Strategic Fashion Marketing Plan for Burberry by Emile Pestininkaite

STRATEGIC FASHION MARKETING 2014 ARTD3039 STUDENT NO. 25681796

CONTENTS MARKETING AUDIT FOR BURBERRY PA R T I

EXECUTIVE SUMMARY

INTRODUCTION

MARKET SITUATION

COMPETITIVE SITUATION

3 INTERNAL MARKETING SITUATION 6-11

6 TARGET MARKET

12-13

14-16

OBJECTIVES

INTRODUCTION TO THE MARKETING PLAN

THE STRATEGY

20-21

22-25

17-19

26-27

CONTENTS S T R AT E G I C M A R K E T I N G P L A N PA R T I I

TARGET CONSUMER

PRODUCT

MARKETING PROGRAMS

28-29

30-33

24-45

PRICING AND DISTRIBUTION

FINANCIAL PLANNING

IMPLEMENTATION AND CONTROL

46-47

CONCLUSION

APPENDIXES

BIBLIOGRAPHY

50-51

52-59

60-63

EXECUTIVE S U M M A R Y

The purpose of this marketing audit (PART I) is to learn and investigate what consumers know about the Burberry brand and its product so the research could lead the company into informed strategic positioning decision (PART II) (Keller, KL 2008). The Audit will include examination of Burberry marketing environment, internal marketing system and marketing activities (Westwood, J 2013). The attention will be given to the particular area of focus â&#x20AC;&#x201C; brand heritage. The information was collected through primary and secondary researches.

“Looking ahead, while mindful of the more difficult external environment, we have never been better prepared internally for the all-important festive periods.” (WGSN. 2014).

Fig 2. Heritage Coat Burberry is a global luxury brand, known for its iconic outerwear, British heritage and digital innovation. The company sells women’s and men’s apparel, accessories and Beauty.. Burberry sells through 3 channels: Retail, Licensing and Wholesale. According to The Interbrand ‘Best Global Brands’ report Burberry is ranked as 73rd surpassing other luxury brands like Ralph Lauren and Hugo Boss (Interbrand. 2014). Burberry was founded in 1856 by 21 year old Thomas Burberry and opened a first store in a market of Basingstoke, England. The brand mainly focused on local farmers and sportsmen and became well known for a good quality, universality and style of the products. Being known for universality of the products in the beginning, now Burberry is known as a Digital innovation Luxury Leader (Business Of Fashion. 2014). The company highlights its British heritage by creating the highest quality products mixing iconic British style with latest fashion trends. Company’s ability to target cross-generational consumer and deliver innovative and personal shopping experience has opened the door for the brand to be one of the leading companies in Luxury fashion market. The chief executive officer and director Christopher Bailey has set clear strategic objectives for 2013/14 to reclaim Burberry’s menswear heritage, to sustain the further integration of physical and digital platforms, continue investment in flagship markets and lay foundations to transform the brand in Japan. These activities contributed to the strong financial performance and claimed to be a successful strategy for the brand. Even though according to the media and internal financial figures Burberry has been doing very well over the past few years, the Brand needs to adopt multiple marketing strategies in order to perform well in the future. Christopher Bailey reported to WGSN online trend forecasting platform: “Looking ahead, while mindful of the more difficult external environment, we have never been better prepared internally for the all-important festive periods.” (WGSN. 2014).

INTERNAL MARKETING S I T UAT I O N The brand identity onion below is showing a concise overview of a brand identity and how it is expressed through brand actions. The mission of Burberry brand is to become the greatest Luxury global brand in terms of product design innovation, marketing techniques and dynamic retail approaches .The companyâ&#x20AC;&#x2122;s core values are to Protect, Explore and Inspire, expressed through social campaigns and Burberry communities such as Burberry Foundation (Appendix 1) (Burberry PLC. 2014).

Together, we will continue to push the boundaries of design, technology and communication while never forgetting our heritage, our Britishness and our values

Christopher Bailey

P R O DUCT

P L AC E

Fig 3. Heritage Trench Coat

Fig 5 Burberry Shop

PROM OTION

PRICE

Fig 4 Burberry shopping bag

Fig 6 Burberry Acoustic

In order to maintain the British heritage image Burberry relies on its core values and personality (Appendix 1). These factors have to be expressed through the marketing mix â&#x20AC;&#x201C; Product, Price, Promotion and Place. The most important activities and their outcome that have helped to reposition and reclaim the brand are mentioned below.

PRODUCT

The core Burberry product is the iconic Trench coat. The product is a mix of British heritage and fashion trends. Burberry offers a variety of trench coats in different styles, but only a few are made in England, the rest are imported. The top range trench coats of 2014 AW collection are hand painted. All the coats are made using authentic weave technique (Coatts, M, 1989). The trench coat in 2013/14 was among the fastest-growing ranges in the year (Burberry PLC. 2014). The annual report indicated that menswear sector is the fastest growing product line which raises the need of reinventing tailoring and focusing on men customer needs. As Burberry brand started with producing technical apparel for men, this could be a great opportunity to strengthen brand heritage focusing on emerging sector. However, as menswear sector is growing so fast, there is a big raising competition such as heritage brand Armani and new raising brands as Zegna Couture (Business Of Fashion. 2013).

