THE FASHION MARKET R E P O R T
R
E
P
O
R
T
2
0
1
4
emile pestininkaite student no. 425681796
JACKWILLSTHEFASHIONMARKET
The purpose of this report is to evaluate the current position and retail strategy of Jack Wills brand. The first part of the report will introduce to the Macro and Micro trends that will be relevant to the brand for Autumn/Winter 2014 season. The trend has been developed using core theory of fashion forecasting and based on primary and secondary research. The second part will explain the current market features and forecasted trends, brands target consumer demand and competition within the market based on brand’s current positioning and new positioning. The last part of report will introduce to the new 12 pieces product range that the brand could consider to develop, grounded on the described Micro trend. The range will explain the core details of garments, pricing strategy and merchandising, using core fashion market and product theories.
JACKWILLSTHEFASHIONMARKET
2
R
E
P
O
R
T
2
0
1
4
MACRO TREND 4-5 MICRO TREND 6-11 CONSUMER 13-14 THE MARKET 15-17 COMPETITION 18-19 POSITIONING 20 RANGE STRATEGY 21-22 PRICING STRATEGY 23 SELL STRATEGY 24-25 CONCLUSION 26 APPENDIX 27-30 BIBLIOGRAPHY 31-32
R
E
P
O
R
T
2
0
1
4
3
JACKWILLSTHEFASHIONMARKET
Macro trend is one of the major factor influencing fashion trends and consumer habits. The trend that has been identified by the members of my team and me during the first 6 weeks of semester 1 is ‘localization / local living’. The trend has been identified using methods of primary (such as questionnaires) and secondary researches. The research has shown that there is a general interest of supporting local businesses and production. The definition of this Mega trend is being a part of community and becoming interested in motherland’s history, customs and tradition. An early development stage of Localization Macro trend is the beginning of anti-globalization movement. Consumers have become more conscious of globalization and its negative effects on different faces such as environment, politics or economics, social and cultural factors. [SEE APPENDIX 1]
The negative effects of Globalization that stimulates growth of local living: From the economical point of view, Globalization encourages un-ethical manufacturing methods such as child labor which stimulates people to buy local. Globalization has had a massive impact on technology, Internet and especially social network development that at the same time became an easy way for local communities to develop. Moreover, the development of location applications and services has had a huge impact on localization, and will continue to thrive in the future. The other factor that had an impact on localization trend development is negative effects of globalization from environmental point of view. The growth of global supply chain has a massive impact on air and water pollution and climate change, which the development of local businesses would be able to reduce considering that products would not have to travel far. From social and cultural point of view, globalization has allowed people to get to know other cultures better and become more tolerant and educated
JACKWILLSTHEFASHIONMARKET
4
R
E
P
Global trends such as cooperation in the same production or trade networks enable societies and individuals to know more of each other. Their differences become familiar and acceptable rather than alien and contentious. Is this “sharing human experience’ [1] On the other hand, this phenomenon made people forget about their own culture, history and traditions.
‘Just 13 percent of high school seniors who took the 2010 National Assessment of Educational Progress — called the Nation’s Report Card — showed solid academic performance in American history. The two other grade levels tested didn’t perform much better, which just 22 percent of fourth-grade students and 18 percent of eighth-graders scoring proficient or better.’[2]
O
R
T
2
0
1
4
Being a part of community: Community can be defined as a place that supports people living there. The local living trend is at its’ early stage, but this trend seems to be growing amongst UK and other world countries.
The goal of this program is to support local farmers and producers while improving the health of Gundersen’s patients and reducing transportation and environmental costs. In 2013 government of the UK assigned a new £15 million scheme that will allow universities to drive local growth plans and support entrepreneurship and innovation.
‘Today, we use our core mining activities to benefit communities more directly, for example, through our supply chain, buying goods and services from local companies [3] The growth of local shopping trend have been identified in 2009 in the UK
‘Although we have bought locally for many years, we recognized the need for a holistic, concerted effort towards supporting local businesses in 2009. [4]
All these factors have led localization trend to gradual increase worldwide, urging the businesses start thinking on a Local scale, rather than only global.
’ It is expected that this trend
will keep on growing considering the governments, small businesses and people interest in building local communities. As an example, In 2010, Gundersen Lutheran, a Wisconsin-based health care system, set the goal of purchasing 20% of its food locally. Gundersen helped create the Fifth Season Cooperative, that connects local farmers and producers of meat and dairy products to local purchasers.
