Table of Contents
Introduction ...................................................4 Corporate Time line....................................... 6 The Modern Man............................................8 Target Market................................................10 Competition ..................................................12 Product Mix....................................................14 Pricing Strategy..............................................20 Marketing Strategy.........................................22 Final Thoughts...............................................28
Introduction
The American Brand With the American Story Joseph Abboud has always encompassed the epitome of the American way of life, from the frontier to the boardroom. The brand has not been without its turmoil including several restructuring phases as well as setbacks financially. However, staying true to American heritage, Joseph Abboud is not giving up without a fight. Listed in this booklet are several ways in which the brand can successfully succeed in the ever changing accessible luxury market.
1987- Joseph Abboud launches line
1989 & 1990 Namesake designer Joseph Abboud was the first and only winner of the CFDA award two years in a row
2000 Joseph Abboud name and trademark was purchased by JA Apparel for $65 million
2005 Joseph Abboud (designer) left JA apparel
2004 J.W. Childs Associates purchased the line for $73 million
Time line
2015, April Flagship store opened in New York City on Madison Avenue
2013 Men’s Warehouse purchases Joseph Abboud Designs, reuniting Abboud with his namesake line
2016, July more “fashionable” line debut with a softer presentation
2016, February “Rugged dandyism” debuts. First runway show in 15 years.
The Modern Man
When you think of Joseph Abboud you think of classic suits and scarves, but his last two collections have slowly been transforming the line to a more contemporary segment. This transformation and target of accessing the millennial market is running away the traditional customer of Joseph Abboud. One way to tap both of this customers is the introduction of classic pieces with a contemporary twist. This concept can be known as “The Modern Man” This man is someone who wants to be trending without stepping outside of his comfort zone. This is the guy you respect in the boardroom, but would not mind hitting golf balls with on a Saturday at the club- or taking a weekend adventure to his ranch. The “Modern Man” is a contemporary take on all things American- classic and refined but still a little bit rugged.
Target Market
The ‘Millennial’ • Age 25-35 • Upper Middle Class Male • Aspirational, Self Actualizer, Esteem Seekers • College Educated • Traveler
The ‘Original’ • 40-60 • Middle Class Male • Self Actualizer, striver,traditionalists • Business professional • Lifetime of experiences
Competitors
J. Crew
J. Crew has recently stepped into the suiting work with the Ludlow collection. This line is highly competitive within the ‘Millennial’ market with a price point between $300 and $500 for suit separates.
Hugo Boss
Hugo Boss is known for making quality suiting products as well as everyday casual wear including denim. This brand is similar to Joseph Abboud in product offerings.
Hart Schaffner Marx
A tailored mens and womens clothing and sports wear brand from the United States. This brand is one of the largest competitors since it is an American brand and has similar product offerings. This company is the largest competitor in the ‘original’ market.
Product Mix
Currently the product mix for Joseph Abboud is quiet large ranging from suits to separates to accessories. This broad range of products seems appealing for the average consumer, but the above average consumer is who we wish to reach. This consumer is someone who admires the trends but prefers the classics with a dash of contemporary styling. The company should focus on getting back to basics and producing a quality products before extending the product offerings. Many have noted that Joseph Abboud is ‘unmysterious and American’ with ‘unremarkable’ suits. In order to focus on the consumer and change this viewpoint, it is recommended that the accessories line be drastically decreased and eliminate the leather goods and jewelry products completely. A reduction in products will allow the designers and stylists to focus on creating a better staple product for the loyal customers and grow the customer base through quality products. A list of core products and suggested improvement follows along with a “styled” look for the core pieces.
The Classic Tie
Back to basics with the classic tie shape- available in classic core colors and 3 patterns
The Suit Up Shirt
Tailored shirt with the ability to be worn with or without a tie This will allow for more options in styling
The Modern Trench
An item that never goes out of style; but can be always upgraded. Offer the modern trench in a variety of style and at least one waterproof fabric
The Suited Sport Jacket
Versatility is key in this merging market strategy. These pieces must be able to transform from suited looks to more casual in a matter of minutes.
The suit up shirt worn casuallythis allows for more versatility and movement within the line. Allows for the millennial consumer to break into the brand.
