Brand Audit Freya Howie b6015572
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Contents 2-3 Contents 4-5 Introduction 6 Internal Audit & brand positioning statement 7- 8 Porter’s 5 forces 9- 10 Visual identity 11-12 Marketing Mix 13-14 External Audit PESTEL 14 Ansoff Matrix 15 Competitor Analysis & Consumer Analysis 16 SWOT analysis & Brand Challenges 17 Reccomendations 3
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Introduction Bonnie Cashin, born 28th September 1908, in Oakland California was a sportswear designer who designed practical and uncomplicated clothing for the modern day woman. Her career soon began when she joined an LA ballet company as a designer. She then went on to work in New York at the Roxy Theatre where she created 3 costume changes a week for each of the dancers. At the tender age of 19 Cashin was described by many as ‘the youngest designer to hit broadway’. While in New York, Bonnie Cashin studied at the Art Students League of New York. After the U.S entered WW2, Cashin began designing uniforms for women in the armed forces. In 1943 she returned to Hollywood and continued her costume design. She worked for 20th Century Fox and created costumes for about 60 films. While in Hollywood Cashin married Disney illustrator Robert Sterner. However, the marriage soon ended with divorce. Bonnie Cashin designed her first sportswear collection for Adler and Adler in 1949 in New York city. She then went on to win her first Coty award in 1950 and 2 years later she began her own business with Bonnie Cashin designs. In 1962, Cashin was hired as Coach’s first designer by Miles and Lillian Cahn. She designed the trademark turn lock/toggle fastenings which are featured on most coach products. Cashin designed for many other brands including Hermes, Ballantyne and Aquascutum as well as under her own name. She also went on to create flight attendant uniforms for American airlines. Bonnie Cashin was the founder of the Knittery, which made limited edition coats and handmade Scottish sweaters. One year after founding the company, in 1968 she won her second Coty award. She lived and worked in the UN Plaza where her mother was the company’s only other stakeholder, and sewed samples up until her death in 1963. Cashin was known for creating the layered clothing trend; the idea coming from the time she spent in Asia. She was famous for her ‘Dog Leash’ skirt, which was able to be shortened by latching the bottom of the skirt to the waistline and enabled the wearer to walk around freely without fear of tripping up over a long skirt. Cashin was placed in the Coty American Fashion Critics Hall of Fame in 1972. She created the innovative design fund which allowed designers in home furnishings, textiles and fashion the opportunity to transform their sketches into real products with up to $10,000 to do so. It was a non-profit organisation based in New York. Towards the end of her life, Cashin gave design scholar Dr. Stephanie Lake unrestricted access to her archive. Cashin died on February 3, 2000 in New York City. Her entire design archive was granted to Dr. Lake, who Cashin had described as her ‘little sister’.
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Internal Audit & brand positioning statement Micro marketing environment Customers: Previous Bonnie Cashin customers were around the ages 40-55, who were employed and had a relatively good income. They looked for practical clothing and handbags that were also fashionable. The new potential customer is a younger, working woman aged between 20-35, who still shows an interest in practical fashion products. Competitors: Competitors which are able to make a product for a cheaper price have a greater chance of becoming more successful in the short-term. This can become a threat to the business as other companies can take away potential consumers. Competitors for Bonnie Cashin today include Mulberry and Radley, both of who have handbags and leather goods in their product offering and also offer products that are in a similar price range to that of Bonnie Cashin’s products, so will be key brand competitors and a possible threat to Bonnie Cashin. Suppliers: distributors and suppliers can force up prices for stock or for raw materials. The brand should have a unique selling point and the product(s) should not be easily replicable in terms of quality, so that alternatives are not readily available. Finding a reliable and trustworthy supplier will be essential for a successful relaunch of the Bonnie Cashin brand. Retailers: For the relaunch; the brand will be sold in it’s own independent shop in London, and will be available on an online store also. If proven successful the brand may decide to sell in stores such as Selfridges and Harrods in the future. However, some statistics show that online sales could be set to decrease in forthcoming years; ‘By 2021, the rate of growth in online sales is expected to decline from the current level of around 11pc to 7pc, according to property consultancy Colliers.’ (telegraph.co.uk, 2017) So it will be a positive step for the brand to open a store also. “Despite threats of an imminent “retail apocalypse”, recent reports find our youngest consumers still value the in-store experience. According to a study by IBM, 68% of teens surveyed prefer to make purchases in stores most of the time.” (https://www.wgsn.com/content/search/#/2020%2520predictions) These statistics show that the target age range for the brand, still values in-store shopping and therefore it will benefit the brand’s sales to include a physical store to sell in.