R
E
P
O
R
T
2
0
1
4
5
JACKWILLSTHEFASHIONMARKET
JACKWILLSTHEFASHIONMARKET
6
R
E
P
O
R
T
2
0
1
4
The Micro trend CurentFolk is an outcome of people disappoint in globalization and rise of Localization Mega trend. The beauty of this trend is that it will work differently in every country, according to the cultural differences and considering the aim of this trend – to recreate the history and folklore. The trend that will be described in this report is for Britain’s market. The aim of the trend is to remind people about their history that has been left behind during the past few decades. According to various researches, it would be right to say that people have stopped carrying about their ancestors, roots and folklore. Current folk is all about combining the past and traditions with urban future. This trend is calling people to wake up and have a look at their far history, legends and myths in a new contemporary way. The use of fabrics made combining ancient and contemporary methods such as weaving which is one of the oldest fabric making techniques is a key to the look, as well as leather. Floral prints are common to the look and patterns mostly referencing on traditional ethnic motifs in addition to various scenes from historical myths and legends. The purpose of the trend is to recreate historical moments of different epochs bringing them in a form of fashion. The slightly vintage mood of a trend is generated to captivate a mainstream becoming generation of hipsters and other trend seekers. [see appendix 2]
R
E
P
O
R
T
2
0
1
4
7
JACKWILLSTHEFASHIONMARKET
The multitude of designers and fashion brands presenting collections where most of the garments are highly reflecting on the origin of the brand or designer. For example D&G on 2010 surprised the world showing how ‘fabulously Italian’ they are by hiring strong-
ly Italian looking models and showing Italian spirit through the fabrics, patterns and shapes. Other brands like Burberry, Saint Laurent Paris are also doing it very successfully proving that ethnicity and roots is highly important in the fashion industry.
Givenchy collection for Spring/Summer 2014 reflects on other culture ethnics. This collection mixes futuristic and folklore moods, African tribe stripes and colours mixed with traditional totems and futuristic fabrics. Due to globalization, leading countries such as UK, France, US are becoming mix-cultural which has an impact on fashion trends development, but ‘Current folk’ trend is the opposite, it recreates the heritage of the country before becoming mix-cultural.
JACKWILLSTHEFASHIONMARKET
8
R
E
P
O
R
T
2
0
1
4
Downtown abbey, must be one of the greatest influential series on British folk fashion. Often called the most successful and influential British costume dramas.
R
E
P
O
R
T
2
‘Downton Abbey’ is the It follows the lives of the most unexpected enter- aristocratic British famitainment coup of 2012— ly of the 20th century. In when was the last time a terms of trends, it was the Masterpiece Classic se- end of an obsolete epoch, ries made it to the top of the same period that inspired rule breakers like your DVR queue?—and Madeleine Vionnet and Paul was a staple of designers’ Poiret to chart the course mood boards and collec- for the way we dress now. tion references for fall. . [5]
0
1
4
9
JACKWILLSTHEFASHIONMARKET
‘Christmas is the time we traditionally return to our roots’ [6]
Winter season mainly associates with Christmas and it’s just about the time when everyone comes back home and gathers up with family for Christmas dinner, remembers the importance of motherland and old traditions.
In editorial content, Tim Walker can be considered as the most influential fashion photographer on ‘Current Folk’ trend. Most of Tim Walker photo-shoots are highly related with history and traditions. The photo editorial on British Vogue December 2013 ‘Made in Britain’ speaks to itself. Landscape of Britain, Kate Moss, Tartan sequined wool shawl created a nostalgic feeling, makes the reader proud of being British.
