Burberry-Business plan

B U S I N E S S

P L A N

CONTENTS 05

E XECUTIVE SUMMARY

06

INTRODUCTION About Burberry x Cai Guo-Qiang

08

AIMS & OBJECTIVES

05

10

MARKET INTELLIGENCE

14

PRIMARY RESE ARCH Shop reports Street style/ Customer profile Survey

18 CU R R ENT R E TA I LER S IT UATI O N 24

HISTORY AND TIMELINE

26

SWOT

27

PESTLE

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BR AND IDENTITY AND USP

33

C O M P E T I T I V E A N A LY S I S

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STP AND CUSTOMER PROFILE MARKETING MIX COLL ABOR ATIVE INFLUE NCE

40 PROMOTION 58

Brand logo & Physical packaging

PRODUCT 45

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48

MOOD BOARDS

CO LO U R PA LLE T S

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TR ADITIONAL ADVERTISING

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SOCIAL MEDIA

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SALES PROMOTION

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P U B L I C R E L AT I O N S Press release & Launch Event

DISCUSSION OF THE PRODUCT

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PRICING

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VISUAL R ANGE PL AN

BR AND IDENTITY

Price hierarchy and strategy

71

PL ACE 71

W I N D O W D I S P L AY

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MANNEQUIN STYLING IDEAS

4

EXECUTIVE SUMMARY

T

his business plan is commissioned for Burberry’s collaboration with Cai Guo-Qiang. This plan aims to create a younger identity and attract new customers for the brand by establishing a firm position in the field of fine and fashion jewellery. The benefit of collaboration and the suitability of the artist would be analysed to evaluate the final results for Burberry. Secondary information contacted from library, web and database archive would be interpreted to explore the current retailer situation. The report would also analysis the business performance of its competitors through store visiting and literature reviews. Besides, a survey would be taken to explore consumers’ shopping behaviour and attitudes toward fashion collaborations.

Apart from that, a new collection of fashion and fine jewels would be designed, coming along with a new marketing plan and visual merchandising ideas. The products and promotional activities would be developed to suit Burberry’s identity and future trends.

To conclusion, this report shows the Burberry’s business plan to collaborate with Chinese contemporary artist Cai GuoQiang and therefore enhance the brand image and consumption.

5

ABOUT BURBERRY X CAI GUO-QIANG INTRODUCTION

“While many of us consider fashion an art form itself, both industries continue to collaborate to forge deeper creative conversations. Painters, illustrators and photographers have become important contributors to the fashion industry, their input often adding instant value to a collection.” (Hastings, 2018)

B

urberry is a leading luxury brand found

paintings and ignition events. His signature

by Thomas Burberry in 1956, and it

gunpowder work, such as “The Century with

is known for its distinctive British

Mushroom Clouds: Project for the 20th Century”

heritage and identity. The brand

(1995-96), and large-scale installations or social

was born of innovation as the founder invented

projects, such as “Inopportune: Stage One” (2004),

Gabardine, which is the waterproof material that

are usually based on social issues, the environment

makes the iconic trench coats (Trotter, 2018).

and human philosophy, which triggers people’s attention to reflect on the contemporary world.

According to Burberry Corporate Website (2019),

Each of his artworks is highly innovative and

the brand has developed a long term plan to re-

unique, which creates unforgettable experiences

energise the products and customers‘ experience

for the viewer.

since November 2017. The new strategy will be based on six areas - product, communication,

Cai is recently carrying out his latest solo exhibition,

distribution, digital, operational excellence and

Flora Commedia, host by Uffizi Galleries, Florence,

inspired people (Burberry plc, 2018).

Italy. Inspired by the flower of the Renaissance, Cai wants to crates a time tunnel linking the past with

Burberry will collaborate with a contemporary artist

the present. Burberry would bring a contemporary

Cai Guo-Qiang as a part of its New Era strategy.

feeling to its products with Western heritage by

The artist known for the use of gunpowder in his

collaborating with him. Therefore create a new

practice, including experimentation with explosive

aesthetic to the new Burberry by Riccardo Tisci.

