Bottega Veneta Retail Expansion

Geographical Expansion Initiative

1 Ana Marino | Magdalena Atencio | Camilla Pedrozo | Gillian Dimick Professor Alessandro Cannata | LXFM 745 | Fall 2019

Table of Contents Company Overview History

Current Status

Growth Plans

Current Distribution

Retail Brand Identity Competitive Analysis Strategic Planning Process Analysis of Geographical Alternatives

A.T. Kerney Country Choices

Proposed Country

PESTEL Analysis

Market Analysis

Key Players

Target Consumer Store Location Store Design Product Plan Promotional Plan Staffing & Recruiting Financial Plan

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Conclusion

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Company Overview 4

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History Bottega Veneta was founded in Vicenza, Italia, by the duo Michele Tadei and Renzo Zengiaro in 1966. The name derives from its native Italian language, ‘Bottega’ means store, and Veneta its to honor the region where the company was founded. Ever since its birth, the brand adopted the intrecciato, which later became a staple. Years after, Bottega Veneta adopted the motto “when your own initials are enough.” The founders felt that having a brandmark was not necessary to build brand equity; so, they opted from a logo free product offering.

During the 1980s, the brand gained international praise when celebrities were spotted wearing Bottega Veneta. Among the famous stars were Jacqueline Kennedy-Onassis and empress Farah Pahlavi.

During this booming decade, renowned artist Andy Warhol produce a fashion film for where Bottega Veneta was featured.

The 1990s was not a great decade for the brand. During this decade, the founding duo stepped down and handed the creative direction to Katie Grand and Giles Deacon. The new creative direction felt that rebranding was needed due to weak financials and adopted a brand logo. This new strategy was not well received by the public, and the company almost went bankrupt. Despite many efforts and new product offerings, the company was acquired by the Gucci Group, now Kering, in 2001.

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Upon this new ownership, Tomas Maier was appointed creative direction. Under Maier, the fashion house went to its beginnings. The creative director removed any visible logos from the brand and its products; this was done to bring back the company’s motto. The designer brought life back to the brand, and under his creative direction, many brand extensions were launched. Some of these extensions included a fragrance, a home line, and a fashion jewelry line.

In 2006, the brand created its artisan’s school. The purpose of this project was to train newly hired artisans adequately. The intrecciato technique, as mentioned before, is a brand staple. The method is so meticulous that heavy training is needed, which is why the company is proud to have open its school. Under Maier, the number of artisans grew from less than 50 to 230 artisans. This technique is their unique differentiator, and Maier made sure it was celebrated when he published a book in 2012. In this book, the method is widely explored.

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Milestones

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1966

1960s

1970s

1980s

1990s

2001

Founded in Vicenza, Italia by Michele Tadei Renzo Zengiaro

Intrecciato technique is introduced

Bottega Veneta develops slogan

International praise Jackie Kennedy Farah Pahlavi

New creative direction Katie Grand Giles Deacon

Bottega Veneta is bought by Kering S.A. Tomas Maier

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Milestones

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2002

2006

2006

2011

2012

2013

The IT bag Cabat makes its debut

Bottega Veneta opens the Scuola Dei Maestri Pellettieri

Launch of jewelry line and interiors and furniture

Introduction of first fragrance called Bottega Veneta

The brand publishes first book named after slogan

Construction of a new atelier

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Current Status Bottega Veneta was founded in Vicenza, Italia, by the duo Michele Tadei and Renzo Zengiaro in 1966. The name derives from its native Italian language, ‘Bottega’ means store, and Veneta its to honor the region where the company was founded. Ever since its birth, the brand adopted the intrecciato, which later became a staple. Years after, Bottega Veneta adopted the motto “when your own initials are enough.” The founders felt that having a brandmark was not necessary to build brand equity; so, they opted from a logo free product offering.

During the 1980s, the brand gained international praise when celebrities were spotted wearing Bottega Veneta. Among the famous stars were Jacqueline Kennedy-Onassis and empress Farah Pahlavi.

During this booming decade, renowned artist Andy Warhol produce a fashion film for where Bottega Veneta was featured.

The 1990s was not a great decade for the brand. During this decade, the founding duo stepped down and handed the creative direction to Katie Grand and Giles Deacon. The new creative direction felt that rebranding was needed due to weak financials and adopted a brand logo. This new strategy was not well received by the public, and the company almost went bankrupt. Despite many efforts and new product offerings, the company was acquired by the Gucci Group, now Kering, in 2001.

Upon this new ownership, Tomas Maier was appointed creative direction. Under Maier, the fashion house went to its beginnings. The creative director removed any visible logos from the brand and its products; this was done to bring back the company’s motto. The designer brought life back to the brand, and under his creative direction, many brand extensions were launched. Some of these extensions included a fragrance, a home line, and a fashion jewelry line.

In 2006, the brand created its artisan’s school. The purpose of this project was to train newly hired artisans adequately. The intrecciato technique, as mentioned before, is a brand staple. The method is so meticulous that heavy training is needed, which is why the company is proud to have open its school. Under Maier, the number of artisans grew from less than 50 to 230 artisans. This technique is their unique differentiator, and Maier made sure it was celebrated when he published a book in 2012. In this book, the method is widely explored.

Global Revenue Share by Product Category in 2018

84% Leather Goods

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6% RTW

Shoes

7% 3%

Other

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Growth Plans Bottega Veneta was founded in Vicenza, Italia, by the duo Michele Tadei and Renzo Zengiaro in 1966. The name derives from its native Italian language, ‘Bottega’ means store, and Veneta its to honor the region where the company was founded. Ever since its birth, the brand adopted the intrecciato, which later became a staple. Years after, Bottega Veneta adopted the motto “when your own initials are enough.” The founders felt that having a brandmark was not necessary to build brand equity; so, they opted from a logo free product offering.

Bottega Veneta was founded in Vicenza, Italia, by the duo Michele Tadei and Renzo Zengiaro in 1966. The name derives from its native Italian language, ‘Bottega’ means store, and Veneta its to honor the region where the company was founded. Ever since its birth, the brand adopted the intrecciato, which later became a staple. Years after, Bottega Veneta adopted the motto “when your own initials are enough.” The founders felt that having a brandmark was not necessary to build brand equity; so, they opted from a logo free product offering.

During the 1980s, the brand gained international praise when celebrities were spotted wearing Bottega Veneta. Among the famous stars were Jacqueline Kennedy-Onassis and empress Farah Pahlavi.

During this booming decade, renowned artist Andy Warhol produce a fashion film for where Bottega Veneta was featured.

During the 1980s, the brand gained international praise when celebrities were spotted wearing Bottega Veneta. Among the famous stars were Jacqueline Kennedy-Onassis and empress Farah Pahlavi.

During this booming decade, renowned artist Andy Warhol produce a fashion film for where Bottega Veneta was featured.

RoW 6% Western Europe 27%

Asia Pacific 41% North America 11% Japan 15%

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Current Distribution Bottega Veneta has a variety of distribution channels through which its products are sold. The channels consist of a strong directlyoperated store network, exclusive franchises, company-owned outlets at discounted prices, e-commerce site, luxury multi-brand retailers, specialty stores, and duty-free. It also has a licensing agreement with Coty Prestige for fragrances and a supply partnership with Poltrona Frau and KPM for seating and porcelain.

Last year was a very important year for the luxury brand due to the focus on its distribution network. Bottega Veneta reinforced its presence worldwide by concentrating on both emerging and mature markets, specifically in the United States and Japan. It enhanced its directly operated boutiques through both refurbishments and expansion to ensure the best possible customer experience. It also plans to continue investing in its distribution network this year by remodeling more boutiques in the European and Asia-Pacific markets.

The brand also profited from select store openings last year which increased its total DOS count to 279, nine more stores than the previous year. It opened a 15,000 square feet boutique in the prestigious Madison Avenue in New York City, now the brand’s largest store in the world. The brand also expanded by opening its biggest store in the Middle East at the Dubai Mall Fashion Avenue. This boutique is of great importance to the brand because it marks its greatest architectural innovation.

Additional new stores include Madrid, Melbourne, and Tokyo.

Bottega Veneta earned approximately 1.1 billion euros in revenue last year of which 82% comes from the sales of its directly operated stores.

The remaining 18% of its revenue was earned through wholesale sales and other revenue, including royalties.

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Directly Operate Stores

Duty-Free

The brand has 279 directly-operated stores of which 62 are in Europe, 33 in North America, 59 in Japan, and 125 in emerging markets like South America, China, the Middle East, and Russia. The brand’s headquarters are located in Lugano, Switzerland, although the brand also has offices in Milan and Vincenza, Italy. Additionally, Bottega Veneta has flagship stores in Ginza, Beverly Hills, Milan, New York City and Toronto.

