LXFM 730 - Brand overview of Prince Dimitri

LXFM 730 ASSIGNMENT 2 - PP PAN, EVE XIA

TABLE OF CONTENT

INTRODUCTION PESTLE ANALYSIS SWOT ANALYSIS

Introduction

w w w . p r i n c e d i m i t r i . c o m

BACKGROUND OF PRINCE DIMITRI

“

From the moment I was born I was surrounded by fantastic jewels.

”

genealogy tree

Prince Dimitri is descendant of Catherine the Great, Louis XIV, Charlemagne, the Medicis, the Greek, Danish, Italian, Belgian and Yugoslav royal families. The jewelry collections of these families remain unrivaled for their exquisite beauty, the size of their pearls and lavish Tiara’s executed in the finest white diamonds and colored gems. The House of Faberge famous in Russia executed many of this jewelry as well as great French houses such as Cartier, Boucheron and Chaumet.

His paternal great-great grandfather was the Grand Duke Vladimir of Russia, patron of the avant-garde, who spurred the creation of the Ballets Russes. His great-grandmother Grand Duchess Elena Vladimirovna of Russia had inherited all of the diamonds belonging to her mother, Grand Duchess Maria Pavlovna of Russia. After the Russian Revolution some of this jewelry was acquired by Queen Mary of England and today is worn by the present Queen, Elizabeth II.

INTRO OF PRINCE DIMITRI “I loved to see and touch my mother’s and my grandmothers’ jewels, inherited by the family from my great-grandmother Grand Duchess Elena Vladimirovna, and from her grandmother and my great-great grandmother, the Grand Duchess Maria Pavlovna of Russia.”

INTRODUCTION OF PRINCE DIMITRI Prince Dimitri of Yugoslavia

1983~1999 Prince Dimitri worked at the auction house Sotheby’s in New York He was offered a position in Sotheby's jewelry department, eventually rising to senior vice president

1999 Prince Dimitri and Álvaro Cuadrado, a Chilean friend of him, launched their own line of cufflinks in 1999, it was sold to private clients, Bergdorf Goodman and Saks Fifth Avenue.

In 2002

2007

Prince Dimitri moved to the Phillips de Pury & Luxembourg auction house to head their jewelry department.

Prince Dimitri and his partner Todd Morley founded his eponymous luxury goods & jewelry company, which opened a salon in Manhattan

PRINCE DIMITRI BASED in New York, Manhattan

FOUNDED IN 2007, WITH 13 YEARS HISTORY heritage

PRODUCT rings cufflinks earrings bracelets necklaces

“I loved to see and touch my mother’s and my grandmothers’ jewels, inherited by the family from my great-grandmother Grand Duchess Elena Vladimirovna, and from her grandmother and my great-great grandmother, the Grand Duchess Maria Pavlovna of Russia.”

An exclusive jewelry brand that offers custom service for it select client, redesigns and reassembles antique jewelry.

And opened a salon to showcase one-of-a-kind jewelry.

JEWELRY MARKET IN US

PESTLE analysis

United States This presentation analyzes the political, economic, social, technological, Legal, Environment (PESTLE) structure in the US.

The United States is a country located in North America bordering the Atlantic Ocean and Pacific Ocean. Neighboring countries are Canada and Mexico. The geography of the United States is varied with mountains in the west, a broad central plain, and low mountains in the east.

• P for Political

•

Stable political climate

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Great destination for Foreign Direct Investment (FDI)

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Trade war with China

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USA has a strong democratic setup and effective rule of law, with elections that are considered fair and transparent. The president is the head of the country and is elected for a four year term

Risk Assessment Country rating: A2 - The political and economic situation is good. A basically stable and efficient business environment nonetheless leaves room for improvement. Corporate default probability is low on average.

Business Climate rating: A1 - The business environment is very good. Corporate financial information is available and reliable. Debt collection is efficient. Institutional quality is very good. Inter-company transactions run smoothly in environments rated A1.

(Coface,2019 )

Taxation

•

The overall system of taxation in the United States is progressive. Not only do those with higher incomes pay more in total taxes, they pay a higher rate of taxes.

•

The highest total sales tax rate in the U.S. is 13.725 percent

*GDP composition percentage may exceed 100. Manufacturing is included in the Industry figures and is also reported separately because it plays a critical role in many economies.

• E for Economic

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The largest economy in the world with the GDP of (billions USD) 22,321.76 (Source: IMF – World Economic Outlook Database, 2020)

•

The economic system is well developed and gathers its strength from its service and manufacturing industries

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Reduction in unemployment

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Non availability of cheap labor

•

82.256 % of total (2018)

By population, the United

( 329.45 million),

329.45 million(2018)

Urban Population

82.256 % of total (2018)

•

Like most developed countries, US face the problem of an aging population which can lead to a serious labor shortage.

By 2060, the US population will, on average, be older than it is today. Almost one in four people will be 65 or older. At the same time, the percentage of people who are working age (18-64) is likely to fall from 63% today to 52% in 2060.

