S O -Y EO N ( SA R A H ) A H N word count: 4394
“Good shoes will take you to good places”
Source: Elle, France
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CONTENTS
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BRAND
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MOODBOARD
7
MARKET
99
COLOUR BOARD
10
CONSUMER
100
APPENDIX A;
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MARKET POSITIONING
QUESTIONNAIRE ANALYSIS
35
COMPETITORS
104
APPENDIX B; FOOTWEAR
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SWOT ANALYSIS
DISTRIBUTION METHODS
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PEST ANALAYSIS
105
APPENDIX C; FOOTWEAR
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DISTRIBUTION
RETAIL CHANNELS
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SUPPLY CHAIN
106
APPENDIX D; MARKETING
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COSTING OVERVIEW
STRATEGY CASE STUDY/
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RANGE OVERVIEW
JIMMY CHOO
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PRICE ARCHITECTURE
108
APPENDIX E; CRITICAL PATH
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MARKETING STRATEGY
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BIBLIOGRAPHY
AIM
Source: Pinterest
A brand that tries to balance fashion and comfort. Designs that are timeless but with a unique twist. This is what the brand “Ahn” aims to achieve.
In the current footwear market, many existing luxury footwear brands push forward cutting edge, stylish and chic designs whilst compromising comfort to achieve this. On the contrary, the comfort footwear brands such as Camper, Ecco and Geox, although known for their comfortability, they are not considered fashionable. The concept will lie within the luxury footwear market’s innovating and inspiring designs while maintaining the basic comfort of the foot. The challenge is to redefine consumer’s perspectives on comfortable footwear. The plan will be to launch a women’s footwear collection for Autumn/Winter 12/13. It will be successful in bridging the gap between fashion and comfort.
Source: Pinterest
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BRAND ETHOS
Ahn is a firm believer in how a woman’s confidence can affect her performance. A woman in good shoes will not only better her posture but better her attitude and mindset essentially taking her to “good places”. Ahn strives to portray this belief by creating designs for women to feel comfortable and confident in, thus fulfilling her goals whether it be in a social or a working environment. Successful completion of combining s¬ophisticated, chic designs with comfortability is the predominate identity of the brand, though the designer’s quirky fun twist to them will be another key attribute to the brand’s identity. Ahn is a contemporary luxury brand that could be characterised as clean, classic yet contemporary eccentric aesthetic with the exclusive use of highquality materials. A bespoke service will be available on request allowing the consumer to have direct communication with the brand and a clearer understanding of the product and it’s attributes. Ahn believes a pair of shoes should be worth investing in when the consumer is comfortable, confident and has a sense of exclusivity and individuality when they are in them. The collection for Autumn/Winter 12/13 will illustrate the designer’s understanding of core consumer’s desire
Source: Vita Yang
for innovative yet comfortable footwear. This range will take inspiration from “Religion”.
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THE MARKET MARKET OVERVIEW
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UK MARKET Despite the sudden fall in expenditure on footwear in 2009, the footwear market size grew to £7.2 billion in 2010 when footwear expenditure increased by 10%. This meant the footwear market outperformed the clothing market in terms of expenditure, though during the sharp fall in footwear expenditure in 2009, the clothing market avoided a decline in the recession. The strong growth in the footwear market in 2010 was led by fashion footwear being the key reason. However, with inflationary pressures rising and
Source: Mintel
footwear retailers hesitant to increase prices, profit margins will inevitably be squeezed.
ONS reported, footwear specialists performed exceptionally well in 2010; rapid increase in input costs) as consumers are used i.
low exchange rate allowed foreign tour-
to deflation making them reluctant to put prices up.
ists to maximise their spending while royal wedding
iii.
further encouraged tourists into UK
increase in the ageing population and ethnic diver-
ii.
sity
older consumers increasing their expendi-
change in demographics where there is an
ture for their willingness to pay more for quality
iv.
products
Due to the above factors, Mintel forecasted that
iii.
strong fashion trends and rise in promo-
ethnic diversity and the 25-34 age group
“by 2015, the sector’s share of all retailing will have
tions encouraging younger consumers to spend
dipped to just above 1.4% compared to almost 1.5%
more
last year.”
iv.
the extreme weather conditions further
boosting sales of winter and warm spring shoes.
However, the fashion sector will continue to show
Despite the steady growth in the market (+4.7% in
strong performance as the sector sales has already
the first quarter), there will be few obstacles for the
showed the specialists are finding different methods
cialists’ sales as % all retail
footwear sector to overcome in 2011;
to encourage consumer spending despite the slower
sales, 2005-15
i.
rate; Value sales rose by 4.7% while Volumes in-
lower consumer confidence due to the
continuing pressure on household incomes
creased by 6.7%. The fashion sector will also benefit
ii.
in the next five years from the growing age group ,
margins are being squeezed from the result
of retailers absorbing increased product cost (due to
25-34 year olds, that is set to grow by 11%.
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This page: Footwear spe-
Opposite Page: UK: footwear market-- channels of distribution , 2010
Channels of Distribution
Source: Mintel
According to Mintel, “Shoe specialist’s share of all retail sales and of the footwear market has been in long term decline.” However in 2009 the sector sales rose by 1.7% despite the market’s by 6.1%. “The overcapacity in the sector has eased allowing the winners to start making up some of the ground lost over the last decade.” The leading fashion footwear retailers such as Kurt Geiger and Office have accomplished this by embracing the latest trends, delivering better choice and speed to the market, improved supply chain and multi-channel platform. The top five specialists; Clarks, ShoeZone, Kurt Geiger, Office and Shuch have gained 35.6% of sector sales in 2009 in which by 2010 Office was one of the strongest performers in the sector. Mintel also stated in the report, “the luxury end of the market also performed well last year with Jimmy Choo experiencing ‘double digit growth across all categories and geographies’.”
Non-stores sector sales showed excellent performance in 2010 with a soaring increase of 9.1% in comparison to non-food retail sales growth of just 1.5%. One of the main reasons for the rise in this sector is the growth of online sales. The number of consumers buying clothing and footwear online increased by 26% in 2009 and by the end of 2010, rose 34%, according to Minte’s Digital Trends reports. The reports also showed consumers were becoming more welcoming of the idea of purchasing footwear online.