Bottega Veneta is found in high-end airport terminals around the world which include Los Angeles, Munich, Frankfurt, Beijing, Kansai, Heathrow, Haneda, Copenhagen, Narita, Vancouver, Singapore, Amsterdam, Paris, and Doha.

Discounted Outlets

E-Commerce

Bottega Veneta has five discounted outlet locations around the world.

Four in the United States, located in San Francisco, Orlando, New York, and California and one in Italy located in Venice.

Bottega Veneta currently offers an e-commerce platform operating in 62 countries worldwide including mainland China.

Multi-brand Retailers

Franchises

Some of the most important multi-brand retailers around the globe carry Bottega Veneta and sell their luxury products. Some of these retailers include, Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue, 24S, Ssense, Bloomingdales, Net-A-Porter, Harrods, Moda Operandi, Matches Fashion, Nordstrom, Barneys, Farfetch, Selfridges, Galeries Lafayette, and Le Bon Marche, among others.

Bottega Veneta currently does not disclose its boutique locations with which it holds a franchising agreements.

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Retail Brand Identity 20

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PRODUCTS

Purpose The retail brand identity analysis is a framework used to analyze the identity of the brand at the retail level. Utilizing the product, product representation, property, retail promotional activities, and people within the brand’s retail operations, Bottega Veneta is steeped in heritage with strong attention to detail. The retail operations are meticulously constructed to Bottega Veneta’s exact standards and allow the customer to shop in complete luxury, privacy, and comfort.

The stores are a reflection of Bottega Veneta’s exceptional heritage and excellent quality.

PEOPLE

Brand Identity

PROMOTIONAL ACTIVITIES

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PROPERTY

PRODUCT PRESENTATION

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PRODUCTS

Product

Brand Identity

As part of the identity framework, brands use products to shape the identity of the retailer. The products have multi-sensorial characteristics and can trigger emotional responses, impacting those who visit the store. The Bottega Veneta products showcase the brand’s exceptional heritage and excellent quality, with woven leather goods being central to the product mix. To this end, the brand’s signature Cabat bag requires two skilled artisans and 40 hours of work. Key to the label’s retail identity is its unique leather-weaving technique known as intrecciato.

Bottega Veneta offers an exclusive and coveted assortment of products, including ready-to-wear, handbags, shoes, small leather goods, eyewear, and luggage. Recent additions to the portfolio include fragrance, fine jewelry, watches, furniture, and home accessories.

Product Offering Cabat Bag The Apartment - NYC

The diverse store formats offer an array of products within their locations. The Maison’s, or super flagship concept stores house the full breadth of the Bottega Veneta offering, including lesser-seen categories such as home, dinnerware, furniture, and fine jewelry.

The travel retail store formats and multi-brand or department store formats offer accessories, small leather goods, and shoes.

The Wonder Floor The brand’s largest store in Asia in Tokyo’s Ginza district carries the brand’s full range of men’s and women’s ready-to-wear, bags, small leather goods, shoes and eyewear within its six-story structure. For V.I.P. clients, a private shopping salon is readily available on the top reserved by appointment.

Cabat Bag Display - Tokyo

Hidden Places The top floor of the Manhattan Maison is filled with books, sculptures, and paintings hand-picked by previous creative director, Thomas Maier.

The floor doubles as a private event or shopping space, complete with hidden fitting rooms.

Home Collections A dedicated Bottega Veneta home store opened in 2015 in Milan within an 18th-century townhouse. The Milanese location was the first of its kind devoted exclusively to the brand’s elegant line of home furnishings.

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25 Flagship - Ginza, Tokyo

Brand Identity

Property Headquarters In 2019, the fashion brand purchased two buildings to house its offices, design team, and ready-to-wear atelier in Milan. The total area is an estimated 161,460 square feet.

Heritage Associations For the brand’s three Maison’s, the choice of property relates to the brand’s historical ties to each geography. The latest Maison opened on Manhattan’s Madison Avenue harkens back to the brand’s first store opened outside of Italy in 1972 on Madison Avenue in New York. Los Angeles is another area of focus for Bottega Veneta, as the company opened one of its first boutiques in the late 1970s on Rodeo Drive, Beverly Hills, and the city is home to the second Maison opened in 2016. Furthermore, expanding retail locations in Milan, including the brand’s first Maison, is natural for the Italian luxury brand, increasing its foothold within the nation.

Beverly Hills Maison

Strategic Importance The selection of locations for flagship retail expansion is made based on strategic important for that region. The latest flagship opened in Japan’s Ginza district of Tokyo in December 2018, was chosen as Japan is an important growth market for the brand. The Ginza district is also Japan’s premier shopping district. The brand’s Dubai flagship opened in March 2018, within Fashion Avenue capitalizes on the 100 million annual visitors to the Dubai Mall. The Toronto flagship opened with the Yorkdale Shopping Center in November 2018, was chosen as this shopping center is a top draw for global brands looking to open their first stores in Canada.

Milan Maison

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New York City Maison

PROPERTY

Brand Identity

Architecture

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Exterior: The Maison

Lighting

Unlike the flagship locations, the exterior of each Maison reflects the architectural heritage of its surrounding area. For the exterior of Beverly Hills Maison, the brand utilized a white plasterwork facade with stone trim and three arches. Composed of three landmarked 19th-century townhouses, the Manhattan Maison storefront looks genuinely like an unbelievably large New York City brownstone. Finally, the Milanese Maison is housed within a historic 18th-century building and includes a courtyard encased in glass.

Illumination, including natural light, is an essential feature of the flagship locations to augment the airy and light atmosphere. Within the Dubai Mall location, each room features a raised, illuminated ceiling while the Tokyo flagship features creases and folds to reflect sunlight throughout the day, changing the color and overall ambiance of the space.

Exterior: The Flagships

Furniture

The exterior of the brand’s flagships is Inspired by the Bottega Veneta intrecciato weave that is used as a trademark for the brand’s leather goods. The Toronto location is adorned with diamond-shaped cuts.

The exterior of the Tokyo flagship is made from 900 metal panels and appears to dissolve to create openings for windows and front entrance.

For the Dubai flagship, the exterior is composed of diamond-shaped metal cuts, transparent diamond-shaped windows, and metal in the brand’s signature dark brown hue.

The furniture of the Bottega Veneta boutiques is an investment to elevate and enhance the shopping experience and showcases the brand’s home collection assortment. The entirety of the Tokyo flagship is decorated with the Bottega Veneta furniture collection.

Interior

Pop-Up

Each location takes inspiration from the local culture of the surrounding geography. The Tokyo flagship is inspired by the Light Artists of the 1960s, while the Beverly Hills Maison takes its architectural cues from Spanish Colonial Revival style. The Maison of New York is a reinterpretation of Manhattan’s iconic skyscrapers and the Itatlian Maison is a commentary on Milanese history.

In August 2018, the brand opened a pop-up store in the heart of downtown Aspen. The 600-square-foot shop features a wide selection of the brand’s collection of fashion and accessories. A location in Aspen, a Rocky Mountain outpost for art lovers, seems like a natural fit for Bottega Veneta, which has consistently aligned itself with the art world’s biggest names.

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PROPERTY

Brand Identity PRODUCT PRESENTATION

Product Presentation Natural Hues

Wall Niches & Cabinets

A light ambiance is signature of the Bottega Veneta retail space to allow products to remain in the foreground. The Maison located in Beverly Hills, while intricate, highlights very little color in its design, so that bags and luggage, leather goods, ready-to-wear, and other products remain in the spotlight.The color palette for the interior is comprised of neutral, earthy tones selected specifically to enhance each area.

Within the Toronto flagship are soothing soft greys and light brown fabrics juxtaposed against American oak and bronze-tinted glass. The Manhattan Maison is characterized by steel walls and shimmering silver chain curtains. The color palette of the Tokyo flagship is neutrals and earthy tones exuding a pale-hued and minimalist interior.

Built in shelving adds a dramatization to the display of apparel,accessories and leather goods as most are back-lit for added spotlight on the product. Within the Beverly Hills Maison accessories and ready-to-wear garments are displayed in wall niches, glass and metal units, and transparent-topped vitrines across both levels.

Display Tables The tables used to display products such as accessories and leather goods are composed of high-quality materials and are indicative of the brand’s attention to detail. The store located in the Middle East utilizes marble display cubes made of Gris du Marais stone that were chosen specifically for the store while the Tokyo flagship is home to display tables made from hammered honeycomb oak inspired by traditional Japanese workmanship.

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Local Inspiration Inspired by the city’s glittering skyscrapers, the New York Maison is adorned with heavy platforms of beige stone, grouped like buildings on a city block, to display handbags and shoes. Additionally, clothing racks are made of brushed metal and glass.

