF GEN-Z USE THEIR MOBILE PHONE TO PURCHASE ONLINE
It is useful to map out Balenciaga’s current customer and an aspirational consumer profile of Gen-Z to clearly illustrate what the differences in consumer’s expectations are (See Appendix D). Balenciaga’s current customer is people who fall into the millennial generation who have a high disposable income and value success (Statista, 2023). It is evident through Balenciaga’s model casting on its website that the models are of an older age than Gen-Z which means Gen-Z might not self-identify with the models (Comunale, 2009). Balenciaga is also known for collaborating with Kim Kardashian, who rose to fame on Keeping Up With The Kardashians during the childhood of Millennials which was rediscovered by Gen-Z. Also, the price points for the clothing reflect the luxury branding, which most people who fall into the Gen-Z category would rarely be able to afford. Millennials are more likely to engage in luxury spending, compared to Gen-Z, as they enjoy exclusivity (Euromonitor, 2021). Therefore, luxury fashion is more of a symbol of status for Millennials but for Gen-Z it acts as a way of forming and expressing an identity. On the other hand, Gen-Z are more practical in their spending but have a high spending power (Schnieder and Lee, 2022), this means that brands are moving towards targeting Gen-Z. As a result, Gen-Z is an aspirational customer for Balenciaga and Millennials are the current customer. Both generations have some values in common, but ultimately are targeted in different ways and this retail strategy will focus mainly on Gen-Z as Balenciaga is wanting to move towards targeting that generation more.
The main aspect of the strategy is to implement digital mirrors into the Balenciaga flagship store in London. Digital mirrors allow the customer to try on clothing without having to get undressed. This is suitable for Gen-Z because they want a quick and convenient shopping experience, which is why they prefer to shop online (Chevalier, 2023). However, it is important to adapt the in-store shopping experience to fulfil their need for in-person experiences too (Euromonitor, 2023). The digital mirrors aim to do this through a data base that has the inventory of the store encompassed within it, not unlike an average website. The difference is that the customer can try on the clothes digitally and see it come to life on the screen and once they have picked an item, they can check out using the same mirror. Digital mirrors give the customer the option to go for a digital purchase approach whilst still enjoying the experience of going to a bricks-and-mortar store. The digital mirrors will blend into the architecture and interior of the flagship store by featuring a concrete frame that resembles a pillar like those seen in the store (See Appendix A), therefore creating a phygital space.
To collect data from the consumers and for online purchasing, a customisable Balenciaga wardrobe app will be put into practice in line with the digital mirrors. The app will allow consumers to input their preferences such as favourite colours, desired fit and personal body measurements. This will allow the customer to have a personalised experience when they go into the Balenciaga flagship store as the data base will already have an idea of their likes and dislikes to make the digital mirror styling process more efficient. The consumer will be able to access their own data through the digital mirrors, as they will have a unique QR code that can be found in the app. The digital mirror will scan the QR code and will be able to log the customer in and transfer the information so that the styling process can occur. However, the digital mirror will have an AI styling feature too, so even if the consumer does not have the app downloaded, they can still use the mirrors in-store. The extra data collected through the app will make the experience even more tailored to each individual. There will also be the option to purchase items from the app because this is suitable for Gen-Z as there is a high number of the generation who purchase products on mobile devices (Statista, 2023). The app will enable the customers to be involved in some of the features of the digital mirrors in the comfort of their own home, whilst encouraging the consumers to visit the Balenciaga flagship store to get the full experience.
The app will be inspired by the digital wardrobe app Whering, which lets people input images of their own clothes (See Appendix E). The Whering app also offers styling suggestions and makes it easier to see all of your clothing in one place (Whering, n.d.). The difference for Balenciaga is that the app will include all the Balenciaga stock and customers can create outfits from the collection of clothing and accessories. This means that the customers can get inspired by the products and see them in more context rather than stand alone pieces. Therefore, creating virtual visual merchandising that offers the same benefits that a styled mannequin would, which is important for retailers to consider because it encourages consumers to purchase and generates appeal (Bailey and Baker, 2022). The app aims to satisfy Gen-Z as it allows them to express their identity through curating personalised outfits by mixing and matching clothing. As a result, meeting their needs of wanting to distinguish and develop their character (Francis and Hoefel, 2018). There is also the opportunity to include sustainability infographics on the mobile app, for example, aftercare advice of the clothing to ensure the items last to their full potential. This would match Gen-Z’s values about brands making sustainability efforts (Euromonitor, 2023). Therefore, the app adds an extra innovative dimension to the retail strategy.
The digital mirrors will also feature artificial intelligence (AI) technology. The term AI has many different definitions, but it all comes down to machines having the ability to perform actions without needing round the clock guidance from a human and adapting by learning from experience (Oxford English Dictionary, 2023). The AI will be used for a styling tool that will scan the body of the consumer that is looking in the mirror and estimate the measurements of the body to suggest clothing pieces that will suit the customer. A way of making this process easier, is to ask the consumer their measurements including height, weight, what fit they are looking for and any specific social occasion the outfit is going to be worn at. The idea is that the consumer can do this before they even step into the store through downloading an app. AI sizing recommendations have been done before through online size guides such as the Asos virtual fit assistant (Asos, 2018), which recommends sizes but does not recommend styling tips. The digital mirror will be able to do this as it will visualise the clothing onto the customer using augmented reality (AR) and the customer will have the option to try on multiple pieces at a time. For example, clothing, shoes and a handbag simultaneously. Therefore, encouraging the consumer to purchase more items, in the same way a human stylist would. This technology is not looking to replace human stylists, but instead it can free-up time for the stylist to focus on regular clients whilst still allowing other customers to browse the store’s inventory. This is important for building customer relationships as it allows all customers to have a personalised experience (Chevalier and Gutsatz, 2020).