JACKWILLSTHEFASHIONMARKET
10
R
E
P
O
R
T
2
0
1
4
Retail : Barbour seems to be one of leading British style retailers for mass market. Everything about Barbour brand is British and that makes the brand exceptional The keywords for a trend
traditional, orna:
mental, mythological and cul-
tural. R
E
P
O
R
T
2
0
1
4
11
JACKWILLSTHEFASHIONMARKET
The clothing retail market industry in the UK is worth ÂŁ42 bn. The annual growth of the market is 1.3 % from 2009 to 2014. The market share of apparel & footwear is 5.6% of the industry. In order to evaluate the market, this part will talk through based on market segmentation theory [3]
JACKWILLSTHEFASHIONMARKET
12
R
E
P
O
R
T
2
0
1
4
The brand that calls itself ‘Uni- Wills stores overseas shows how versity Outfitter’ and mainly British Heritage attargets teenagers with money tracts not only Great Britain has a wider audience of conconsumers but also consumsumers in different age groups ers from other continents. rather than only teenagers. Jack Wills targets consumers of both genders. Most of the “It’s clothing for the colle- brand consumers are in secgiate life-style, but a vari- ondary or higher education ety of people and different including undergraduate and ages all enjoy wearing it.”[7] graduate students. Considering that most of Jack Wills The retailer remains relatively consumers are under-aged, all fledgling at 14 years old, even their disposable income usually younger than its core mar- comes from parents, who usuket of 16 to 24 year olds. ally belong to higher income At the moment there is 59 Jack and middle-class. This pheWills stores in the United King- nomenon makes it a challenge dom. Jack Wills opened its first for the retailer, to create the three stores across the Atlantic products what would attract between 2010 and 2011 and its not only the actual young conStateside estate now stands at 15 sumer, but also their parents. shops in the US. Asia has also proved an attractive market for the retailer. It entered Hong Kong in 2011 with three stores, and opened four franchise stores in the Middle East last year with 7 in total. The rapid success of expanding Jack R
E
P
O
R
T
2
0
1
4
13
From geographic point of view, as mentioned before, most of JW consumers are from Great Britain and live in university towns. Five of JW stores are in London, the rest in affluent university towns and seaside resorts. Considering that England is a seasonal country, the products of Jack Wills changes every season as well, from chunky knits to summery beach dresses. Adoption and innovation of trends Every consumer of Jack Wills shops in more than one clothing store, according to the primary research, the majority of customers will go to other mass market shops such as TopShop, Zara or River Island, but the most competitive brands are Hollister that targets the same consumer, its sister brand Abercrombie and Fitch and SuperDry.
JACKWILLSTHEFASHIONMARKET
Friends / Peers Fashion magazines Ads Company web sites Consumer reviews Celebrities Parents / Adults Bloggers Friends’ buy decisions %
81 % 68 % 68 % 44 % 36 % 33 % 25 % 14 % 53
Fitting in and belonging is very important for JW consumers. University and school agers usually buy similar style to ‘Innovations such as friends and their personal its online Jack Wills raThe figures above show how teens style fits with chosen tribe. dio station, quirky social find out about the latest trends [8]
media and growing onJack Wills is trying to en- line arm, which is esticourage its consumer to be active. The recently created range of gym clothing, seems to be successful, according to consumer comments on JW social platform on ‘Facebook’ . Moreover, a very unique marketing technique adopted by Jack Wills helps the brand to engage with its consumer. Jack Wills have hired 19 ‘seasonnaires’- young people that fit the Jack Wills brand and are spending the summer in 8 different places in the UK and US. They go to events and basically live the lifestyle that every Jack Wills customer aspires to. The customer of Jack Wills always keep up to date with the latest technology and is tend to shop online.
JACKWILLSTHEFASHIONMARKET
14
R
E
P
mated to make-up
of sales,
12%
have enabled its ardent customer base to embrace the brand on several levels.’ [9]
O
R
T
2
0
1
4
JW belongs to the textile – apparel and clothing market sector.. Total UK household consumption on clothing and footwear is € 59 billion. British consumers spent about € 900 on fashion, this is slightly above the European Union countries where the average amount spend on clothing is € 700 per year, ($96 a month). In the US, the average spend on fashion a month is $121 in 2013, which in 2010 was $112. Asian American teens spend an average $140.97 per month on fashion, the most of any ethnic group, while white teenagers spend the least amount ($111.58)
The brand onion [see appendix 4] gives better understanding of what the company stands for. ‘British
Jack wills keep they promise in a very visual way – using ‘Union Jack’ on quite a few of its products, always offering British colour palate, actively market their British heritage but actual manufacture abroad. They do have some products made in Britain, but most of their clothes appear to be made in China. Easy to tell why, manufacturing in China is cheaper and faster because of well-developed supply chain. Although Jack Wills admit that not everything of their product range is manufactured in Britain, they should consider manufacturing more goods in England because of increasing awareness of products made locally.