Trim fit look with the ability to turn heads- and give an air of business. The suited sport jacket worn more formally
Classic overcoat styled with a classic tie and suited shirt- This look is classic but can have interest added with a subtle mix of patterns similar to Fall ‘16 looks
Fitted suit with slight flare in the pant bringing in the Spring ‘17 aesthetic while remaining true to the consumer desire of trim looks
Pricing Strategy
In order to stay within the accessible luxury market range items will need to be fairly priced in accordance to the quality. Currently the pricing is within the range of accessible luxury brands, however, the quality of products leaves a lot to be desired. If the suits are to remain between the $800 to $1300 range then the fit and fabrics will need to be improved upon. This market emerging market is highly competitive so a consistent pricing strategy should be to keep the costs around one third of the suggested retail price.
Marketing Strategy
To capitalize on the two target markets, several marketing campaigns will need to be launched. Advertisements should include the aspirational lifestyle as well as a simplistic look. Avoiding over styling is key in this venture so the consumer can see himself in the clothing without questioning if the style can be his own. This reduction in styling will also give way to a broader audience allowing a variety of men to feel at home in the brand. Advertisements should focus on the clothing and confidence the ‘modern man’ exudes. The advertisements for the new streamlined collection should be published in a variety of magazines including GQ and Esquire. Not only are print advertisements important but social media will play a crucial roll in obtaining and keeping the younger customer interested in the brand. Overall the Instagram and Twitter pages are well maintained, however a guest blogger or celebrity will bring more traffic to these outlets. Another marketing tool and retail outlet which should be improved is the company’s direct selling website. This website should be up to date with the latest trends, operate properly and include the upcoming season’s fashion show. Listed in this section are advertisement ideas and potential website improvements.
Craftsmanship Ad; Use this to show the quality and care that goes into each product- special emphasis on made in America
Famous Icons; Use celebrities who invoke a sense of classic spirt and rugged adventures
J. Crew; Millienial Mogle, Shows the lifestyle of 20-30 something traveling confidently through life while looking stylish
Burberry‘Classic tailoring Ad’ this is bringing back the focus on the brand life style; similar to ‘modern man’
Website; live stream of the fashion show where customers can see the new products, sign up for updates or be given more information on the craftmanship or collaborations. The live stream will allow customers to have an insider look at the collection giving a sense of customization to the experience.
Advertisments that show detail; Pulls the focus to a micro level giving the customer a chance to notice the fine details before coming to a store to purchase
Final Thoughts
Fine wine and Joseph Abboud have something in common, they only get better with time. However, occasionally the barrels must be switched for a newer and stronger oak. Joseph Abbot is an American brand for a modern American man, focusing on admitting pitfalls and desiring self actualization. This re-branding stategy offers an option to get back to the company’s roots and the ideal of the American dream. Products that are tailored, well made, and will take you from the ground floor to the corner office- it is as simple as that. By streamlining our offerings and bringing back the out of date licenses we are gaining the option of the specific direction we wish for the brand to venture. This new marketing strategy offers a tongue and cheek look at the world. The new take will allow our new customers to grow with us, and our old customers to come back home.
Bibliography
Door, The Cops Next. “Pulling a Suit off the Rack Is Easy; What’s Dif ficult However, Is Pulling off the Suited Look. And If You Think That You Can Make a Great First Impression in Just about Any Suit That You Buy from Your Local Department Store, You Are Very Wrong! #mens #fashion #style.” Pinterest. Pinterest, 15 Nov. 2016. Web. 28 Nov. 2016. <https://www.pinterest.com/pin/425730971009503753/>. Garcia, Wahlt. “J.Crew 2016 October Men’s Style Guide.” Pinterest. Pinterest, 13 Sept. 2016. Web. 28 Nov. 2016. <https://www.pinterest. com/pin/460493130632763227/>. Remsen, Nick. “Joseph Abboud Fall 2016 Menswear Collection.” Vogue. Vogue, 27 Feb. 2016. Web. 27 Nov. 2016. <http://www. vogue.com/fashion-shows/fall-2016-menswear/joseph-abboud#coverage>. Remsen, Nick. “Joseph Abboud Spring 2017 Menswear Collection.” Vogue. Vogue, 13 July 2016. Web. 27 Nov. 2016. <http://www.vogue. com/fashion-shows/spring-2017-menswear/joseph-abboud#coverage>. “Suit Drawing Pic.” Drawing Images. Drawing Images, 5 Nov. 2016. Web. 28 Nov. 2016. <http://drawingimage.com/art/36236>. Wahba, Phil. “Men’s Wearhouse Has a Plan to Make Joseph Abboud a $1 Billion Brand.” Fortune. Fortune, 13 Apr. 2015. Web. 27 Nov. 2016. <http://fortune.com/2015/04/14/mens-wearhouse-has-a-planto-make-joseph-abboud-a-1-billion-brand/>.
Caroline Mickley