Fig 7. Retail/Wholesale revenue

PRICE

Price : As most of the Luxury brands, Burberry uses competitive pricing strategy and price the products similar to the competitors. The iconic made in England trench coat is always priced at a higher price point (starting from approximately ÂŁ900 whereas imported Burberry trench coat with the same attributes starts from ÂŁ600) considering the psychological point that higher price increase the perception of value and customer desirability (Jackson, T. Shaw, D, 2001). Even though it is more costly to produce the product in England because of the higher wages, The Guardian indicates that 6% of the companies are going to bring back production to England in the next 3 years. The key reasons for moving manufacturing back are quality improvement, certainty and speed of delivery (The Guardian. 2014). Looking at the fact that Burberry Trench coat was one of the fastest growing range in 2013-14 it shows that consumers are willing to pay more for English made product and connection to the heritage improved desirability even at the higher price.

From here on out everything we do is going to be British: the music, the models, everything, the designers in that made us proud as well

Angela Ahrends

P L AC E

Place: Includes 215 mainline stores, 227 concessions within department stores, digital commerce and 55 outlets (Burberry PLC. 2014). The brick and mortal operate in big cities and main shopping destinations reflecting the target consumer needs. Every store is built to reflect the Brands’ personality and to maintain the British heritage image. Ex CEO of Burberry Angela Ahrendts highlights the model which Burberry follows in order to be global heritage brand “From Apple to Starbucks, I love the consistency—knowing that anywhere in the world you can depend on having the same experience in the store or being served a latte with the same taste and in the same cup.” (Harvard Business Review. 2013). Even though the stores concept will vary in different countries due to different consumer, Burberry’s aim is to deliver the same shopping experience for the customer everywhere around the globe.

P R O M OT I O N

Promotion: Burberry uses multiple promotional methods in order to strengthen brands heritage. Promotion is one of the main marketing tools to strengthen the heritage and to introduce the British authenticity to the Global market. The advertising strategy is simple: everything has to reflect British heritage, which will differentiate the brand from any other global luxury brands. Ex CEO talks Angela Ahrendts explains about Burberry promotion to Forbes correspondent: “From here on out everything we do is going to be British: the music, the models, everything, the designers in that made us proud as well” Forbes. (2012). Most of Burberry adverts feature British models or other famous British celebrities. For example: 2010 SS campaign featuring British singer George Craig and British actress Emma Watson. In addition, the latest fragrance campaign, featuring British super-models Cara Delevingne and Kate Moss. (The promotional activities and their results are further described and measured in the appendix 2).

M A R K E T SITUATION

Bain & Company’s 2014 annual global luxury study indicates that the rise of luxury goods consumer lowers, but settles for more sustainable and long-term growth (Bain & Company. 2014). “International tourism and a stronger middle class are shaping luxury trends, including luxury experiences and alternative luxury channels, with a focus on consumer nationality rather than geography” (Bain & Company. 2014). By the end on 2014 Luxury market is targeted to reach 223 billion € In this year luxury sector 6% growth was seen in US (at constant exchange rates) and 10% rise in leading Japan. However, Europe only accounts for 2% growth and China experienced a negative slowdown at -1%. South Korea maintains and reinforces its position as a trendsetter for Luxury sector (Bain & Company 2014). Menswear and accessories were the fastest growing sectors in Luxury market in 2014 meanwhile tourism is increasing rapidly creating demand for travel retail.

3 12

4 EMERGING TREND

Authenticity: made by hand Consumer demand for goods made by hand is rising and it is an emerging luxury market trend (WGSN b. 2014). The product which reflects the brand heritage and is made by hand is what attracting luxury consumer’s attention. “Craftsmanship has long been part of the luxury mantra – and never more so than now” (The Walpole. 2014). A few luxury brands have already started on recreating their brand craftsmanship through marketing campaigns: Christian Dior released a video titled Le Petit Theatre Dior, showcasing the making of a mini couture dress from S/S 1949 (WGSN b. 2014). “However, the reality for most is that the economics of the industry mean that much of the really exceptional making, even for brands with very high standards, is applied to small selections of exclusive or limited editions.” (The Walpole. 2014).

Fig 8. Dior Le Petit 13

COMPETITIVE SITUATION

The strongest direct competitors of Burberry at the moment are luxury brands: Prada, Gucci, Hermes and Louis Vuitton. According to the Interbrand ‘Best Global Brand 2014’ ranking all the 5 brands including Burberry are within top 100 most valuable global brands (Interbrand. 2014). By analysing the competitive industry using Porter’s 5 analysis (Appendix 3) it was found that Burberry performs in the industry with moderate power from supplier and competitive rivalry. The threat of new competitors is assessed as strong, however buyers and substitute products threat power is low.

The economy growth of Chinese market is the lowest in 5 years (The Guardian 2014). While Asia Luxury market is uncertain, competition within the retailers is increasing. Luxury brands are looking for new ways to get back Chinese consumer which is considered as the biggest spender worldwide. Even though Louis Vuitton is the most valuable luxury fashion brand in the world the Interbrand indicated a 9% drop in sales for 2014 in total and 3% drop in Asia (Business Insider. 2014). Pierre Mallevays correspondent for Business of fashion believes that the drop was caused by Asian tourism slowdown and political protests in Hong Kong “Chinese tourist flows have trickled to a standstill and locals are not shopping any more..” (Business of Fashion c. 2014) On the other hand, Louis Vuitton has been leading Luxury sector for the past few years, it enhanced its retail experience and has over 18million followers on Facebook which is the highest number of the mentioned 5 brands.