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Porter’s Five Forces Threat of substitute: The main competitors for Bonnie Cashin are Radley, Orla Keily and Mulberry. These brands aim towards the older audience, who are the most aware of the original Bonnie Cashin brand. Orla Keily is a famous Irish designer, famous for her bright prints. She designs mostly kitchen wear but has previously designed hats, handbags and wallpaper. Like Bonnie Cashin, Keily worked with a number of designers before starting up her own company by her own name. To stand out against the competition, Bonnie Cashin will need to offer unique products in order to catch the eye of the audience and attract them towards the brand. Radley is a further threat to the brand, offering handbags, leather goods and accessories and aiming at a target market of older women. It is a London based brand which sells to the UK and international markets. They also retail in big brand shops such as House of Fraser and John Lewis. Radley London is an incredibly similar brand to Bonnie Cashin, with the location and product range being particularly similar. Mulberry is another UK founded luxury brand, famous internationally for it’s leather goods and handbags. Their target market ranges from younger women, around the ages 18-25, up to the middle aged market around 40-55. This wide target age range enables to brand to sell their products more freely. However the brand attempted to increase sales of handbags by increasing their selling price from around £500 - £1,000 to £800 to £1,000 in 2016, hoping to increase profit. However this was a very unsuccessful marketing strategy; “Mulberry revealed the pain of its disastrous upmarket push and reported an 87pc fall in pre-tax profits to £1.9m for the year to end of March, compared to £14m a year earlier” (http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11666874/Mulberryprofits-collapse-on-lower-bag-sales.html, 2017). Mulberry is still a very successful luxury brand, so it is a key competitor to Bonnie Cashin, However the brand has opportunity to learn through Mulberry’s previous pricing mistakes. Bargaining power of suppliers: The brand will need a good set of suppliers to deliver products at the right time and for the right price. Bonnie Cashin will be reliant on a good price for products in order to make adequate profit on items sold. If the relationship between suppliers changed then the brand may have to reconsider where supplies come from in order to make the most profit possible. For example the supply system is set to change with the introduction of Brexit, in which the United Kindom will leave the EU, forcast to happen in 2018. This is expected to affect international suppliers and may increase cost to transport between countries. It is unknown whether positive affects on businesses could come from Brexit as It is difficult to predict the impact this is set to have in the future. Bargaining power of buyers: As the company is altering the original target market it will become non reliant on its existing customers and instead, aim for the younger generation, whose parents are likely to have bought Bonnie Cashin in the past, and therefore will show some interest and knowledge in the brand. To attract more consumers to the brand the advertising campaign will be modern and relevant to appeal to the 20-35 year old age range it is aiming for. For example Gucci advertisements, particularly the 2016 Spring/Summer campaign, appeal to their younger market through using a young, diversified group of models, and through upbeat modern music in the fashion film, which was directed by Glen Luchford. Gucci’s use of young models, attracts their target audience who will also be of a similar age and are likely to be able to relate to the diverse models used. 7
Rivalry among existing competition: Old competitors include Radley, Orla Keily and Mulberry who aim for the older generational audience. However, new rivalry includes high end brands like Vivienne Westwood and Stella McCartney whose handbags are big sale drivers in their brands and are aimed at a similar audience, while also offering the same high end products. This will be a challenge for the brand to overcome as a unique selling point is key for the brand to stand out against others. Potential customers are able to go to other brands and get a similar product or service. This is a further threat as these brands are likely to already have an established consumer base so have no need to attract new consumers, but can, however, take them away from other brands, such as Bonnie Cashin. To avoid this, the brand must attract and maintain it’s audience through a unique selling point, in this case Bonnie Cashin offers a ‘re-vamped’ vintage style look in the handbags and leather goods it sells, it is something new and different that these bands do not already offer to the consumer. Threat of new entrance: Because the brand is already an established one, there is less threat from newer brands, who will take time to accomplish and develop into successful businesses. However, there could be threat from other heritage brands, similar to Bonnie Cashin, if they revive and aim towards a similar customer base. Other popular brands in the 1960s include Pierre Cardin, André Courèges and Mary Quant, all of whom have the capability of also reviving, therefore could create a new threat to Bonnie Cashin.