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CA I GUO -Q IA NG

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AIMS To increase the sales revenue by 20 per cent over the next three years.

To increase the market share by 3 per cent over the next two years.

To establish a firm position for Burberry in the field of fine and fashion jewellery.

8

O J C

OB JE CT

To increase the sales of accessories by 10

per cent over the next year.

To deliver a sustainable and long-term

value by improving product, communication

and customer experiences over the next

two year.

To increase the retail/wholesale revenue in the Asia Pacific by 10 per cent, EMEIA (Europe, Middle East, India and Africa) by 5 per cent, and Americas by 3 per cent over the next two years.

IVE 9

Market Intelligence

BURBERRY SALES GROWTH

REVENUE BY PRODUCT ACCESSORIES: 40%

JEWELLERY +10%

WOMEN’S 31% MEN’S 24% CHILDREN’S 4% BEAUTY 1%

SHOES +10% BAGS +7% APPAREL +3%

GREW BELOW MARKET AVERAGE

ONLINE SHOPPING CHINA: OVER 80% JAPAN & SOUTH KOREA: OVER 10

50%

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Sky Ladder (2016) 13 13

PRIMARY RESEARCH

SHOP REPORT

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This Burberry boutique is located on Regent Street.

The window display shows the collaboration with Viviana Westwood through graphics and giant posters.

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New items are displayed on the ground floor, next to the stairs.

Some hand bags and accessories are displayed in front of the atrium. There is a specific room beside the entry, which offers scarfs, wallets, purses, and business card holders. They are generally entry-level items with lower prices.

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As the customers walk into the boutique, they could see a section of Burberry’s latest collaboration with Vivian Westwood at the centre of the store.

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C USTOM E R S E RVICE

The customers could enjoy exclusive British food and drink at Thomas’s conveniently inside the store.

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The store are filled with camel or cream colour.

The second floor is a particular area for the latest ready-to-wear collection and rooms that are private shopping area for the VIPs. 19

PRIMARY RESEARCH

street style

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e

Coat Burberry Trousers Max Mara Bag Celine Hat MHL

Name: Anna 24, Graphic designer Lives in Shanghai, China She likes spending time in Cafe, at home and with loved ones.

Her working schedule is quite flexible.

She wants to feel the texture of the products while shopping.

She likes designs that are simple.

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SURVE Y HIGHLIGHTS Main Source of Information

Most people relied on social media and friends recommendations.

Important factors

The most attractive factor for a product is its quality, followed by price and design (features and uniqueness).

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79 per cent of the respondents is more willing to buy a collaborative product than the ordinary ones.

This chart shows the percentage of people who have the experience to purchase the same products as a celebrity.

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SWOT Analysis

S W O T 26

PESTEL Analysis Political

- Terrorist attacks in Europe

• decreasing number of tourists

- Brexit

• Enhance the perception of “Britishness”

- Wage legislation and employee benefits

• Minimum wage and working time

- Anti-corruption in China

• Decline in Chinese purchasing power

Economic - Government’s intervention in the trading with the European market

• May suffer financially (Marian, 2016)

- The economic downturn in China

• Less disposable income

• fell in sales

- Interest rates - Inflation rate: 2.17% (Statista, 2019) compared to previous year - Exchange rate - Decrease in pond value - Decreasing

travle volumes

• Reduction in sales and profits (Phau, Teah & Chuah, 2015)

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Social - The consumers tend to purchase good that are more affordable - The popularity of social media platforms such as Instagram, Youtube and WeChat.

