JIMMY CHOO JEWELRY BUSINESS PLAN PROJECT
By Ashley Ecker, Hyemin Chang, Maria Theron, and Violaine Imbert
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CONTENTS //
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
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COMPANY OVERVIEW SITUATIONAL ANALYSIS POTENTIAL MARKETS COMPETITIVE LANDSCAPE AND TARGET CUSTOMER ANALYSIS PRODUCT ANALYSIS THE IMPORTANCE OF THE BRAND NEW BRAND INTRODUCTION MARKET RESEARCH JUSTIFICATION UNIQUE FEATURES OF THE NEW BRAND CUSTOMER ATTITUDES TARGET CONSUMER PROFILE COMPETITORS SWOT ANALYSIS CORE COMPETENCIES AND COMPETITIVE ADVANTAGES RISK FACTORS VS SUCCESS FACTORS MEASUREMENT AND EVALUATIONS MARKETING FOUR P’S FINANCIAL PLANNING LONG-TERM STRATEGY AND FUTURE DIRECTION APPENDICE
01 / COMPANY OVERVIEW The brand Jimmy Choo was founded in 1996 but came
The Jimmy Choo brand has a responsibility to the
from very humble beginnings. Founder Jimmy Choo
environment, the people who work for them, and
was born in Malaysia and was the son of a cobbler.
the community. The brand is determined to meet
Choo created his first shoe at the age of 11 after
high environmental standards in its operations and
watching his father create shoes as he was growing up.
throughout its supply chain and actively tries to reduce
He then attended Cordwainer’s Technical College and
their carbon footprint by having it tested by Deloitte
three years after his graduation, he opened his own
(Jimmy Choo PLC). As for the brand’s employees,
shop. Vogue featured Choo’s designs in their magazine
they strive to create a diverse workplace with no
two years after the shop opened and it was here that
discrimination, communication, rewards, and values
he met Tamara Mellon and together they created the
(Jimmy Choo). In 2011 Jimmy Choo founded the Jimmy
Jimmy Choo Ltd in 1996 (Penn). Jimmy Choo’s niece,
Choo Foundation. This is a non-profit organization that
Sandra Choi, is also the co- founder of the brand and
promotes and empowers women, through education,
the only one currently still with the company. Choo left
to lead and to enhanced livelihoods.
the company in 2001 (Company Profile) and Mellon left the company in 2011 (Berfeild). Today the brand has about 150 stores in 32 countries (Jimmy Choo). The brand offers a variety of shoe products as well as handbags and accessories. The price of their products can vary from US$ 400 to US$ 2,000. Jimmy Choo describes their consumers as “confident, glamorous, cosmopolitan, seductive and playful” (Jimmy Choo PLC).
Senior Management at Jimmy Choo includes: · BRUNO BERNON- President, Japan · KAAREN BERNSEN- Senior Vice President, Global Human Resources · SANDRA CHOI- Creative Director · HANNAH COLMAN- President, Europe, Middle East and E-Commerce · DANA GERS- Senior Vice President, Global Brand Marketing and Communications · TANYA GOLESIC- President, USA and Canada · PAOLO PORTA- Senior Vice President, Merchandising and Licensing · STEFANO SAVOLDI- Senior Vice President, Supply Chain · ELAINE YIN- President, Asia The Board of Directors at Jimmy Choo includes: · PETER HARF- Non-Executive Chairman · PIERRE DENIS- Chief Executive Officer · JONATHAN SINCLAIR- Chief Financial Officer and Executive Vice President (Business Operations) · FABIO FUSCO- Non-Executive Director · OLIVIER GOUDET- Non-Executive Director · ANNA-LENA KAMENETZKY- Non-Executive Director · ELISABETH MURDOCH- Independent Non-Executive Director · MERIBETH PARKER- Independent Non-Executive Director · DAVID POULTER- Independent Non-Executive Director · BOB SINGER- Independent Non-Executive Director
Below is a breakdown of the distribution for Jimmy Choo. It is shown that Jimmy Choo has a very high presence in EMEA, USA and Japan, but is continuously growing in the rest of Asia.
