MANOLO BLAHNIK
MANOLO BLAHNIK
EXECUTIVE SUMMARY
We are taking the existing luxury shoe brand, Manolo Blahnik, and exploring with a brand extention in bridal dresses. Our goals are to bring a segment of the market, to our wedding shoe customer, attracting a broader market. We want to be the destination for the ones who are saying, “I DO”.
MANOLO BLAHNIK
ABOUT THE COMPANY
Manuel “Manolo” Blahnik Rodriguez learnt the art of making shoes by visiting factories where he talked to machine operators, pattern cutters and technicians. In 1971, he was in London making shoes. A year later, Ossie Clark, then the most famous designer in London, used his shoes and from there his career blossomed. In 1973 he opened his first shop in London’s Chelsea. From this flagship store in London, the brand has expanded worldwide. Manolo Blahnik has been the feature shoe for the Sex and the City series and both movies giving this brand more recogition. Blahnik has collaborated with brands such as Vetements and Rihanna.
MANOLO BLAHNIK
CORPORATE INFORMATION
Blahnik Group LTD Private Company London 47 Employees Revenue: $4549 M Most current (2015): $110 B
MANOLO BLAHNIK
MARKET ANALYSIS
MANOLO BLAHNIK
LUXURY FOOTWEAR MARKET
ENTIRE SHOE MARKET
$79.6 Billion
WOMEN’S FOOTWEAR
$42.7 Billion
DESIGNER FOOTWEAR
$42.7 Billion
WOMEN’S DESIGNER FOOTWEAR
$42.7 Billion
MANOLO BLAHNIK
POSITIONING MAP
PRESTIGE PRICE
EXCLUSIVITY
MASS MARKET
AFFORDABILITY
MANOLO BLAHNIK
BRAND IDENTITY SYMBOLS
MANOLO BLAHNIK
KEY COMPETITORS
MANOLO BLAHNIK
INDIRECT COMPETITORS
MANOLO BLAHNIK
MARKETING PRESENCE
A few years ago, the social engagement with Blahnik was low. Recently, they have been updating their accounts regularly and in a cohesive manner. However, because of the lack of brand awareness Manolo does not have as many followers in their social media accounts as some of their competitors. The website is sophisticated, fast and subtle but some improvements can be made. The website doesn’t have a language option, the only available language is English. The customers that are searching online for Manolo Blahnik’s products are from all over the world. It’s necessary to add at least ten different languages in order to become easier for the customers to search and find what they want. The brand has not released any advertising campaigns since Spring of 2015 therefore their current marketing relies soley on their online presense.
Twitter: 249K
Website: manoloblahnik.com
Instagram: 2.2 M
MANOLO BLAHNIK
Facebook: 289K
PRESENCE ON THE SMALL SCREEN
Manolo Blahnik has been a well-known fashion designer since 1971, but the brand became even more popular when Carrie Bradshaw appeared in Sex and The City with a pair of Manolo stilettos. It is an unforgettable and memorable scene in the show. Due to the appearance in Sex and the City, Manolo Blahnik became even more popular and prices were escalating and every girl wanted and was dreaming for a pair of Manolo’s.
“Manolo Blahnik’s success skyrocketed as a result of Sex and the City,” says Paula Correri, accessory editor at Tobe Report, a retail consultancy. “The prices keep escalating, but women will starve themselves to score a pair of his shoes.”
For the girls who were too young to watch Sex & the City, the next generation had Gossip Girl. Even in their high school years, Blair Waldorf and Serena van der Woodsen were New York City trendsetters as privileged Manhattanites with a penchant for all things designer. Leighton Meester and Blake Lively rocked countless Manolo looks over the course of Gossip Girl’s 6 seasons, like this pair of Manolo Blahnik leopard print pumps on Blair.
MANOLO BLAHNIK
MANOLO BLAHNIK
CURRENT DISTRIBUTION
Manolo Blahnik is a privately owned company. Their products are sold online at manoloblahnik.com and in other department stores such as Barney’s New York, Neiman Marcus, Saks Fifth Avenue, Nordstrom, Bergdorf Goodman. Products are available for purchase in 23 countries and have a retail flagship store in London Chelsea, as well as locations in London Mayfair, New York, Hong Kong, Madrid, Barcelona, Moscow, Dubai, Abu Dhabi, Seoul, Tokyo, Kuala Lum.