The Apartment The fourth floor of the Madison avenue Maison has been dubbed the Apartment and is laid out in a pied-à-terre-like setting. This area showcases the whole Bottega lifestyle including home and furniture collection. The apartment concept is modeled to mimic the aesthetic of a real living space.

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Brand Identity

Promotional Activities

PROMOTIONAL ACTIVITIES

At the retail level, brands invest in promotional activities in general is to create likability, create awareness, comprehension to establish brand preference to induce customers to buy a product.

Fashion The brand has aligned the opening of new retail locations with distinct milestones of the fashion house. The strategic alignment brings added attention to the retail expansion. For example, the same month the brand opened its largest retail store in Asia, its Tokyo store, Daniel Lee, the House’s new Creative Director, presented his first show. Also, to mark the opening of the Manhattan Maison, the brand transported its runway show from Milan to New York as a one-time-only celebration.

Art Central to the brand’s DNA is its association and alignment with fine art. Several retail locations including the Shanghai store and the Manhattan Maison have embraced this brand association within their space. The second floor of the Shanghai location opened in 2012 in the Yifeng Galleria has been designed as a permanent art space used to present exhibitions year-round. The Yifeng Galleria store is the first Bottega Veneta location in the world to house a substantial and permanent exhibition space. The New York Maison houses a space on its top floor for temporary art exhibitions.

The Exclusive The opening of strategic locations are accompanied by the launch of capsule collections and product exclusive to that locale. For the opening, of the New York Maison, previous creative director, Maier designed a 33-piece leather goods capsule collection, called “Icons of New York.” A special collection of handbags were exclusively available at The Dubai Mall boutique, including those from the Knot family in rose gold and diamonds, as well as crocodile and ostrich handbags with precious metals and stones.

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Brand Identity

Promotional Activities

PROMOTIONAL ACTIVITIES

Personalization and Customization Ateliers within the flagship locations allow for product personalization and customization for an elevated consumer experience. The Dubai outlet features a customization atelier for customers to choose from an array of exotic skins and styles to create an individualized bag. The New York Maison has a customization space on its ground floor where customers are encouraged to stamp their own initials on a number of leather goods. The first floor of Tokyo store is a space exclusively allocated for precious bags and personalization services

Pop-Up Promotion In February 2015, to introduce its new line of high-end shaving products, the brand took to the Rosewood Hotel in London, to set up a pop-up barbershop in a classically-constructed and preserved space.

The pop-up included a full service offering from a trained barber, using traditional trade tools such as hot towels and straight blades, taking full advantage of Bottega Veneta’s new products.

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PEOPLE

Brand Identity

People Celebrity Connections In 2017, 73-year old actress Lauren Hutton was featured in the brand’s 50th anniversary campaign alongside archival bags including the clutch worn by Hutton in the film, American Gigolo. Hutton also appeared on the runway alongside 21-year-old Gigi Hadid during Spring 2017 RTW show. The Bottega Veneta location on Madison Avenue listed customers such as Andy Warhol and Jackie Kennedy in the 1970s.

Store Staff Bottega Veneta is reviewed as providing exceptional employee conditions, that develop talent throughout all levels of the organization.

In February 2018, the brand receive its second Top Employer Italia ranking.Sales staff within the retail locations wear black, gender neutral uniforms and in some instances carry business cards. The staff is characterized as culturally diverse with 20 nationalities among employees.

Mannequins Mannequins featured in the store are often in relaxed positions, not only showcasing apparel & accessories, but rather enjoying the sophisticated atmosphere. Within the Beverly Hills Maison, mannequins are showcased in comfortable, natural-looking poses further accentuate the product. The New York Maison is home to mannequins rendered entirely in the brand’s signature intrecciato woven leather throughout the store.

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Competitive Analysis 38

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Hermès

Chanel

Hermés is a French high fashion luxury brand that was established in 1837. The family-owned brand is deeply rooted in heritage and is consistently being ranked as the world’s most valuable luxury brand. The brand’s level of expertise and knowledge in leather goods contribute to the brand’s ability to remain highly exclusive. The luxury brand specializes in leather goods, fashion and lifestyle accessories, home furnishings, fragrances, and ready-to-wear apparel. Hermés has a total of 310 stores world-wide and an e-commerce site, the only authorized places to shop for their products. The brand has adopted a very limited distribution strategy, choosing not to pursue expansion efforts with other luxury retailers and department stores.

Chanel is a high luxury fashion house that started as a modest millinery shop in Paris in 1909 by Coco Chanel. The luxury brand specializes in haute couture, ready-to-wear apparel, luxury leather goods, fashion accessories, beauty, and fragrances. The legendary privately held company has 310 boutiques world-wide, several authorized retailers, shop-in-shops, and an e-commerce site. Although the brand distributes their products through various channels, their products remain highly exclusive due to their prices.

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Celine Celine is a French luxury leather goods brand that was founded in 1945 by designer CĂŠline Vipiana. The brand has been owned by LVMH since 1996 and has created a brand image of timeless modernity and contemporary style for the everyday woman. The luxury brand specializes in ready-to-wear apparel, leather goods, and fashion accessories. Celine has 140 stores world-wide, an e-commerce site, and shop-in-shops. The brand has gained success from their business model of being a private brand by making their products exclusive and discrete.

Louis Vuitton Louis Vuitton is a French fashion house and luxury brand that was founded in 1854 in Paris. The luxury fashion house leads the industry with its legendary monogram canvas design and high-quality leather products. The luxury brand specializes in leather goods, ready-to-wear apparel, travel, and fashion accessories. Louis Vuitton is one of the world’s leading international fashion houses, they distribute their products through their 460 boutiques, their e-commerce site, shop-inshops, and several authorized retailers.

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Mulberry Mulberry is a luxury fashion company that was founded in the UK in 1971. The brand’s sheer passion for leather, British manufacturing, and celebrity collections have established the brand as one of the most celebrated luxury leather specialists in the industry. The brand is widely known for its leather goods, ready-to-wear apparel, and fashion accessories. The British luxury brand has 122 stores world-wide and e-commerce site that sell their high-quality yet affordable products.

Loewe Loewe is a Spanish luxury fashion house that was founded in 1846 in Madrid by leather craftsmen. The brand has been owned by LVMH since 1996 and has demonstrated their unmatched leather expertise through their unique, exclusive, and high-quality products. The brand focuses on the importance of craft in the modern age and their commitment to contemporary culture. The luxury brand specializes in leather goods, ready-to-wear apparel, fashion accessories, and home/lifestyle goods.

There are currently an estimated 150 stores world-wide that distribute Loewe products.

Prada Prada is an Italian luxury fashion house that was founded in 1913 by Mario Prada in Milan. The fashion house has proven its longevity through its transcending products and endless play on the past, present, and future. The family-owned luxury brand specializes in leather goods, travel, ready-to-wear apparel, fragrances, and fashion accessories. The brand’s distribution channels consist of 659 boutiques world-wide, an e-commerce site, several authorized retailers, and shop-in-shops.

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Positioning with Kering Bottega Veneta joined the Kering Group in 2001. In the last few years, the luxury brand has been ranked “Top Employer” within the Kering Group for two consecutive years. The Kering Group reported in their last annual report, published in 2018, that they plan on making 2019 the year of Bottega Veneta. The group plans on making radical changes to the luxury brand’s business model in efforts to turn the fashion house into a global fashion brand.

In comparison to the other Kering group companies, Bottega Veneta produced an estimated 8% of Kering’s total revenue in 2018. Gucci took the lead with 63%, Yves Saint Laurent followed with 13%, and the other companies in the group amounted to a total of 16%. The luxury brand is expected to continue growing and become one of Kering’s leading fashion houses. Kering has initiated the start of the new Bottega Veneta era through the newly appointed creative director, chief executive, and their recent new store expansions. Kering’s ultimate goal of generating fresh momentum through total transformation has already begun.

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Price and Accesibility Matrix

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Perceptual Map

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Strategic Planning Process 50

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SWOT Analysis

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S W O T

• Strong Brand Heritage • Craftsmanship Oriented • Ranked as “Top Employer” • Highly Recognizable Intrecciato • High Degree of Control • Economies of Scale through Kering Group

• High Dependence on Leather Goods Category • Weight of Financial Investment of DOS (High Capex) • Decline in Sales

• Expanding Presence in Emerging Markets • Influencer Marketing • Revive and Reset Fans by Drawing Fans of “Old Cėline”

• Sustainability and “No Real Leather” Movement • Brand Irrelevance in Digital Age (Brand Awareness)

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Differential Advantages Exclusivity: Brand does not offer all product categories in all stores to reinforce exclusivity Rich Brand Heritage Design: Intrecciato woven leather technique - Highly Recognizable

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Mission Statement Bottega Veneta has set a new standard for Luxury since its birth in Vicenza in 1966. Inspired by Italian culture with a global outlook, the House is defined by a distinctly refined attitude. Bottega Veneta uses noble materials to create considered pieces that become part of their owner’s lives. The House embraces a core philosophy of style, innovation and luxury, applied to a full offer for women, men and home.