HERMES H E R I TAG E

The competitors of Burberry are located in different areas as all the main competitors operate globally. Hermes is the luxury brand which operates in the same market sectors apart from apparel and follows the authenticity trend creating new marketing campaigns. In 2012 Hermes introduced new product range for horses and their owners. It is a great example of how to strengthen brand heritage incorporating with non-fashion product. The table shows the comparison between Burberry PLC and Hermes International SCA financial situations:

Fig 9. Hermer Equestrian

S W OT A N A LYS I S To sum up the competitive situation, SWOT analysis refer to the companyâ&#x20AC;&#x2122;s strengths and weaknesses whereas the opportunities and threats referTo sum up the competitive situation, SWOT analysis refer to rer to external market situation (WESTWOOD, J, 2013). the companyâ&#x20AC;&#x2122;s strengths and weaknesses whereas the opportunities and threats referrer to external market situation (Westwood, J, 2013).

STRENGTHS

OPPORTUNITIES

WEAKNESSES

THREATS

Fig 10 Burberry Prorsnum Menswear.

Fig 11 Burberry Prorsnum Womenswear

TA R G E T MARKETING

Burberry targets different age consumer, from 25 to 60 by having classic products such as iconic Trench coat and fashionable lines. The campaign of My Burberry perfume features models are Cara Delevingne (22) and Kate Moss (40) creating image that nowadays age does not matter and women of different generations can still look good wearing Burberry. Burberry product range appeals to both men and women. The brand reaches global customer by selling on-line in Burberry operates in three regions: Asia Pacific, Europe, Middle East, India, Africa and America (Burberry Annual Report 2014). The consumer mainly belongs to upper middle class because of the higher price range. However, some of Burberry products (such as beauty products starting from approximately ÂŁ20) are accessible for consumer with lower income. While concentrating of at least 2 generations, X and Y, the most important and promising consumer of Burberry is a Millennial. â&#x20AC;&#x153;All of our competitors what they are not targeting is a young consumer, so we will go after the millennial consumer and if we are going to do that we have to do it digitallyâ&#x20AC;? Angela Ahrendts for Forbes. (2012)

THE MILLENNIAL

DEMOGRAPHICS GEOGRAPHIC

PSYCHOGRAPHICS

• Age: born between 1982 and 2003 • Gender Men and Women • Location: Global (Suburban-metropolitan) • Education: at least college education • Upper middle class • Marital Status & Family Status: 75% never married, 21% married, 4% divorced/separated Information is based on Pew Research Paper (Pew Research Center. 2010.)

Lifestyle analysis •Innovation keen •Early adopters and rely on technology •30% use 4 or more devices a day •Mainly rely on friends recommendations •Are not easily influenced by celebrities •Usually read reviews prior to purchase •Still trust tradition advertising

Most of millennial are early adopters but rely on other people recommendations (appendix 4). 52% of millennial describe being a good parent as their prior need. (Pew Research Center. 2010.) The oldest millennials are now in their thirties and start to create families. They now change their attitude and start thinking more about safety and well-being rather than parties and friends different from young millennials. This consumer group values quality, authenticity and tradition, but is still willing to share their experience s online (WGSNc 2014). To conclude, the most desirable consumer of Burberry is technology and social media savvy Millennial, but intimate connection between Burberry and the consumer on social media is failing to deliver.

Fig 12.

Fig 12. Alex

All of our competitors what they are not targeting is a young consumer, so we will go after the millennial consumer and if we are going to do that we have to do it digitally

Angela Ahrends

OBJECTIVES

According to the media and financial situation, Burberry is going on the right path, but in order to sustain this, new marketing strategies have to apply. Looking at the trends of Luxury market and current economic situation, the brand should concentrate on strengthening its heritage. The few ways to do this could be: • To introduce a new product range ‘Made by Hand’ • To concentrate on the older Millennials and expand reposition children apparel • To look back at the early days of the brand and bring back sports and technical wear • To launch affordable luxury product line • To create more intimate and personal relationship with the consumer via social media The objectives above could lead the brand to gaining bigger market share and be ahead by the competition. In addition, the brand identity and equity would be strengthened. These activities would not only lead to the better performance in sales, but Burberry would also become more attractive for the investors.

Fig 13 Unknown, (2014), Olympia Activewear

INTRODUCTION TO T H E MARKETING PLAN The purpose of this Strategic Marketing plan is to introduce the new marketing strategy for Burberry which would help to achieve the objectives related to the Brand Heritage. This part will discuss a single strategy which is considered the most effective in terms of building the brand heritage factor and targeting it to the future long term aims. The strategic plan will describe how the objectives can be achieved in the time period provided. The new strategic plan for Burberry will be the change of product mix.

Fig 14. Johnson, S, (2014), Stella McCartney Sport

THE NEW S T R AT E GY

The new marketing plan has to reflect the brand mission statement: â&#x20AC;&#x153;Become the greatest Luxury global brand in terms of product design innovation, marketing techniques and dynamic retail approachesâ&#x20AC;? Burberry is built on its British heritage and it is one of the main factors that differentiate the brand from the competitors. The new marketing strategy for Burberry will be introduction of the limited edition activewear product range for 2015 AW. Burberry will adopt the short term developing strategy. The strategy is expected maximise the profit in the short time period with an aim of introducing permanent activewear range in 2016 leading to the long term profit maximisation and quality image improvement. The range limited edition range would test the grounds and see how consumers respond to the new Burberry product in terms of its design and the quality. Taking into account the fact that the trend of active lifestyle is emerging and the demand for sportswear product is increasing the competition is getting tougher as well, more and more brands are introducing sportswear ranges. However, Burberry can offer more unique product: high quality, luxury and heritage, having expertise in technical wear which have proven to be high quality and unique.