MANOLO BLAHNIK
PRICE
Suede Sculpted Court Shoes $645
The Lagarta - Art Collection Piece $7695
MANOLO BLAHNIK
COMPETITION PRICE
Sold online at jimmychoo.com, nordstrom. com, neimanmarcus.com, saksfifthavenue.com, net-a-porter.com, bloomingdales.com and in their brick and mortars.
Sold online at miumiu.com, nordstrom.com, neimanmarcus.com, net-a-porter.com, saksfifthavenue.com and in their brick and mortar locations.
Jimmy Choo’s retail stores: San Francisco, Atlanta, Topanga, Bal Harbour, Houston, Scottsdale, Orlando, Coral Gables, Los Angeles, Honolulu, Palm Beach, New Jersey, Chicago, Boston Costa Mesa CA, San Diego, Dallas, New York, New York, San Juan, Puerto Rico, Honolulu.
Their brick and mortar stores are located in Australia, Austria, China, France, Germany, Hong Kong, Italy, Japan, Kuwait, Macau, Malaysia, Monaco, Portugal, Qatar, Russia, Singapore, South Korea, Spain, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, United Kingdom, United States.
$75 scarve- $4,495 shoes
$61 perfume- $2470 purse
Sold online at prada.com, neimanmarcus.com, net-a-porter.com, nordstrom.com, barneys. com and at their brick and mortar locations. Stores located in Illinois, Portugal, Spain, France, Italy, Greece, Ukraine, Saudi Arabia, Turkey, South Africa, US, Brazil, Mexico. $185 Keychain - $2,990 Nylon and Saffiano Leather Trolley
Sold online at us.christianlouboutin.com, saksfifthavenue.com, nordstrom.com, barneys. com, neimanmarcus.com, and in their brick and mortar locations Their stores are located in North America, South America, Europe, Middle East, Asia & Oceania. $495 sandals- $4,000 Wedge sandals
MANOLO BLAHNIK
BRAND IDENTITY
Picture of Sender Physique
Personality
Relationship
Culture
Durable, chic, respectable, fashionable, luxurious
Social, educated, fashion conscious, heritage-based, artistic
MANOLO BLAHNIK
Reflection
Self-Image
The upper class modern elegant woman, celebrities, socialites, and it-girls.
A liberated woman’s lifestyle.
Picture of Receiver
MANOLO BLAHNIK
Internalization
Enternalization
Classic, sophisticated, innovative design, luxury accessories, creative collaboration
SWOT
Strategic Analysis
Internal
External
Strengths
Weaknesses
Opportunities
- Brand recognition
- Exorbitant Pricing
- Bridal Extension
- Strong association to quality
- Marketing Promotions
- Growing luxury market potential
- Exclusive Merchandise
- Online Presence
- Cellebrity Collaboration
-Celebrity Endorsement
- Product Offering
MANOLO BLAHNIK
Threats
- Growing competition - Manolo Blahnik being the only designer under the brand
MANOLO BLAHNIK BRIDAL
LOCATION
76 Wooster St, New York, NY 10012 Soho District
MANOLO BLAHNIK BRIDAL
LOCATION ANALYSIS
Spaces available within the building
Space A: Ground & Lower Level Retail Square Footage: 2,500 square feet + full selling basement (2500 SF) Asking Rent: $32500 /mo. Term: 1-10 year lease. Space is available for short term and pop-Ups. Notes: Turn key with plenty of natural light. Space B: Second floor penthouse duplex Square Footage: 5,000 gross square feet/3,000 net square feet Asking Rent: $ 25000/mo. Notes: 20’ foot high ceilings with a 20’ x 20’ Skylight. Office use, art gallery. Space C: Whole Building/ Four levels (Space A + Space B) Square Footage: 10,000 gross square feet/8,000 net square feet Asking Rent: $50000/month Notes: Prime SoHo flagship retail opportunity. Great retail showroom presence on ground floor duplex and ideal office/gallery use on upper floor duplex. All reasonable offers are considered. By owner, Full Commission Paid.
MANOLO BLAHNIK BRIDAL
TARGET MARKET
Savvy Entrepreneur -Age: 34 -High end real estate agent -Annual income: 150K -Worked hard for her success, brunches w/ her elite group, wedding ceremony to be held at Brooklyn Winery
Successful Couple -Ages: 36 & 29 -Neurosurgeon & Pediatrician -Household income: 690K -both want elegant bridal gowns for their wedding in Tuscany
It-Girl -Age: 25 -Fashion blogger & entrepreneur -Annual income: 130K -Owns multiple pairs of Manolo Blahnik shoes -Father is paying for wedding
Business Woman -Age: 35 -Chief marketing officer -Annual income: 250K -Appreciates luxury design, visits the M.E.T weekly, & engaged to the C.E.O at her work
MANOLO BLAHNIK BRIDAL
Women, ages 25+ who are in the market for bridal gowns, shoes, and accessories. Successful urban workers, that are looking for classic, elegant pieces to wear on their special day. Average earnings are between 130-700 thousand dollars. Typically live in big cities, and enjoy artistic experiences.
