Acne Studios Pop-up Shop by Nicole Ng

A c n e St u d i o s FASM 410 Retail Management Professor Alessandro Cannata Brian Edwards | Kaleigh Mattingly | Nicole Ng | Ivonne Rivas Cancun Pop Up Shop

TABLE OF

CONTENTS

Page 1 2 3 4 5 6 7-8

Executive Summer CO M PA N Y S U M M A R Y SWOT Brand Identity Price/Accessibility Matrix Distribution Communication & Promotional Activities

9 - 10 11 12 13 14

M A R K E T A N A LY S I S PESTEL Analysis Accessories Key Players Indirect Competitors Area Attractions

15 - 18

TA R G E T CO N S U M E R

19 - 20 21 22 23 24 - 28 29 - 31

S TO R E LO C AT I O N , D E S I G N , P R O D U C T Store Location Logistic & Infrastructure Human Resources Mood/Inspiration for Pop Up Shop Actual Space Product Plan

32 - 33

CO M M U N I C AT I O N & P R O M OT I O N A L P L A N

34 35

FIN A NCI A L PL A N Income Statement

Bibliography

EXECUTIVE SUMMARY Acne Studios is a multidisciplinary luxury fashion house based in Stockholm, Sweden with own-brand retail stores in locations around the world under the Creative Direction of Jonny Johansson’s interest in photography, ar t, architecture and contemporary culture, an alternative path has been found to turn Acne Studios into a well-respected creator of ready-to-wear, magazines, furniture, books and exhibitions. Each collection is defined by Jonny Johansson’s signature juxtaposing design and attention to detail, with an emphasis on tailoring and an eclectic use of materials and custom developed fabrics. The collections cover men’s and women’s ready-to-wear, footwear, accessories and denim. Rooted in Scandinavian minimalism, Acne Studios’ perfectly cut staples and tailoring are a definite buy now, wear forever investment. With this rising middle class income in Mexico, the move to implement an Acne Studios was almost inevitable. This optimistic outlook for the luxury goods market is due to the growing trend amongst mid-income consumers to purchase high-end brands, and upper-middle-class consumers wanting have looked to differentiate themselves from amongst social classes. The implementation of an Acne Cancun Pop-Up shop, was the first initiative with plans of entering the Latin market by inhabiting the Pop-Up shop in the largest luxury market in Latin America. With a total GDP of $1.2 trillion in 2012, Mexico is the world’s fifth-largest emerging economy behind the BRIC countries (Brazil, Russia, India and China) and the second-largest in Latin America. Cancun has always been a destination hotspot welcoming more than 2 million visitors a year. With its’ distinction of being a Caribbean destination within its’ infrastructure, Cancun’s modern amenities and a service philosophy to rival leisure destinations worldwide, it has remained a destination hotspot that oozes relaxation and high living jumping from the pages of travel brochures in a flurry of paradise sands to its’ glistening crystal waters, potentially becoming the home Acne’s next boutique.

COMPANY SUMMARY Acne Studios was founded in 1996 in Sweden by Jonny Johansson, who is also the CEO. Johansson’s interest in photography, ar t, architecture and contemporary culture, an alternative path has been found, turning Acne Studios into a well-respected creator of ready-to-wear, magazines, furniture, books and exhibitions. The collections are defined by Jonny Johansson’s signature juxtaposing design and attention to detail, with an emphasis on tailoring and an eclectic use of materials and custom developed fabrics. Acne first star ted when the creators made denim with red stitching. They made 100 pairs and sold them to friends, family, and influencers around town. CO R P O R AT E S O C I A L R E S P O N S I B I L I T Y “Acne Studios aims to produce all products as responsibly as possible. This is a continuing process between Acne Studios and its manufacturers. Acne Studios is also collaborating with Fair Wear Foundation to ensure that the process is as secure as possible.” One way the company wants to grow is to be more Eco friendly. The want to use more organic fabrics. They add value and reduce costs by sourcing and producing as locally as possible. “Financially production costs will be higher as the labor will be more expensive. This problem will be balanced out by the lower expenditure on logistics. As materials and production will both be local the company will be investing less in the distribution of both. This is due to shor ter distribution times and less money being spent on transpor ting materials and products for cer tain deadlines such as selling windows. Sourcing materials and producing locally means acne can build strong long term working relationships with local companies guaranteeing deliver. This also brings more jobs and money to the local area. The team will look to bargain with the producers and suppliers over financial cost over a long term contract guaranteeing steady work flow.”