“Activewear is booming, with sales growth exceeding that of the apparel market as a whole, and it’s because consumers are wearing activewear not only to the gym, in the gym, and from the gym, but they are working out, going out, and even hanging out in activewear,” said Marshal Cohen, chief industry analyst (The NPD Group. 2014). The term Athleisure is used to describe the rising trend of training clothes being worn casually. The new range will offer the exclusivity factor to consumer knowing that the product will exist for the limited amount of time and in limited volumes. By developing the new sportswear range Burberry will also strengthen the brand heritage factor by recreating the product from which the brand has started in its early days – technical wear. The limited edition product line will only include product for women taking into account the current consumer demand and trends. The marketing objectives: To increase the number by 5% on social media platforms such as Facebook, Instagram, YouTube channel and Twitter targeting Millennial consumer To generate additional 1% of the total year 2015 revenue in the short period of time Generate at least £3M worth of free publicity

TA R G E T E D CONSUMER The trend of active lifestyle is still on the rise (Sherman, L. 2014). More and more young people get involved into physical activities, not only to be healthy but very often to look fit. The aim of the new Burberry sportswear range is to attract the new consumer which is interested in the active lifestyle and to inspire the current consumer to participate in sports while wearing Burberry and looking Chick.

Fig 15 Nike, (2014), Nike Run

The range will be targeting the millennial woman. As the brand operates globally, the products will be optimized to meet the global consumer needs. The target consumer will most likely belong to the middle-class and be innovator or early adopter as the range will be limited edition. The target consumer group will share the interest of active lifestyle and luxury living in wealthy and cosmopolitan areas where the demand for luxury is the highest. The Millennial Workout study by Jeff Fromm indicated that the demand is growing for personalized fitness (Fromm, J. 2014). Personal trainers are now trending on social media and being massively followed by the millennials. Group workouts such as yoga, aerobics or marathons are trending sports within the generation Y and according to Jeff Fromm these sports alight the values of the millennials â&#x20AC;&#x201C; the communal instinct. America would be the market to watch for in terms of the targeted consumer. Knowing the consumer demand for the Luxury goods and rapidly increasing demand for Athleisure Americas female consumer may be the most promising. In 2013 the activewear in America grew by 7% comparing to 1% in 2012 although the overall participation in sports declined in 2013 the demand for activewear was still on the rise (The NPD Group. 2014). Another study by Richard Keogh â&#x20AC;&#x2DC;Figuring out fitness fanaticsâ&#x20AC;&#x2122; indicate that there are 4.4 million adults in the UK who belongs to the gym or leisure centres, of which 80% have bought something online in the past 3 months (Keogh, R. 2014). The research also indicated that customers rely on their peers comments online deciding on whether purchase the item or not which applies to most of the millennials. With the increasing trend of Athleisure the limited edition activewear range for Burberry has an opportunity to make wellness appealing, chick and fashionable, encouraging sports and well-being as a way of lifestyle.

PRODUCT

The new product will be created to reflect the latest trends in activewear and also will be inspired by the British heritage. In order to differentiate the range from other products offered in the sports market, Burberry sportswear range will be inspired by the colour pallet of British nature mixing it with urban landscape shapes. The collection is targeted to fulfil the market gap for the high-end fashionable yet functional sportswear. (Appendix 5)

1 31

The product line will consist of accessories and apparel reflecting on the trending sports such as Yoga, Pilates and fitness. The collection will also include 2 heritage jackets made of high-tech fabrics using authentic weaving technique patented by Thomas Burberry in 1888 (Coatts, M, 1989) (Appendix 6). For the rest of collection the main considered factors when choosing the fabrics will be how breathable and moisture wicking is the fabric which will assure the luxury of the garments. After internationally focused AW14 Burberry collection Christopher Bailey stated â&#x20AC;&#x153;Half the world is still cold. So what we have to do in these collections is to have a good balance for a much more global outlookâ&#x20AC;? (NowFashion 2014).The collection will be aimed to perform multi-functionally and in various climate conditions. The garments can be worn for indoor activities and outdoor sports introducing the base layer garments such as t-shirts and leggings that can be worn together with upper layers jackets and hoodies making the outfit suitable for colder weather conditions. Sportswear retailer such as Under Armour, Foot Locker have noticed significant growth in their ladies active wear departments and believe that such growth was stimulated by emerging trend of sports apparel being worn casually (Bloomberg. 2014).The overall design of the products can be described as Chick and Functional. The garments will be aimed to deliver best quality performance and at the same time look fashionable.

Fig 16. WGSN flats (2014)

12 MARKETING PROGRAMS

The promotional strategy will involve two stages: pre-launch marketing programs and after-launch. More attention will be paid to the pre-launch activities that will run over 7 months before the launch as this will be a strategy tool in order to predict the demand and make necessary changes related to the distribution and pricing strategies. The programs will be targeted to the global consumer using less celebrities and more international bloggers and generating social media buzz.

10/05

02/07

THE ANNOUNCEMENT

F I R S T L O O K V IA S O C IA L M E D IA

20/08

25/08

B I L L B OA R D P O S T E R S

VO G U E E D I T O R IA L

10/09

27/09

BLOGGER C O L L A B O R AT I O N S

LOOKBOOK/VIDEO RELEASE

02/10

13/10

P R E - L AU N C H E V E N T

PRESS EVENT

15/10 T H E L AU N C H 35

12 1. THE ANNOUNCEMENT

May 10th :The announcement will be made during the concert series “Live at 121 Regent Street” that are hosted in the Global flagship store of Burberry in London offers limited number of free tickets (Carr, T. 2013). Considering that the targeted consumer for the new Burberry Fit range prioritises the communal instinct, social event would be the most suitable form to announce the launch. The launch will also be announced on the Social media platforms in order to inform the consumer and create the demand (Westwood, J. 2013).