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Source: Passport
Source: Passport
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Source: Passport
Despite the slight decline in 2009, the table above shows the UK shoe production is slowly rising again as high-margin and footwear specialists are gaining more market share and they are best produced in domestic countries.
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WORLD MARKET
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Source: Passport
Source: Passport
Both of the tables above show the leading consumers in footwear and clothing are the Western Europe, Asia Pacific and North America. Though sales slumped in 2008, these continents continue to show strong growth in expenditure.
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The chart below shows that Asia Pacific dominates the production of footwear. This is due to the fact they are of low-cost source region as in the table below, China is the highest exporter of footwear and accounts for 49% of world’s footwear exports.
Source: Passport
The chart showing imports (opposite page) reflects Asia’s significance as a source region for footwear as, despite the top exporters of footwear being Asian countries, the top importers of footwear are the non-Asian countries that heavily rely on the exporters for their low costs of manufacture and production.
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Source: Passport
Source: Passport
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THE CONSUMER “Uniqueness, superior materials, careful craftsmanship, and the ability to customize an item are also closely associated with the notion of luxury in the minds of many Americans’. - states Mintel.
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Source: Pinterest
Mintel survey indicates that consumers reduced their spending in luxury purchases in 2010 by 4% in 2010 to 34% from the previous year, 38%. In addition, 63% of women claimed to have never made a luxury purchase meaning the manufacturers and retailers of luxury goods should better their marketing promotions and strategies in order to encourage future purchases. The slight decline in luxury expenditure shows the luxury market has not been greatly affected by the recession. However Mintel’s survey also emphasises only 19% of women make luxury purchases when they are not being discounted which further reinforces the point on manufacturers and retailers of luxury goods having to work harder to drive sales. The key target for these manufacturers and retailers of luxury goods should be the consumers aged between 18 – 44 as, stated in Mintel’s American Lifestyle – U.S, January 2010, their future earning potentials lead them to have a much more optimistic view on their economic prospects despite the recession and are much more likely to purchase luxury goods than the older age groups. The main driver for luxury purchases is the desire to treat or indulge oneself. Mintel also states a high number of women aged between 18-34 year olds are likely to purchase luxury goods “to look good”.
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Motivation for luxury purchases, by age. Source: Mintel
Motivation for luxury purchases, by household income.. Source: Mintel
Based on US consumers, the affluent consumers are less likely to buy luxury goods from the above reasons but more so due to the “quality/craftmanship” or “extra features” as shown below”. This shows that when targeting young affluent women, the luxury products should not just make them “look good” but also be of high quality and well-crafted.
Most women associate luxury with exclusivity and uniqueness. Therefore developing luxury products or services that are truly unique giving the consumer a personal experience should be the key driver to gain market share for the luxury retailer.
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Source: Mintel
The chart indicates while
are comfortable and
15% of people find it
fashionable at the same
“difficult to find shoes
time. Furthermore, a
that are both stylish
third of participants
and comfortable”, 13%
stated they would pay
“struggle to find shoes”
more on genuine quality
due to their “problem
therefore if the collec-
feet”. This shows there
tion used high quality
would be a gap in the
materials, executing the
market for a brand like
designs making them
AHN to enter as the
comfortable for
consumers feel the
consumers, AHN is likely
existing brands are not
to grow faster as a new
providing shoes that
business.
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Source: Marketwire
Top five: Social and culturual factors impacting shopping habits :I try to support my local economy (54%) :I try to support my national economy (38%) :I have higher taxes therefore I will spend less on the things I want (32%) :I want to be part of my local community more so I purchase from more local brands and vendors (31%)
:The need to be constantly connected to technology (31%) Focusing on US consumers, Marketwire undertook research showing the new development of concern from consumers towards spending.
From the above, it is evident that consumers are taking more responsibility trying to support their local or national economy when making consumption choices. Also a high consideration is taken into account when spending, trying to only spend where necessary.
According to McKinsey, a global management consulting firm, growth of market share by firms using Web 2.0 technologies are increasing higher than those who are less connected and gaining higher margins. The use of Web 2.0 enhances the relationship between the company and their consumers, partners and suppliers leading for them to have increased margins. Furthermore, it allows the consumer to have direct communication with the company benefitting them both as consumers can gain an insight to the company, and vice versa.
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Ta r g e t M a r k e t
Source: Pinterest
ACORN is the first geodemographic classification in the UK created by CACI over 25 years ago. ACORN is the most powerful consumer targeting tool as after understanding the consumer’s lifestyle and behaviour, they have classified consumers into categories that gives better discrimination which is updated regularly as UK consumer’s behaviour changes over time. The feedback from the questionnaire and ACORN will help AHN target their market and come up with marketing strategies accordingly. The main target market for AHN would be the “Urban Prosperity” group categorised by ACORN which consists of the well educated and mostly prosperous people living in major cities and towns and counts for 10.7% of the UK population. Though ACORN also includes older wealthy people in the category, the main consumer group AHN will target are the higher educated younger professionals who are climbing the corporate ladder.
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“These people have a cosmopolitan outlook and enjoy their urban lifestyle. They like to eat out in restaurants, go to the theatre and cinema and make the most of the culture and nightlife of the big city.” (ACORN)
(Figure 1. Urban Prosperity)
Source: Pinterest
Source: Pinterest
Supported by the questionnaire and Mintel’s research, the age group for the “Urban Prosperity” category AHN is targeting at would be 25 – 35 year olds. This age group is set to grow by 11% over the next five years and are the most influencevvd by the fashion market.
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Consumer A – 25 – 30
Source: Pinterest
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Lawyer
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Lives London, UK
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Drives a Mini Cooper
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Likes to go cinema with friends or live music bar
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Fan of Acne
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Alternatively shops in COS, American Apparel, TOPSHOP
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High heel lover
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Addicted to Chai-tea Lattes
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Likes to vacate in New York or Paris
Her essentials, clockwise from top: Proenza Schouler Ps1 bag, Starbucks chai tea latter, Iphone 4s, Olympus pen camera, bobby brown eye liner pencil and gel liner, Yves Saint Laurent lipstick, Clinique lip moisturiser, keys to flat.