Revenue: $136,493,750USD

STRENGTHS • • • •

Strong brand identity Internationally known Affordable luxury Strong customer base

WEAKNESSES • Lack of in store accessibility • Lack of new media in adver tising

OPPORTUNITIES • Expanding on accessories: eyewear, jewelery • Public rather than private • Improving the use of social media platforms

THREATS • Similar brands with similar aesthetics at lower price points: COS, OAK NYC, APC • Lack of diversity in adver tisement

BRAND IDENTITY A m bi t i o n to Cre a t e N o v e l E x p re s s i o n s Acne Studios is renowned for taking an alternative approach to classic design, becoming a well-respected brand creating ready-to-wear fashion collections, interior design solutions, books, magazines and exhibitions. Acne’s vision is to conceive and develop a lifestyle brand offering highly coveted products. “Fashion is the best form of self-expression. We like to design pieces that together form the coolest wardrobe, but is ultimately wearable. It becomes one way of thinking as individual pieces, but together creates a strong, modern and considered statement.” -Jonny Johansson

PRICE/ACCESSIBILITY MATRIX

DISTRIBUTION • Distribution Channels: Online, Flagship, Brick-and-Mor tar and Boutiques • 40 Acne Studios in Paris, London, N.Y.C, L.A, Tokyo, Stockholm, Oslo and Copenhagen • 650 Retailers in more than 40 countries • 90 Factories located in 13 Countries • Acne wholesales to 71 doors in Nor th America • As of 2014 both retail and e-commerce are responsible for 60 percent of Acne Studios’ sales, but that percentage is poised to grow as Acne Studio retail spreads. • Annual Turnover of 131 Million Dollars • 500 In-Store Employees • 150 Combine Staff Members Working in their Stockholm Headquar ter • In addition Operating Offices in Paris New York, Oslo and Copenhagen

Acne Studios is active on their website and multiple social media platforms. We b s i t e Their website provides information about the brand and also has their online store which ships internationally. The online store features their newest products and also products that are on sale. Facebook 535k people like this Acne Studiosâ&#x20AC;&#x2122; Facebook page keeps followers up to date with their latest news from the newest products, collections to events. Tw i t t e r 121k followers The information presented by Acne Studios on their Twitter is very similar to what is on their Facebook. Ins tagram 917k followers Instagram has the biggest following out of all their social media pages. Their Instagram focuses mostly on new collections and products. Pinteres t 21.6k followers Their Pinterest is used primarily to share photos of their collections and products. They also feature boards with photographs of their retail stores and people wearing Acne Studios.

COMMUNICATION

& PROMOTIONAL

A DV E RT IS IN G Acne Studios has traditional adver tisements in a range of magazines such as Vogue, COVER and Elle. Their latest cover feature has Jennifer Lopez wearing their sweater on the cover of InStyle magazine. As previously stated, Acne Studios is active on multiple social media platform which acts as their digital adver tisements.

DIR ECT MAR KETING Acne Studios newsletter is available for subscription on their website.

S A L E P R O M OT I O N There are sale sections on their website for both woman and man up to 40% off selected FW15 items.

PESTEL ANALYSIS POLITICAL

SO CI A L

• Mexico has an IVA or VAT (value added tax) on most sales transactions, including sales of foreign products. The VAT is 11% for products staying in the Mexican border region and 16% for products going to the interior of Mexico • Silk or leather clothing items (except for shoes) pay a 5% luxury tax in addition to the VAT. U.S. goods entering Mexico do not have to pay this 5% luxury tax when their product is purchased by a business. • Entries of cer tain textile and apparel products require that additional information be submitted to Mexican Customs Authority, repor ted in a Document entitled “Annex 18. • Cancun Airpor t recently launched a Tax Back program, with offices located at terminals 2 and 3. This enables travelers to be refunded the value-added tax paid on purchases while in Cancun at the destination.