2 . F I R S T LO O K July 2nd: Burberry will share the very first image of the product via owned Social Media including Twitter, Instagram and Facebook. The image will feature ‘barefoot experience’ yoga shoes with the logo of Burberry Fit and the title of ‘Coming Soon’. The visual announcement via social media will be estimated to create the Buzz and will be tracked by the marketing team in order to react to the consumer comments, numbers of likes and shares as well as the negative buzz.

Fig 17 Nike Studio Wrap Pack

Fig Ad

3. VOGUE E D I TO R I A L August 25th first spread in Vogue UK â&#x20AC;&#x2DC;The Fall Fashion Blockbusterâ&#x20AC;&#x2122; September issue looking at the product more closely, featuring the prices and Interview with Christopher Bailey who introduces the Limited range as the recreation of Burberry authentic craftsmanship reflecting the global Millennial women needs, and celebrating the re-birth of active lifestyle.

g 18 Swea tTheStyle, (2014), drianne Ho

4. CITY POSTERS August 20th 6-sheets roadside posters will be presented to target influential consumers with premium locations across the 8 cities where the collection will be distributed to the flagship stores (See distribution p47.) . The same images will be used for magazine adverts as well as the web advertising to reinforce the exposure (Lea-Greenwood, G. 2013).

5 . B LO G G E R C O L L A B O R AT I O N S Instead of choosing celebrities as campaign ambassadors Burberry will collaborate with the emerging fitness and lifestyle bloggers from different continent to attract the global consumer. According to the research papers celebrities are losing their influence on Millennial decision(Pew Research Center. 2010). Digital muses are taking over the celebrities the blogs are becoming the place where active lifestyle lovers get their inspiration from. In this case Burberry will benefit with expanding their audience with active lifestyle consumers and bloggers will benefit with increased fashion interested audience (Appendix 7). The bloggers will be asked to wear Burberry active-wear and share the pictures on their social media platforms. Bloggers will also appear in the editorials for the magazines.

Fig 19 SweatTheStyle, (2014), Adrianne Ho no.2

Fig 20. New Moguls, (2013), Kayla Itsines

6 . V I D E O / LO O K B O O K RELIESE September 27: Burberry released the lookbook/video via Burberry YouTube channel featuring Burberry models wearing the pieces for the collection in the urban landscape of London. The video will be used to encourage the interaction between the channels and users (Amy, A. et al. 2013).

Fig 21. Adidas, (2014), ADIDAS BY STELLA MCCARTNEY FALL/WINTER 2014

12 7. P R E - L AU N C H E V E N T

October 2dn Burberry announces the limited capacity launch event for public in London , followed by catwalk and live music and availability to pre-order the collection and receive before it is sold in-stores.

8. PRESS EVENT 13th of October 2 Days before the launch, event for the press in Burberry London Flagship, available to buy the items. The event will be held to generate press coverage just before the product launch.

9. T H E L AU N C H October 15th The collection will be available in the Burberry flagship store in London and other main destination flagships on the same day. The website will also launch the collection on the same day which will be available in 44countries worldwide.

13 PRICING AND DISTRIBUTION

PRICING Burberry prices itsâ&#x20AC;&#x2122; products with approximate 78% price margin (usual margin to within the Luxury retailers) at the competitive price point. The limited edition sportswear range will be priced with an approximate 89% price margin to justify the high quality and exclusivity points that are crucial for the limited edition range. As the volumes of the product will be relatively small, the price-point has to be higher in order to generate more profit. The prices of each product are further discussed under Appendix 8.

DISTRIBUTION The Burberry Fit range will be sold online and in the 8 flagship stores. Taking into account the targeted consumer demand, only flagship stores with the highest footfall and in the main shopping destinations will stock the limited edition range. Burberry flagship stores that will stock the product: London, New York, Tokyo, Seoul, Chicago, Sidney, Milan and Hong Kong. The cities were chosen taking looking the prior tourist destinations and targeted consumer locations. As the product related with the brandâ&#x20AC;&#x2122;s heritage Burberry wants to assure the best delivered customer experience which can be offered in directly operating stores. The product will be available for the purchase in 44 countries online. 2% of the stock will be wholesaled to the Net-A-Sporter, Luxury sportswear e-tailer which operates in additional 12 countries online that Burberry does not sell to. The exclusivity factor that Net-A-Sporter will be the only third party selling Burberry Fit range would increase the wholesale price. The product range is expected to sell out in 6 weeks in-stores and within 2 months online. 70% of the stock will be sold online and the rest 30% distributed to the 8 flagship stores. In view of the of revenue generated by region in 2014 the stock will be circulated respectively, taking into account the high Americas consumer demand for Athleisure and looking at consumer reaction on the Social media platforms.