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Her essentials, clockwise from top: St.Dupont lighter, Jurlique love balm, Hand sanitiser, Fiji still water, Ipad 2, Gold marlboro cigarettes, Balenciaga wallet, Alexander Wang Bag.
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Consumer B 30 – 35
Source: Pinterest
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Head of design department in a large company
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Single
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Lives Surrey, UK
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Enjoys nightlife by going bars with friends
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Likes to invest in simple but strong piece
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Very organized
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A lot of business travels around US and Europe
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Shops mostly online at net-a-porter and farfetch
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Stays connected via twitter and other apps on her ipad.
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Consumer C 35+
Source: Pinterest
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Owner of a vintage boutique shop
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Mother of a 9 year old
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Lives in Seoul, South Korea
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Drives a Land Rover
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Enjoys brunch on weekends
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Collects art pieces
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Shops mostly in boutiques or multi- shops in Chungdam-dong, Korea
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Subscribed to Noblesse Magazine, a luxury lifestyle magazine.
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Enjoys walks in the park with her daughter and dog.
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Her essentials, clockwise from top: Hermes Birkin bag, Smythson Diary, Car and house keys, Kiehls lip balm, Perrier lemon sparkling water, L’occitane hand cream, Iphone 4s, Montblanc pen, Gold vintage Rolex watch, Chanel No.5 perfume.
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This Page: Venn Diagram Opposite Page:
Market Positioning
Market postioning map for Luxury Market, Market positioning for Comfort brands
AHN targets at professional women who seek comfort whilst looking the part wherever she may go. AHN will position itself as a luxury brand, competitive in price within the luxury footwear market. However AHN will offer a timeless style with a unique twist without compensating comfort by adding extra padded insoles and offering a bespoke service where the consumer can pay extra in order to change the heel height. The shoes itself will weigh no more than 0.7kg in order to enhance the comfort. There will be 3 different price points; entry level, core, high end). The entry level prices will not compensate quality but met by lowering the profit margin in order for aspiring consumers to be able to purchase. For high end prices, the profit margin is also lower as to meet the SRP that fits AHN, some of the costs of the raw materials will be absorbed by the company. As AHN is the only company in the UK to be offering bespoke services and the first luxury footwear brand combining comfort and style, this position in the market can be achieved.
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COMPETITORS
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From Top to Bottom: Entry Price: £270, Mid Price: £555, Exit Price: £925 Sizes shown on the right.
“Miu Miu is characterized by its avant-garde, sensual and provocative style, which seeks to evoke a luxurious sense of freedom and intimacy with attention to detail and high quality. Miu Miu targets women driven by a modern spirit of exploration and experimentation in their fashion choices.” (Prada Group)
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Offline Stores
Online Stores
Above: Locations of Miu Miu Stores. Opposite Page, from left to right: offline Store, e-commerce store and Miu Miu Packaging.
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Miu Miu, named after Ms. Miuccia Prada, was launched in 1993 as the “visionary sister label� to Prada, one of the leading fashion labels. Since its launch, it has evolved into one of the biggest fashion powerhouse in the world with their sophisticated and eclectic collections.
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Clockwise from the top: Pierre Hardy X Peugeot collaboration shoot, Exit Price: £1,415, Mid Price: £755, Entry Price: £340, Pierre Hardy Sizes
Pierre Hardy is characterised by its sculptural statement shoes which inspires rather than following trends. The designer himself is much inspired by volume, proportions and graphic images with his influences coming from design, architecture and conceptual art.
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Above: Locations of Pierre Hardy stores; 123 offline stores in 31 countries. Opposite Page, from top left to right: Pierre Hardy offline stores, Packaging of their shoes Pierre Hardy e-commerce store.
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Pierre Hardy, was launched in 1999 after working for Christian Dior and Hermes. Since its launch, he has been established for his architectural designs with clean lines and sculptural volume that still meet simplicity.
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Azzedine Alaia’s footwear can be characterised by his independence and passion for discreet luxury. He caters for a private clientele whilst targeting aspirational customers with his ready-to-wear lines.
From top to bottom: Entry Price: £720, Mid Price: £905, Exit Price: £1,575, Azzedine Alaia Sizes
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Clockwise from top: Azzedine Alaia boutiques, Alaia Packaging. Opposite page: Locations of Alaia offline stores; 127 stores in 28 countries.
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Azzedine Alaia launched his first Parisian atelier in 1970, after working for Dior and Thierry Mugler. With the success of his atelier business with the Hollywood’s elite, in 1980s Alaia launched his own ready-to-wear line. Since its launch, he is known for his seductive, clinging clothes and is also known as “The King of Cling”.
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Clockwise from top: Entry Price: £540, Exit Price: £980, Nicholas Kirkwood Sizing, Mid Price: £720
Nicholas Kirkwood can be characterised by its sculptural and architectural qualities combined with Italian based craftsmanship, challenging the boundaries of footwear. He uses innovative materials such as devore satin, hand-printed suede and leather, degrade fabrics, python, shaved stingray, lazer-cut mirror leather, cobra and rubberised leather.
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This Page, from top to bottom: Nicholas Kirkwood offline stores, Nicholas Kirkwood Packaging, Nicholas Kirkwood Website. Opposite Page; Locations of offline stores; 54 stores in 20 countries.
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Nicholas Kirkwood launched his own footwear line in 2005, after working for Philip Treacy and making catwalk sues for Ghost and John Rocha. He opened his first standalone concession space at Dover Street Market, London, in 2009. Since its launch, he continues to collaborate with some of the biggest fashion designers such as Erdem, Rodarte, Keith Haring and Swarovski
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Clockwise from top: Entry Price: ÂŁ335, Mid Price: ÂŁ550, Exit Price: ÂŁ1,410, Yves Saint Laurent packaging
Yves Saint Laurent is characterised their elegant and innovative style with iconic cultural and artistic references. The combination of elegance, top-quality fabrics, refined, discreet yet recognisable details is what defines Yves Saint Laurent.
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Offline Stores
Online Stores
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Yves Saint Laurent was founded in 1962 and is considered to be one of the world’s most prominent fashion houses. Since its first Couture house launch in 1966, Yves Saint Laurent has remained at the forefront of design, constantly challenging and pushing boundaries while maintaining their elegant style.