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Analysis of Geographical Alternatives 56

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MOROCCO A.T. Kearney Rankings Top 3 Choices

SOUTH AFRICA COLOMBIA

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• Language - Arabic

MOROCCO

RANKED #7

SCORE 56.1

• Currency - Moroccan Dirham • GDP Growth - 4.1% • Distribution Channel - Joint Venture • Competitors - Dior, Yves Saint Laurent, Prada, Louis Vuitton, Fendi, Gucci

COLOMBIA

SOUTH AFRICA 60

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CASABLANCA

• Language - Spanish

MOROCCO

RANKED #10

SCORE 53.6

• Currency - Colombian Peso • GDP Growth - 1.8% • Distribution Channel - Directly Operated Store • Competitors - Louis Vuitton, Salvatore Ferragamo, Dolce & Gabbana

COLOMBIA

SOUTH AFRICA 62

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BOGOTA

• Language - Nguni/Afrikaans/English

MOROCCO

RANKED #26

SCORE 40.2

• Currency - South African Rand • GDP Growth - 1.3% • Distribution Channel - Joint Venture • Competitors - Louis Vuitton, Gucci, Dolce & Gabbana, Jimmy Choo, Giorgio Armani, Prada, Patek Philippe

COLOMBIA

SOUTH AFRICA 64

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JOHANNESBURG

Country of Choice The key indicator used in selecting our final country was primarily based on each country’s A.T. Kearney GRDI ranking and score. The country that had the highest rank and score was Morocco, positioned in the top 10 at #7 with a score of 56.1. The other two countries were Colombia that followed at #10 and South Africa in #26. Aside from the GRDI ranking and score, we researched the GDP growth, distribution channels, and the direct competitors established in each country.

When examining all the information, Morocco was the clear choice for Bottega Veneta’s expansion. Expanding to Maghreb would be a great move for the brand to expand its global presence and capitalize on this emerging and booming market.

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M O R O C C O

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PESTEL Analysis 68

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Political The kingdom of Morocco is a sovereign state ruled by a series of independent dynasties. The Alouite dynasty which sized control in 1631 is still ruling to this day. Morocco is a unitary constitutional monarchy with an elected parliament. The country is considered a regional power as it has significant influence in both the African continent and the Arab world. The King of Morocco, Mohammed VI holds vast executive and legislative powers, especially over foreign policy. The executive power is practiced by the government while the legislative power is exercised by both the government and two chambers of parliament.

The latest Global Democracy Index rated Morocco as a “hybrid regime” as it has made improvements since its last ranking of “authoritarian regime”. The Freedom of the Press ranking also report the country as “partially free”. Unlike past rulers, the current King is making increased efforts towards democratization and liberalization of the country. The Political Risk Index of this year has rated Morocco at a 6.5 which is an above average score and not at a high level of political risk posed to investors. The Political Stability Index of this year rated the country with a 7 which is also an above average score and signifies a good level of political stability for the country. The country’s labor laws are in regulation with that of the International Labor Organization. They also have a progressive corporate income tax rate of 10% to 31% on income of over one million Moroccan Dirham. Given these classifications, the country is an attractive destination for foreign investment as the political environment is very stable and even though it is not a complete democracy, the government favors international investors.

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Economic Morocco benefits from its geographic position by being strategically located at the entrance of the Mediterranean Sea and as such one of the main trading posts between Europe and Africa. The country has attracted substantial foreign investment due to the advantages of having an economic high-skilled labor force and its proximity to Western Europe. This has also been possible by the macroeconomic and structural reforms which began in the mid 1990’s and have resulted in a more diversified economy, stronger public finances and a stable financial sector The official currency is the Morrocan Dirham and $1 USD is equivalent to 9.60 Dirham. It has a current inflation rate of 1.5%, nevertheless it is supposed to increase to 2% in the next five years. The interest rate of the country is steady at 2.25%. The GDP per capita of $9,339 makes it the fifth largest economy in the African continent and expects it to continue to grow at around 4.9% annually. Morocco also has one of the lowest disposable incomes in the world, equivalent to $3262 per capita, nevertheless it has been increasing yearly.

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The country has had a Free Trade Agreement with the United States since 2006 and with Europe since 2000. The Moroccan government is encouraging of foreign investment and has made a series of regulatory changes to improve the investment climate in the recent years. The country welcomes foreign investments into its privatization program and does not pre-screen or select foreign investment projects.

It also offers free repatriation of foreign exchange related to foreign investment. This year’s Foreign Investment Index rated the country at a 7.5 which is above average and signifies good level of viability for foreign investment. The economic landscape of the country is very favorable for foreign investment as it is both supported by the government and is expected to continue to grow.

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Social Morocco has a population of 35 million people which is mostly of an Arab and Berber stock blend, as well as a Jewish, African and European minorities. The majority of its people are Sunni Muslims, but Christianity and Judaism is also practiced among the remaining minorities. As such, Muslims are expected to pray five times a day and Friday is the Muslim holiday and a lot of businesses are closed on this day, Although Arabic is the official language, French is widely spoken in the country, especially among the elite, and it is the language in which business is conducted. The literacy rate of the country is very low and something that the government is battling since it is approximately 51.7%.

The people of Morocco value relationships and this is how business is conducted in Morocco. Who you know and one’s connections are more important in this country than what you know at the time of doing business. Although Morocco is one the most progressive countries in the continent for the advancements made for women, it is still a strong patriarchal society. There are more and more efforts being made each day toward women empowerment and equality, but overall education for women is less accessible and they face constant male harassment.

The socio-cultural enviroment of Morocco is therefore improving each day, and it is important for Bottega Veneta to be well connected within the country in order to succesfully open their new store.

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Technological Science and technology have drastically improved in Morocco throughout the years. The recent technological advances like IT and scientific research have helped the country drive up development and business. The Moroccan government began a series of reform efforts with the national ICT plan, the reforms have allowed the country to surpass their neighboring countries in terms of technology. The country has also incorporated technology by offering incentives for scientific research. The country has thus created a rich talented pool of research professionals and quality laboratories compared to neighboring countries. The technological advances in the upcoming years is highly beneficial for foreign investment due to the advances in transportation technology in the country and the emerging trends of the internet and mobile applications through smartphones and tablets.

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Environmental Morocco’s main environmental issues concern the conservation and preservation of its ecosystem and resources. Ecologically unsound environmental practices have had a detrimental effect on the country and its landscape. Practices like livestock overgrazing, deforestation, and poor soil conservation has led to soil erosion and desertification.

The country’s water is polluted due to industrial waste and oil and is contaminated due to raw sewage. An estimated 98% of the nation’s cities and 58% of rural dwellers have access to pure water. Destruction of the nation’s wildlife has increased due to pesticides, insect infestation, and accidental oil spills, as well as illegal hunting and fishing. The elimination of the wildlife living areas has threatened and endangered 18 mammal species, 11 bird species, and 182 plant species.

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The country has taken several measures in the recent years in order to save their environment and improve the Moroccan quality of life. The country is set to generate 52% of its electrical needs through renewable energy by 2030 and has lifted all subsidies on gas and heavy fuel oils in order to encourage more efficient use of energy. The country has also improved their coastal zone management, development of sustainable aquaculture, and conserving their underground aquifers to replenish itself. Morocco is making efforts to reap the benefits of adapting to climate change and lessening the impact it will have on the country. The countries environmental advances in the last few years has increased the attractiveness to foreign investment due to the emerging trend of being environmentally conscious and preserving the environment. Foreign investors value the environmental efforts due to the increase in the quality of life.

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Legal The Moroccan legal system is a mixed system based on civil law, comprised of French law and Islamic law. The law is comprised of an administrative and a judicial system. The administrative judiciary has jurisdiction over matters where the administration is involved. While the judicial system handles all criminal, civil, and commercial matters between parties. The country’s legal system is crucial for foreign investors due to legal matters that the business may possibly be involved in. The legal system is attractive to foreign investors due to the structured and organized legal system that will confirm that all legal proceedings will be held in a correct and just manner.

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Market Analysis 82

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Moroccan Market

Size of Retail Market

Morocco is a country of approximately 35 million people located on the Maghreb area of Africa. The country is slightly larger than the U.S. state of California and has a Gross Domestic Product (GDP) of $111.4 billion in 2018. The state budget for 2019 is based on the anticipated GDP growth of 3.2%. According to A.T. Kearney, Morocco ranks seventh in the world as the most attractive market for expansion. The country is also ranked fourth in the list of the top ten wealthiest countries in Africa.