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Visual Identity The brand name & logo: The new Bonnie Cashin logo has been inspired by the old signature logo which appears on many previous Bonnie Cashin products, it was an embroidered copy of her own signature. This logo was used as Cashin liked to add a personal touch to her products. The bold letters have taken inspiration from the bold print used in her collaborations with Coach. The ‘BC’ logo is a mix of both of these logos and will be used as an abbreviation to the bold Bonnie Cashin letters used on the new labels. The use of the abbreviated letters adds a modern touch to the previous, traditional logo, it will play a main role in the new identity of the brand and form part of it’s recognition as a luxury designer brand. Brand personality: Initially the brand was designed for practical 1960s sportswear and mainly worn by women over 40. The brand’s personality was quite dull and focussed more on the clothing that woman might need, with a touch of fashion, using materials such as wool, leather and suede mainly. This will be refreshed for the 2020 Bonnie Cashin relaunch with the brand having a younger and more uplifting personality, making it more appealing to a much wider audience. The same materials will be incorporated into modern designs and fabrics and new styles of the traditional handbag will be used, but still keeping the iconic Bonnie Cashin clasp, which was invented for use on Coach handbags. The clasp was a major part in Bonnie Cashin’s collaboration for Coach, she was widely known for this creation, so maintaining this trademark will be an essential part of the brands personality. Brand values: Original brand values of Bonnie Cashin include Cashin’s previous costume designs which were the first designs she made at the young age of 19. She also incorporated military and uniform aspects into later designs with the time she spent designing for female soldiers in world war 2 and flight attendants uniforms for American airlines. Her idea of layering was also a key part in many of her designs, this idea came from the time she spent abroad in India. “In 1961, Coach hired Bonnie Cashin, a pioneer of American sportswear, to give the leather house a big push into women’s fashion. A winner of the Coty and Neiman Marcus awards, Cashin was known for designs that were chic and elegant as well as practical and easy to wear, heralding a new freedom in dress for American women. She brought that sensibility to Coach, where she worked until 1974. Her innovations included: pockets, zippers and fun colors; sportswear pieces; numerous accessories beyond leathers, and what would become a house staple: the Duffle coat.” (Dianne M. Pogoda, Sept 2011) Company reputation: The name Bonnie Cashin to many people resonates a pioneering womenswear designer who designed for practicality as well as fashion. This reputation of practical, fashionable clothing will be held up in the company’s relaunch with the original values kept in place and some modernised to suit the target audience. Today, the name Bonnie Cashin is a name that many have never heard of. I conducted a survey, asking young women in the target age range whether they had heard of Bonnie Cashin. I found that 91% of people did not know the name. Most of the respondents also said they kept up to date with the latest fashion news, with just 9% saying they didn’t. This research shows that the brand will need to advertise and get the name more well known to the public if it is to be successful. The fact that the respondents stated that they kept up to date with fashion news mostly through social media, 73%, and magazines and newspapers 27%, is important as it gives a good idea where will be more efficient to advertise so as to appeal to the target market. My research also showed that 55% of respondents said they would possibly buy a 9
product even if they had not heard of the designers name which is relatively positive for Bonnie Cashin as sales could still be made to consumers who are not yet invested in the brand. Advertising and promotion: In the past the brand had very little advertisement and promotion as technology was no where near as advanced in the previous decades as it is today. The brand will therefore incorporate technological ways of advertising for the relaunch, such as the use of social media for teaser campaigns and poster adverts which can be posted online or printed out for billboards. Facebook and Instagram will be utilised to their full potential, for advertisements and promotion purposes as well as creating hype and knowledge of the brand to the wider public. Snapchat is a further way of getting customers and potential consumers involved by taking photographs at the location of the store in London, which will then be posted to the app and can be added to the Bonnie Cashin snapchat story, which is available to the public. This can be expanded further by running competitions and offers through these social media platforms. A further way to promote the brand is through celebrity endorcement. The collaorative partners Jennifer Lawrence and Emma watson have a large social media following, so this can be utilised to advertise Bonnie Cashin, gaining popularity from their followers.