- Britishness anchors all that we do; we’re inspired by its history and tradition, blending old and new to create something that’s distinctly ours. Wherever we go in the world, we’ll always stay true to Although globalization is our British roots’.[10] still on trend, localization is arising, and JW is one of the brands that should consider how to collaborate between these two Macro trends.
R
E
P
O
R
T
2
0
1
4
15
JACKWILLSTHEFASHIONMARKET
Ian Shaw resigns from Retail Operations Director post Jack Wills to open four new US stores
Britain's Jack Wills opens in Boston
UK's Jack Wills to open Hong Kong stores UK's Jack Wills posts 32% surge in FY sales
16
R
E
P
O
R
UK's Jack Wills to Global Head of open pop-up E-commerce shops for Christ- Morrell leaves mas UK's Jack Wills
The casualwear is now a growing market in Europe, USA and Asia, which probably is one of the reasons why JW decided to expand globally and so far it has been very successful move. The late 90’s has brought more personal freedom to China’s people and that stimulated Chinese to abandon their
JACKWILLSTHEFASHIONMARKET
JW OPENS IN THE US UK's Jack Wills UK's Jack Wills UK's Jack Wills Creative Directo shut down promotes Becker posts £9.7m FY tor Holme Aubin & Wills to CEO loss leaves UK's brand Jack Wills
US shoppers. Overseas sales – which are largely attributable to its 11 US stores – grew from £1.1m to £1.65m over the year and it is looking to build its fledging US presence to help maintain its fast growth.’
UK's Jack Wills to double US stores
At its early stage Jack Wills started as a national brand, but from the time-line we can tell that brand is successfully becoming a global brand considering that US is one of the major Global importers and it adopts foreign brands easily. JW product category varies from accessories, apparel, lingerie, homeware to beauty products, but the biggest category is apparel, as it can be seen from the graph. The main product type of JW is casual wear uniforms and spend more on which seems to be a popular a casualwear rather than forproduct type within US uni- mal-wear. The casual-wear in versity-aged consumers. ‘ China is expected to grow by The preppy fashion look another 15% during the next on which Jack Wills has 3 years, providing an opbuilt its success has seem- portunity for JACK WILLS ingly struck a chord with to enter the China’s market.
T
2
0
1
4
Preppy American brand Hollister, One of the strongest competitors of JW has already entered China’s market successfully, surging in China with comps up 60% in 2013. On a local scale, JW seems to be overshadowed by other preppy fashion retailers from US. Hollister and Abercrombie & Fitch saw its revenues in Ireland almost double over its latest full year. Jack Wills has to take this into consideration and find the way to make the UK consumers to choose the local brand JW rather than US brand. One of the ways to attract more English people and make the choose the local brand is to produce local. Manufacturing ‘at home’ would mean increasing Britain’s economy and attracting more local customers that would also contribute to Britain’s economy growth. This phenomena would help JW to follow their promise to be a part of community. In addition to growing casual-wear market, outdoor apparel market is growing really fast as well. The performance outdoor apparel sector is the fastest growing segment in the global sports apparel market, and is set to grow by US$3.5bn over the next six years, according to a research report published by just-style on 2012. A number of factors are driving the growth of the outdoor performance ap-
R
E
P
O
R
T
2
parel sector, including an awareness of the importance of a healthy lifestyle and the rising uptake of activities like Nordic walking, climbing and white water rafting. Although this might not seem to apply for teenagers, the research shows different results: • The outdoor participation rate among adolescent boys ages 13 to 17 continued to rise in 2012, adding three-percentage points in the past two years. In the UK, the participation in Outdoor activities by people aged 16-26 have risen by 5% during the period from 2011 to 2013 according to the National Statistics. This creates perfect opportunity for Jack Wills to penetrate into Outdoor Apparel market sector by expanding its product range. B
e
n
e
f
i
t
s
:
New product range of Outdoor apparel would satisfy not only the consumer but their parents as well. JW would follow their promise to be a part of community and care about their customers Would attract new consumers
15%
40% 6% 7%
Homeware & Accesories
2%
20%
10%
Beauty Footwear bags Accesories Lingerie Apparel
the graph above gives better understanding about JW product ranges
0
1
4
17
JACKWILLSTHEFASHIONMARKET
A&F made $11.4m/14 cents per share, down from $17.1m/20 cents a year earlier, way below the 28 cents analysts had predicted in 2013.CEO Mike Jeffries said the economic recovery has yet hit the teen market. “While consumers are feeling better about the economic environment, it is less the case for the young consumer,”A&F announced that they are taking aggressive actions to manage through the challenging teen retail environment by increasing their speed to market and enhancing their brand engagement.
