SE N IOR CA P STON E P R OJE CT | NI CO L E NG | FAS HI O N MAR K E T I NG & MANAGE ME NT
Table of Contents
Mission Statement
1.
C O M PA N Y S U M M A R Y
2.
M A R K E T A N A LY S I S
3.
TA R G E T C O N S U M E R
4.
C O M M U N I C AT I O N & PROMO PLAN
5.
FINANCIAL PLAN
1.1. Yeechoo 1.2. Hong Kong International Airport 1.3. Cathay Pacific 1.4. SWOT Analysis
2.1. Competitors
4.1. Prelaunch 4.2. Launch 4.3. Post Launch
6. C O N C LU S I O N
Traveling can sometimes be stressful, especially when it comes to packing. For my senior capstone, I will be giving travelers a one stop solution by creating a partnership between YEECHOO and Cathay Pacific. Not only would this bring convenience to customers in Hong Kong, it would also allow for YEECHOO to reach out to a wider clientele.
Mission Statement
“At YEECHOO, what you are choosing is not just a dress, but a set of beautiful experiences.” Abby & Shan shan, Founders of YEECHOO
YEECHOO is a premier designer dress rental destination based in Asia. Products such as dresses, clothing and accessories can be rented at a fraction of the retail price, allowing for customers to wear the latest season right off the runway. Customers can pick their choice of garment online, have the item delivered to the comfort of their own home and return the dress hassle free with a courier to pick it up. They currently have one showroom in Hong Kong.
1 showroom thousands of styles 60+ luxury brands
Hong Kong Hong Kong International International Airport Airport
The Hong Kong International Airport is the main airport in Hong Kong. It is one of the world’s busiest airports for both cargo gateways and passengers. Its passenger terminal buildings is also one of the world’s largest. More than 100 airlines operate here to over 180 cities across the world, making it an ideal location for Yeechoo’s “pop-up shop”.
100+ airlines 180 cities 68.5 million passengers
C AT H AY PA C I F I C Cathay Pacific is the flag carrier of Hong Kong. Their head office and main hub is located at the Hong Kong International Airport. They are also part of the Oneworld alliance. In 2010, they have taken nearly 27 million passengers to 180 destinations around the world.
SWOT
S T R E N GT H S
WEAKNESSES
Only designer rental destination in Hong Kong
Social media: they have 15.7k, however the amount of interaction is low
Wide range of products: cocktail dresses, casual wear, accessories
A lot of unoriginal content
Offers subscription
Global awareness
OPPORTUNITIES
T H R E AT S
Airport counter
Fast fashion brands (Zara) that allows for customers to own similar garments for near the same price
Hotel collaboration
INDIRECT COMPETITORS Rent The Runway
Rent The Runway based in New York City, who has showrooms in 6 cities across the US. Not only can customers rent garments, they are also a retailer offering garments at discounted prices.
Anovia
Anovia is a garment rental company based in Hong Kong. Their main focus is on bridal, however they also rent cocktail dresses. Their showroom is located in Tsim Sha Tsui, 16 minutes away by car from Yeechoo’s showroom.
Others
Fast fashion brands (Zara) that allows for customers to own similar garments for near the same price.
Market Analysis
DEMOGRAPHICS Women
18-60 years old
Hong Kong
Mid to high-range income
PSYCHOGRAPHICS
Frequent traveller
Open to new ideas
Experiencer
Fashion and environmentally conscious
Target Consumer
CUSTOMER PROFILE Name: Age: Occupation: Income: Location: Education:
Samantha Lo 22 Student Parent’s income + freelance modeling Hong Kong & United States Theater Design at Boston University
Samantha is constantly traveling between Hong Kong and the US where she is completing a degree in Theater Design. She usually only comes back to Hong Kong for 2-4 weeks to see her family and friends. She dreads having to pack as she would end up having the same clothes back and forth, wasting space in her luggage for gifts she’s bringing home. On her flight back to Hong Kong, she flips through the Discover The Shop magazine and stubbles across the Yeechoo ad. She remembers seeing posts about the new Yeechoo collaboration on Instagram a few weeks ago. She selects a few outfits through the YEECHOO app using the in-flight Wi-Fi free of charge. Her garments are ready by the time she arrives in Hong Kong and she simply picks them up at the YEECHOO counter on her way to the
CUSTOMER PROFILE Name: Age: Occupation: Income: Location: Education:
Amelia Kong 54 CEO at a new product development company 2.4 million HKD Hong Kong MBA at The Chinese University of Hong Kong
Amelia is constantly traveling for work and with her daughter for leisure. Her top 3 destinations are the United States, Italy and China. During her most recent trip to the US for a few business meetings, she decides last minute that she would visit her daughter as well. She orders her outfits through the website and visited the YEECHOO showroom during her lunch break, where the stylist was able to suggest a few extra pieces to complete the looks. As a member of the Marco Polo Club, Amelia gives her flight information to Yeechoo so she can pick up her garments at her destination along with her other checked bags.
