CONTENTS VISION AND MISSION 願景和使命 ABOUT THE COMPANY 關於本公司 THE DESIGNER 設計師 PRODUCT OFFERING 產品供應 BRAND POSITIONING 品牌定位 SWOT 強弱危機分析 PROMOTION 促銷 TARGET MARKET 目標市場 CUSTOMER PROFILE 客戶簡介 COMPETITORS 競爭對手 PRODUCT DEVELOPMENT 產品開發
MISSION
“ Tory Burch is a luxury lifestyle brand defined by classic
American sportswear with an eclectic sensibility and attainable price point.”
VISION
“ The Tory Burch woman takes something ordinary and makes it extraordinary.”
ABOUT THE COMPANY
Tory Burch is an American lifestyle brand that embodies the personal style and sensibility of its CEO and designer, Tory Burch. The collection, known for color, print and eclectic details, includes readyto-wear, shoes, handbags, accessories and beauty. Art, music, travel, interiors and the designer’s own stylish parents are inspirations for the collection. The company launched in 2004 with a small boutique in Manhattan’s Nolita neighborhood. The brand’s classic but bohemian aesthetic resonated with tastemakers from the very beginning. Tory Burch is a global business with more than 120 freestanding boutiques and a presence in more than 3,000 department and specialty stores. Toryburch.com, which launched in 2004, is the company’s biggest store and is also home to The Tory Blog, an online magazine with all original content. Known for digital innovation, the company also has websites in Europe and Asia; a Webby-nominated app, Tory Daily; and a robust social media presence. Since its launch, Tory Burch has entered into new categories with eyewear in partnership with Luxottica in 2009, fragrance and beauty with Estée Lauder in 2013, and timepieces with Fossil coming in 2014. The brand has been recognized by the fashion industry with several awards, including the CFDA for Accessory Designer of the Year; Accessory Brand Launch of the Year from Accessories Council of Excellence; and Rising Star award from Fashion Group International. Tory was named one of Forbes’s Most Powerful Women in the World. Social responsibility is an integral part of the company. In 2009, the Tory Burch Foundation launched to support the economic empowerment of women entrepreneurs and their families in the U.S. Through loans, mentorship and entrepreneurial education, the foundation invests in the success and sustainability of women-owned small businesses.
THE DESIGNER Tory Burch is CEO and designer of Tory Burch, an American lifestyle brand. The collection, known for color, print and eclectic details, includes ready-to-wear, shoes, handbags, accessories and beauty. Raised in Valley Forge, Pennsylvania, Tory graduated from the University of Pennsylvania with a degree in art history, then moved to New York to pursue a career in the fashion industry. She worked in public relations and marketing for some of the most influential American designers, including Ralph Lauren, Vera Wang and Narciso Rodriguez at Loewe. She launched Tory Burch in 2004 with a small boutique in Manhattan’s Nolita neighborhood, and since then the brand has grown into a global business with more than 120 freestanding stores, toryburch.com and a presence in over 3,000 department and specialty stores. Tory Burch has been recognized with numerous awards, including the CFDA for Accessory Designer of the Year, Glamour’s Women of the Year, Forbes’s Most Powerful Women in the World and Vanity Fair’s International Best Dressed List. A dedicated philanthropist, Tory launched the Tory Burch Foundation in 2009 to support the economic empowerment of women entrepreneurs and their families in the U.S. Through loans, mentorship and entrepreneurial education, the foundation invests in the success and sustainability of women-owned small businesses. In addition, Tory serves on the boards of the Council of Fashion Designers of America, the Society of Memorial Sloan-Kettering Cancer Center, the Breast Cancer Research Foundation, the Startup America Partnership and the Barnes Foundation. She is also an inaugural member of the Presidential Ambassadors for Global Entrepreneurship.
PRODUCT OFFERING
Tory Burch offerings includes tunics, tops, dresses, skirts, sweater, jackets and outerwear, denim, pants, shorts, and swimwear for women. Accesories include handbags, shoes, jewelry, and small leather accesories like wallets, card cases, and cosmetic bags. Tory Burch offers sweater, dresses, tunics, tops,and ballet flats for girls.
BRAND POSITIONING
The Tory Burch company has branded itself as an attainable, luxury lifestyle brand defined by classic American sportswear with an eclectic sensibility. The brand embodies the personal style and spirit of Tory Burch, a New York City socialite. Before Tory Burch created her fashion company, there was a gap in the market for a sophisticated American aesthetic with stylish yet wearable clothing at an accessible price point. Tory Burch has securely positioned herself in the fashion market by offering a lifestyle brand with a clear image and aesthetic. Her stores, website, clothing, and Tory’s personal lifestyle all reflect the company as a whole and give customers a clear and steady image to gauge the brand by. Customers view the company as high fashion yet are able to afford her products so they find it accessible unlike other high fashion brands.