AMERICAS 30%

ASIA PACIFIC 38%

EMEIA 32%

Fig 22. Product distribution by region

14 FINANCIAL PLANNING

The total revenue for 2015 is estimated (Looking at the growth of revenue from 2013 to 2014) to reach £2.56BN. Burberry fit range is estimated to bring £20.23M in revenue sold at the retail price. (Appendix 8) The range would account for approximately 1% of the total revenue in 2015. Considering the approximate costs of logistics, production costs and money spend for promotion activities, Burberry Fit is expected to generate additional profit for 2015 of £14M (appendix 8)

1% SPORTSWEAR £20M 3.1% CHILDRENS £196.8M

7.7%

BEAUTY £196.8M

25%

MENS £64.3M

28.9%

WOMENS £740M ACCESSORIES £890.2M

34.8% Fig 23. Estimated Product Revenue For 2015

15 I M P L E M E N TAT I O N AND CONTROL

Issues: No matter how well planned the marketing strategy is, it will always evolve some problems and issues. The weakness of the limited edition range is that the demand for the product might appear a lot higher than expected, but as it is a limited edition range, Burberry wonâ&#x20AC;&#x2122;t be able to produce any more of the garments. On the other hand, the demand might not be as high as expected and the garments will be over-produced. In addition, the promotional activities might not be affecting the targeted consumer as predicted. In order to avoid the possible issues, the more detailed activities will be implemented. The activity schedule will have to be created to indicate how the activity is going to be achieved and to measure its success (Jackson, T, Shaw, D, 2009). The changes might be made to the proposed activities reacting to the consumer comments on the Internet and online as well as when the product is launched the changes might be made according to the consumer demand for each product. The marketing department will communicate with other departments such as buyers and merchandisers. In the circumstance where the limited edition product range is not sold as quick as it was expected and not generating the required demand, after 2 months of selling online the product might be sent to the Burberry outlets marking down the price.

17 C O N C LU S I O N

According to the financial situation and forecast Burberry maintains strong in the competition surpassing heritage Luxury brands such as Hermes and Chanel and many more. Besides the positive financial figures over the past few year there is still ways to improve and opportunities to be taken. In order to maintain strong in the competition Burberry has to strengthen the heritage factor which differentiates the brand from the competitors. The most profitable and least risky way would be the launch of limited edition sportswear for women. By reclaiming the heritage product and aiming the short term objective towards long term profitability Burberry has a high chance to succeed applying this marketing strategy. Considering the raising trend of the active lifestyle and Athleisure, 2015 would be the time to introduce the range. The new marketing strategy would innovative to Burberry, would help to strengthen product mix, generate press coverage, and attract new so consumers.

Fig 24. Matt D, (2014), Unique Fashion

APPENDIX

APPENDIX 1 BRAND PRISM

The brand identity prism represents internal and external aspects of brand identity. The external factors related to how the consumer sees the brand are displayed on the left side, whereas the right side represents internal factors of the brand BRAND PHYSIQUE

∙ KNOWN FOR HIGH QUALITY MATERIALS & DURABILITY ∙ BRITISH HERITAGE ∙ GOOD CUSTOMER SERVICE ∙ DIGITAL INNOVATIONS

RELATIONSHIP ∙ ELITE LUXURY IMAGE; OFTEN DONNED BY ROYAL FAMILY AND OTHER INTERNATIONAL CELEBRITIES ∙ CLASSIC BRITISH HERITAGE

BRAND PERSONALITY

∙ INNOVATIVE, DIGITAL, DYNAMIC, FRIENDLY, HISTORICAL, CREATIVE, ICONIC

BRAND CULTURE ∙ A CLOSELY CONNECTED, CREATIVE THINKING CULTURE ENCOURAGES CROSS-FUNCTIONAL COLLABORATION, INTUITION AND A MERITOCRATIC ETHOS ∙ COMPANY’S CORE VALUES – PROTECT, EXPLORE AND INSPIRE

CUSTOMER REFLECTED IMAGE

CUSTOMER SELF-IMAGE

∙ FEELINGS OF HIGH SOCIAL STATUS AND SOPHISTICATION DUE TO CLASSIC BRITISH STYLE ∙ SOCIAL APPROVAL IN THE ELITE AND FASHION CONSCIOUS CIRCLE

∙ ESTABLISHED REPUTATION FOR ITS HIGH QUALITY, SYMBOLIC TRENCH COAT, DISTINCTIVE CHECKS PRINTS AND CLASSIC BRITISH STYLE ∙ HOWEVER, IS SEEN AS BORING AS TOO EXPENSIVE BY THE YOUNGER CONSUMER

APPENDIX 2 Burberry promotional campaigns. Sponsorship: The Burberry foundation established in 2008 an organisation devoted to help young people to build their dreams. ‘We’ve accomplished this by combining financial support with the enormous creativity, knowledge and dedication of Burberry employees.’ (Burberry. 2014. The Foundation. ).Since the beginning of the brand story, Burberry has been known for making quality apparel and equipment for mountain climber, aviators and other explorers. Burberry believes that the meaning of exploration has changed today and what young people are facing these days is no less important frightening than the South Pole was a century ago (Burberry. 2014. The Foundation.). Burberry Acoustic. The project launched in 2012 was aimed to support emerging British artists. The idea is to collaborate with the British bands and produce songs and videos with the artist wearing clothes from Burberry collections. All the videos are linked with Burberry’s social media platforms. Results: The Acoustic music project generated a relevant amount of social media feedback. The graph has been made by ‘WaveMetrix’, social media insight researching company (Wavemetrix. 2010). It shows that approximately 25% of what’s being said about Burberry on social media is a result of Burberry Acoustic project. Although 5% of the total was negative buzz, the rest 20% shows that the project increased Burberry consumer discussions significantly.