Prelaunch
24k likes
SOCIAL MEDIA As previously stated, YEECHOO has a sufficient following on social media, however it has not been utilized. Facebook and Instagram being the platform in which they have the most following. These two platforms are also the ones that are constantly being updated. Having said that, their other social media such as Twitter and Pinterest has very little following and has not been updated for up to two years. The reason for this could be that their target market is not as active on these platforms. It would be preferable if they were to either update these accounts consistently or delete them. The prelaunch will be focused on social media, specifically Facebook and Instagram. Posts giving hints about the collaboration, such as images of suitcases and tropical destinations.
15.8k followers
59 followers
16 followers
Dreaming of sunnier days, salt in my hair and tan lines... #travelwithYEECHOO Photo credit: @hongkongairport
Cannot even remember how many times this has happened... Who’s with me? #travelwithYEECHOO
If only stress free packing exists... #travelwithYEECHOO Photo credit: Pinterest
Launch
CATHAY PACIFIC IN-FLIGHT MAGAZINES Cathay Pacific has two of their own in-house magazines available on their flights, the Discovery magazine and Discover The Shop. The Discovery magazine features inspirational articles from a wide range of esteem contributors, from explorers, chefs, philosophers to artists, as well as some of the best travel writers and photographers. The Discover The Shop magazine offers luxury goods from brands from all over the world. Passengers can simply place an order with one of the cabin crew to pick up in flight, or have the items delivered to their home.
LAUNCH As a part of the launch, an ad would be placed in each of the magazines. Passengers could also access the Yeechoo website and app through the in-flight Wi-Fi for free.
Yeechoo App
App: Logistics
Customers can order their clothes anytime to 2 hours prior to arriving at the airport, as it takes an average of 28 minutes to get from Yeechoo to the Hong Kong International Airport. They can pick up the items at the Yeechoo counter in Terminal 1 arrival hall and those who are flying with Cathay Pacific can have their outfits delivered directly to their gate.
Launch Event
For the launch of #travelwithYEECHOO, influencers and YEECHOO members will be invited to a private launch party. The party with be hosted on a yacht to reflect the traveling aspect of the campaign. All guests will be dressed by YEECHOO, where they will be invited to the YEECHOO showroom prior to the event for fitting and styling.
Post Launch
POST LAUNCH In order to retain customers’ interest in YEECHOO’s collaboration with Cathay Pacific, there has to be a constant reminder. There should be a section dedicated to this collaboration on all of YEECHOO’s social media platforms. YEECHOO should also work with influencers by sponsoring outfits for their trips in exchange for exposure on their social media platforms along with the hashtag #travelwithYEECHOO. YEECHOO currently features a lot of content made in-house or by influencers, however there are little posts from the actual customers. By using content created by customers, it would not only keep the customers in the loop, but it would also build a stronger relationship.
Financial Plan
COST Venue + Catering $90,000HKD Decorations $10,000HKD Entertainment $8,100HKD Photographers $8,000HKD Gift bags $2,000HKD TOTAL: $118,100HKD
T R A V E L PA C K A G E Basic
1-week Rental
2-week Rental
$630HKD $1,500HKD The Basic Travel Package includes 5 outfits a week. Each outfit must be within $630, if the value is above $630, simply pay the price difference. Premium
1-week Rental
2-week Rental
$880HKD $2,110HKD The Premium Travel Package includes 7 outfits a week. Each outfit must be within $630, if the value is above $630, simply pay the price difference.
Pricing
INFINITY 1 month
Basic
Premium
$680HKD $980HKD 3 months Basic $1,980HKD Premium
ENDLESS ROSE
Blue Flared Ruffle Dress
$2,900HKD
4-day Rental
6 months
Basic
8-day Rental
Premium
$3,680HKD $5,380HKD
$280HKD $420HKD Retail Price
$1,400HKD Deposit
$800HKD
Conclusion
By partnering with Cathay Pacific and the Hong Kong International Airport, YEECHOO would bring convenience to existing customers and reach a wider clientele at the same time. Not only would this bring new opportunities to YEECHOO, it would also allow for them to fully utilize digital marketing through social media platforms. Cathay Pacific on the other hand would gain brand loyalty by working with a local brand. The success of this partnership could bring in even more opportunities for all three partners.
SOURCES https://www.yeechoo.com http://www.hongkongairport.com/eng/index.html https://www.cathaypacific.com/cx/en_US.html https://www.renttherunway.com https://www.anoviabride.com/cocktail https://www.hongkongyachting.com