• Between 2009 and 2013, e-commerce sales in Mexico grew 400%, according to Euromonitor International. And online sales are expected to grow at annual rates between 20% and 35% over the next several years, with Mexico’s direct-to-consumer e-commerce (retail excluding marketplaces and travel) sales expected to double between 2014 and 2018 to $5.5 billion, according to Forrester Research Inc. • This growth is being spurred by more consumers accessing the web. In 2015, 65.1 million Mexicans will go online, making it the eighth-largest Internet user population in the world, according to eMarketer Inc. • Mexican retailers are evolving from sales oriented focus, to a customer-centricity focus. This means that the main goal to grow revenue is now driven by understanding customer needs through the shopping experience. Retail analytics is in the first stages in Mexico, only 5-6% of the retail use people counting solutions.

E CO N O M I C

T E C H N O LO G I C A L

• Silk or leather clothing items (except for shoes) pay a 5-percent luxury tax in addition to the VAT. U.S. goods entering Mexico do not have to pay this 5 percent luxury tax when their product is purchased by a business. • Entries of cer tain textile and apparel products require that additional information be submitted to Mexican Customs Authority, repor ted in a Document entitled “Annex 18. • Cancun Airpor t recently launched a Tax Back program, with offices located at terminals 2 and 3. The program enables travelers to be refunded the value-added tax paid on purchases while in Cancun at the destination.

• According to information generated by Scopus, a database for scientific publications, Mexico ranks 28th among countries in number of publications produced. While Mexico lags behind many more technologically developed countries in terms of educational programs and research, it is a definite leader in Latin American due to its development of science and technology programs in the 20th Century. • Overall investment in science and technology programs remains low with its annual investment in research and technology development at 0.31% of it GDP. This is comparatively low to other developing nations such as China (0.7%), Brazil (0.8%), and India (0.8%).

PESTEL ANALYSIS E N V I R O N M E N TA L • The Climate in Mexico varies according to its topography. Along the coast (on both sides of the country) it is hot and humid, unbearably so in the summer. • Mexico’s geographical features range from swamp to deser t, and from tropical lowland jungle to high alpine vegetation. Over half the country is at an altitude greater than 1,000m (3,300ft). • Altitude is a determining factor with regards to the weather, with cooler temperatures at higher elevations (Mexico City, Puebla, San Cristóbal de las Casas) and warmer, tropical weather as you descend to sea level (Guadalajara, Cuernavaca, Cancun). • June to August are the hottest months in the bustling resor t of Cancun, while April and May see the highest temperatures in Mexico’s capital Mexico City, where lowest temperatures are usually in January and February. The dry season here is November to May, and this is followed by four months of significant rainfall, with average rainfall of 170mm in July.

LEGAL • There exists a Federal Consumer Protection Law which protects those persons which purchase services or items from businesses, and is of “Public Order and Social Interest”, wherefore the terms (rights and obligations) under the law can not be waived (given up). The law covers promotions and sales, real estate transactions, form contracts (preexisting formats), general representations and warranties, credits sales and operations, lack of performance , services, domicile sale, and others.

• The Work Week. The federal Labor Law of Mexico sets for th a maximum of 48 hours per week as the amount of hours a laborer can work without going over time. Even so, most companies only run the work week at 40 to 45 hours • The Work Day. For every 6 days of work ( Monday through Saturday ), employees are entitled to one day of rest with full pay. Therefore, when hiring in Mexico please keep in mind that you are hiring per week and not per day, when deciding on the salary. • Work Shifts. There are 3 work shifts, consisting of the day shift ( eight hours ), the night shift ( seven hours ) and the mixed shift ( 7 1/2 hours ). The mixed shift is par t day shift and par t night shift. Those hours that are worked over these periods are considered to be overtime ( paid as such - double the hourly rate ) and can not go over 9 hours per week. • Over time. In that case the hourly wage can be double or even triple the normal hourly wage, depending on how many hours over time are work In the event that the over time is on a holiday, the hours are paid at triple the normal hourly wage. • Salary. The law sets for th a minimum daily wage for each category of services to be provided in a given geographical area. The law also sets the requirement for an annual review of the salary being paid, which salary increase should not be less the minimum set by law. • Minimum wage 70.10 pesos ($4.19)