This page, clockwises from top: Yves Saint Laurent Offline & Online Store, Yves Saint Laurent product packaging. Opposite Page: Locations of Yves Saint Laurent stores.
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From Top to Bottom: Entry Price: £315, Mid Price: £395, Exit Price: £580, Camilla Skovgaard Sizing.
Camilla Skovgaard can be characterised by her architectural shapes with her signature serrated rubber soles. Instead of focusing on adornments and decoration, she emphasises shapes and forms using highest quality materials while maintaining sophisticated style. The contrast between sharp and soft elements, restraint and sophistication is what really defines Camilla Skovgaard’s designs.
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This Page, top to bottom: Camilla Skovgaard Website, Camilla Skovgaard Packaging. Opposite Page: Locations of Camilla Skovgaard Stockists, 163 stockists in 35 countries.
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Camilla Skovgaard launched her footwear label in 2006. Before her graduation at Cordwainers, Saks Fifth Avenue,US, bought her first collection and she continues to collaborate with renowned fashion designers such as Matthew Williamson. Since its launch, Camilla Skovgaard is recognised by her aesthetic fluid style combined with high quality craftsmanship.
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From top to bottom: Entry Price: £ 265, Mid Price: £455, Exit Price: £965, Chloe sizing
Chloé can be characterised by their romantic, ultra feminine style capturing simplicity yet softness within the designs.
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Offline Stores
Online Stores
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Chloé was founded in 1952 where she first created soft, body conscious clothes from fine fabrics moving away from the stiff formality in the 1950’s. Their luxury prêt-à-porter line was unique at the time and is now renowned for their classic styles reworked with a refined take on effortless glamour.
This Page, clockwise from top: Chloe boutique, Chloe e-commerce store, Chloe packaging Opposite Page: Locations of Chloe offline stores
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From top to bottom: Entry Price: £325, Mid Price: £635, Exit Price: £2,095, Christian Louboutin sizing.
Christian Louboutin is characterised by his feminine shapes yet adding his quirkiness through some designs within the collection. He aims to “make shoes that are like jewels”, utilising jewels, bows, feathers, patent leather and other adornments to create his designs.
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This page, clockwise from top: Christian Louboutin offline stores, Christian Louboutin e-commerce store, Christian Louboutin packaging.
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This Page: Locations of Christian Louboutin offline stores, 216 stores in 27 countries.
Christian Louboutin was launched in 1992 and since then his shoes are instantly recognised by his signature red soles and desired by many women all over the world.
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From top to bottom: Entry Price: ÂŁ350, Mid Price: ÂŁ470, Exit Price: ÂŁ1,095, Giuseppe Zanotti sizing.
Giuseppe is characterised by his signature crystal, cutout and stud detailing and is now considered the statement shoe-maker for many celebrities.
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This Page: Locations of Giuseppe Zanotti Offline Stores; 271 stores in 23 countries. Opposite Page, clockwise from top: Giuseppe Zanotti Offline Store, Giuseppe Zanotti Packaging, Giuseppe Zanotti E-commerce store.
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Giuseppe Zanotti launched his footwear line in 1993 after working as a freelance designer for big fashion houses like Valentino, Thierry Mugler, Missoni, Dior, Roberto Cavalli and Balmain. His shoes are epitomise beauty, seduction and dreams.
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From left to right: Entry Price: £285, Mid Price: £575, Exit Price: £770, Marni Sizing
Marni can be characterised by its cutting-edge, innovative and eclectic designs that makes the brand stand out in the fashion industry.
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Marni was launched in 1994 by Consuelo Castiglioni becoming a cult label for the fashion insiders.
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Offline Stores
This page: Locations of Marni Offline
Online Stores
Stores. Opposite page, clockwise from top: Marni offline store, Marni packaging, Marni e-commerce store.
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From top to bottom: Entry Price: £200, Mid Price: £230, Exit Price: £320, Chie Mihara sizing.
Chie Mihara is characterised by its naïve, nostalgic, feminine yet strong and urban designs.
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“THE CONCEPT OF MY WORK IS DESIGN, C O M F O R T A N D Q U A L I T Y. I D O N O T F O L LO W A N Y T R E N D, B U T I L I K E FA S H I O N V E R Y M U C H . I ´ D L I K E T O C R E AT E T H I N G S T H AT H AV E S O M E T H I N G T O C O M M U N I C AT E , A F E E L I N G , A S TAT E O F M I N D , A S TAT E O F H E A R T. C R E AT E I S T O G I V E L I F E . T H AT ´ S W H AT I WA N T T O D O … GIVE A LITTLE HAPPINESS WITH MY CREAT I O N S .”
This Page: Locations of Chie Mihara offline stores; 212 stores in 17 countries. Opposite Page, from left to right: Chie Mihara e-commerce store, Chie Mihara packaging
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“ T O C R E AT E I S L I K E B R E AT H I N G , TO ME. I NEED TO E X P R E S S M YS E L F, A N D W H E N I AM DRAWING, I FEEL FULFILLED AND HAPPY”
Chie Mihara was launched in 2003, soon becoming widely accepted in all the major markets for her unique mix of style and comfort.
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S W O T A N A LY S I S
Strengths • There is a gap in the market where is a need for a brand that produces comfortable yet fashionable footwear. • Successful completion of combining style and comfort in heels will gain brand loyalty from consumers. • USP of being able to pay extra for bespoke services, ie. changing the heel heights to suit the customer’s preference, will further drive sales. • The strong growth in the footwear market in 2010 was led by the fashion sector. • With the recession, consumers are buying into “investment” pieces that are durable and of good quality.
Opportunities • AHN aims at a target market, 25-35 year olds, which is an age group set to grow by 11% in the next five years. • Rapid growth of online sales and as consumers become more welcoming towards the idea of purchasing footwear online means AHN could have stockists internationally which will save rent, draw more consumers, and increase brand awareness. • Growth of market share by firms using Web 2.0 technologies are increasing higher than those who are less connected, therefore AHN should exploit and utilise the social networking sites to enhance the relationship with their consumers. • The luxury market has not been greatly affected by the recession. • Collaborating with established luxury brands at Fashion Week will increase brand awareness and help build a strong reputation for the brand. • A range of accessories could be developed that compliments the footwear range.
