The Six Month Buying Plan Devon Bert Sarah Laber Corbin Rachor
Table of Contents
Retail Brand Identity 3 Competitive Market Analysis 9 6 Month Buying Plan
15
Opportunities, Challenges and Risks
21
The Story of Henri Bendel
Henri Bendel was a fearless innovator in women’s fashion, and a passionate explorer of the New and the Next. Bendel moved to New York to work as a miliner opening his own shop in Greenwich Village in 1895. A man known for infallible taste, he quickly became a leading tastemaker and couturier to the city’s elite, and his boutique considered a beacon of luxury. Bendel made his mark both literally and figuratively by becoming the first retailer to brand himself. Having registered his own trademark in 1895, he created the now legendary brown and white striped shopping bag and hatbox. in 1907. Bendel was the first luxury retailer with a upper fifth avenue address, the first to hold a semi-annual sale, the first to offer in-store makeovers, and the first to stage a fashion show. He was also responsible for bringing Coco Chanel to the United States. Bendel thrived not only as a retailer, but also as a designer. His store carried the latest in Paris Couture along with Bendel’s original apparel designs, fragrances, custom furs, hats, and bridal - plus an assortment of cosmetics, skincare, lingerie, and handbags. In the 1960’s, Geraldine Stutz led the brand into a transition. A former fashion magazine editor who joined the brand as President, her most notable accomplishment was the creation of the famed “street of shops”. It was a first in retail and a concept still used today. Bendel’s is also credited with the discovery of the artist, Andy Warhol, who was brought on as an in-house illustrator. Illustrator Izak Zenou began to work with the company in 1994, and his “Bendel Girl” has graced Henri Bendel advertising and promotional materials for the past 18 years and have become synonymous with the brand.
Brand Identity
Company Business Model
Old Business Model This business model featured aspiring and upcoming designers that were not nescessarily the most well-known in the fashion world. Henri Bendel fostered the work of upcoming designers such as Anna Sui, Stephen Burrows, Rick Owens, and Diane Von Furstenberg. The company that Henri Bendel originally founded continued to introduce influential socialites to what was new and next in fashion. Henri Bendel set trends in all categories of fashion, not just one distinct product category. New Business Model This business model introduces “The Girl’s Playground Experience,� an idea that is consistently interpreting and reinventing itself as a destination rooted in the never-ending energy abundance and creativity of the city of New York. This model eliminated other designers completely, so that the brand would be able to focus strictly on Henri Bendel products.
Retailing Venues
Brick and Mortar Stores Henri Bendel has multiple store locations all over the United States.
E-Commerce Henri Bendel has a user-friendly website where consumers can view and purchase products they love.
Mission Statement
The Henri Bendel brand, still vibrant more than a century after its inception, continues to champion the spirit of the stores visionary founder. It strives to always delight and serve fashionable women, to seek out the best of the New & the Next™ and to always experiment and innovate.
Values
The customer rules... • Passion leads to success • Inclusion makes us stronger • It matters how we play the game
Scope and Size Annual Sales Volume
Number of Stores Henri Bendel has 29 brick and mortar stores in various locations across the United States. These locations range from New York to Dallas to Las Vegas.
“Our products tell the story of our brand from the rich archive of iconography to the colors. Walking through each store is like walking through the heritage.” -Ed Bucciarelli, Chief Executive & President of Henri Bendel
Core Product Categories Accessories
Handbags
Jewelry
Target Customer
Psychographics The Henri Bendel girl is easily identified by psychographics. Our customer is an “Experiencer” according to the VALS System. This means that they share a desire to discover new and exciting pieces. They are impulsive shoppers, who act on their emotional connection to products, rather than a more logical thought process. For example; a Bergdorf Goodman or Saks Fifth Avenue customer is considered a “Striver” according to the VALS System because they are specifically looking for name brand and luxury goods. Our customer at Henri Bendel enjoys the hunt for unique pieces and does not mind if it is not a well-known designer.
Key Strengths, Core Competencies Visual Merchandising Boutique Atmosphere Store Presentation Exclusivity Featuring only Henri Bendel products Product Mix Expereince Henri Bendel already has a well-known and recognizable name Pricing Strategy Henri Bendel has a good price point for a “luxury� brand Online Presence Customers can stay updated through Henri Bendel website Special Events and Promotions Signature Gift Wrap
Market Analysis
Key Competitors Direct
Indirect
Competitor Analysis
Direct Competitors
Indirect Competitors
Trends in Fashion
Trends in Culture
6 Month Buying Plan
Buying Plan Analysis
6 Month Buying Plan (Corporate)
Product Assortment Plan
Store A - New York
Store B - Las Vegas
Opportunities/Risks