ACCESSORIES Value growth for the vast majority of the eyewear categories, driven mainly by two factors: the US dollar appreciation by the beginning of 2015 and the strong promotion and increased availability of brands within spectacles, sunglasses and contact lenses. Entrance of new competitors offering eyewear in apparel stores and a slightly better performance of the economy also helped consumers be more open to purchasing new eyewear products. Over the forecast period apparel accessories is expected to see moderate growth, with a CAGR of 4% in volume terms and also in value terms at constant 2014 prices, to reach MXN13,504 million by 2019. The category will continue growing, as fashions and consumers evolve to find new options of fabrics, designs and styles. The trend of wearing apparel accessories in order to be unique and stylish is also a main driver of sales in the category. The forecast volume CAGR of 4% is slightly under the 5% CAGR seen in the review period. This can be attributed to the preference of consumers for other garment styles, such as spor tswear, which do not require apparel accessories, such as belts or ties. Apparel and footwear specialist retailers will continue with their expansion plans with physical stores and online stores, in order to reach more consumers. Potential forecast threats to growth could be new trends and fierce competition, forcing lower prices. The competitive environment is highly concentrated in the eyewear industry with only two companies owning a double-digit share size within the overall industry. Additionally, within contact lenses three companies own an 82% value share, leaving the rest of the market to other companies, and a similar situation occurs within sunglasses, where only one company has managed to own a two-digit value share. Sales structure and leading players especially within spectacle frames makes it difficult for other competitors to enter the market and to establish good distribution channels.

K E Y

P L AY E R S

DKNY

Direct competition based on Cancun: DKNY: Located in Luxury Avenue Prices for accessories range from $100-$500 Only carries 4 pairs of sunglasses Presence on social media, and known worldwide. At least 3 pop-up shops, none in Mexico

LONGCHAMP Prices range from $200-$1000 Focuses mainly on handbags Some prices are similar to Acne, while some are lower 1 pop up shop in Paris

MAX MARA Very similar aesthetic to Acne Studios Accessories range from $200-$2000 Prices are around the same as Acne Studios Max Mara is our main competition for the area of focus They were to have one pop-up shop near Tokyo in 2008

I N D I R E C T

CO M P E T I TO R S

GUESS Different aesthetic than Acne Studios Accessories range $48-128 Located in a shopping center near Luxury Avenue

SUNGLASS ISLAND Similar to Sunglass hut Prices range $100-$300 Only sells sunglasses

ZARA Located in La Isla Shopping Village Accessories: $22.90-$69.90 Fast fashion instead of luxury Lower prices compared to Acne Studios

AREA ATTRACTIONS

INDOOR - Kayanta Spa - The City Discotheque Night Club - Planet Hollywood

WAT E R / OUTDOOR - Cancun Scuba Center - Aquaworld Aquarium - Mandala Beach - Swimming with dolphins and para-sailing - Golf Club Center - Museo Maya de Cancun

R E S TA U R A N T S - Columbus Lobster Dinner Cruise - Hard Rock CafÃ© Cancun

BARS - Congo Bar - Margaritaville

TARGET CONSUMER M E X I CO TO U R I S M As of 2015, international visitors grew by 9.5% to 31.1 million international tourists. Out of the 31.1 million tourists, 27.91% go to Cancun. These tourists spend a total of $61.6 billion annually.