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Marketing Mix Product The range plan is essential for determining product mix. The plan contains complete details of all styles, including the required lead times for each style and how many phases are going to exist within each range. The overall styling direction and theme of each range will usually be determined at this stage. ‘Within a season, phases are timed for each collection, which allows new colour statements and products to be introduced’. (Basics Fashion Management, Concept to Consumer, Virginia Grose, AVA Publishing 2012) The products that will be offered by Bonnie Cashin will be Handbags and leather goods. These were her most well known products in the past, they have proved previously to be popular, therefore the brand is likely to benefit from including them as a main selling point in the new revival. Price ‘The price of the product takes into account manufacturing prices as well as the final price paid by the customer. The business must also consider prices of competitive products.’ (The fundamentals of fashion management, S. Dillon, AVA publishing) The price of Bonnie Cashin products varies depending on the product being sold, with small leather goods such as card holders and small purses starting from around £100 for a up to £300 and larger purses and handbags retailing from £210 up to £830. These prices consider the people buying the products and what they can afford to purchase. With the targeted market being a working woman, the consumer is likely to have a reasonable disposable income to spend on the products. The prices are also based on what the brand’s competitors are selling at, particularly looking at the prices that Mulberry retails at. However, also learning through Mulberry’s previous errors; if prices are made more expensive, the consumer may be less inclined to purchase as other, less expensive options are available. Place Bonnie Cashin products will be available online, to reach more international consumers. However, a small boutique shop will be opened in the centre of London to attract shoppers, who might not have heard of the brand originally. Ideally the shop would benefit by being located on New Bond Street in London, but with rent prices recently rising, it has now become the most expensive place to rent in London. So, as an alternative, the Bonnie Cashin boutique store will be located on Kings road in London. This location is near to other Bonnie Cashin competitors, so will therefore be able to attract the same consumers. If successful the brand could expand to selling in shops such as Harrods and Selfridges. “Luxury goods has entered a new phase, where conspicuous consumption is giving way to more meaningful luxury experiences.” (http://www.euromonitor.com/luxury-goods) The consumer looks not just to buy a product but now looks for a meaningful experience when buying. So, having the boutique store as well as online offers this to the customers who may value it, while still maintaining international sales through the website. With the brand not originally being from London, it is a good way for it to branch out and is relevant to the brand’s history as the holder of Bonnie Cashin’s archive, Dr Stephanie Lake, originally met Bonnie Cashin in London; ‘a summer of studying 18th-century costume at London’s Victoria and Albert Museum led to a friendship with the “mother” of American sportswear, iconic fashion designer Bonnie Cashin’ (https://www.stephanielakedesign.com/pages/about-us). As Dr Lake has taken over the Bonnie Cashin label since her death in 2000, the location of London is symbolic of their friendship. The products will be manufactured in California USA, where Bonnie Cashin was born and lived most of her life. Enabling the products to be made similarly as they were originally, and maintains the American 11 aesthetic of the brand.
Promotion Social Media promotion will be the biggest and most inexpensive way the brand can advertise to consumers. ‘The number of worldwide users is expected to reach some 2.95 billion by 2020’ (https://www. statista.com/topics/1164/social-networks/) showing that social media is still a growing phenomenon. Another promotional method the brand would use is to create a teaser campaign to create hype about the brand and products it has to offer. This could be ‘leaked’ online or posters could be placed around London, to advertise the re-launch of Bonnie Cashin. As part of this teaser campaign, designers often invite other designers and people in the industry to a fashion show, demonstrating the new designs in the relaunch. Invites are usually uniquely made, for example an invite could be a handmade object with the location and date on, to keep things secretive and again, keep the hype and speculation around the brand up. Furthermore, beauty brand Pat McGrath, is the first brand to promote and sell through the music app Spotify; ‘merchandise is moving beyond posters and hoodies to infiltrate the worlds of beauty and fashion.’ (https://www.lsnglobal.com/news). This has come from many brands selling through apps such as Instagram and Twitter, so it suggests that retail is moving on from online shopping to social media selling, rather than just promoting on social media.