MANOLO BLAHNIK BRIDAL
MANOLO BLAHNIK BRIDAL
BRIDAL MARKET
GLOBAL BRIDAL MARKET
$300 Billion
U.S. BRIDAL MARKET
$76 Billion
ANNUAL GROWTH
2.8%
MANOLO BLAHNIK BRIDAL
P.E.S.T.L.E.
Strengths: The Bus Line and Metro/Subway are two lines of transportation. Allowing the public to gain easy access to our location. The public Transportation whether you are driving or walking takes less than ten minutes depending on your location. And if commuting the drive is 10 minutes or less from theses stations: Commuter Rail Drive 10 min Distance 2.4 mi New York Penn Station (NJT) Commuter Rail (Northeast Corridor Line, North Jersey Coast Line, Morris & Essex Morristown Line, Montclair-Boonton Line, Morris & Essex Gladstone Branch) New York Penn Station (LIRR) Commuter Rail (West Hempstead Branch, Ronkonkoma Branch, Long Beach Branch, Port Jefferson Branch, Hempstead Branch, Montauk Branch, Port Washington Branch, Far Rockaway Branch, Babylon Branch)
MANOLO BLAHNIK BRIDAL
Challenges: The outer building will need work done to it, so that it matches the aesthetic of the inside of the building. Land owener will need to be called and notifed. A deal will have to be worked out. Future Project: If this popup is successful, we will integrate the new product line across all Manolo Blahnik channels. At this point, we will have them available online as well as selected Manolo Blahnik brick and mortar locations. The pop-up will become permanent in selected cities, with this location being our flagship store. Risks: The lease for this building is a year long lease. (we need monthly rent) Will we be able to utilize all three floors? How long will the renovation take?
MANOLO BLAHNIK BRIDAL
LOCATION MARKET Market Segmentation Demographics
Geographics
$150 K
Soho Population 51, 240
Sales Potential 6 Months 3, 901, 133. 60
21-34 Years White Not Hispanic
New York Population 19, 862, 512
Single/In Relationship No Children
New York Tourism (2017) 61.8 Million
Psychographics
Behavioral
Owns BMW
Achievers Innovators
Up to date on Current Events Shops at Crate and Barrel
Major technology innovations from drones to AI to blockchain will significantly how New Yorkers work, live, and play.
MANOLO BLAHNIK BRIDAL
LOCATION JUSTIFICATION
Designer boutiques, fancy chain stores and high-end art galleries make trendy SoHo a top shopping destination, especially for outof-towners. Known for its elegant cast-iron-facades and cobblestone streets, the neighborhood is also an atmospheric backdrop for fashionable crowds clustering at high-end restaurants and nightlife hotspots.
MANOLO BLAHNIK BRIDAL
AREA ATTRACTIONS
Attractions: The New York Public Library Housing Works Bookstore & Café St Patrick’s Old Cathedral NYC Fire Museum The Market NYC Dining: Dominique Ansel Bakery La Esquina Taqueria & Café Balthazar Hotels: Mondrian SoHo SoHo Grand The Crosby Street Hotel The Mercer & Trump Hotel Shops: Diane von Furstenberg Christian Siriano DKNY Helmut Lang La Perla, Longchamp Opening Ceremony Uniqlo Topman
MANOLO BLAHNIK BRIDAL
MANOLO BLAHNIK BRIDAL
STRATEGIC INITIATIVE Infrastructure: New York City has a skeletal infrastructure that dates from the first part of the 20th century. The average age of New York City’s 6,400 miles of sewage mains is about 84 yrs. It ’s 6,800 miles of water mains are about 70 years old and its 6,300 miles of gas are 56 years old. 41% of the cities bridges were built before 1950. The infrastructure in New York is so old. New York State is investing $100 billion in infrastructure and is planning to build a new New York. It is said to be the largest infrastructure and development plan in the nation. Health and safety: Have a phone available to make emergency calls. Ensure that public areas are clean, tidy and free of hazards (for example, trip hazards or stacked boxes). Close and clearly mark areas that are off limit to the public.Make sure that electrics and any portable electrical items are safe and visually check them for damage or broken cables. Only let staff and volunteers use any specialised equipment. Close and lock windows and doors when the premises are not in use. Lock and secure doors and windows in unused areas. Offer a safe, locked area for private possessions such as bags and coats. Create a simple rota to decide who opens and closes the shop each day. On closing the pop up, ensure the keyholder checks that: Nobody is left in your pop up, including in the toilet, staff room, stock room and so on. All windows and doors are closed, locked and secured. Fire exits are left clear. All electrical items are safe, with equipment like kettles and coffee machines switched off.