MACHINES POSSESSING THE ABILITY TO PERFORM ACTIONS WITHOUT NEEDING ROUND THE CLOCK GUIDANCE FROM A HUMAN AND LEARNING FROM EXPERIENCE BY ADAPTING.
- OXFORD ENGLISH DICTIONARY
The digital mirror aims to create a seamless experience for the customer by suggesting silhouettes, colours and sizes of the clothing that is tailored to the consumer. Therefore, to aid the styling process, the digital mirror will also perform a colour analysis on the customer. The mirror will note the colour and tones of the customer’s hair, eyes, skin and lips to suggest clothing colours that will compliment their appearance, which is a vital part of effective styling (BurnsTran and Davis, 2018). The customer can also provide information about their favourite colours on the app to make the experience even more customised. The digital mirrors and the app will be an omnichannel retail strategy as they will link in-store and online which will be achieved through the mirror scanning a unique QR code that will be assigned to each customer through the app. The QR code will hold the information that the customer has inputted into the app and will transfer to the mirror whilst they are using it. Therefore, making a flawless, united omnichannel retail approach (Mason and Jarvis, 2023). This is appropriate for the target demographic of Gen-Z because they expect no differentiation between online and real life. They also enjoy expressing their identity through clothing and are willing to pay more for products that offer personalised experiences (Francis and Hoefel, 2018). This suggests that the digital mirrors will be an ideal strategy for Balenciaga to increase the number of Gen-Z customers as it meets their needs.
36% OF TIKTOK USERS ARE AGED 18-24
31% OF INSTAGRAM USERS ARE AGED 18-24
To build brand awareness around the digital mirror campaign, an integrated marketing campaign will be executed that aims to establish short and long-term connections with the target customer of Gen-Z. This will be released in September/October of 2024 (See Appendix F) on Instagram and TikTok. These particular social media channels are the most suited for the target demographic as 36% of TikTok users are aged between 18 and 24 (Statista, 2023) and on Instagram, almost 31% of the users are aged 18-24, again being the most common demographic (Statista, 2023). Not only that, but the campaign can also reach the complimentary consumers which are millennials, as this generation is the next largest demographic on the platforms. It is important to focus on digital marketing for the campaign as social media can be a useful tool in segmenting a target market (Ryan, 2021). The campaign will consist of a series of posts, with the app being revealed first so that the consumers can get a taste of what the digital mirrors can offer. There is also the potential to add a filter integrated to both social media channels that users can use and share to try out the digital wardrobe concept, therefore creating awareness. The goal of the campaign is to bring the desired customers into the London flagship store to experiment with the full experience of the digital mirrors.
To ensure this retail strategy will be achievable for Balenciaga, SMART goals can be used to effectively manage and plan the strategy. SMART goals include evaluating if the goals are specific, measurable, achievable, relevant and timebound (Leonard and Watts, 2022). It is also useful to consider a timescale when planning a project to ensure the goals and objectives are met (See Appendix F). In terms of demonstrating specific goals, the objectives of increasing the number of Gen-Z consumers, providing a phygital experience and developing a strong relationship with Gen-Z, mentioned earlier in the report, would be achieved. For the measurable aspects of SMART goals, Balenciaga will be able to use sales information and footfall in the London flagship store to assess the performance of the strategy. These goals are achievable for Balenciaga because it is a global corporation that has a high market value in luxury fashion (IFDAQ, 2022), therefore, there will be less constraints to funding. The goals are relevant because in this report, data and evidence about the target consumer has been used to fully understand the customer to create a retail strategy suitable for them. Lastly, the goals are time-bound because a timescale has been implemented, with the final date of November/December 2024 for the retail strategy to be unveiled in the Balenciaga London flagship store. Therefore, by doing this, it leaves Balenciaga equipped to successfully carry out the retail strategy.
To conclude, Balenciaga’s background and current retail strategy has been examined to provide a suggestion for an innovative phygital retail strategy that involves digital mirrors for installation in the London flagship store. This has been done because as Balenciaga has a history with experimenting with technology (McDowell, 2022), it was important that the proposed strategy had not been done before and that it was appropriate for Balenciaga’s target customer. The luxury market was analysed to gain an understanding into how luxury brands are connecting with consumers during the current state of the economy, technological advancements and after the impacts of the Corona Virus pandemic. The key takeaways from this are that these factors have changed consumer behaviour and therefore caused luxury fashion brands to adapt to the changes. One of Balenciaga’s competitors Gucci has a similar retail strategy fingerprint, and by investigating the competitor’s previous strategies it meant that Balenciaga can effectively overcome the challenge of differentiating between competitors. The proposed retail strategy has been chosen because after exploring Balenciaga’s current customer base compared to the target customer of Gen-Z, it was found that Gen-Z value technology, and mobile phones are important for them (Euromonitor, 2023). Therefore, the app that is connected to the digital mirrors aims to fulfil Gen-Z’s digital native need for technology. On the other hand, the built in styling and colour analysis in the digital mirrors provides Gen-Z the tool to experiment with their identity (Francis and Hoefel, 2018). Finally, goals have been set for Balenciaga to successfully carry out the retail strategy over a one-year timeline.
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