Fig 13. Celebrity Endorsement: Burberry has used a vast number of British celebrities from models to actors to promote the brand and to strengthen the British Heritage phenomena. Every celebrity is chosen carefully by considering their appeal, notice, influence, trust, endorsement, trendsetting, aspiration and awareness. (Posner, 2011). The result: The usage of British celebrities drives the values of the brand, such as being an Iconic British Heritage brand. In addition, it creates positive associations to the consumer and successfully made collaborations (such as collaborations with: Emma Watson, Cara Delevingne, Kate Moss, British singer Paloma and many more) will bring free press coverage for the brand. The target millennial consumer does not easily get affected and influenced by celebrities and it becomes questionable if costly celebrity endorsement works.

Digital Marketing: Art of the Trench In order to attract customer attention, Burberry has launched an innovative micro-site, featuring photographs of people wearing Iconic Trench Coat. It is a new way to engage with consumer and for consumer to interact with the brand by posting a picture of you wearing Burberry Trench coat. Moreover, fashion photographer and blogger Scott Schuman features photographs of people in Trench coat from all over the world, showing that Burberry heritage coat is popular worldwide and increasing product desirability. Result: According to the ‘Business Today’ the business news portal, Burberry fan base on Facebook exceeded a million which was the highest fan number within the Luxury sector at the time (2009). The campaign became successful because Burberry identified the consumer demand correctly and also gave the opportunity for customers to see how the coat looks on ordinary people rather than models and celebrities (Business Today. 2013). APPENDIX 3 Porter’s five force analysis Rivalry between competitors in the market (Moderate) • The luxury market is huge and the number of is big as well. The competitors such as Armani, Hermes, Louis Vuitton, Ralph Lauren are all in a good shape within the luxury market and all of the brands play on their brand heritage. On the other hand, Burberry is a British luxury brand what differentiates it from all the competition and no other strongest competitors have the same heritage. This unique point helps the brand to stay in the market. Bargaining power of buyers (Low) • Burberry sells through 3 channels: Retail (Including Digital), Licensing and Wholesale. The revenue is comprised for approximately 70% retail, 27% wholesale and 3% licensing of revenue for 2013/2014 (Burberry Annual Report Factsheet 2014). As wholesale consumer account for 27% of total sales, the power they hold is relevant to the brand. When the competition within the luxury market is big due to a vast number of sellers and strong competitors, such as Louis Vuitton, bargaining power of buyers increases. Bargaining power of Suppliers (Moderate) • The majority of Burberry products are made in Europe, and the main country in terms of sourcing is Italy. Burberry still manufactures their iconic Trench coat in England even though it is more costly. • After the Rana Plaza factory accident in Bangladesh, safety standards in manufacturing are rising, at the same time raising the cost of manufacturers for the clients. On the other hand the manufacturing industry in Italy becomes more and more questionable which influences the manufacturers to lower the costs or either to prove their businesses follow ethical and safety standards. Thousands of people have been smuggled into Italy, finding work at factories that ignore basic safety standards, while billions of Euros are smuggled back to China.( Business of Fashion d. 2014).

Threat of new entrants (Strong) • Burberry is a heritage brand with an ex factor of culture and history which makes it unique in the market and difficult for the new brands to catch up. However, there is a growing demand for affordable luxury brands especially in Asia’s market. (WGSN 2014) • Secondly, internet has created easy access for new businesses to develop and offer luxury product at lower price point with the same or similar quality. Threat of substitute products (weak) • As Burberry stands in Luxury market which has always had a demand and it is expected to continue the same, substitute products would not be considered as a big threat for the brand. However, the counterfeit products could be considered as threatening in terms of brand’s identity “The influx of fake designer goods is hurting brands both financially and in terms of reputation” (WGSN b. 2014)

APPENDIX 4 DIFFUSION OF INNOVATION According to Mr. Blackburn academic article which investigates on Millennials and new technologies, most of millennials are fast to adopt, but always rely on other people recommendations which makes them early adopters. “The motivation for the diffusion of such new products can come from the pursuit of social rewards for early adopter behavior. According to Fisher and Price’s (1992) “An investigation into the social context of early adoption behavior”, those in higher social positions seek out new products as a means of establishing and communicating social differentiation (p. 477). Their study on the visibility and influence of a superordinate group showed perceived visibility of consumption of a product and the group’s influence has a direct influence on consumers’ expectations of consumption and early adoption. Millennials thrive on individualism, even as part of an organization.” Blackburn, H, 2011

APPENDIX 5 NEW POSITIONING MAP Product Positioning: The main competitors of Burberry Fit product range: Stella McCartney for Adidas Lucas Hugh DKNY X CARA Nike Burberry fit range fill try full-fill the gap of high-fishionability l sportswear offering functional luxury activewear. The main problem the luxury sportswear industry is facing is lack of functionality in sportswear ranges, wrongly chosen fabrics and too complexed designs for great performance (Trotter, K. 2014). The collaboration between Cara Delevingne and DKNY is a great example of high fashionability, affordable price but the functionality of the product is far from being used for actual sports performing although the collection is sold in E-commerce websites such as Net-A-Sporter and Harrods under the sportswear category. Burberry Fit product would be as fashionable as functional at the same time which differentiates it from other competitors. The products by Lucas Hugh are designed for great performance and yet are fashionable and edgy although the brand recognition is low.