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Weaknesses • AHN is a new brand entering the luxury market, therefore it will be difficult to gain instant brand awareness and build brand equity, given a lot of luxury brands have built their reputation over their long history behind them. • Though luxury market is not very price sensitive, for consumers to choose and invest in purchasing a pair of shoes from AHN, the brand will have to exceed their competitors in terms of design, comfort, quality and their marketing strategy. • The starting cost for a new footwear brand is high. • Sourcing from Italy and manufacturing in a factory located in South Korea means there is less direct contact and communication which may lead to delays if quality of materials or samples are not expected of the brand.
Threats • Shoes are still subject to high tariffs in international trade. • Sourcing and manufacturing internationally meanlways be affected by unstable financial factors, especially the exchange rate which could potentially lead to higher unit cost. • Mintel indicates only 19% women make luxury purchases when they are not being discounted and 63% of women have never purchased a luxury good meaning the interest in designer brands are very small with only 12% of population buying into this sector. • With the continuing recession, AHN may struggle to grow as a new brand entering the market with consumer confidence decreasing.
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Political •
In January 2011, VAT rose from 17.5% to 20% as the government tried to cut its deficit by increasing tax revenues. BBC indicated that the top 10% of the wealthiest British households lost an average of £1,800 per annum. This means less disposable income directly affecting their spending patterns, though Mintel survey shows the luxury market have not had a great impact. However the increase in VAT will affect cost of raw materials and general running costs which either AHN will have to absorb or increase the retaile price accordingly.
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Corporation Tax is to be cut to 23% by 2014 in order to help UK be the best country to set up a company which will support AHN to grow allowing the company to increase investment.
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Enterpreneurs Relief scheme; which reduces the amount of capital gains tax to small and medium-sized businesses if you qualify, doubled to £10m on April 6 in order to encourage growth of UK firms.
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Controlled Foreign Company rules are to have few changes in 2010 in order to improve the competitiveness in UK. This includes an effective UK tax rate on overseas financing income of 5.75% which could potentially lead to more competitors for AHN as there is a lower barrier for firms to enter the UK footwear market.
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SME (Small and medium sized companies) R&D (Research and Development) tax relief rate increased to 200% this year and by 2012, to increase to 225% stimulating UK economic growth as it encourages UK SMEs to invest more.
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To further encourage firms to invest, the rate of Enterprise Investment Scheme tax relief will increase to 30% from 2011.
Social •
Population group aged between 25-34 year olds are set to grow by 11% in the next five years which is the main age group AHN is targeting.
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There is also an increase in affluent consumers which looks positive for AHN as they are likely to fall under the target market.
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Reported by ONS, in 2010, there was an increase in expenditure by older consumers for their willingness to pay for more for quality products.
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Researched by Marketwire, many urban consumers are showing concern for the environment and looking for more sustainable products. Marketwire also indicates many consumers are making purchases that allows them to help local charities. Brands like Toms have effectively used this as they give a pair of Toms to a child in Africa when a consumer buys a pair.
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P E S T A N A LY S I S
Economical •
UK and the rest of Europe is forecasted a further recession this forthcoming year as eurozone in 2012 are predicted a serious recession. With the anticipation of another recession, the British are cutting back on spending though this will have no impact on the top 13% of the richest households. Therefore AHN will not struggle with sales as much as retailers who are targeting the lower end of the market.
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UK unemployment rose in the three months through September with the number of unemployed amongst the young reached over 1 million for the first time in 1992. This had a huge impact on consumer confidence as it fel to the lowest level on record in October.
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The downturn in UK’s economic growth will pressurise the sterling pound in the short term, while the euro is also being pressurised by the sovereign debt crisis in the euro zone. If the pound continues to weaken, it could mean exporting will be easier as a lot of importers out of Europe will be more likely to buy more. However, as AHN plans to source materials from Italy and manufacture the shoes in Korea, weak pound could have detrimental affects as it will inflict unit costs.
Te c h n o l o g i c a l •
According to Mckinsey, a global management consulting firm, firms using Web 2.0 are gaining more market share and growing faster than those who are less connected. The web 2.0 technologies includes social network sites such as facebook, twitter and foursquare where it enhances the relationship between companies and consumers. Jimmy Choo worked with Foursquare to create a treasure hunt for their trainers as a marketing campaign which was a huge success.
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Clarks and Marks and Spencer continue to innovate the footwear market with their technology driven products. Marks and Spencer started introducing the foot scanner to measure children’s feet as well in order to promote their schoolwear line.
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As stated by Mintel, there has been a huge increase in online purchases as they improve their search facilities and firms are coming up with innovative methods to overcome the fact consumers cannot try on the footwear before the purchase. The two key driver for online purchases are convenience and better value for money.
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Source: Pinterest
AHN is a unique brand where a bespoke service will be available to the consumer if requested. ie/ paying extra to change the heel height of the shoes chosen. In order for the consumer to get the ultimate experience of ‘AHN’, it is essential that the shop assistants build a bond with the consumer and are trained with basic knowledge of the brand and footwear. Therefore, to fit the brand ethos and values of AHN, the shoes will be distributed into AHN’s own brand stores and also through e-commerce internationally. Locations of the stores play a very important role to the brand as it can maximise return on financial investment while minimizing sale cannibalism. The location will also determine what type of customers AHN is targeting at.
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DISTRIBUTION
This page: Aspiring outlook of offline store
The Atmosphere of the store will give an essence and interior layout
of the brand values and ethos AHN holds. This will need to be shown through:
•
The exterior and interior of the shop (windows, entrance, floors, ceiling, walls, lighting, service desks and fitting/seating area)
•
The window display
•
The layout of the range (space allocation of products, stock organisation, hanging, and shelving of the products)
Source: Pinterest
The layout of the e-commerce store will also be very important as it needs to show the brand ethos and values through flat 2D form. This is what the e-commerce store will look like.
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T H E S U P P LY C H A I N
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COSTING OVERVIEW
With labour and time taken into consideration into costs, the following is a breakdown of costs for the first collection for AHN.