Many of Jack Wills stores are stand-alone stores and they avoid being in malls next to their competitors which makes the brand more unique and pushes it toward from mass market to middle-market. The main competitors of JW in the UK market are US retailer Abercrombie & Fitch and Hollister which also offers the preppy look. Other competitors, less stronger that the mentioned ones are Superdry, Topshop/ Topman, Urban Outfitters, Zara. Indirect competitors from other market levels : Ralph Lauren, Mulberry, Tommy Hilfiger, Paul Smith
‘The low lighting aims to give the shops a casino or VIP club-like feel, bathing their teenage customers in luxury. But parents are less impressed, complaining of bumping into tables, not being able to see colours or prices and - in at least one case - losing a child in the dark. [11]
One of the biggest competitors of JW is Abercrombie & Fitch and its’ sister brand Hollister which seems to be failing in being approved by youngsters’ parents.
JACKWILLSTHEFASHIONMARKET
18
R
E
P
O
R
T
2
0
1
4
S S
T
R
W E
N
G
T
O
H
S
O
Keeps up with the latest trends
A
K
N
E
S
S
E
S
T
By choosing ‘attack’ strategy and not ‘avoid’, Jack Wills has a chance to surpass its competitor. JW can take the market opportunities that Hollister is missing, such Expanding emerging markets like India and Asia where teens have growing spending power. Penetrating in growing market sector suck as Outdoor apparel Becoming more attractive to parents of the brands customers Becoming more fashion forward brand by keeping up with the latest trends
P
O
R
T
U
N
I
T
I
E
S
H
R
E
A
T
S
The fluctuation in the currency of various countries would make it difficult to maintain the economies scale
Bad visual merchandise according to the parents of consumers
E
R
Intense competition
Weak online platform
R
O
Penetrating into a new growing outdoor apparel market
Flagship stores in USA, Canada and Europe
E
P
Expanding in emerging markets such as India and Asia
Been rated as on of the top 5 lifestyle brands among the UK
W
P
T
T
2
S
[ appendix 5]
A
L
E
S
Jack Wills posted a £9.72m pre-tax loss in the year to February 3 (the sister brand, launched to attract a new, slightly older audience Aubin & Wills made an operating loss of £1.28m and there was a £2.61m exceptional charge for the brand’s closure, which included 13 stores) 70% owners, are preparing for a sale or IPO for over £500m in the next three to six years, according to the Financial Times.
“I have been brought in to create a large global brand and to maximise the value of this business for a transaction that will certainly happen at some point in a three- to six-year timeframe.” [12]
0
1
4
19
JACKWILLSTHEFASHIONMARKET
CURRENT POSITIONING high qualty
low price
high price
JACK WILLS HOLLISTER
low quality
NEW POSITIONING
URBAN OUTFITTER
high qualty
AMERICAN APPAREL TOPSHOP RALPH LAUREN SUPERDRY
low price
high price
low quality The new positioning indicates where the Brand will position itself after adopting a new product strategy. The map illustrates the gap within competitive market. which JW will take in order to expand in the current market and attract a new rising market. [appendix 6]
JACKWILLSTHEFASHIONMARKET
20
R
E
P
O
R
T
2
0
1
4
UNIQUE
SELLING
PROPOSITION
The unique selling proposition on Jack Wills is to deliver high quality, fashionable and British heritage inspired product. In order to complete the band’s promise, Jack wills could consider creating a new range plan called ‘travel range’ for outdoor apparel and accessories, based on a Micro trend ‘ Current Folk’ in order to meet their consumer needs and become stronger than its competitors.