VISITORS BY TOP COUNTRIES USA

CANADA

UNITED KINGDOM

7.16 million visitors

1.6 million visitors

458k visitors

310k visitors

Median age: 37.8

Median age: 40.5

Median age: 40

Median age: 42.3

Disposable Income per household: $107,134

Disposable Income per household: 80,070CAD >> $57,697

Disposable Income per household: £43,222 >> $62,519 (£1 = $1.45)

Disposable Income per household: ¤34,938 >> $39,189 (¤1 = $1.12)

SPAIN

L I F E S T Y L E / P S YC H O - G R A P H I C The target consumers look through social media platforms during their spare time. They follow celebrities and influencers for inspirations for fashion, beauty and lifestyle. A trend that is popular amongst their customer is the Scandinavian lifestyle which is linked hand in hand with the aesthetics of Acne Studios.

Anna Jones

Hayley Crane Age: 30 Gender: Female Education: McGill University Occupation: Ar t gallery director Income: $77,000 Hometown: Prince Edward Island Marital Status: Married Children: one Hobbies: Traveling, painting, reading, yoga, shops for her family

Daniela Lopez Age: 40 Gender: Female Education: Domus Academy Occupation: Interior Designer Income: $140,000 Hometown: Barcelona Marital Status: Married Children: three Hobbies: Traveling, pilates, reading, cooking, shops for herself and her family

Age: 25 Gender: Female Education: The New School Occupation: Graphic designer Income: $48,000 Hometown: San Francisco, California Marital Status: Single Children: none Hobbies: Traveling, writing, film, swimming, blogging, shops for herself

William Thomas Age: 35 Gender: Male Education: London School of Economics and Political Science Occupation: Owner of PR company Income: $100,000 Hometown: Birmingham Marital Status: In a relationship Children: none Hobbies: Traveling, social events, drinking, cooking, shops for himself and his girlfriend

Since the majority of the pop up shopâ&#x20AC;&#x2122;s customers are tourists, most of them would browse the internet with their phones. Although Mexico has more people subscribed to mobile internet, the penetration is much lower in comparison to US, Canada, UK and Spain. This suggests that it would be efficient for Acne Studios to do most of their promotional activities through mobile platforms such as Instagram, Facebook, Twitter and Pinterest.

STORE LOCATION LO C AT I O N J U S T I F I C AT I O N Acne Studios has stores in nine countries in Europe, three countries in Asia and one country in Nor th America. Latin America is an area in which they do not have any stores in. Mexico is one of the most visited countries in South America; therefore, it is an ideal country to have our pop up shop. Cancun, Mexico is the chosen location as it attracts a large number of tourist. In 2014 Cancun had a record breaking number of 4.8 million visitors and is expected to continue growing. The rise of interest from airlines from Nor th America and opening new hotels and services, along with range of international activities and events in 2015 all contributes to its growth. Cancun is the perfect location because Acne Studios or any other stores with similar aesthetics is not located in the area. Luxury Avenues is the country’s only high-end boutique mall in the country. They could definitely use a store with the aesthetics of Acne Studios. E S T I M AT I N G CO M P E T I T I O N There are several places that will be our competition. We, however, are set off from the competition because they do not sell everything that we sell. We will be selling resor t style accessories, which will be convenient to our consumers. None of our competitors have had pop-up shops in Cancun, which is an advantage to our business. A R E A AT T R A C T I O N S • You can get a taxi anywhere in Cancun. The only restriction is that they are not allowed to collect from the airpor t. The airpor t has its own taxi system. • Buses are the cheapest way to get around Cancun and you can get from the Hotel Zone to almost anywhere for only .47 cents • There is also a ferry service from Playa Tor tugas that takes you to Hotel Zone . • Luxury Avenue offers Valet parking services at the main entrance

LUXURY AVENUE The location for our Pop-up shop will be located inside of Luxury Avenue Cancun, Mexico. The location we chose is surrounded by the best Hotels in Cancun, Luxury Avenue offers its visitors a memorable Shopping experience. Composed by 25 boutiques and an exclusive Service Center for the most luxurious international brands, Luxury Avenue also offers first level services that make more comfor table your stay at the boutique mall. Luxury Avenue sums an impor tant collection of jewelry, fashion, cosmetics, perfumery and accessories brands that have been carefully chosen to offer you everything you are looking for in the same place.