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External Audit- Pestel Political factors may include things such as international trade deals, taxation and government regulations. For Bonnie Cashin the brand is mainly focussed in America, particularly California, where she was raised, and New York City, where her later designs were mainly made. The effect of Donald Trump’s controversial presidency may have a great impact on the selling of the brand. For example; if rumoured plans about America’s international trades come through, it will have an effect on many businesses who wish to trade between countries with the possibility of many countries not trading with America. ‘U.S. President Donald Trump says NAFTA is the worst trade deal the United States has ever signed and points to a $58.8-billion (U.S.) American trade deficit with Mexico as proof. Meanwhile, the U.S. trade deficit with Canada is $9.1-billion. Including NAFTA, the United States has implemented 14 trade agreements involving 20 countries since 1985’ (The Globe and Mail, Jan 28, 2017). For Bonnie Cashin this can have disastrous effects with dealing internationally, reducing the amount of customers the brand could reach if the president was to cut any trade deals and also possibly affecting the sales in London, which are predicted to be approximately 30-35% of the total sales, with the remainder of sales expected to come from online. A further political factor to consider is the possibilities that Brexit brings about, with the potential to stop European trading with the UK and further damage the brand’s outreach to other countries. ‘In August 2017, the UK was responsible for £41.5 billion trade imports (HM revenue and customs overseas trade statistics, 2017) compared to £3.4 billion in America, showing that Britain plays a key role in trading for many countries.’ Economical factors impact consumer spending habits and their confidence in buying products. A key economic aspect to consider is the employment statistics in countries that the brand could be selling to. ‘The US unemployment rate unexpectedly fell to 4.2 percent in September 2017 from 4.4 percent in the previous month’ (tradingeconomics.com, 2017) showing less people are not employed which is set to continue to fall with the rising use of technology to replace humans in jobs. So, by the release in 2020, there is a high chance that even less people will be employed, which could lead to a decrease in the disposable income they may be able to spend, ultimately affecting the buying habits of consumers. The price of the brand’s products will be something to greatly consider as they will need to be affordable to a wide audience to boost sales, however unemployed people will likely to be less inclined to buy expensive products or products they deem overpriced or nonessential. Social factors to consider are things such as the rise in TV and media. Previously, when the brand existed there was no social media and TVs were still a relatively new idea, this can be an advantage for the brand as social media advertising is usually a cheap alternative to expensive TV and billboard adverts. Cultural differences are another social factor that can influence businesses. For example; it works to a businesses’ advantage to appeal to a variety of culture’s beliefs and views, like the use of leather in products may discourage muslim consumers who disagree with the use of leather or revealing clothing may not be suitable for some religions to wear. These aspects must be considered in the re-launch as the brand wants to aim to appeal to as many people as possible. A further point could be the recent rise in feminism. Feminism is a current ongoing issue which many people have strong views on. By approaching these issues a brand could aim to appeal to the feminist market, all while keeping up with current conversations. This is also relevant due to Bonnie Cashin in the 60s when the brand peaked, feminism and the sexual revolution was prominent in this era, therefore this social issue can link to both the old and new versions of the brand values. 13
Technology is improving rapidly, with virtual reality being a huge leap in technological advances and 3D printing becoming more readily available, the possibilities in visioning and creating fashion pieces is increasing. For Bonnie Cashin, there has been very little technology involved due to the lack of it in previous decades. This is something the brand should be eager to introduce, with things such as a VR shopping experience in store or smart textiles in the designs, to help the main point of many Cashin designs- practicality and fashion combined. 27% of 20-24-year-olds are fans of domestic tech brands, versus 21% for 30+ (mintel, 2017) showing that the target market that the brand is aiming at, show more of an interest in new technologies. Smart textiles ideas like heat regulating or colour changing fabrics can add a new dimension to fashion, as well as being suitable for the modern day women in making her life easier and more comfortable. “Businesses need to adapt to the digital age by adopting agile and flexible solutions that will allow them to realign their customer experience programme to constantly changing customer expectations and needs.” (Deloitte, 2017) Environmental factors are external factors that affect businesses such as; the availability of non renewable goods and the impact making products and transporting them may have on the earth. Non renewable goods are naturally occurring products like oil and natural gas, if these products decline, which is currently happening, business may struggle to afford to make their products and therefore be unable to run effectively. ‘According to the BoF-McKinsey Global Fashion Survey, 67 percent of respondents—a mix of top fashion executives, creatives, investors, and other industry insiders— believe that conditions for the fashion industry have become worse over the past 12 months. Not only are they overwhelmingly pessimistic about the year’s performance, but the top three words they selected to describe the industry today are: uncertain, changing, and challenging’ (https://images.businessoffashion.com/site/uploads/2016/11/ The_State_of_Fashion_2017.pdf) Legal factors can include things such as wash instructions placed on products, as well as the country of origin of the products used to make clothing and fashion products, for example ivory has just been banned in the UK so products that contain it will be illegal. Businesses must therefore be aware of the trading rules and regulations in the country they wish to sell in, so as to avoid any prosecution that would obviously ruin a businesses reputation and selling point. Furthermore, regulations.