The shoes will be manufactured in South Korea, where the materials will be sourced from Italy, then shipped back to UK and other stockists.
1 GBP = 1777.81 KRW 1 GBP = 1.17eur
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17 sizes in total (From 34 to 42, including all half sizes apart from 42)
−
The first collection in A/W 12/13 will showcase 12 different styles which
will need 4 different types of lasts.
−
In order for consumer to able to have the bespoke services where they
can change the heel height, each last shape need 4 different heel heights.
Total no. of lasts : 17 sizes x (4x4)last shapes = 272 lasts
Cost of one last in Korea: Approx 71112.4 won
Cost of all lasts: 272 x 71112.4 = 19,342,572.8won
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PRICES FOR CORE STYLES
Total Cost (material, labour, transport, packaging): 13400won + 40 euros(83201.51won) + 17500 won + 6294.53won = 120396.04won
Standard Cost = Ex. Factory Cost + Additional Cost (Agent fee 2% on ex factory cost + mould cost)
120396.04won + 2407.92won + 2500won = 125303.96won
On top of the standard cost, the std margin would be 25%. Therefore the selling price to distributors would be as follows:
Selling price = 125303.96won / (1-0.25) = 167071.95won
Landed Costs = Standard cost + delivery costs to final destination for the consumer, including duty, shipping, warehousing, insurance and carriage
Landed Cost = Selling price/Exchange price (from won to sterling pound) + costs to uk
(167071.95won/1777.81won) + (13400won/1777.81won) + 2.33 + 8.9 = 112.74 pounds
Wholesale Price = SRP (Suggested Retail Price) / Mark Up Rate
450/2.7 =166.67 whole sale price
Distributor Margin = (Wholesale Price – Landed Cost)/Wholesale price
(166.67 – 112.74)/166.67 = 0.3236= 32.36%
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PRICES FOR HIGH END STYLES
Total Cost (material, labour, transport, packaging): 13400won + 124 euros(257924.67won) + 26250 won + 8182.89won = 305757.56won
Standard Cost = Ex. Factory Cost + Additional Cost (Agent fee 2% on ex factory cost + mould cost)
305757.56won + 6115.15won + 3500won = 315372.71won
On top of the standard cost, the std margin would be 25%. Therefore the selling price to distributors would be as follows:
Selling price = 315372.71won / (1-0.25) = 420496.95won
Landed Costs = Standard cost + delivery costs to final destination for the consumer, including duty, shipping, warehousing, insurance and carriage
Landed Cost = Selling price/Exchange price (from won to sterling pound) + costs to uk
(420496.95won/1777.81won) + (20100won/1777.81won) + 2.33 + 9.2 = 259.36 pounds
Wholesale Price = SRP (Suggested Retail Price) / Mark Up Rate
850/2.7 =314.81 whole sale price
Distributor Margin = (Wholesale Price – Landed Cost)/Wholesale price
(314.81– 259.36)/ 314.81 = 0.1761 = 17.61%
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P R I C E S F O R E N T RY- P R I C E STYLES
Total Cost (material, labour, transport, packaging): 13400won + 30 euros(62401.13won) + 17500 won + 6294.53won = 99595.66won
Standard Cost = Ex. Factory Cost + Additional Cost (Agent fee 2% on ex factory cost + mould cost)
99595.66won + 1991.91won + 2500won = 104087.57won
On top of the standard cost, the std margin would be 25%. Therefore the selling price to distributors would be as follows:
Selling price = 104087.57won / (1-0.25) = 138783.43won
Landed Costs = Standard cost + delivery costs to final destination for the consumer, including duty, shipping, warehousing, insurance and carriage
Landed Cost = Selling price/Exchange price (from won to sterling pound) + costs to uk
(138783.43won/1777.81won) + (13400won/1777.81won) + 2.33 + 8.9 = 96.83 pounds
Wholesale Price = SRP (Suggested Retail Price) / Mark Up Rate
300/2.7 =111.11 whole sale price
Distributor Margin = (Wholesale Price – Landed Cost)/Wholesale price
( 111.11 – 96.83)/ 111.11 = 0.1285= 12.85%
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The first collection to be launched for AHN will be for Autumn/Winter 2012/13. This collection will consist of 12 different styles in 17 sizes; 3 styles for entry price levels, 6 styles for core price levels, and 3 styles for high end (exit price) levels. In order to reinforce the exclusive, luxury brand values, only 100 pairs will be made for each styles in different sizes. Bespoke services where consumers can pay extra in order to change the heel height will be available but they will be madeto-order. 20 extra pairs in size 6(39) for press where they will be distributed magazine press offices, celebrities and most sought out bloggers.
Core Style total price : (100 x 17) x 6 (no. of styles) =10200 pairs 10200 pairs x 166.67 (wholesale price) = 1,700,034 pounds
High end(Exit price levels) total price: (100 x 17) x 3 = 5100 5100 pairs x 314.81 = 1,605,531 pounds
Entry level total price:
RANGE OVERVIEW
(100 x 17) x 3 = 5100 5100 pairs x 111.11 = 566,661 pounds
Gross Margin with factory costs included: 1,700,034pounds + 1,605,531 pounds + 566,661 pounds = 3,872,226 pounds
The production cost needs to be excluded from this: 10200 pairs x (125303.96won /1777.81) =718,918.44pounds 5100 pairs x (315372.71won /1777.81) = 904,709.06pounds 5100 pairs x (104087.57won/1777.81) = 298,595.80pounds
The total production cost of collection: 718,918.44pounds + 904,709.06pounds + 298,595.80pounds = 1,922,223.30 pounds
3,872,226 – 1,922,223.30 = 1,950,002.7
AHN is projected to make 1,950,002.7 by the end of the first half of the year.
Source: Google
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PRICE ARCHITECTURE
After analysing the questionnaire results (please refer to appendix A) and a thorough research deducing competitor’s price points (please see competitors), the diagram below shows the price architecture for AHN. The questionnaire analysis showed that 34% participants were willing to pay more than 380 pounds while 11% were willing to pay between 280 -380. A vast majority of competitors enter the market with 250+ , exiting at approxmiately 1500 pounds while their core prices normally lie within 450 – 650 pounds.