The size of the retail market in Morocco is worth approximately $38 billion, while the internet retail market size is only valued at $333 million. Brick-and-mortar is growing slowly in the country at around 1.3%, while online retailing is growing at a faster rate of 10%. Online retailing is growing much faster because households are becoming more confident ordering on e-commerce platforms. Consumers are using a mix of both national and international websites when making online purchases.

There are several factors contributing to the country’s growth, including growing urbanization, changing demographic profiles, and an expanding middle class. When demographic profiles change and the middle class expands, the desire for status through purchasing luxury goods begins to grow. Africa is the second fastest developing economy in the world, following Asia-Pacific. The African individual wealth is expected to grow an estimated 34% in the next ten years. In 2017, the African luxury sector generated approximately $6.0 billion dollars through categories like luxury cars, fashion, watches, jewelry, and hotels. Morocco and South Africa account for 86% of Africa’s directlyoperated luxury stores, making the country the perfect destination for a company looking to expand into the emerging market.

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Entry Mode Joint Venture The entry mode into Morocco for Bottega Veneta’s new store in Casablanca would be a 50/50 partnership with Aksal Groupe SA. They are the largest Moroccan group specializing in department stores, luxury retail, and shopping malls. The joint venture is the perfect move for penetrating this new market because they are also part owners of the Morocco Mall in Casablanca, the location of where the new store will open. Aksal Groupe SA’s CEO is Salwa Idrissi Akhannouch, who is also one of the most influential women in the Middle East.

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Key Players in Morocco 88

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Dior Moroccan inspiration and spirit has marked the House’s history and accompanied it’s through various collections. The luxury brand’s 2020 Cruise show by Maria Grazia Chiuri was presented in Marrakech. The designer collaborated with several African artists on the “Common Ground” collection where they exhibited light interplays between Dior and the African continent. Dior and Morocco’s bond began with a partnership between the luxury brand and Maison Joste in Casablanca in the fifties. The dual label was due to the clothing being made in Casablanca but designed in Paris. The luxury brand has had several pieces throughout the years inspired by this partnership of the Casablanca dress that included an ivory silk pantsuit by Gianfranco Ferré and tulle bodysuits with henna tattoos by John Galliano. The luxury fashion house has two stand-alone boutiques in Morocco. The first location is at the Morocco Mall in Casablanca and the second location is in La Mamounia Hotel in Marrakech.

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Saint Laurent The luxury brand has a long history and love affair with the country of Morocco. The legendary designer visited Marrakech in 1966 and was instantly captivated by the city’s colors and clamour. Saint Laurent purchased his home, the famous Jardin Majorelle, after they famously saved it from demolition and called Villa Oasis his refuge and muse until his death. They recently opened MusÊe YSL Marrakech (mYSLm) steps from his late home where the museum is dedicated to the life and work of the designer. The museum displays an undying devotion to the Moroccan culture and heritage through Saint Laurent’s vast collection of haute couture that is preserved in the city that inspired it. The luxury brand has two stores in Morocco; One in Casablanca and the other in Marrakech.

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Other Competitors • • • • • •

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Louis Vuitton Fendi Gucci Ermenegildo Zegna Emporio Armani Ralph Lauren

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Indirect Competitors Marwa Founded in 2003 in Casablanca, Marwa is a leader in high-street fashion in Morocco. The brand’s collections are intended for young, active women from Morocco and the MENA countries. The brand focuses on creating fashion that is culturally and economically accessible to women in the country. The brand has a strong recognition of its social footprint and has created thousands of jobs in its sector.

Flou Flou Created in 1999, Flou Flou is a fashion brand based out of Morocco. The fashion brand is positioned as a high-end fashion brand that cultivates the Morocco culture and style into their clothing for women. The brand focuses on apparel like dresses and jackets, shoes, handbags, and fashion accessories.

Amith The Association for Textile and Clothing Industries also known as AMITH, is a Moroccan textile company. The textile sector is set to become a key factor in the emerging fast-fashion industry. This Moroccan brand works with large European retailers like H&M and Primark to create their clothing. These collaborations have brought thousands of jobs into the country and sector.

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Other Indirect Competitors • • • • • • •

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Zara H&M Gap MaxMara Lacoste Philipp Plein Just Cavalli

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Target Consumer 100

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Demographics The ideal target consumers for Bottega Veneta within the African market are women and men between the ages of 22 and 50. These individuals are financially affluent with a decent amount of disposable income. Ideally, they are located in big cities in Morocco. However, because of the lack of presence of luxury brands in the region, consumers may live in nearby African countries.

These consumers are literate and have a college education. While education for women is somewhat new in the country, these women come from top elite families. Consequently, education for them was essential and accessible. Because of this, men hold high-level positions in companies, earning a decent amount to sustain their families and enjoy leisure activities. Lastly, the ideal income for the broader target consumer segment is of â‚Ź110,000 or more.

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Psychographic Segmentation Moroccans are family-oriented individuals. The majority of families live together with up to two or three generations under the same roof.

In Morocco, religion has a significant influence on society. Islam is the most popular one, followed by Christianity. Because of this, the majority of public entertainment venues have built-in Mosques so individuals can practice with no inconvenience.

Affluent families are known for being big spenders. The majority enjoy night outs at restaurants and splurging in high-quality products and services. For Moroccans, lunch is the most important meal of the day, which is why they usually gather together at the house and celebrate the feast. Going out at night is widely popular, as well as outings with the family.

They have an entrepreneurial mindset. Itis no secret that Moroccan markets are one of the most popular in the region. Many tourists and the majority of locals would spend hours walking up and down the streets of these markets, searching for unique and local pieces. The markets are not only famous for artisanal products, but local fashion is a significant driver. However, there is always room for western brands to make it into the fashionistas of the country.

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Behavioral Segmentation Our ideal target consumer is a traveler at heart. Seeking out foreign adventures is part of his or her bucket list. Among the most popular attractions in their itinerary, you can find the Middle East and France, primarily because of their influence in the Moroccan culture, but also because of their beautiful scenery and high fashion finds. Additional to their fashion obsession, food is a big thing for them. Trying out local cuisines is something they enjoy very much.

While their passports have been stamped quite a lot, traveling locally is something they enjoy as well. Like mentioned before, these consumers embrace their culture and buy local brands often. It is no lie that Moroccans are very open-minded when it comes to fashion. Staying true to their culture and religion is of high importance, but exploring and adapting western trends is popular among young consumers.

These young consumers enjoy shopping trips to nearby countries, especially Dubai and Abu Dhabi. Which is why being present in Morocco is of utmost importance. While drinking is mostly rejected by many, they enjoy night outs with friends and non-traditional activities.

In recent years, Moroccans have shown an increase in online shopping and a presence in social media. This has also lead to a rise in the popularity of fashion blogs.

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Sophia •

Lives in Casablanca

•

29 years-old

•

College graduate

•

Fashion Blogger and Designer

•

Income: $350,000

•

Travels often. Favorite destinations are: France, UAE, and Spain

•

Supports local designers, but also shops European fashion

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Karen & Elias •

Couple that lives in Marrakech

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34- and 37-years old

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3 kids

•

College graduates

•

Elias has a high position at a tech company

•

Income: $400,000

•

Love spending time outdoor with the kids

•

Travel often to the UAE and locally in Morocco

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Khalilb •

Lives in Casablanca

•

32 years-old

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Single

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College graduate

•

Professional photographer and entrepreneur

•

Income: $200,000

•

Loves capturing every place he visits

•

Likes to dine out with friends and is very stylish. Loves to share his outfits on social media.

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Store Location 114

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Trading Area Analysis The Luxury of Africa The African continents represent an active growth market for Bottega Veneta, with luxury retail sales growing 5.6% year-on-year within the region. In 2017 alone, the African luxury sector generated approximately $6 billion in revenue. There is a growing demand for well-known international luxury brands and the expansion of modern retail outlets within Africa due to the region’s growing wealth.

Primary Expansion Morocco represents a profitable entryway into the luxury sector of the African continent due to its rising number of modern shopping malls and stand-alone stores in the country’s high-end neighborhoods. Most brands begin operations through agreements with local partners either through franchising rights or joint ventures with local distributors. It is imperative to prioritize retail expansion in the larger cities, and leading economic centers of Morocco as disposable incomes are higher. Consumers have a greater inclination to look for variety and imported goods within these cities.

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Potential Trading Areas The nation of Morocco is divided into 16 regions each with unique historical features and attractions. Five regions were identified as potential trading areas due to their economic promise and large populations.

