MAVERICK + MERCI
ABSTRACT
This capstone project examines the market of a new affluent generation, transforming the luxury market as they inherit more spending power than ever before. With research and deliberation, the brand development of a fashion and lifestyle brand, Maverick and Merci, presents an accurate representation of this generation. Components of this project consist of an effective marketing strategies like competitors, target market, product and marketing material.
TABLE OF CONTENTS 17 BRAND AESTHETIC
27 ASSORTMENT PLAN
4 INTRODUCTION
18 KEY COMPETITORS
28 MARKETING + BRANDING
5 DESCRIPTION OF THE PROBLEM
19 PERCEPTUAL MAP
29 BRANDING
20 TARGET MARKET
30 EDITORALS
21 TARGET CONSUMER
31 SOCIAL MEDIA
23 COLLECTION INSPIRATION
32 WEBSITE
24 COLLECTION
33 RECOMMERCE
6 OBJECTIVE 7 WHY IT MATTERS 8 RESOURCE REVIEW 13 DESCRIPTION OF THE PROJECT 14 MISSION STATEMENT 15 THE STORY
25 COLOR STORY
16 PRODUCT +S COPE
26 LINE PLAN
34 CONCLUSION 35 SOURCES
INTRODUCTION
With younger generations having more purchasing power due to the expected disposal income reaching $1.4 trillion by 2020, the luxury fashion industry has a huge opportunity to grow its market. With social networks,they are also becoming influencers and “marketers� for brands.These generations also have a strong sense of what they are looking for in a brand like authenticity, sustainability / transparency and the brands’ story. Due to this, marketers are realizing the power that these generations have and figuring out ways to get their attention in an authentic matter.
DESCRIPTION OF PROBLEM As younger generations like the millennials and Gen Z enter + take over the workforce and grow more financial security, they have more disposable income for life’s luxuries. Due to this, brands, particularly luxury ones, are slowly learning their spending habits + finding ways to market to them, to get their attention. Companies are realizing that these generations have potential to grow their business. Social network, trends + values are also affecting these generations spending habits. With this being said, the brand development of Maverick + Merci will target these generations by presenting a clear marketing plan that reveals the behavior and habits of this age group. The branding will consist of the description of products and services, as well as the marketing and branding materials that will implement in supporting the products +services. The goal is to create a brand that understands the lifestyle of the generations that are transforming the luxury market, potentially increasing the sales of luxury businesses.
OBJECTIVE
The objective of this capstone is to develop a fashion + lifestyle brand that targets a younger audience with strong purchasing power in the luxury market by, understanding their behaviors
WHY IT MATTERS
This subject matters to the fashion industry because it provides insight to where the luxury fashion market is going, to reach Millennials and Gen Z. Because they have so much buying power(expecting to grow), this lead to the growth of luxury businesses.
RESOURCE REVIEW
LUXURY MARKET OVERVIEW
Revenue: US &318,797 M Expected to grow annually by 3.0% (CAGR) The market’s largest segment is the Luxury Fashion ^ Market volume of $US112,890M in 2019
RESEARCH OVERVIEW + Millennials are the driving factor to the industry’s grow + They represent about 32% of spending in the personal luxury market + By 2035, millennials will be the largest spending generation in history at 50% + Gen Z make up about 4% of the true luxury market; expected to be at 8% by 2020 + The age of millionaires are decreasing, which leads to more disposable income + Social networks is the biggest sources for understanding spending patterns and communicating + Marketers need to understand their power in the market today to build loyalty for tomorrow
RESEARCH + Values exclusivity + scarity + Personal satisfaction + Purpose + Authenticity + The future is online + Recommerce
PRIMARY RESEARCH More likely to purchase resale items
Never purchase luxury products
80% Handbags + Small Accessories
Personal satisfaction
DESCRIPTION OF THE PROJECT
This project presents the process of the development of an accessory + fashion experience brand, that caters to an affluent market. The materials describes the brand’s story, mission statement, competitors, product and scope, target market, marketing + branding elements.
MISSION STATEMENT
MAVERICK Maverick and Merci offers a unique fashion experience for sophisticated young generation, by providing the best leather goods + creative services.
THE STORY
Twins born of royalty not in the traditional sense but in the way of their own. Alike but a different the same. They forged their paths + carved their names on the stones. Promises made to one another to strive and leave a legacy to build on. To make something out of nothing. To give dark a balance in light. And forever to remember their names... Maverick & Merci.
PRODUCT & SCOPE Maverick + Merci offers an assortment of small accessory products + also a fashion experience including styling + creative direction. Steeped in bold design, culturally relevant + modern references and silhouettes, M+M caters to the affluent consumer who desires minimalism + has an innovative mindset.
MERCI Products Men & Women Shoes, Handbags, Shoulder Bags, Duffle Bags, Backpacks, Wallets Small Accessories: Keychains Experience Styling & Creative Direction Price Range $75-$500 B2C + BCB
Areas Served Online Only
BRAND AESTHETIC
KEY COMPETITORS
Classic French brand with products including ready-to-wear, leather goods, handbags, trunks, shoes, watches, jewerly + accessories. Known for the LV monogram.
Edgier French brand known for its line of motorcycle-inspired handbags, specially the “Lariat�. Products include ready-to-wear, shoes and acessories.