• Digital marteking

- Requirements of innovation - Trends in healthy lifestyle - Increased environmental consciousness - More equal gender roles and feminism - Customers, particularly millennials, values transparency (Humphrey et al., 2019)

• Caring more on the supply and production of products

• Releasing the company’s information to the public

Technological - Advanced technology

• Offering digital experience

• New platforms for promotion and sale

- New method of production such as 3D printing - Material innovation - E-commerce - Social media

• An easy and efficient way to know and communicate with

the target customers - Decreasing

travle volumes

• Reduction in sales and profits (Phau, Teah & Chuah, 2015)

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Environmental - Increasing scarcity of resources such as oil and water

• Higher production and transportation costs

- Climate changes affecting productivity of labours - Consumer sentiment towards sustainability and social responsibilities (Mellery-Pratt, 2017)

Legal - Copyright and Intellectual property law - Employment law - Higher levels of Regulation

• the manufacturing process of products

• recycling waste

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Brand Identity and USP

Brand Identity is controlled by an organisation

Burberry also established it self as a digitally

internally and it is what the company wants

advanced brand by building a well-managed

consumers to perceive. In order to develop a

website and offering digital experiences in store

strong and compelling brand identity, the outward

(Burberry plc, 2019).

expression of the brand should be consistent and congruent (Posner, 2011).

However, the brand had suffered from several identity crises as there was a gap between brand

Burberry has builded an authentic British heritage

identity and image. For example, Burberry grained

primarily through its iconic trench coat, Burberry

the wrong kind of consumer’s attention where

check and The “Equestrian Knight” Logo, which are

they purchased counterfeit products rather than

also the USPs for the brand. The brand’s trademark

the originals (Posner, 2011). Moreover, some

has offered an assurance of product quality and

consumers formed a negative brand image as the

durability in the customers’ mind. People would

distinctive Burberry check was associated with the

usually associate Burberry’s style with clean,

‘chav’ cultural and football hooligans (Bothwell,

timeless

2005). ‘Chavs’ are individuals with low-income but

and

sophisticate

design.

Currently,

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are infatuated with wearing well-known brands

create a campaign with super model Kate Moss

(Hall, 2004). The social group was poorly behaved

and photographer Mario Testino (Neate, 2013).

and many pubs and clubs has banned people who dress this label (Bothwell, 2005). The skewed brand

Apart from that, Burberry is establishing a new

image led to a substantial decline in UK sales, and

brand identity under the new Chief Creative Officer

even worse, the brand identity of luxury and classic

Riccardo Tisci. The graphic designer,Peter Saville,

British heritage had been tarnished.

has re-designed its logo and monogram and made them become quite modern. Instead of the “proud

Burberry started to gain back the control of its

knight on horseback” and the “tailored serifs”

identity by reducing the use of the checks on

(Bird, 2018), the new logo is in a significantly more

products and remove certain goods from sale

contemporary font. The “TB” print new monogram

(Bothwell, 2005). Besides, Rose Marie Bravo,

combines the iconic Burberry beige with white and

the CEO of the company from 1997 to 2005,

an eye-catching orange. Saville (quoted in Block,

developed a strategy to turn the situation around.

2018) states that “the new logotype is a complete

For instance, she thinks Burberry should have

step-change, an identity that taps into the heritage

flagship stores in premium locations with other

of the company in a way that suggests the twenty-

luxury brands as neighbours. Under this strategy,

first-century cultural coordinates of what Burberry

the brand has expand to New York, Barcelona, and

could be.”

Taiwan. She also made innovations and expanded the product range with fragrances, leather goods, children’s wear and accessories to boost sales (Ryle, 2002). Most importantly, she had managed to bought a ‘younger, sexier image’ to Burberry by

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The New Identity

“The new logotype is a complete stepchange, an identity that taps into the heritage of the company in a way that suggests the twenty-first-century cultural coordinates of what Burberry could be.”

FA R L E F T The Old and New Logo of Burberry.

ABOVE Burberry’s new monogram, designed by Peter Saville.

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Competitive Analysis (Old)

Brand

Iden(ty

Less is more Morden Chic Minimalism

Elegance Stylish Parisian look Sophis(ca(on Camellia Quilt & pearls Feminine

Power Elegance Femininity Simplicity Modern & Classic High quality couture CraCsmanship

£ 325 - 92400

£ 240 - 46500

Fashion Jewellery

Fine Jewellery

None

Price Range

£ 225 - 2350

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BR AND POSITIOING

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STP

&

CUSTOM E R PROFILE Geographic The customers for Burberry could be people from all around the world.