Grand Casablanca

Rabat-Salé-Zemmour-Zaer

• • • •

• • •

Coast of North-Western Morocco Population: 3.9 million Most densely populated region Capital city and popular tourist destination: Casablanca

North-Western Morocco Population: 2.3 million Rabat is the region’s capital and capital of Morocco

Marrakech-Tensift-El Haouz

Fes-Boulemane

• • •

• • •

Central Morocco Population: 3.1 million Capital of region and tourist destination:Marrakech

Northern Morocco Population: 1.5 million people Capital city and popular tourist destination: Fez

Tangier-Tétouan • • • •

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North-Western Morocco Atlantic ocean to the west, Mediterranean Sea & Spain to the north Population: 2.5 million Capital city: Tangier

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Grand Casablanca Region The Grand Casablanca region is located along the coast of the Atlantic Ocean and represents one of the largest Moroccan consumer markets.

Situated between two of the nation’s major cities of Rabat and Marrakech, the region is home to a well-developed port infrastructure allowing for foreign trade activities. A strategic development plan is currently underway in the area, including a $742 million infrastructure project to expand the tramway network and further development of the road network. The population of the Grand Casablanca region exceeds 3 million people, accounting for 11% of the entire nation of Morocco. The majority of the population is young, with 98% living in urban areas.

Casablanca Casablanca is the largest city within the region and is expected to account for 14.6% of the urban population by 2030. The city also has the highest GDP in Morocco, contributing 18% to the nation’s economy.

Within the town is the first government-sponsored financial project known as the Casablanca Financial City, which ranks second behind Johannesburg in foreign investment. With regards to retail operations, apparel and accessories retailers can anticipate a 4% CAGR for the sector reaching $4 billion in 2023 within Casablanca. Consumer behavior is heavily influenced by urbanization and changing lifestyles within the city. Working adults and students, a central segment of the population, are changing their wardrobes with higher frequency and are conscious of apparel trends through social media.

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Area Factors & Attractions Casablanca is heralded as a tourist attraction famous for its museums, spas, beaches as well as its architecture and landscapes. In 2018, tourist arrivals in Casablanca rose by 8.2% to 12.28 million from the previous year. As a leading cultural hub, the museums of Casablanca attract millions each year. Popular attractions include Jemaa El-Fna and Walidiya Beach, the Moroccan Hammam spa, and the MosquĂŠe Hassan II. The city of Casablanca is a central business center close to the International Airport and has a high-quality infrastructure.

Site Analysis Several obstacles for retail expansion within Morocco and, more specifically, Casablanca, include the limited physical space available in the city and the rising price of commercial real estate. The best option for international players looking to break into the luxury market is opening retail operations in the town & shopping centers of Casablanca. The Morocco Mall shopping center located in the city is the most popular location for new retail outlets with high foot traffic.

The mall is known for catering to the modern lifestyles of households located in urban areas.

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The Morocco Mall The Morocco Mall is the second-largest shopping center in Africa located in Casablanca by the Atlantic ocean. Construction commenced on the shopping center in 2007 with a budget of $240 million with lead design by Davide Padoa of Design International. The 753,500 sq feet space opened in December 2011 and has three floors, 350 shops, and is home to over 600 brands. Visited by 17 million people annually, the Morocco Mall has peaks of up to 120,000 people per day during special events or holidays.

Site Attractions There is an ample amount of attractions within the Morocco Mall, including a traditional souk and mosque.

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Restaurants • 47 restaurants • 4 different food courts

Movie theater • IMAX & 3D • Universe 6D

Aquarium • One million liters of seawater • Panoramic elevator to observe within

Souk • 48 handpicked artisans • Wide selection of artisan products

Musical fountain • 6,000 m², 210 m long • Second to only Bellagio Las Vegas and Burj Khalifa from Dubai

Ice skating rink • 1100 m2 ice rink • Winter village with medieval concept

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Transportation & Parking There is a shuttle service available within the mall that travels between the top hotels and the shopping center. Taxi services are also possible to patrons upon request. The Morocco Mall has two parking areas, including a two-level structure within the mall to provide direct access and an additional lot outside of the mall.

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Miraj Luxe The Miraj Luxe is a separate space on the first floor of the Morocco Mall that houses 30 prestigious brands, including Fendi, Dior & Louis Vuitton. The area is designed as a showcase with sumptuous decor and precious materials. High-end service is available within the Mirage Luxe, including valet services and access to the second-floor private lounge known as the “Miraj Suite.� The 400 sq meter suite overlooks the Atlantic Ocean and is reserved for clients seeking a private shopping session.

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Store Design 128

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Design Strategy

Fixtures

The design strategy for the Bottega Veneta retail expansion within Morocco is a boutique store format with local architectural influence.

Product availability within the location will follow the brand’s multibrand store format strategy and will include leather goods, shoes, and accessories for both men and women. This product mix is in line with the target consumer needs and offers an exclusive and coveted assortment. The store’s design will showcase local architectural influences, including that of the Arab-Andalusian Empire, complete with modernist grandeur with ample space and light.

Fixtures within the boutique will be crafted from sophisticated materials with unique ties to Andalusian architecture, including display tables crafted from jasper and porphyry and contrasting accents of ivory, silver, and copper. To showcase accessories, shoes, and leather goods, the display tables made of stone will be used to showcase the brand’s attention to detail. Built-in shelving units and wall niches will add dramatization and add focus to the product with strategic back-lit spaces to display accessories and leather goods. Specific furniture will be curated for the location selected from the Bottega Veneta home collection. It will be in line with the local aesthetic while also paying homage to the Italian heritage of the brand.

Physical Structure

Special Allocation & Productivity

The exterior facade of the boutique will follow the brand’s design for locations of strategic importance. The intrecciato weave that is used as a trademark for Bottega Veneta’s leather goods will be a vital part of the store facade to showcase the brand’s attention to detail and expert craftsmanship. The boutique will employ a free form store layout to allow for free choice of movement from the customer’s perspective. This layout lends itself to maximum product exposure, relaxed and unregimented shopping, and visual appeal and flexibility.

Traffic flow variables will allow for freedom to explore. The boutique will be a curated experience to sell across categories and allow for homogeneity across categories.

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The store design is conducive to convert foot traffic into transactions.

It showcases relevant product categories for the region and allows for cross-selling opportunities. ‘The consumer will experience a natural exploration of the boutique through a curated journey.

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Ambiance The ambiance of the boutique leverages intangible and esoteric elements to elicit an emotional response from consumers as well as brand resonance.

Sight • •

Raised lighting raised and illuminated ceiling.

Gender specific areas based on color merchandising technique.

Smell • •

Scent marketing.

Leverage the brand’s fragrance portfolio within retail space.

Taste • •

Non-merchandise related services in line with special events.

Drive foot traffic & associate brand will indulgences.

Touch • •

Sumptuous materials including fine leather, handcrafted oak, suede.

Product & product representation.

Sound • •

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Pre-designed playlist organized by time of day for consumer engagement optimization.

Non vocal music to allow for greater concentration.

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Visual Merchandising The boutique’s merchandise presentation will be a style item orientation with a homogenous product and its variations displayed together. This merchandising strategy allows for maximum product exposure and high visibility within the location. The location will house open back and straight back windows for a display to leverage the smaller square footage and allow consumers to see inside the store. This window display also falls in line with the strategy of other stores within the Miraj Luxe space as it operates as a showcase for high-end brands.

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Safety & Security The Morocco Mall employs a security staff of 350 people mobilized by the Mall Management staff. The security staff oversees the daily activities and operations of the mall. There are also more than 300 cameras within the mall in addition to service providers for maintenance, safety, and fire safety. The Bottega Veneta boutique will also utilize in-store cameras, anti-theft technology, and will follow the Morocco Mall guidelines.

Lease vs. Purchase A commercial lease is the better option for Bottega Veneta’s retail expansion into Morocco. Under Moroccan law, the length of the lease term is not regulated, and the tenant and landlord are free to conclude a lease for an agreed amount of time. Typically commercial contracts are entered into for an initial fixed period of 3 to 6 years.

Tenants rights are strong within the nation as well, as a tenant may claim compensation, or indemnité d’éviction, based on the value of a business if and when the lease is terminated.

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Product Plan 138

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Product Plan The product plan for the Bottega Veneta boutique within the Morocco Mall is in line with the needs and tastes of the new target consumer.

The Moroccan consumer is cognizant of new trends via social media, has a strong focus on leather goods and accessories as they tend to buy luxury accessories to offset more affordable labels within their wardrobe.