SERV ICES : Luxury Avenue Offers Valet parking services at their main entrance of the boutique mall without extra charge. Security is also provided by the mall. The mall itself is build to be friendly to physically challenged visitors, has baby changing stations and money exchange in most of Luxury Avenueâ&#x20AC;&#x2122;s boutiques. US dollars, Euro, Mexican pesos, traveler checks and the main credit cards are accepted to make your transaction easier. Lastly, there is also shopping concierge and personal shopper available.

LOGISTIC & INFRASTRUCTURE

• The success of the tourism industry, the privileged geographic location, the quality of the services and infrastructure, the logistics and transpor tation, safety make Cancun the number one destination for the generation of new business in Mexico, Latin America and the Caribbean.

• In essence, this paradise provides the commercial oppor tunity where domestic and foreign investments are added to the relevant foreign development of this region. • Cancun the most impor tant tourist destinations in Mexico for the past 16 years: • Recognized as the 1st Mexican tourism destination, as well as the most relevant tourism destination in the Caribbean, beating the Bahamas and Puer to Rico. • Cer tified by the World Tourism Organization as one of the towns with greater tourist development and the most modern infrastructure at international level. • The foreign tourist revenue of this area represents Mexico’s 40% of the total revenue generated. •

Is the most impor tant commercial, financial, industrial and logistic center in the southeast of Mexico.

HUMAN RESOURCES March Salary

April Salary

Allowance

Total

Store Manager

$2,916

$2,880

$8,712

Assistant Manager

$2,250

$2,880

$7,380

Sales Associates

$525

$1,050 $17,142

MOOD/ I N S P I R AT I O N

Few contemporary fashion brands have taken Andy Warholâ&#x20AC;&#x2122;s multidisciplinary approach to the ar ts and applied it as successfully as the Swedish design collective, Acne Studios. No two Acne stores are the same, thanks to Johanssonâ&#x20AC;&#x2122;s collaboration with architect Andreas Fornell. While the London store is the picture of Mayfair elegance complete with giant sculpture by Helmut Lang and a roof garden, the Paris outpost in the Marais gleams with LED tracks. The idea is to reflect the local environment and to give the customer a unique experience in every city, and the same goes for Acne Cancun. Ar tistically simple with contemporary design aesthetics, we have embodied different attributes from Acne stores around the world and have successfully implemented them with our seemingly open floor plan with see through paneling and a minimalistic approach. The goal is to have customers interact with the space and develop a higher familiarity of what Acne studios is about and what we deliver. 23

ACTUAL SPACE

PRODUCT PLAN EYEWEAR

B AGS

PRODUCT M E N ’ S F O OT W E A R

W O M E N ’ S F O OT W E A R

PLAN

S M A L L L E AT H E R GO ODS

COMMUNICATION & PROMOTION PLAN Promotional Plan Facebook Twitter Instagram-Pinterest-Email (Marketing Cordinator) Catalogue TOTAL

7 Months Dec.-June $1,200.00 $1,500.00 $2,000.00 $150.00 $4,850.00

Come in today and visit our new location #ACNECANCUN

FINANCIAL PLAN

INCOME STATEMENT

Expenses

Month1

Month 2

Interior Fixtures

$1,180.00

Exterior Fixtures

$1,180.00

Storing

$30.00

Wages

$6,216.00

$35,000.00

Logistics

$1,000.00

Promotional Activities

Rent and Utilities

Legal and Permits Other Expenses Hotel & Flight TOTAL

Income Statement

Month 1

Month 2

Net Sales

$265,320.00

$353,760.00

Cost of Goods Sold

$119,394.00

$159,192.00

$1,000.00

Gross Margin

$145,926.00

$194,568.00

$2,425.00

Expenses

$50,831.00

$0.00

PROFIT

$95,095.00

$143,737.00

$3,600.00

$200.00

$50,831.00

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