Zoning Laws: New York is divided into three different zoning districts: residential, commercial and manufacturing. These basic zoning districts are subdivided by the intensity of use. Development is governed by the use, bulk and parking requirements of the zoning district. Zoning Laws: New York is divided into three different zoning districts: residential, commercial and manufacturing. These basic zoning districts are subdivided by the intensity of use. Development is governed by the use, bulk and parking requirements of the zoning district. Local Trade Laws: While New York has not adopted the Uniform Deceptive Trade Practices Act, it has laws specifically prohibiting false advertising and odometer tampering (a misdemeanor). These laws provide both criminal and civil remedies. This essentially means that the laws allow for criminal prosecution by the attorney general, as well as private litigation brought by the party injured by the deceptive practices. If an injured party prevails on a deceptive trade practices claim, he or she may be awarded actual damages up to $1,000 (in cases of willful or purposeful deception), as well as the costs and fees associated with his or her legal representation. Restrictions: Permitted Uses:JLWQA (subject to locational restrictions), hotel, retail and office uses, certain community facility uses, including houses of worship and medical offices.
Area Factors: During the recent years, Soho has grabbed not only the local’s attention but as well as the tourist visiting New York City. Due to its artistic aesthetic and trendy upscale boutiques and designer stores; Therefore, it has a heavy pedestrian traffic. Public transportation such as the subway is the best option for people to transport themselves throughout the city. The closest trains are the ones located at Spring, Prince and Canal Streets. You can either take the bus, cabs or an Uber, but the subway would be the best option.
Permitted Uses (1st Floor and Cellar):Cellar and first floor uses are restricted pursuant to ZR 42-14 D(2)(a), but only for buildings occupying lot area in excess of 3,600 sf. Here the lot size is only 2,500 sf; therefore, the use restrictions are inapplicable. General Use Group 6 retail, and eating and drinking are permitted. Eating and drinking uses are also subject to certain further regulations which may requires special permit from the Board of Standards and Appeals.
Legal Issues: The retail space is owned by John Pasquale owning more than four properties throughout New York. The space is currently available only for short term and pop ups. We are renting the three spaces that are available in the entire building. The maximum capacity is 832 people. The owner emphasizes that each individual who is currently renting the space follows the artist in residence zoning law that was implemented in Soho, NYC since 1971. This law is also known as the artist- in residence law.
DaNote that 76 Wooster Street is located in an M1-5A and is a lot less than 3,600 sf which means it has more ground floor commercial use flexibility than the M1-5B properties. Property Taxes: Tax year 2017/2018 Tax assessor ’s market value $2,966,000 Projected tax assessor ’s market value $3,207,000 Current tax bill $100,129 Projected tax bill $107,432
MANOLO BLAHNIK BRIDAL
Store Manager Strategic Manager Wage Breakdown: Store Manager : $40/hr Strategic Manager : $45/hr Assistant Manager : $36/hr Sales Associate : $15/hr
Assistant Manager (2) (Full Time)
Sales Associate (4) (Full Time)
MANOLO BLAHNIK BRIDAL
Assistant Manager (2) (Part Time)
Sales Associate (10) (Part Time)
EXACT LOCATION
76 Wooster Street, New York, NY 10012 10, 000 Gross Square Feet 8, 000 Net Square Feet $50, 000 / Month
Adjacent Retailers: Celine Simone Rocha Patagonia Soho Ted Baker Soho Joie
MANOLO BLAHNIK BRIDAL
CONCEPT JUSTIFICATION
Throughout the years, for many women Manolo Blahnik has been an aspirational brand. All women dream of having the iconic Hangisi heels worn by Carrie Bradshaw in Sex and The City. Due to this iconic moment, the brand gained recognition amongst the luxury market. The brand already offers shoes, purses & belts. The goal of our pop up is to make this bridal extension a one stop shop for a bride. By offering this bridal extension we will not only expand our customer base but also increment our sales.
MANOLO BLAHNIK BRIDAL