Allocation and Merchandise Product Plan Handbags Small Leather Goods Shoes Accessories Total

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% 50% 25% 15% 10% 100%

Product Category Handbags Small Leather Goods Shoes Accessories

Average Price € 3,791.63 € 475.69 € 1,392.76 € 892.60

Annual Human Resource Budget Human Resource Budget Store Manager Merchandise Manager

1 1

Assistant Sales Manager Sales Associate Part-Time Associate

1 2 2

Annual Salary € 74,142 € 56,617

Total € 74,142 € 56,617

€ 47,990 € 38,014 € 19,007 Annual Total

€ 47,990 € 76,028 € 38,014 € 292,791

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Promotional Plan 142

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Invitation to Opening Celebration Mall Advertising Localized Digital Strategy Print Media Launch Store Opening Celebration PR Localized Digital Strategy Gantt Chart - Promotional Activities 2020 Media Print November December January February March April May Newsletter/Email Marketing Pre-Launch Mall Advertising PR CRM Invitation to Opening Celebration Post-Launch Mall Advertising PR Localized Digital Strategy Localized Digital Strategy Print Media Print Media Launch Billboards Store Opening Celebration In-Store Specialty Events PR CRM

Promotional Timeline

Pre-Launch

2020 November December

February

March

April

May

2021 June

July

August

September

October

PR Invitation to Opening Celebration Mall Advertising Localized Digital Strategy Print Media Launch Store Opening Celebration PR Localized Digital Strategy Print Media Newsletter/Email Marketing Mall Advertising CRM Post-Launch PR Localized Digital Strategy Print Media Billboards In-Store Specialty Events CRM Print Media PR Opening Celebration Outdoor Advertising Digital Strategy Influencer Marketing Newsletter/Email Marketing In-Store Specialty Events

Localized Digital Strategy Print Media Newsletter/Email Marketing Mall Advertising November CRM Post-Launch PR Localized Digital Strategy Print Media Billboards In-Store Specialty Events CRM Print Media PR Opening Celebration Outdoor Advertising Digital Strategy Influencer Marketing Newsletter/Email Marketing In-Store Specialty Events

17% 10% 19% 18% 12% 8% 6% 10%

August

Print Media PR Opening Celebration Outdoor Advertising Digital Strategy Influencer Marketing Newsletter/Email Marketing In-Store Specialty Events

September

17% 10% 19% 18% 12% 8% 6% 10%

17% 10% 19% 18% 12% 8% 6% 10%

October

November

10%

10%

17%

6%

8%

10%

10

12%

17%

Print Media

6% PR

8%

19%

Opening Celebration

10%

18% Outdoor Advertising Digital Strategy

12%

TOTAL = $402,706 Influencer Marketing

17%

19%

Print Media

6% PR

8%

18%

Newsletter/Email Marketing In-Store Specialty Events

Opening Celebration

10% Outdoor Advertising

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July

Budget Allocation

Gantt Chart - Promotional Activities January

2021 June

TOTAL = $402,706

Digital Strategy

12%

Influencer Marketing

19% 18%

TOTAL = $402,706

Newsletter/Email Marketing In-Store Specialty Events

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Print Media As part of the communication plan for the launch of the first Bottega Veneta store in Morocco and the African content, the following magazines will feature the campaign announcing the new store opening.

• • • • • •

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Femmes du Maroc Citadine L’Officiel Vogue Arabia Harper’s Bazaar Arabia Gazelle

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Grand Opening Celebration The brand will launch a grand opening celebration to debut their first store in Morocco and most importantly the African continent. The event will be hosted off-site the mall, in a magnificent Casablanca Palace.

For the celebration, the brand will collaborate with local artisans in order to debut a special goods collection. These items from the new limited edition collection will be gifted to each guest.

The invitations will be sent out a month in advance to Moroccan socialites, influencers and other notables and it will be hosted by Daniel Lee himself. Other important brand representatives will be in attendance as well. With the help of the PR Media+ group, a great number of guests will be dressed and accessorized head-to-toe in the brand’s latest collection.

The celebration will be recorded through various social media channels and the brand will issue an official press release covering the event and launch of the store.

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Outdoor ADS Outdoor advertising will be used to create awareness and eventually drive footfall to the Bottega Veneta store in the Morocco Mall. The brand will strategically place ads both inside and outside the mall as well as several billboards in Morocco.

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Influencer Marketing Influencer marketing will be used in order to establish brand awareness in the new geographical location. Various specially selected Moroccan fashion influencers will be gifted different pieces in order to represent the strong product mix available in the new store.

Sofia el Arabi

Afaf and Marwa

Yasmina Olfi

Khalilb Alaoui

@sofiaelarabii

@afafandmarwa

@fashionmintea

@khalilb.alaoui

Sofia El Arabi has 89k followers. She is known for her statement style of mixing Moroccan fashion with Eastern influences. She is admired for providing fashion tips with a strong Arab identity.

Afaf and Marwa have a total of 129k followers. They are two sisters who provide lifestyle tips including fashion, accessories, makeup, shopping and much more. They appeal to a younger Moroccan audience.

Yasmina Olfi is the fashion blogger behind Fashion Mint Tea with a total of 187k followers. She is known for her glamourous and sophisticated looks and her Instagram features her luxurious travel and lifestyle.

Khalilb Alaoui is a film maker and content creator based in Casablanca.

With a following of 75K, he is also considered a male fashion blogger.

His style is fashionable yet casual.

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Public Relations Bottega Veneta will hire the most influential PR agency in Morroco, PR Media+, to aid the pre and post-launch of the new store. PR Media+ has an extensive portfolio of clients, including Aksal Groupe. The agency who has worked with other luxury brands will aid in the following tasks: • • •

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Guestlist for celebration Newsletter/Email marketing Press releases

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In-Store Specialty Events After the official launch of the store, the brand will continue to host in-store specialty events every so often. These events include but are not limited to pre-launch collection previews, influencer and celebrity hosting, as well as art exhibitions and collaborations.

Digital Strategy The digital strategy is important because it will help create brand awareness and increase footfall to the store as well as managing client relationships. The strategy will specifically focus on.

• • • •

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Search Engine Optimization (SEO) Customer Relationship Management (CRM) Local Instagram campaign Local Facebook campaign

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In-Store Strategies Threshold Attributes • • • • •

Trained and knowledgeable sales personnel.

Professional customer service.

Cashier with several payment options (Visa, Mastercard, ApplePay, Amex).

Adequate product mix with a variety of colors and sizes.

Organized and well-kept store-front.

Performance Attributes • • • • •

Guests are offered refreshments.

Get informed on new arrivals to the store with newsletters.

Styling support and Miraj Luxe access.

Delivery service for products.

Top-of-the-line packaging.

Excitement Attributes • • •

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Unique blend of Moroccan and Italian petit fours.

Exclusive customization services with home delivery.

Partner with local artisan to develop small limited edition collection for grand opening celebration event.

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Staffing & Recruiting 160

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Employee Tasks

Organizational Chart General Manager

Assistant Manager

Assistant Manager

FT Sales Associate

PT Sales Associate

Visual Merchandise Manager

FT Sales Associate

PT Sales Associate

General Manager

Visual Merchandise Manager

• • • •

• • • •

Managing the store budget.

Recruiting, training, and supervising the store staff.

Providing regional manager with store financial performance.

Maximizing store profitability by providing store sales associates with goals.

Implementing Bottega Veneta’s visual merchandise strategy.

Creating appealing and eye-catching product displays.

Train new hires in product knowledge.

Make sure product image inside the store follows company guidelines.

Assistant Manager

Sales Associates

• • • •

•

Ensure employees follow the company’s code of conduct.

Assisting the General Manager in organizational tasks.

Ensure store profits are maximized.

Ensuring customer satisfaction.

• • •

Greeting customers as they enter the store and assist them by answering any questions.

Maintaining the store in orderly appearance.

Operating the registers and handle any financial transaction.

Increase store sales by cross-selling products from different categories.

Reward System Bottega Veneta employees at the Casablanca location will receive as compensation: • Base Salary • 4% Commission • 401K equivalent • Discounts at all Kering brands • 15 non-consecutive days of paid vacation.

The reward strategy inside the store will follow company guidelines.

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Recruitment Strategy

Training Approach

In order to adequately staff our store, we would take a mix recruitment approach by utilizing internal and external sources. While Bottega Veneta is not currently present in Morocco and this will be its first store, Kering Group is present with other brands. The internal recruitment will be done by asking current Kering employees in the country of recommendations and seeking past Kering employees.

To ensure that our customers receive excellent service and assistance, we will train our staff in-house. Prior to the grand store opening, we will fly to Morocco a training manager. This person will be in charge of passing on to the general store all the knowledge needed and required by the company. These materials will include company information and history, detailed product information, and any other information the brand feels employees must know.

If internal resources are not successful to fully staff our store, we will then resort to external resources. These external resources will include: • • • • •

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Local Online Job Sites Private Employee Agencies Government Employment Agencies Newspaper Advertisements Educational Institutions

The training will be on not only the company code of conduct and product knowledge but also the computer and cash register software.

Stores managers must be well trained to take on the business without the need of a corporate representative. Parallel to the store managers’ training, sales associates will receive an intensive company and product knowledge course. This training will ensure the employees will be ready to adequately represent the brand and what it stands for in front of customers.