Ansoff Matrix The Ansoff Matrix is a strategic planning tool that provides a framework to help executives, senior managers, and marketers devise strategies for future growth.(https://en.wikipedia.org/wiki/Ansoff_Matrix) It is composed of Market penetration, Market development, Product development and Diversification. Bonnie Cashin intends to create new offerings to attract new consumers and increase market share, therefore it is using the Market development aspect of the Ansoff matrix, whereby a business will try to expand into new areas (countries, geographies) using it’s existing offerings. To be successful in this, the brand must have a unique selling point or product, benefit the economies of scale and ensure the buyers in the market are profitable. The brand may also diversify the market by introducing new products or services into new markets, for example; Bonnie Cashin wants to reach out to a younger audience and offer relevant products to them. Therefore will use the diversification strategy to do this. This strategy is the most risky due to the fact that both product and market development is needed. 14
Competitor Analysis The main Competition identified for Bonnie Cashin are brands such as Orla Keily, Mulberry and Vivienne Westwood. These brands hold similar values to the Bonnie Cashin look with aspects including; the fabrics which they use (suede, leather), patterns on clothing and the products that they offer. They are aiming for the same audience while offering similar products, so strong competitors against Bonnie Cashin’s brand aspirational consumers, which are the highest consumer the brand will aim for, the ones who will bring in the most profit. Brands such as Gucci, Mulberry and Vivienne Westwood have a high price and are in the high end luxury category. Bonnie Cashin also sits in this category. Other competitors such as Orla Keily have a slightly lower price range and are considered more mass market rather than high end luxury. Coach is a further competitor to the brand, however this is also more mass market but is closer to the price range of Bonnie Cashin
Consumer Analysis The typical Bonnie Cashin consumer is a working woman aged 20-35, who looks for practical yet fashionable clothing and handbags. The consumer is likely to be employed and have a good income to be able to afford high end products “Sir Terry Leahy once said: ‘The true source of loyalty is to create benefits for people… Sometimes people concentrate too much on devices like a loyalty card.” This statement demonstrates the need for schemes to evolve with changing consumer expectations.’ (Deloitte, 2017) Consumer Behaviour: Consumer behaviour is defined as ‘the behaviour that consumers display in searching for, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their need’. This includes the goods and services they are attracted to, how they behave in relation to the efforts of companies to offer goods to them, and how they respond to the different media used to market these goods. (Dillon, S 2012) The consumer behaviour of Bonnie Cashin customers is difficult to identify, they buy the products for practicality and fashion. Previously the consumer would not have the option to buy online and so would need to purchase goods in store, however this is now an option and the brand can now aim at the younger consumer, appealing to them online and through bigger retailers such as Selfridges.