R
E
P
O
R
T
2
0
1
4
21
JACKWILLSTHEFASHIONMARKET
The new range will consist of 12 different garments. 6 of them for women and 6 for men. The range is called travel range, as participation within teenagers in outdoor activities is increasing. The range will bring 2 women outdoor jackets in the same style but different colours and one more expensive jacket made using gore-Tex waterproof jacket which will be completely new in Jack Wills products sector. In addition, 2 men outdoor jackets will be added to new range in the same style and different colours, and one gore - tex jacket. Other garments will be 3 travel backpacks for women and 3 backpacks for men. The new range is going to be quite limited to make the range exclusive and considering that
JACKWILLSTHEFASHIONMARKET
the collection is going to be manufactured in the UK which will cost the company more than manufacturing in China but will save money on travel costs. The usual product range in JW stores is deep and narrow, but as an exclusive collection it will consist of a few garments in a few styles. The quality of the products will be increased in order to set a higher price and show that the quality of products made in Britain is sound. After manufacturing, the garments the TQM(total quality management) technique of the quality check will be undertaken in order to assure that customer will get the quality they expect. JW will have to assure that the garment will wear well, wash well and will last for long time.
22
R
E
P
O
R
T
2
0
1
4
Price
strategy
:
The company will use 3.75 mark-up strategy as most of other mass market retailers. It can be assumed that the company used 4.1 profit mark up, as most of their goods are manufactured in China quite cheaply and the fabrics were cheap, except wool and leather, where the price rises dramatically. In order to maintain the same prices but increase the quality, brand will have to reduce the mark-up. If the range is successful, Jack Wills will have a chance to increase the prices by putting a higher mark-up and making bigger profit. [appendix 7]
R
E
P
O
R
T
2
0
1
4
23
JACKWILLSTHEFASHIONMARKET
Stocking In order for a new product to sell well. Stock management: stock-holding and returns becomes more critical, needing a much faster response time to ensure that lower overall stock levels are kept in stock at all times. Jack Wills will keep some garments in every shop where the garments will be sold in order to satisfy the consumer needs. Each store will get 25 units of jacket and for beginning of season, London stores will stock 50 jackets each, the rest will be kept in stock for online sales and further sales whenever store needs to runs out of stock. Each store will get 25 bags of every style and the rest will be kept in stock for online sales.
For the first release of travel range, Jack Wills will allocate 10 shops in a first place. The range will not be introduces to global market at the first place and will be sold only in England and online. The strategy of selling new range only nationwide is safer, considering that products will be manufactured in Britain and cost to send the garment overseas would be higher so the retail price would grow too. Moreover it will be easier to manage a new range at home rather than abroad,.
Merchandise
JACKWILLSTHEFASHIONMARKET
24
R
E
P
O
R
T
2
0
1
4
Keeping an eye of how foreign visitors react to the new range in stores, how much they buy and following the numbers online, in order to decide whether the new travel range should be developed further and expanded overseas. The stores that will stock travel range in the UK will be the flagship store of Jack Wills in London, London JW in ‘Selfridges’ ( this particular store attract more people of different age groups and countries, so JW will have a chance to see how the products are selling within not its usual customers), Covent garden London ( one of key London areas), Oxford, York, Bristol, Cambridge, Birmingham, NewCastle and Manchester. All the stores are in the key University areas where the numbers of store vis-
itors are the highest.
R
E
P
O
R
T
2
Sales Forecast It can be expected that the company will sell the third of all the Jackets that have been bought during the period from October to December. From the launch of the product range until December the prices will stay at the full price point. On the 26th of December, the garments will go on sale, decreasing the full price by 20% (MarkDown price). After the sales, there should be left another third of the garments that will not be sold during the period from the end of the June until sales in June. The garments will be fully marked-down, by 75% from the full price point. The fully marked -down product will never be marked-up or markeddown again. By charging customers a different price, the company could profitably sell to a much larger customer base. After the summer sales, there should be still left a quarter of garments that will be put on sail during the next sales at the end of December 2014. [appendix]
0
1
4
25
JACKWILLSTHEFASHIONMARKET
The retail of fashion is one of the most dynamic industries. Businesses are forced to look well ahead in order to plan their investments, launch new products. This report instroduced to the new product strategy for Jack Wills brand that could be addopted. The strategy was underpinned by using primary and secondary reserch methods and identifying one of the current mega trends called localization that has an influence on the consumer changing demand. Secondly, the report introduced to the current stage of apparel and footwear market where Jack Wills belongs and the future opportunities for arising markets such as outdoor apparel market. The new travel range strategy was identified setting the directions and objectives of the product range concept plan which would lead the brand to the succesful growth.