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Financial Plan 166

167

UE

51,000 0.17% DAY 2 86.7 3%

50,000 0.17% DAY 3 85 3%

51,000 0.17% DAY 4 86.7 3%

52,000 0.17% DAY 5 88.4 3%

56,000 0.17% DAY 6 95.2 3%

58,000 0.17% DAY 7 98.6 3%

€ 3,374.45

€ 3,374.45

€ 3,374.45

€ 3,374.45

€ 3,374.45

€ 3,374.45

TOTAL REVENUE € 8,776.94 € 3,510.78 DAY 4 € 4,388.47 € 2,194.24 € 877.69 € 1,316.54

TOTAL REVENUE € 8,949.04 € 3,579.62 DAY 5 € 4,474.52 € 2,237.26 € 894.90 € 1,342.36

TOTAL REVENUE € 9,637.43 € 3,854.97 DAY 6 € 4,818.71 € 2,409.36 € 963.74 € 1,445.61

TOTAL REVENUE € 9,981.62 € 3,992.65 DAY 7 € 4,990.81 € 2,495.41 € 998.16 € 1,497.24

TOTAL REVENUE € 8,776.94 € 3,510.78 DAY 2 € 4,388.47 € 2,194.24 € 877.69 € 1,316.54Sales

Sales Forecast Location Foot Traffic Per Day Percentage of Conversion

s Sold Per Day

IT

TOTAL REVENUE € 8,604.85 € 3,441.94 DAY 3 € 4,302.42 € 2,151.21 € 860.48 Forecast € 1,290.73

Foot Fall Conversion %

DAY 2 AVERAGE UNIT 1 5 1 1

DAY 3 Average Basket AVERAGE UNIT 1 5 Sold Cost of Goods 1 1

Handbags Small Leather Goods Accessories Shoes

Allocation and Merchandise

(Put next to big graph) WEEKLY TOTAL € 64,536.36 € 25,814.54

Number of Visitors Annually Monthly Weekly

Product Plan % Product Category 50% € 64,536.36 Handbags Weekly Net Revenue Handbags 57,000 51,000 50,000 Annual Net Revenue 51,000 52,000 56,000 58,000 € 3,355,890.53 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% 0.17% Small Leather Goods 25% Small Leather Goods DAY 1 DAY 2 DAY 3 DAY 4 DAY 5 DAY 6 DAY 7 97 86.7 85 86.7 88.4 95.2 98.6 15% Shoes 3% 3% 3% 3% 3% 3% 3% Shoes DAY 4 DAY€53,374.45 DAY€63,374.45 DAY€ 73,374.45 € 3,374.45 € 3,374.45 € 3,374.45 € 3,374.45 10% Accessories Accessories AVERAGE UNIT TOTAL REVENUE TOTALUNIT REVENUE AVERAGE TOTAL REVENUE AVERAGE TOTALUNIT REVENUE AVERAGE TOTALUNIT REVENUE TOTAL TOTAL REVENUE TOTAL REVENUE 1 9,809.53 1 € 8,776.94 1 1€ 8,776.94 9 8,949.04 € € € 9,637.43 € 9,981.62 100% 5€ 3,923.81 5€ 3,510.78 5 34 Total 5€€ 8,604.85 3,441.94 € 3,510.78 € 3,579.62 € 3,854.97 € 3,992.65 1 DAY 1 1 € 4,904.76 € 2,452.38 € 980.95 € 1,471.43

1 DAY 2 2 € 4,388.47 € 2,194.24 € 877.69 € 1,316.54

1 DAY 3 2 € 4,302.42 € 2,151.21 € 860.48 € 1,290.73

1 DAY 4 2 € 4,388.47 € 2,194.24 € 877.69 € 1,316.54

5 DAY 5 11 € 4,474.52 € 2,237.26 € 894.90 € 1,342.36

DAY 6 € 4,818.71 € 2,409.36 € 963.74 € 1,445.61

DAY 7 € 4,990.81 € 2,495.41 € 998.16 € 1,497.24

1,500,000 375,000

Average Price € 3,791.63 € 475.69 € 1,392.76 € 892.60 WEEKLY TOTAL € 64,536.36 € 25,814.54

Weekly Net Revenue

€ 64,536.36

Annual Net Revenue

€ 3,355,890.53

DAY 7 AVERAGE UNIT 1 5 1 2

TOTAL 9 34 5 11

Handbags Small Leather Goods Accessories Shoes

DAY 2 AVERAGE UNIT 1 5 1 1

DAY 3 AVERAGE UNIT 1 5 1 1

DAY 4 AVERAGE UNIT 1 5 1 1

DAY 5 AVERAGE UNIT 1 5 1 2

DAY 6 AVERAGE UNIT 1 5 1 2

Human Resource Budget (Put next to big graph)Store Manager Merchandise Manager Number of Visitors Annually Weekly

COGS Markup = 60%

DAY 1 AVERAGE UNIT 1 5 1 2

Annual Human Resource Budget

Monthly

Exchange Rate = $0.90

Average Units Sold Per Day

Human Resources Budget

18,000,000

18,000,000

Assistant Sales Manager 1,500,000 375,000 Sales Associate Part-Time Associate

1 1 2 2 2

Annual Salary € 74,142 € 56,617

Total € 74,142 € 56,617

€ 47,990 € 38,014 € 19,007 Annual Total

€ 95,980 € 76,028 € 38,014 € 340,781

AVR.PRICE € 3,791.63 € 475.69 € 1,392.76 € 892.60

Y

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169

Annual Income Statement Annual Income Statement Income Statement Net Sales Cost of Goods Sold Gross Profit

2019 € 3,355,890.53 € 1,342,356.08 € 2,013,534.45

Operating Expenses Human Resources Logistics Promotion Depreciation

€ 340,781.00 € 19,544.76 € 402,706.86 € 14,876.00

Total Expenses Operating Income

€ 777,908.62 € 1,235,625.83

Depreciation Annual Depreciation Store Fixtures Shelving Display Cubes POS System iPads Printer

Estimated Life = Lease Term

170

Price € 10,000 € 4,200 € 1,700 € 590 € 400

2019

Amount 4 7 2 2 1

Operations Budget Annual Operations Budget Operations Budget Rent Utilities Maintenance Miscellaneous Annual Total

Annually € 68,070 € 7,000 € 5,400 € 6,000 € 86,470

Annual Logistics Budget Logistics Budget Replenishment Freight Annual Total

€ 19,54

Logistics Budget Annual Logistics Budget

Annual Operations Budget Total Price Residual Value € 40,000 € 29,400 € 3,400 € 1,180 € 400 -

Annual Depreciation Annually Operations Budget Store Fixtures Price Amount Rent Shelving € 68,070 € 10,000 4 Estimated Life Depreciation Utilities € 7,000 7 Display Cubes € 4,200 5 € 8,000 POS System € 1,700 Maintenance € 5,400 2 5 € 5,880 iPads € 590 2 5 € 680 Miscellaneous € 6,000 1 Printer € 400 5 € 236 Annual Total € 80 € 86,470 5 Estimated Life = Lease Term

Total Depreciation

€ 14,876

Total Price € 40,000 € 29,400 € 3,400 € 1,180 € 400

Logistics Budget Residual Value Estimated Life Replenishment 5 Freight 5 Annual Total5 -

5 5 Total Depreciation

Depreciation € 8,000 € 5,880 € 680 € 19,544.76 € 236 € 80 € 14,876

Annual Income

Income Statem Net Sales Cost of Goods Gross Profit

Operating Expe Human Resour Logistics Promotion

171 Total Expens Operating Inco

Conclusion 172

173

This year, Bottega Veneta express the desires of reinforcing their global image by expanding to mature markets and reallocating current stores.

The company is currently experiencing a moment of ‘fame’. Under the creative direction of Daniel Lee, the company is now perceived as an IT brand, winning the hearts of young fashionistas. Bottega has recently seen a decline in sales, so it is beneficial to grab that momentum to grow bigger.

After careful consideration and extensive research, we found that expanding Bottega Veneta to the African market. It is considered the second fastest market in the world in terms of growth, and there is a high demand for luxury items in the country. Inside the African market, Morocco and South Africa are dominating countries. Both already count with the presence of big luxury players like Gucci, Louis Vuitton, Dior, and many more. Many factors were taken into account when making the final decision of the location of the new Bottega Veneta store.

Morocco is a country that is currently experiencing significant economic growth. Additionally, it receives millions of tourists per year and is home to the second-largest mall in the region.

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Ana Marino | Magdalena Atencio | Camilla Pedrozo | Gillian Dimick Professor Alessandro Cannata | LXFM 745 | Fall 2019

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