SWOT
STRENGTH • Iconic & easily recognizable logo • Strong background in PR • Strong brand following • Personalized touch • Personal Endorsement by celebrities & style icons • Countless awards & recognition • Affordable price point • Sold world wide, online store and retails stores
WEAKNESS •Her lines are interchangeable with other designers like Michael Kors & Kate Spade •Although categorized as affordable luxury, her product is still expensive •The brand is eponymous of it’s creator. There is no creative successor to Tory Burch
OPPORTUNITY •Adding more categories to the brand •Continue expanding internationally •Can start an ultra-premium haute couture line- The House of Tory Burch •Employ Personal Stylist at the stores instead of sales women. Chance of selling multiple products will be higher
THREATS •Fakes and knock offs •Coach, Marc-by-Marc Jacobs, Michael Kors, Kate Spade •Michael Kors C Wonder- a fashion label launched by ex-husband Chris Burch & ongoing litigation with him •Threat of a much more bigger brand like Gucci or Burburry entering at Tory’s price point
EXTERNAL
NEGATIVE
POSITIVE
INTERNAL
PROMOTION Tory Burch currently has a number of owned media for her company, which has benefited her a whole lot. For instance, Tory Burch herself, the CEO of the company will often be active on the company’s social network sites such as Facebook and Twitter. Even though Tory Burch is much more active on Twitter than Facebook, at least she is active. This actually influenced her customers to actually interact with her through social media, which made the customer feel much more important. Just to know that the CEO of a very popular company actually has the time to personally interact with the clients is something that is quite valuable. There is also e-commerce that exists on Facebook, where consumers actually get a chance to shop through Facebook. She called it “social shopping”. She had seen it as the future of e-commerce. Consumers can also give comments, suggestions and etc. through the Facebook page. Tory Burch actually observes her consumers’ comments and picture through social media sites in order to better serve them. It allows the company to find out what makes their consumers happy and what gets them upset. They try to figure out their consumers’ taste and what improvements need to be made within the company. Consumers even inform the company of counterfeit sites. I actually came across an excellent video of Tory Burch explaining how the use of social media successfully helped the company grow dramatically.
Toryburch.com is another site where consumers can purchase the company’s products. The website helps the company reach its international consumers around the globe. It’s also very convenient for consumers who barely have time to shop in stores. The website provides a section where consumers can sign up for an email list, which saves all their information so then every time they do shop online, they won’t have to re-enter their address and etc. It makes things much more convenient especially for the company’s loyal consumers. The company’s website also contains border colors and styles that are incorporated from the designs seen in Tory Burch products.
There is also a blog for the company, which showcases similar styles and colors to the brand itself. It creates an atmosphere where the customer will feel as if they’re in Tory Burch’s living room. After all, one of Tory’s goals was to incorporate her own sense of style not only into the products from the company but anything else that had to do with the company as well. This then gave a feeling of comfort and familiarity for her consumers. The blog would often show things such as “book of the week”, “food recipes”, “what’s new in the company” and a lot of other interesting things that helped Tory Burch engage with her consumers.
TARGET MARKET
Tory Burch is an accessible luxury brand with reasonable price points so her brand is accesible to a wide range of customers. The Tory customer is middle to high income, affluent, educated, and lives in urban areas. Originally, the brand started out with a customer being between the age of 30 and 45. Now, it’s expanded in both directions to include women aged between 20 to 60. Younger customers come into Tory Burch for the footwear, especially the Reva ballerina flat. Older customers wear the more classic Tory pieces, such as tunics and cardigans. The customers in the younger age range are young professionals who just starting out in their career. They live in urban areas with jobs in both creative industries and more traditional industries, for example accounting or law. These customer are not yet married and don’t have as much od disposable income as the older customers. They buy only a few pieces that are more resonably priced and that can be worn many different ways.
The biggest category of Tory’s target market is baby bloomers who are mothers. These women typically have disposable income to spend on clothing and enjoy buying new pieces seasonally. The customer wants easy and comfortable clothing that they can wear running errands with their children or out to dinner with their husband and a group of friends. Tory’s customers are interested in fashion and new trends but aren’t necessarily trend-driven. The customer likes an influence of the trend in her clothing but doesn’t want to be dressed for trends and recycle her wardrobe every season when the new trends come out. One of the reasons Tory Burch has become such a successful brand is because of their wide reach. Customers are all ages, have different incomes levels, and different family types.Tory Burch, as a brand, offers items to almost all types of women.
CUSTOMER PROFILE
REBECCA WONG, 40 Our customer is 40 year old Rebecca Wong. She lives in Mid-level, Hong Kong and is a mother of two kids. She graduated from UCLA in America and she now works as a Marketing Director for a big investment firm. Rebecca makes approximately $70,0000 HKD annually. Being a high end shopper, one of her favourite mall is IFC. Having a keen interest in fashion and hence keeps up with the latest trends. She likes well designed garments and also takes a lot of pride in her appearance. She also uses her spare time to visit art galleries as well as looking smart and sophistcated for work. Her favourite hobbies are reading magazines and books, socializing with close friends. A professionally stylish, on-the-go, positive and confident approach towards life is what will define her aptly. Thus she is an ideal consumer of Tory Burch.
COMPETITOR
Kate Spade is bright pop and fun brand targeting young working women. The colors are vibrant and not subtle enough to wear for a 40 year old. Event though Tory Burch has bright colors but it doens’t overpower the design and elegance in their collection. STRENGTHS • strong brand identity • distinct products that bring recognition to the brand • strong brand loyalty • multiple retailers • website is easy to navigate and shop WEAKNESS • potentially diluted brand • brand awareness is not at level of competitors • rapid expansion
KATE SPADE
COMPETITOR
Michael Kors has subtle colors and silhouette cuts but they are more revealing than an elegant Tory Burch dress. A Tory Burch dress that has style with it’s patterns and simplicity. STRENGTHS • resilient brand • segmented brand • leverage celebrity factor • philanthropy • ML personifies brand • jet set style great in high economy WEAKNESS • brand gets diluted in bargain stores • jet set not a priority for people in low economy • MK is face of the brand- no successor
MICHAEL KORS
PRODUCT DEVELOPMENT
Carmela Osorio, Jenny Chu, Jojo Lin
FASM 310 Private Label Product Development