Tend to live in more urban and suburban areas rather than rural areas.

In London - Individuals who hanging out near Kensington, Bond Street, Oxford Circus and Soho area.

Demographic Mainly female between the ages of 17 to 45.

Upper middle to high income level.

Working as a manager, possibly senior in their company, fashion blogger, celebrity, teacher, etc.

The ‘rich kids’ between 17 to 21 who got money from their parents.

Well educated.

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STP

&

CUSTOM E R PROFILE

Psychographic Interested in fashion and are aware of the latest fashion trend.

Tend to create their own personal styles by mixing brands instead of going for one brand look.

Like to living a comfortable lifestyle.

Perfer classic yet modern style.

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Pursue individualism but also use social media to follow global trends.

Behaviour Like to visit museums and art galleries.

Regular luxury buyer:

they like to wear Burberry in the daily lives and not just for special events.

The occasional luxury buyer:

purchase accessories such as fashion jewels.

Following fashion trend through social media and fashion magazines.

Working in office or studio.

Sharing their lives frequently on social media (e.g. Snapchat and Instagram), including their buying history and preferences.

Focusing more on the design and material of products rather than the prices.

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Current Markteing Mix PRODUCT Burberry was born of innovation as the founder invented Gabardine, which is the waterproof material that makes the iconic trench coats (Trotter, 2018). The product segments of the brand includes ready-to-wear for women, men and children, beauty, and accessories. Beauty and accessories allow more customers to enter the brand and also have a longer product life cycle than seasonal garments.

The trench coat is the core product for the brand as it represents Burberry’s history and heritage. Even though trench coats are the brand’s signature items and are favoured by many customers, the younger generation, which is the brand’s new target customer, are expecting more trendy and fashionable products to wear. Therefore, the brand had offered a variety of new designs by adding some unique or seasonal elements on the trench coat (Burberry plc, 2018).

According to Burberry’s official website (2018), in order to deliver sustainable long-term brand value, the brand has been aiming to re-energise its products and create better customer experience since November 2017. To achieve the target, the brand will continuously offer newness and innovation on its traditional designs to attract the attention of fashion-forward influencers and new customers

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(Burberry plc, 2018).

PLACE Burberry is headquartered in London, England. The brand sells its products worldwide mainly through products through retail (online and offline) and wholesale channels.

Most of Burberry’s boutiques are located in first-tier cities or at other upscale shopping districts where the visibility is higher, such as London, New York, Paris, Tokyo and Beijing.

By locating in some of the most popular avenues where footprints are high, the company could potentially attract more consumers. Also, the stores are located nears to other luxury brands because the consumers usually go for various brands rather than focusing on one particular.

Physical stores are essential because it is positively related to the purchasing experience of the consumers. The flagship store on Regent Street is Burberry’s largest store in London, which takes up two floors. The first thing that would catch the attention of pedestrians is usually the brand’s logo and its window displays. The window displays of Burberry is often quite simple but also showcases the whole collection.

The stores of Burberry are usually filled with camel or cream colour. The floors are covered in a carpet with a thick pile.

They represent the brand’s personality and aims to make the consumers feel conformable and be valued. Besides, the store offers personalised and attentive services to the customers, which include monogramming, tailoring in-store-collation and beauty appointments.

Burberry has an excellent online store which allows the consumers to find and purchase all the products from its website. If a product is not available online, the consumers could check the location of the retail stores where they could buy it. The brand had also licensed some products to third-party e-commerce websites, such as Selfridges and Farfetch.

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PRICE

When people think about luxuries, the word ‘expensive’ would usually appear to their minds immediately.

The price is the ‘exchange value’ of a product, but for luxury, it is the ‘symbolic value’ (Kapferer and Bastien, 2015). This means a luxury brand could command higher prices if it has a stronger symbolic value. It signifies the spiritual value of a product, which goes beyond the material aspects (Ekström, 2011).

For example, Burberry’s symbolic value represents the status of the customers and ionic designs. In other words, there is a direct correlation between pricing and the customers’ perception of the company’s image.