JACKWILLSTHEFASHIONMARKET
26
R
E
P
O
R
T
2
0
1
4
APPENDIX appendix [1]
PESTL ANALYSIS
appendix [2] “evolution of a Trend” • FRINGE – a stage when an innovation arises and the trendiest consumers and entrepreneurial firms begin to participate • TRENDY - a stage when awareness of the trend grows because early adopters join the innovators to increase the visibility of the trend and the most fashion-forward brands and retailers test the concepts • MAINSTREAM – a stage when more conservative consumers join in, visibility continues to increase, and corporations and brands capitalize on the growing demand Source : “ The Fashion Forecasting Process” Evelyn Brannon
R
E
P
O
R
T
2
0
1
4
27
JACKWILLSTHEFASHIONMARKET
appendix [3]
JW brand onion appendix [4] CREATE AN EMOTIONAL ENGAGEMENT AND OFFER AN ENJOYABLE EXPERIENCE
PREPPY VIRAL SELL IN UNIQUE STORES
ADOPT INOVATIVE TECHNOLOGY
FABULOUSLY BRITISH
RELAXED
TEAM PLAYER
STAY BRITISH IN OVERSEAS MARKETS
ADVENTUROUS
POSH
DELIVER SOUND QUALITY PRODUCTS MADE IN BRITAIN
NICHE
OLD FASHIONED COMBINE OLD-FASHIONED STYLE WITH LATEST TRENDS
JACKWILLSTHEFASHIONMARKET
28
R
E
P
O
R
T
2
0
1
4
swot analysis [5]
brand positioning [6]
The market map illustrates the range of “positions” that a product can take in a market based on two dimensions that are important to customers. The trick with a market map is to ensure that market research confirms whether or not there is actually any demand for a possible “gap in the market”. There may be very good reasons why consumers do not want to buy a product that might, potentially, fill a gap.
R
E
P
O
R
T
2
0
1
4
29
JACKWILLSTHEFASHIONMARKET
pricing theory [17]
[appendix 8] Target ratios
by
Jackson &
Shaw
JACKWILLSTHEFASHIONMARKET
showing a
30
year
R
E
sales
P
O
phasing plan
R
T
2
0
1
4
BOOKS Posner, HP, 2011. Marketing Fashion. 1st ed. London: Laurence King. Jackson and Shaw, TJ,DS, 2009. Mastering Fashion marketing. 1st ed. Basingstoke: Palgrave Macmillan. Lea-Greenwood, GL, 2013. Fashion Marketing communications. 1st ed. West Sussex: John Wiley& sons Ltd. Jackson & Shaw, TJ, DS, 2006. The fashion Handbook. 1st ed. Oxon: Routledge. Liverpool university press, LUP, 1994. Culture, Tourism and developement. 1st ed. Liverpool: Liverpool University press. Starsmore, IS, 1975. English Fairs. 1st ed. London: Thames and Hudson. Hallett and Johnson, CH, AJ, 2010. Fabric for Fashion. 1st ed. London: Laurence King. Mackrell, AM, 2005. Art and fashion. 1st ed. London: B T Batsford. WEB PAGES and articles [1] Social and cultural impacts of globalization - Today’s Zaman, your gateway to Turkish daily news. 2014. Social and cultural impacts of globalization - Today’s Zaman, your gateway to Turkish daily news. [ONLINE] Available at: http://www.todayszaman.com/columnists/dogu-ergil_204938-social-and-cultural-impacts-of-globalization.html. [Accessed 13 January 2014]. [2] Supporting local business makes good business sense | Guardian Sustainable Business | theguardian.com . 2014. Supporting local business makes good business sense | Guardian Sustainable Business | theguardian.com . [ONLINE] Available at: http://www.theguardian.com/sustainable-business/partner-zone-partner-zone-anglo-american. [Accessed 13 January 2014]. [3] One Nation: Reconciling the plurality and diversity of existing interests and traditions in pursuit of the common good | British Politics and Policy at LSE. 2014. One Nation: Reconciling the plurality and diversity of existing interests and traditions in pursuit of the common good | British Politics and Policy at LSE. [ONLINE] Available at: http://blogs.lse.ac.uk/politicsandpolicy/archives/33659. [Accessed 13 January 2014]. [4] £15 million boost for local business growth at universities - Press releases - GOV.UK. 2014. £15 million boost for local business growth at universities - Press releases - GOV.UK. [ONLINE] Available at: https:// www.gov.uk/government/news/15-million-boost-for-local-business-growth-at-universities. [Accessed 13 January 2014]. [5] Downton Style - Ralph Lauren Magazine . 