APPENDIX 6 HERITAGE GARMENTS

In 1927 Burberry created the skiing jacket for women which is now displayed in the Somerset House the ‘Fashioning Winter exhibition’ The authentic weaving technique created by Thomas Burberry in 1888 will be used for 2 outerwear garments the key heritage garments of this collection (Coatts, M, 1989), In 1927 Burberry created the skiing jacket for women so far. “ Burberry in all its shades is still the most appropriate garment, as it is windproof and snow will not stick to the cloth” Vogue 1936

The new limited edition range will include 2 heritage jacket made using the same technique and outer-fabric which was used in 1927 mixing it with high-tech under-layer fabrics which are durable and aimed to deliver for high quality performance.

APPENDIX 7 BLOGGER COLLABORATIONS Burberry Fir range will collaborate with bloggers from different regions to attract the global consumer Addriane Ho: The international Millennial model living In NY who is promoting fitness and healthy living. Adrianne has a fan base of 347k on social platform Instagram . The collaboration with Ho would benefit Burberry with attracting American consumer and promoting the brand overseas. Kayla Itsines: 23 year old Australian entrepreneur known as a Bikini Body fitness trainer. Kayla has a fan base of 1.7 Million fans on Instagram. Taking into account the targeted consumer demand is growing for personalized fitness the blogger fan base is the one that Burberry fit is targeting. “However, marketers can learn a lot about consumer behavior, brand use and emerging trends from these fashion blogs. This is a potential source of competitive advantage for fashion firms that find ways to work with this influential, consumer-dominated medium, where individuals promote products and brands that express their style.” Emerald Group. (2014)

APPENDIX 8 PRODUCT RANGE

Product Product Discription

Materials

Column1 Yoga Pants Long Black

Column2 Yoga Pants Long Beige

Column3 Column4 Column5 Column6 Capri training pants Capri training pants Studio wrap shoes Training Tank Top gray beige

Body: 86% Body: 86% nylon/14% Body: 86% nylon/14% spandex. Side nylon/14% spandex. Body: 86% nylon/14% spandex. Side panels:93% Side panels:93% spandex. Side panels:93% panels:93% polyester/7% spandex polyester/7% span polyester/7% spande polyester/7% span dex x dex

66% cotton, 30% polyester, 4% elastane

65% polyester/35% rayon

Retail Price with VAT included

£260.00

£200.00

£350.00

£230.00

Retail Price without VAT

£216.67

£166.67

£291.67

£191.67

£23.00

£19.00

£40.00

£15.00

Target Cost Price Target Margin

89%

86%

92%

£193.67

£147.67

£251.67

£176.67

8000

7000

5000

1000

8000

Unit buy

£184,000.00

£161,000.00

£133,000.00

£95,000.00

£40,000.00

£120,000.00

Turnover

£2,080,000.00

£1,820,000.00

£1,400,000.00

£1,000,000.00

£350,000.00

£1,840,000.00

Gross margin Units

TOTAL TURNOVER

£20,335,500.00

Total spend

£1,671,600.00

Gross Profit

£18,663,900.00

Units total

88850.00

The limited edition collection is estimated to produce 88850 units in total although the volumes might be moderated measuring the demand created on social media. The units are expected to sell in 2 months in total, 30% of the collection is expected to sell in the first 2 weeks as the pre-launch promotional activities are aimed to generate the high demand. The range is expected to generate around 20£ in revenue in the period of 2 month. The amount of money to be spend on operating expenses is expected to be around £6M.

Column7 Training Tank Tee

94% nylon/6% spandex.

Column8 Column9 Heritage Heritage weatherproof jacket weatherproof jacket Outer: 100% Outer: 100% gabberdine cotton gabberdine cotton Inner: 100% Inner: 88% polyester polyester 12% spandex

Column10

Column11

Column12

Yoga mat

Yoga mat bag

Training Shorts

Materials: 95% styrene/5% polyester

Outer: 100% Cotton, Inner: 100% Polyester

Column13 Training Hoodie half sleeve

Body: 80% nylon Fabric: Body: 75% 20% spandex. Side cotton/21% panels: 93% polyester/4% polyester 7% spandex. spandex.

Column14 Training Hoddie With Zip

70% Cotton, 30% Polyester

£220.00

£700.00

£670.00

£130.00

£160.00

£220.00

£300.00

£320.00

£183.33

£583.33

£558.33

£108.33

£133.33

£183.33

£250.00

£266.67

£15.00

£63.00

£50.00

£10.00

£16.00

£15.00

£23

£26

92%

89%

91%

88%

92%

91%

90%

£168.33

£520.33

£508.33

£98.33

£117.33

£168.33

£227.00

£240.67

7000

700

650

10000

12000

9000

7000

6500

£105,000.00

£44,100.00

£32,500.00

£100,000.00

£192,000.00

£135,000.00

£161,000.00

£169,000.00

£1,540,000.00

£490,000.00

£435,500.00

£1,300,000.00

£1,920,000.00

£1,980,000.00

£2,100,000.00

£2,080,000.00

Column1

Column2 Column3 Column4 Column5 2013 2014 2015 Revenue by product category £m £m £m # Accessories 729.1 816.1 890.2 Womens 618.2 684 740.2 Mens 464.2 520.8 640.3 Childrens 72.6 78.4 81.3 Beauty 5.2 151.3 196.8 Sportswear and accessories 0 0 20.23 Retail/wholesale 1889.3 2250.6 2400 Licensing Total

109.4 1998.7

79.2 2329.8

Column20 34% 28% 24% 3% 10% 1%

86.3 2569.03

The data is based on the sales revenue by product category in 2013 and 2014 assuming that the growth rate will be similar for 2015. 59

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