Therefore, Burberry had adapted a premium pricing policy by developing a robust symbolic value through the exceptional quality and exclusive design of its products. The goal of adopting this strategy is to create the awareness that the products have a higher value than their competitors’, so the brand could charge higher prices (Bhasin, 2017). The brand has built a trust and loyalty based relationship with its customers, which enabled the brand to develop on premium prices successfully.

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PROMOTION Packaging is a crucial part of sales promotion as it adds value to a product, which made it appeals to the customers. Burberry’s packaging is made of a brown paper bag with its gold logo (some bags have the new back logo on top of the new one). The packaging reflects the Burberry’s heritage and position as a luxury brand.

Burberry is focusing primarily on consumer experiences and engagement. The brand has invested in-store technology offering an audiovisual experience for the customers by displaying innovative contents through various platforms.

For example, the store on Regent Street has a vast and tall screen with hidden speakers, which could show the commercial campaigns of Burberry and make them eye-catching for the customers. Furthermore, the brand also used pop-ups and public events to make the consumers feel engaged with the brand. For example, the brand had set up a giant bear sculpture with its ‘TB’ monogram near Marble Arch to reignite the brand and create more social media coverage.

Besides, Burberry has published advertisements through specific channels such as fashion magazines, social media and fashion shows to cater to its premium clients.

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Collaborative influence

Cai Guo-Qiang is the art director of the Beijing Olympics, and he had also won the Golden Lion award at the Venice Biennale. According to Bloomberg (2016), he is one of the most in-demand artists in the world today.

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He has created unforgettable experiences and unique art pieces, from his explosion events to his gunpowder drawings to his monumental installations. His works were about human being with nature and the universe, and they became more political after he lived in New York. Moreover, he can turn tragic events or happenings into art and spectacle and allowed the audience to heal their own trauma.

As a Chinese artist who had studied and lived in Japan and now settling in New York over two decades, he is able to embrace another position and his artworks incorporated various cultures and perspectives. His international recognition and reputation, along with the cross-cultural value in his artworks could help Burberry to enter the US and Japanese market, and continually boost the sales in China.

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Products

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Mood board 45

Colour Pallets

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Discussion of the Product

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Our brand energy is built on creative content such as capsules, projects and collaborations. In the digital age, consumers engage visually and often. They expect, so we deliver, continuous innovative content.

Sarah Manley, Chief Marketing Officer

Taking considerations that Burberry is aiming at re-energising the brand and attracting more fashion-forward customers, a new category of premium quality fine jewellery would be created. By this approach, the company would fasten its leading place in the luxury market.

The brand would also offer newness and innovation in fashion jewels regularly in order to draw new customers. Besides, as an entry-level product, fashion jewellery’s sales had grown by 10 per cent in 2018 (Burberry plc, 2018), and it is likely to continue in 2019.

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TREND INFLUENCE S/S20 According to (Collins, 2018), fluid working patterns and technology have enabled individuals to have more leisure time to spend at home or on holidays.

Therefore, the focus of the product design is to offer seamless transition between work and leisure.

CONSIDERED COMFORT

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SMARTEN UP

On the other hand, the uncertainty in political and economic situations had influenced people looking for comfort with the sense of control and empowerment (Hudson, 2017).

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STYLING & COLOUR

Feel-good colours and Neutral Tones inspired by the minimalist aesthetic create comforts and elegance with a contemporary feeling.

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M ATER I A L S & D E TA I L S

NAUTICAL ELEGANCE

As consumers continue seeking for natural and sustainable approaches, materials such as pearls, seashells (Correa, 18), quartz or marble 53

would be used with antique gold to create a luxurious yet lively look.

PRODUCT USP WHITE LILIES

Flora Commedia: Cai Guo-Qiang at the Uffizi (2018)

M A P L E L E AV E S N O.1

Flora Commedia: Cai Guo-Qiang at the Uffizi (2018)

Every jewels from the collaboration between Burberry and Cai Guo-Qiang are inspired and named according to Cai’s artworks.