•

America is a diverse country. Majority of the population has a liberal mind set, but rising racial intolerance is a serious concern. Increasing illegal immigration is another concern.

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Diamond as a fashion statement for the affluent: Diamond jewellery is increasingly serving as a method statement for the rich to differentiate themselves from others wearing traditional jewellery/gold jewellery. ("Pestle Analysis of Gems and Jewelry", 2020)

•

Shifting preferences of younger generations of consumers:Young consumers are causing industry players to rethink their sales and marketing strategies. The self-purchase product category continues to grow as Millennial and Generation Z’s female spending power increases.

States of America is the 3rd largest country in the world

Population

• T for Technological

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Increasing influence of digital technologies. User of internet of US is increasing fast.

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Emerging and maturing digital technologies are affecting all parts of the value chain, enabling diamond producers, midstream players and retailers to increase efficiencies within their operations. Marketing efforts that use digital technology can also deliver superior customer experiences.

•

Block chain project In early 2018, blockchain projects were launched to help consumers confidently identify the origin of their diamonds. Mining companies are using predictive maintenance, realtime controls and artificial intelligence to mitigate rising operating costs. Cutting and polishing players are pursuing advanced solutions in digital mapping, modeling and manufacturing to shorten production cycles and ultimately move toward fully automated processes to manufacture polished diamonds.

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Environmental Protection Agency (EPA)

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FTC Approves Final Revisions to Jewelry Guides in 2018

•

•

The Federal Trade Commission recently amended its Jewelry Guides to help prevent deception in jewelry marketing. With new guidance for the jewelry industry, its wideranging ruling is a welcome relief to the man-made diamond industry and a migrainesized headache for the mined-diamond industry. (Ebeling & Ebeling, 2020)

Intellectual property protection

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Increasing Awareness of Sustainability, as Individuals and Businesses Show Their Commitment to a Sustainable Lifestyle.

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Introduction of Lab-Diamond

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Increasing Investing in Research and Development of Green Mining Technology

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Transparency Demand Through Data Management and Reporting

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Sustainability Reporting Is No Longer Voluntary – Not Only Is the Government Requiring Public Companies To Report Their Energy Data and Sustainability Efforts, but Employees and Investors, Customer Are Demanding More Transparency.

SWOT ANALYSIS

STRENGTHS: Connections With Royal Family, Designer’s Personal Background Rarity: Uncommon Gemstone Type or Size.

Superb Craftsmanship.

Sense of Exclusiveness Unique Understanding of the Stones.

One-of-a- Kind and Each Jewelry Has its Own Story Can Be Inherited Within the Family. ( Sustainability ) Most of Stones Are all Available at Auctions Mainly in NYC, Some of Them Belonged to a Famous or Well-Known Individual.

Limited Accessibility High Prices Customized Jewelry Also Leads to a Memorable Experience.

WEAKNESS: Lack of Mission Statement Simple Website Design, out-Dated Layouts of Website Inappropriate Color& Font Athletics Matching With Product Lack Research on Target Market, Promotion Channels and Consumer Groups Do Not Match Each Other Limited Number of Customers Low Brand Awareness, Not Well-Known

Opportunities: Gain More Access to Private Parties and Executive Events, Salon Rebuild Brand Identity and Image Brand Legacy: Hermes-Family Owned, High Quality, Exclusiveness Increase Public ExposureďźˆHaving Celebrities Wear It in Different Occasions Sustainability : Establish Stronger Family Ties

THREATS: Competitors Has Loyal Customer Base and Brand History & Comprehensive and Professional Brand Promotion Strategy Most of Them Offer Personalized Services With Relatively Lower Prices To Attract Younger Generations.

CSR: Lack of Social Responsibility

Brand

CONCLUSION

unique & Fantastic lack of brand aesthetics Lack of target customer research dis-matched channel promotion strategy and customer group eg. ins

Market Environmental Lab - diamond Shifting preferences of younger generation customer Strategy connected with eco-friendly

THANK YOU

REFERENCE Ebeling, P., & Ebeling, P. (2020). Diamonds 2019: Industry Trends - Live Trading News. Retrieved 5 February 2020, from https://www.livetradingnews.com/diamonds-2019-industry-trends-118715.html#.XjofuxNKjOQ Contributor, P. (2020). PEST Analysis of USA, the Largest Economy of the World. Retrieved 2 February 2020, from https://pestleanalysis.com/pest-analysis-of-usa/ United States climate: average weather, temperature, precipitation, best time. (2020). Retrieved 3 February 2020, from Tribe, B. (2020). U.S. Sustainability Policies & Laws - The U.S. Sustainability Alliance. Retrieved 4 February 2020, from https://thesustainabilityalliance.us/u-s-laws/ Aquamarine, Diamond, Platinum Ring, Prince Dimitri. ... Estate | Lot #55261 | Heritage Auctions. (2020). Retrieved 31 January 2020, from https://jewelry.ha.com/itm/estate-jewelry/rings/aquamarine-diamond-platinum-ring-prince-dimitri/ a/5248-55261.s