French fashion house known for its avant-garde, rock + roll aesthetic. Products include ready-to-wear, denim + shoes. Price Range:$550-3,150
Price Range:$200-$3,000
Price Range:$595-$2,350
PERCEPTUAL MAP
ELEGANT CLASSIC
HIGH PRICE
MAVERICK + MERCI
LOW PRICE
EDGY MODERN
TARGET MARKET 20-30 y/os Metropolitan City Likes to explore and is experimental with their lifestyle + fashion choices Effortless Lifestyle Entreperneur / Artistic Industry Disposable Income of $50k Often influenced by peers, social media but still have their own unique style Experiencers + Innovators
TARGET CONSUMER
CARMEN MAZE AGE:26 OCCUPATION: ENTREPRENEUR / FASHION DESIGNER LOCATION: LOS ANGELES, CA INCOME: $250K RELATIONSHIP: SINGLE HOBBIES: SHOPPING, TRAVELING ABROAD, ATTENDING PHILANTHROPY EVENTS, TREND SEARCHING VALS: EXPERIENCER BRANDS:BALENCIAGA, GIVENCHY, LOUIS VUITTON VALUES: QUALITY, TRENDS, EXCLUSITIVITY
BENJAMIN BRUNO AGE:30 OCCUPATION: FASHION PHOTOGRAPHER LOCATION: WESTMINISTER, LONDON INCOME: $200K RELATIONSHIP: GIRLFRIEND OF 2 YEARS HOBBIES: PAINTING, TRAVELING, ATTENDING ART SHOWS, ATTENDING FASHION SHOWS, COLLABORATING WITH BRANDS VALS: INNOVATOR BRANDS: OFF-WHITE, ADIDAS, VETEMENTS, SUPREME VALUES: QUALITY, LUXURY
COLLECTION INSPIRATION
COLLECTION A/W 2021
MAVERICK
COLOR STORY
MERCI MIST
IVY
FOG
AZUL
BLAZE
COMBAT
LINE PLAN
Merci Product #:091296 Price: $430
Maverick Product #: 091301 Price: $500
Tess Product #: 091297 Price: $325
Flame Product #: 091302 Price: $375
Laura Product #:091298 Price: $215
Almafia Product #: 091303 Price: $450
Shell Product: #091299 Price: $300
LeRon Product #: 091404 Price: $475
Clarence Product #: 091300 Price: $350
Matilda Product: #091405 Price: $75
ASSORTMENT PLAN
MARKETING + BRANDING
BRANDING
EDITORIALS
SOCIAL MEDIA
FACEBOOK INSTAGRAM
WEBSITE
RECOMMERCE MAVERICK+MERCI will partner with an online resale or consignment e-commerce store of authentic, highly desired fashion brands, to resale unsold + out of season products.
CONCLUSION In Conclusion, the purpose of the brand development of MAVERICK+MERCI is to illustrate the market of an affluent generation and how their spending power is transforming the luxury fashion industry. As research was conducted, findings were that these generations are open to quality and affordability(recommerce). It’s also important to understand that, they don’t care about being trendy. They are investing in luxury because of personal satisfaction. Brands should be aware of this because they will fall short if they are trying too hard to rebrand or attract an audience that they are not used to. With this being said, the outcome of this brand development presented an effective way of marketing that a brand should approach such a substantial consumer. It shows that just because this is a younger audience, doesn’t mean that they don’t have standards. These generations are the future of the fashion industry as a whole and are influencing the growth of what will happen in the future. As far as next steps are to continue to research in-depth and survey Millennials and Gen Z, to see what they are looking for in a brand and keep building on components to MAVERICK+MERCI due to the outcome. Also, I would go in-depth to see which online recommerce brand is fitting to MAVERICK+MERCI. As my journey at SCAD comes to an end, this project clearly outlines what I’ve learned from foundation classes to major classes. From research to the creative presentation delivery, this institution has provided me with the proper tools to enter the fashion industry with confidence.
SOURCES
“Balenciaga.” Balenciaga Official Online Boutique, https://www.balenciaga.com/us/. “Balenciaga.” Wikipedia, Wikimedia Foundation, 31 Oct. 2019, https://en.wikipedia.org/wiki/Balenciaga. Danziger, Pamela N. “3 Ways Millennials And Gen-Z Consumers Are Radically Transforming The Luxury Market.” Forbes, Forbes Magazine, 29 May 2019, https://www.forbes.com/sites/pamdanziger/2019/05/29/3-ways-millennials-and-gen-z-consumers-are-radically-transforming-the-luxury-market/#29ecf9e2479f. Fromm, Jeff. “How Much Financial Influence Does Gen Z Have?” Forbes, Forbes Magazine, 10 Jan. 2018, https:// www.forbes.com/sites/jefffromm/2018/01/10/what-you-need-to-know-about-the-financial-impact-of-gen-z-influence/#1c1d106b56fc. “Louis Vuitton Handbags: Iconic Styles and Price Guide.” Invaluable, 19 June 2019, https://www.invaluable.com/blog/ louis-vuitton-handbags/. “Luxury Brands Are Using New Tactics to Target Millennial Consumers.” South China Morning Post, 17 Aug. 2017, https://www.scmp.com/magazines/style/fashion-beauty/article/2050739/luxury-brands-are-targeting-millennial-consumers. “Luxury Goods - Worldwide: Statista Market Forecast.” Statista, https://www.statista.com/outlook/21000000/100/luxury-goods/worldwide#market-revenue. Primo, Diane. “ What Can Luxury Brands Learn From Gucci About Millennials?” Forbes, Forbes Magazine, 2 Nov. 2018, https:// www.forbes.com/sites/forbesagencycouncil/2018/11/02/what-can-luxury-brands-learn-from-gucci-about-millennials/#7c0e71f75e5b. “Saint Laurent Official Online Store.” Saint Laurent Official Online Store | YSL.com, https://www.ysl.com/us/. “The Power of the Millennial Buyer on Luxury Culture.” Perino Yarns, 31 Jan. 2019, https://www.perinoyarns.com/millennial-buyer/.
FIN.