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M A R K E T I N G S T R AT E G Y
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Fashion Shows
From left to right: Balmain, Prabal Gurung, Rodarte, Temperley London, Theory
In the first few years of the launch of the brand, AHN will strive to work with aspiring garment designers to showcase AHN’s footwear on catwalks with them in order to raise brand awareness. The garment designers to collaborate with should hold the same brand values and ethos as AHN in order to reach out to the same type of consumers such as Theory. Fashion show production is one of the most persuasive and influential marketing tools used by the fashion industry.
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Blogs/Magazines/Celebrities
This Page: Clockwise from top: Numero cover, Miranda Kerr, Bip Ling (Fashion blogger), Susie Bubble (Fashion blogger)
A vast majority of 25-34 year olds are a subscriber to a fashion magazine or a fashion blogger of some sort as shown in the questionnaire analysis (see appendix A ). Blogs and fashion magazines are an effective marketing tool, as it gives an insight into new brands, while celebrities generate a lot of publicity when wearing the footwear or the garment. Therefore it is necessary AHN uses this media form to advertise the brand to increase brand awareness. 20 extra pairs (in UK size 6) of the first collection to launch in A/W 12/13 have been produced to be sent out to bloggers, magazines and celebrities, in hope that they will generate publicity if any of the bloggers, magazines, or celebrities wear the shoes or write reviews.
The extra pairs will be sent to the following blogs, magazines and celebrities as AHN believes they share the same values as the brand;
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Social Network Sites/Pop up stores
With an increase use of the web 2.0 technology, it is essential for AHN to take this on board and use this as an effective marketing tool. Twitter account can be created in order to keep consumers updated constantly what the brand is doing while a facebook page can hold the brand information with event photos, celebrity photos and increasing brand awareness. Social interaction websites are effective as it enables AHN to communicate directly with consumers and it is inexpensive.
Pop up store is a concept store which is increasing in popularity amongst many brands. It increases interest among many consumers especially younger age groups. It is normally open temporarily to showcase a special collection or a “pop-up� sale. This creates a sense of exclusivity for consumers. AHN will use a pop up store concept once a year in countries that does not have a stand alone store to give opportunities for consumers to see the products before purchase.
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Mood Board
The initial inspiration was religious symbols and through research, the final collection to launch in a/w 12 will be inspired by alter ego showing the contrast through use of colours and materials.
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Colour Board
This collection in A/W 12 will be a mix of pastel colours and harsh colours such as black and chocolate brown to show the contrast. As the collection is in A/W, majority of the collection will be in nappa, suede and pony skin.
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Appendix A; Online Questionnaire
In order to research in depth of what consumers were looking for in a pair of shoes, an online questionnaire was made and distributed through social networking sites; Twitter, Tumblr, Facebook and e-mails. The questionnaire was “live� on fluid survey which 82 women participated in. The following pages are the results of the questionnaire.
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101
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82 women took part in this questionnaire online. The majority of the women who took part in this questionnaire were in full-time jobs, 49%, with 51% of the participants were aged between 18 – 24 and 45% of the participants were aged between 25 – 35 which is the age group AHN is trying to target their brand at. The most preferred choice of footwear was Heels/Courts with 39% followed by Flats at 18% then with 17% was Boots following very closely. Furthermore, the responses from the questionnaire showed the most important factor when choosing footwear was heavily dependent on style, 59% and comfort was the second most important with 23%. With these figures in mind, AHN should aim to build their first collection catering to their preference. While 55% of the participants stated they do not wear heels on a daily basis, out of the 45% of those who do wear heels, 50% indicated their heels were normally high and 48% stated their heels were of medium height. Moreover, the women who wore heels, 69% showed they wore platforms. This shows a positive feedback for AHN as heels of medium or higher height and adding platforms can improve the aesthetics of a shoe for the consumer. When asked where they normally shop for footwear, Office was the most common for its variety of styles, Newlook for their affordable prices, Kurt Geiger for their quality and styles for the price consumers are paying for and Christian Louboutin as participants felt they were worth investing in. The responses from the questionnaire showed there would be a gap for a brand like AHN in successful completion of combining comfort and style as 69% of women felt there wasn’t a brand that offered stylish and comfortable heels. Despite the fact 61% participants stated they did not struggle to find shoes that fit them well, out of the 39% that did, the most common reason for this was due to lack of size choices. They either found the shoes too narrow or too wide or found themselves in between sizes. AHN could take this on board when developing shoe lasts and investing in different last sizes. Furthermore, the bespoke service AHN aims to offer attracted much interest according to the polls which 90% of women said they would pay extra for a pair of heels that they could choose the heel height of, meaning further development of last sizing with different heel height should be taken into higher consideration. All participants gave excellent feedback when asked if there were problems with shoes they wanted to see resolved. The most common problem was the general comfort of the shoes. Other common problems included insoles needing to be more comfortable, sizing of the shoes (i.e. lack of choice in width and length), poor quality of heels on the shoes and slippery soles. It is vital for AHN to take all these factors into consideration when designing and developing the collection in order to achieve their aim in making comfortable yet fashionable shoes. In order to make the collection to fit the brand ethos of AHN and develop the bespoke services, the price points of the shoes would be around £350+ . The feedback from the questionnaire confirms there would be a group of consumers willing to pay this amount as 34% stated the maximum price they would pay for a pair of shoes would be £380+ and 10% would pay between £270 - £380. To promote the collection, the best method would be to advertise in fashion magazines as they are still the biggest information sources as stated by the participants when asked where they get their footwear information from, 45%. Retail websites was the second biggest information source with 31% followed by blogs, 11%. With technology at its rapid growth, it would also be recommended to advertise on retail websites, blogs and networking sites such as twitter and facebook.