ANCIENT ROSE Flora Commedia: Cai Guo-Qiang at the Uffizi (2018)

By this approach, customers could see a link between contemporary art and fashion, which creates a unique product design and atmosphere.

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Price Architecture

LEADGING EDGE: £1,600+

FASHION RANGE: £500+

CORE RANGE: £300+

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New Logo

Brand Id

C U R AT E D B Y. M A D E LY N N S T U D I O

The logo for the collaboration has combined Burberry’s new logo and an icon of Cai GuoQiang.

The pattern on the logo comes from his painting, Desert Hues (2011).

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Packaging

dentity C U R AT E D B Y. M A D E LY N N S T U D I O

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Traditional Adverting 61

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FA R L E F T Burberry’s Instagram page #TheBSeries #Kingdom #LFW #NewEra #NewBurberry #BCAI #BurberryArtWorld #BWorld #FloraCommedia #TheBGallery #BCMemories #BLightning #TheBSpirit #BCeremony #TheBreatShow

Social Media #BurberryCaiSeries #MyBurberry #FireworkNight #TheBNight #ArtistofTheUniverse #FashioninAir #BurberrySS20

FA R R I G H T Burberry’s Instory

#BurberrySummer20 #ArtofJewellery

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Sales promotion

Burberry will introduce a digital game for individ-

C U R AT E D B Y. M A D E LY N N S T U D I O

uals to get free gifts for the new collection. The game would be available on its official website, in store, WeChat, and the application of the brand.

Step 1: Fill in colours for the Thomas Bears

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Step 2: Once you have finished, share the results on social media.

Step 3: You would be able to choose one bear, and have a chance to win a free gift from the followings

• A mini candle (worth £60.00) when

you purchase any items from the collaboration (50%)

• A canvas bag with exclusive paint-

ing from Cai Guo-Qiang (worth £100.00) when you spend over £300 (30%)

• A Thomas Bear with your own

design (worth £200) when you spend over

C U R AT E D B Y. M A D E LY N N S T U D I O

£1000 (30%)

Step 4: Share the game to get another chance if you did not win the prizes

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The Prizes

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Deluxe Candle

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Press Release The Best Crossovers of Fashion & Art: Burberry’s jewelry Collaboration with Contemporary artist Cai Guo-qiang London, England – The leading British luxury house Burberry and one of the most in-demand artist Cai Guo-qiang announced today a collaboration that bings a conversation between high art and jewerelly.

“The thing that excites me the most about Burberry is how inclusive it is - it appeals to everyone no matter their age, their social standing, their race, their gender.” Said by RICCARDO TISCI, the new Chief Creative Officer of the brand, “I knew I wanted to work with a collection of collaborators to help interpret the breadth of what this incredible heritage house represents to so many different people - from the millennial to the mature, to the British and to the international.”

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Cai Guo-Qiang is the art director of the Beijing Olympics, and he had also won the Golden Lion award at the Venice Biennaleto. Burberry believes that the collaboration with Cai will create a new aesthetic and starts a new era for the brand. The exciting crossover between fashion and contemporary art stands out and attracts the public’s attention from both fields.

“Such collections – many now cult collectibles – occupy an exciting new space where the two fields meet, standing not only as works of art in their own right, but as fun, highbrow sartorial offerings that allow designers to create beyond the normal realms of fashion.” Said Kasia Hastings from Vogue magazine.

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In addition, Burberry today announced it will hold a launch party for the collaboration at the London eye on May 1, 2019. There would be a fireworks display, called The Burberry’s Night, directed by the artist Cai Guo-Qiang, who is also the art director of Beijing 2008 Olympic. The event will be one of the largest fireworks show in the city so far. The fireworks will demonstrate the new ‘TB’ monogram and many innovative effects. there will be a later show projected onto Hang Lung Plaza (Shanghai), the building in Times Square (New York City), and Ginza (Tokyo). The collection would also be available to shop during the event, with exclusive giveaways and limited edition packaging.

For further information on the event please visit: https://uk.burberry.com

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Place

I N S PI R ATI O N & MOOD

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y a l p s i nWi dow d

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BIBLIOGRAPHY

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