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SWOT Analysis Strengths of the target market are; a rise in feminism in recent years. With this occurrence many working women whom which we are targeting may feel empowered, so a brand that supports and encourages this is likely to be favoured and increase interest in the brand. The fact that Bonnie Cashin is aiming towards younger working women rather than the previous older market means that the consumer is more likely to show interest in the latest trends and products and they are likely to have the disposable income to afford more high end goods if they are employed. Furthermore this audience may be interested in the current ‘vintage’ trend and may have heard of Bonnie Cashin previously, therefore may already be following the brand. However weaknesses of this target market could be that the previous customer base the brand had is eradicated in order for the brand to focus on the younger age group, so it could struggle to find new consumers who stay interested and loyal to the brand. Furthermore; as the brand has been inactive for 20 years, previous customers may have found alternatives to the brand with competitors like Radley for example, so the brand will have tough competition to overcome this and ‘win back’ consumers. New opportunities for the brand are broad. As the brand is being revived it has options to expand into new marketing areas and create new selling points to reach a different audience of consumers. The brand has the opportunity to branch out into the handbag and leatherwear market which is a popular area, particularly for the target market. Furthermore, if successful, Bonnie Cashin can expand into more leatherwear and accessories in the future. Threats include; replacement by more well known brands such as Mulberry and Radley. The consumers of these brands will already be loyal to the brand, so it may be a threat to Bonnie Cashin if the brand is unable to gain status and attract consumers. A further threat could be Brexit. If the UK leaves the EU which is set to happen in 2018, the brands international trade will suffer dramatically and new ways of trade will have to be put in place. This will impact trade deals greatly, particularly as Bonnie Cashin plans to relocate to the UK and trade internationally.
Brand Challenges The brand will need to break through into a new market, approaching from a completely different angle of fashion, which will be difficult as it has been inactive for over 20 years, since the designer’s death in 2000. To do this the brand will need to consider what it can do differently in order to stand out and attract new consumers. A key aspect to overcome this challenge could be to include a technological aspect in the selling point such as an in store VR experience or a phone app to look at products and purchase. This could boost sales and add another dimension to the brand which would make it stand out from the rest. A further challenge could be making the brand relevant to today’s customer. Bonnie Cashin was originally popular over 50 years ago in the 60s and 70s and Fashion has come a long distance since then. Aspects of the 60s and 70s era of Bonnie Cashin like mini skirts and checked prints can be kept as part of the new look, keeping the originality of the brand, while also incorporating new styles and materials, to appeal to the new generation of consumer. 16
Reccomendations • relaunch the brand as a leather goods handbag product offer. • The products will be manufactured in California, USA, and will be distributed to high end retailers in the UK • the brand will also use Ecomerce through the development of owned website • To retain the original essence of the brand including the brand personality, however, this will be now directed at a younger female segment due to changes in lifestyles and societal differences. • Utilise emerging technologies and social media in order to communicate and promote the brand. • Consider the summer project and how that research may impact the brand.
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Bibliography https://www.wgsn.com/content/search/#/2020%2520predictions http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11666874/Mulberry-profits-collapse-on-lower-bag-sales.html, 2017 Basics Fashion Management, Concept to Consumer, Virginia Grose, AVA Publishing 2012 The fundamentals of fashion management, S. Dillon, AVA publishing http://www.euromonitor.com/luxury-goods https://www.stephanielakedesign.com/pages/about-us https://www.lsnglobal.com/news The Globe and Mail, Jan 28, 2017 HM revenue and customs overseas trade statistics, 2017 tradingeconomics.com, 2017 mintel, 2017 Deloitte, 2017 https://images.businessoffashion.com/site/uploads/2016/11/The_State_of_Fashion_2017.pdf https://en.wikipedia.org/wiki/Ansoff_Matrix Dillon, S 2012 The Why of the Buy Consumer Behavior and Fashion Marketing, Patricia. Mink Rath Stefani Bay; Richard Petrizzi; Penny Gill; Ebook Library. 2014. Fashion marketing communications, Gaynor Lea-Greenwood, 2013
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Appendices https://www.wgsn.com/content/search/#/2020%2520predictions mintel, 2017 https://images.businessoffashion.com/site/uploads/2016/11/The_State_of_Fashion_2017.pdf HM revenue and customs overseas trade statistics, 2017 http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11666874/Mulberry-profits-collapse-on-lower-bag-sales.html, 2017 https://www.lsnglobal.com/news http://www.euromonitor.com/luxury-goods Deloitte, 2017 tradingeconomics.com, 2017
List Of Illustrations http://littleaugury.blogspot.co.uk/2016/06/chic-is-where-bonnie-cashin-found-it.html http://denisebrain.blogspot.co.uk/2014/09/happy-birthday-bonnie-cashin.html http://brosome.com/showbiz-hottie-jennifer-lawrence/ https://www.pinterest.co.uk/EmmaWatson https://bonniecashin.org 19
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