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APPENDIX B; FOOTWEAR DISTRIBUTION METHODS
Large firms normally tend to distribute their footwear directly to different retail channels; independent shoe stores, department stores, factory outlets, their own branded stores, online stores etc. The distribution centres owned by these large firms are usually situated in the city as transportation is easily accessible. Smaller firms tend to use wholesalers or distributors instead of distributing directly to different retail channels in order to avoid risks but also because wholesalers, as well as transferring their stock, can keep a clearer track of stock levels, merchandise and inform the firms regarding the trends. There are also two different types of distribution class; Mass or Authorised. In mass distribution, there are no limits or restrictions on the number of footwear being supplied to different retail channels. Therefore the retailers of mass footwear tend to be at the lower end of the market, where the footwear is cheap or affordable to the majority, having a wider range of distribution. These retailers of mass footwear are normally found in local discount shoe stores and warehouses. On the other hand, authorised distribution keeps their stock distribution low and chooses only a handful of stores in order to reduce competition for the brand. Thus the retailers of authorised footwear are normally at the higher end of the market found in department stores, and independent shoe stores.
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APPENDIX C; F O O T W E A R R E TA I L C H A N N E L S
Shoe Stores Chains
Department Stores
Chained shoe stores sell their own brand of shoes though
Department stores also offer all types of goods and serv-
some stores may offer a variety of brands. They have
ices but of higher quality and price than a mass discounter.
branches throughout UK, with some having stores inter-
It is one of the main outlets for footwear where the shoe
nationally, catering to men, women and children. Some of
section tend to hold a wide range of branded footwear.
the well known shoe store chains are schuch, office and Unlike the mass discounter where they normally offer their kurt geiger.
own branded goods, department stores consists heavily of concessions operated by other retailers.
Independent Shoe Stores Independent shoe stores are those who own one single
Apparel Stores
retail outlet and tend to be individually owned or owned
Apparel specialists tend to have a range of shoes that are
by family or by two partners. Sometimes independent
sold to compliment their collection for each season. In
shoe stores do have few branches but they tend to be no
most cases, the shoes sold in these types of companies do
more than three.
not account for a large sum of the profit as there are only a limited number of shoes that are designed each season.
Discount Shoe Stores Discount shoe stores are those who sell a variety of
Non-store Retail Channels
footwear at a permanently discounted price. Due to their chaotic atmosphere within the shop and their image of
Mail Order
being “cheap�, many firms avoid discount stores and prefer
Mail order is a means of purchasing shoes by browsing
to distribute their stock to factory outlets where they can
through catalogues. They cater for all types of market sec-
be found in quieter areas away from the shopping centres.
tors from high end to discounted low end prices. However since the growth of online shopping, mail order shopping
Mass Discounters
for shoes is becoming obsolete.
Mass discount retailers offer many types of goods and services for an affordable price. Costco is a prime example
E-commerce
of a mass discount retailer where shoes can be found at
Despite the fact consumers cannot try on the shoes before
low prices.
the purchase, the number of consumers buying footwear and clothing online has been increasing rapidly as many firms become more creative in persuading sales.
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APPENDIX D; M A R K E T I N G S T R AT E G Y C A S E S T U D Y
JIMMY CHOO X H&M
On November 2014, H&M released their latest collaboration project with Jimmy Choo in only 200 stores. The collection consisted of shoes, bags and accessories for men and women with few items of garments involved. Jimmy Choo is renowned for his luxury, chic footwear but his collaboration with H&M produced a collection at accessible prices further increasing their brand awareness. This is a good marketing strategy for Jimmy Choo as they target aspirational customers but also raising a lot of interest from consumers in general. It can also be a test to see their possible product expansions and would be a good method for AHN to explore at a later date when the brand is established as a luxury brand.
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JIMMY CHOO X FOURSQUARE
Successfully utilising social network sites, Jimmy Choo collaborated with Foursquare to create a “Catch a Choo” campaign where the concept of it was to follow the tweets along with Foursquare check-ins to treasure hunt where a mysterious “Catch a Choo” was located. Foursquare is a Geo-location application on smart phones where it allows you to “Check-in” to places. The winner who was able to locate the mysterious “Catch a Choo” the fastest, won a pair of Jimmy Choo trainers from their collection. After 4 months and 4000 participants in the campaign, the final exclusive event was held in Jimmy Choo, Sloane Street Branch which is a huge success as it was the first time Jimmy Choo had used a social media tool to engage their consumers online and offline at the same time. This marketing campaign idea was raised by a social media agency, FreshNetworks. The main aim of this campaign was to utilise Foursquare and Twitter to generate online conversations regarding Jimmy Choo trainers and making them desirable. “Catch a Choo” was very successful marketing strategy as there was a 40% increase on positive online comments about Jimmy Choo after the campaign. Furthermore, after being press-released by The Evening Standard, the sales of Jimmy Choo trainers in -store increased by 33%. This campaign shows the possible impact on how much a marketing strategy can drive sales when well-thought out. Jimmy Choo and FreshNetworks recognised the increase utility of Web 2.0 technology coming up with a simple method, creating a buzz regarding the brand. AHN should recognise how the consumer is changing and evolving and come up with innovative marketing strategies like Jimmy Choo in near future.
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Appendix E: Critical Path
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WEBSITES
http://www.chiemihara.com/ http://www.marni.com/
Http://www.pinterest.com/
http://www.christianlouboutin.com/
http://www.google.co.uk/
http://www.chloe.com
http://www.anothermag.com/loves
http://www.pradagroup.com/
http://3.bp.blogspot.com/
http://honestlywtf.com/
http://www.net-a-porter.com/
http://www.da font.com/
http://www.vogue.co.uk/
http://www.brownsfashion.com/
http://modeliciousbites.blogspot.com/
http://shop.nordstrom.com/c/shoes
http://www.theory.com/
http://www.miumiu.com/
http://www.balmain.com/ http://www.temperleylondon.com/ http://www.isabelmarant.com/ http://www.rodarte.net/ http://prabalgurung.com/ http://www.marchesa.com/ http://www.maisonmartinmargiela.com/ http://www.jilsander.com/ http://elizabethandjames.us/ http://www.dvf.com/ http://www.alexanderwang.com/ http://www.acnestudios.com/ http://www.springline.net/ http://www.giuseppezanottidesign.com/ http://pierrehardy.com/ http://nicholaskirkwood.com/ http://www.ysl.com http://www.camillaskovgaard.com/ http://www.thecoveteur.com/Suzanne_Rogers http://www.vita-yang.com/2010/10/fashion-illustrationshe.html http://www.hypebeast.com
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