2014. Downton Style - Ralph Lauren Magazine . [ONLINE] Available at: http://global.ralphlauren.com/en-us/rlmagazine/editorial/fal12/Pages/DowntonStyle.aspx. [Accessed 13 January 2014]. Eco-Chic Totem Poles You Can Wear, Knit From the Ground Up The Cactus, The Bear, and The Mountain by Tine Winther Rysgaard and Trine Maja Kristoffersen – Ecouterre. 2014. Eco-Chic Totem Poles You Can Wear, Knit From the Ground Up The Cactus, The Bear, and The Mountain by Tine Winther Rysgaard and Trine Maja Kristoffersen – Ecouterre. [ONLINE] Available at: http://www.ecouterre.com/eco-chic-totempoles-you-can-wear-knit-from-the-ground-up/totem-7. [Accessed 13 January 2014]. [7]Popular Jack Wills University Outfitters, “Fabulously British,” Opens in Princeton | Town Topics. 2014. Popular Jack Wills University Outfitters, “Fabulously British,” Opens in Princeton | Town Topics. [ONLINE] Available at: http://www.towntopics.com/wordpress/2013/09/18/popular-jack-wills-university-outfitters-fabulously-british-opens-in-princeton/. [Accessed 13 January 2014]. [8] Teenage Consumer Spending Statistics | Statistic Brain. 2014. Teenage Consumer Spending Statistics | Statistic Brain. [ONLINE] Available at: http://www.statisticbrain.com/teenage-consumer-spending-statistics/. [Accessed 13 January 2014]. [9] Did you know... Jack Wills’ rapid growth has hit its balance sheet | Knowledge Bank | Retail Week. 2014. Did you know... Jack Wills’ rapid growth has hit its balance sheet | Knowledge Bank | Retail Week. [ONLINE] Available at: http://www.retail-week.com/did-you-know-jack-wills-rapid-growth-has-hit-its-balance-sheet/5053728.article. [Accessed 13 January 2014]. [10] . 2014. . [ONLINE] Available at: http://www.atkearney.com/documents/10192/1126588/Winning+China’s+Apparel+Market.pdf/9ac5fb6d-6da1-40ae-94cb-f5a9d45abb2e. [Accessed 13 January 2014]. [11] Abercrombie and Hollister: Why do teen chains keep shoppers in the dark? | Mail Online. 2014. Abercrombie and Hollister: Why do teen chains keep shoppers in the dark? | Mail Online. [ONLINE] Available at: http://www.dailymail.co.uk/femail/article-2054591/Abercrombie-Hollister-Why-teen-chains-shoppers-dark.html. [Accessed 13 January 2014].
R
E
P
O
R
T
2
0
1
4
31
JACKWILLSTHEFASHIONMARKET
WGSN Fashion Trend Forecasting & Analysis | WGSN. 2014. WGSN Fashion Trend Forecasting & Analysis | WGSN. [ONLINE] Available at: http://www.wgsn.com. [Accessed 13 January 2014]. Fashion Trend Forecasting and Analysis | Stylesight. 2014. Fashion Trend Forecasting and Analysis | Stylesight. [ONLINE] Available at: http://www.stylesight.com. [Accessed 13 January 2014]. LESSONS OF BRAND SUCCESS: JACK WILLS | BOE Magazine. 2014. LESSONS OF BRAND SUCCESS: JACK WILLS | BOE Magazine. [ONLINE] Available at: http://www.boemagazine.com/2013/02/lessons-ofbrand-success-from-jack-wills/. [Accessed 13 January 2014]. Acadeim Journals Chaudhry, HC, 2002. Postponement and supply chain structure: cases from the textile and apparel industry. Journal of Fashion Marketing and dmanagemenet, [Online]. 16, 1-30. Available at: http://www.emeraldinsight.com/journals.htm?issn=1361-2026&volume=16&issue=1&articleid=17019406&show=html [Accessed 13 January 2014]. Carroll, KC, 2013. -. Journal of Fashion Marketing and Management, 17/3, 226-237. Other sources; Knight, BK, 2013. Are you ready to conquer China?. The retail week, 22 June. 26. [6] Kate Phelar, KP, 2013. ‘Made in Britain’. VOGUE, december, -.
JACKWILLSTHEFASHIONMARKET
32
R
E
P
O
R
T
2
0
1
4