Fig. 1. Growing Global Distribution Platform; Jimmy Choo PLC; Web; 10 Aug. 2016.
The merchandising model for the brand breaks down continuous releases of the brand versus the seasonal releases of the brands.
Fig. 2. Merchandising Model; Jimmy Choo PLC; Web; 10 Aug. 2016.
In the 2015 financial recap for Jimmy Choo the brand shows significant growth compared to previous years.
Fig. 3. Revenue by Channel; Jimmy Choo PLC; Web; 10 Aug. 2016.
Fig. 4. Retail Revenue; Jimmy Choo PLC; Web; 10 Aug. 2016.
02 / SITUATIONAL ANALYSIS Luxury personal goods including apparel, accessories, hard luxury, and beauty maintains a steady growth which its revenue marked at â‚Ź253 billion in 2015. However, the growth rate is slow with only 1-2 percent in real growth from 2014.
Fig. 5. Global Personal Luxury Goods Market; Bain & Company; Web; 9 Aug. 2016.
Fig. 6. Personal Luxury Goods Market by Category; Bain & Company; Web; 9 Aug. 2016.
According to Bain & Company, global challenges such as “a slow U.S. holiday season, decreased tourism across Europe, instability in the Middle East and a downturn in China” led to the single digit growth in the luxury goods market (The Global). “Continued weakness in economic conditions in the BRIC countries and unfavorable currency exchange rates” also impact the slow growth based on American Affluence Research Center (What Luxury). Geographically, while decreases of tourism derived from the strength of the dollar (Wendlandt) and local demand influenced the luxury market in the U.S., the resurgence of tourism causes a positive local spending in Latin America. The European market also suffers from slow tourism because of frequent terrorism as well as new visa requirements. However, local consumption across countries contributed to offset the decline in tourists’ spending. Even though mainland China turns around an increase, Hong Kong enormously weakens the overall growth of China. Japan shows the highest growth of the luxury goods market. However, changes such as stronger yen, decline of the Chinese tourist, and locals’ thrifty habits, bring the sign of the slowdown.
Fig. 7. Personal Luxury Goods Spending; Bain & Company; Web; 9 Aug. 2016.
The revenue of the personal luxury goods market will increase by €280-295 billion with the growth of 2-3 percent by 2020 (The Global). After the presidential election in 2016, local spending in the U.S. market will revive (Wendlandt). However, the estimation considerably depends on the growth in Mainland China. The middle class of Chinese shoppers will account for over one-third of global luxury consumers in 2020. Younger generations in the world continue to spend the money for personal luxury goods, more than Baby Boomers. The new consumers from Generation X and Y will be an estimated 50 million. With Generation Z, as potential customers in the near future, younger consumers will occupy 75 percent of the global luxury industry in 2020 (The Global). However, marketers cannot ignore “Grey Dollar” too, because ageing populations account for the biggest portion of the luxury industry. For example, “the number of over-55-year-olds will grow by around 150 million over the next 10 years compared to the under 55 years-old with 105 million in China” (Walker).
Fig. 8. Personal Luxury Goods, Top Countries; Bain & Company; Web; 9 Aug. 2016.
In terms of distribution, a retail channel will still be dominant with 40 percent of the market, and airport and outlets will make up for 7 and 8 percent of sales, respectively in 2020 (The Global). However, the constant development of technology dilutes the boundary between online and offline stores. Luxury brands adopt digitizing innovation into their brick-and-mortar stores more and more. Also, e-commerce and m-commerce will be the fastest growing channels (Walker).
Fig. 9. Online Personal Luxury Goods Market; Bain & Company; Web; 9 Aug. 2016.
Boston Retail Partners told that as conspicuous consumption is growing, consumers expect meaningful shopping experiences. Luxury brands offer personalized services to satisfy their customers’ needs. The services are supported by real-time information such as “an individual’s preferences, purchase history, what’s in their closet and their most recent online browsing history”. According to Fashionbi, sharing real-time contents such as videos through social medias also contributes consumers’ experiences. Marketers also focus on user-generated content which enhances brand identities and engagement with loyal customers. Mobile generalization leads mobile-synced websites to be replaced by interactive applications. As smart fashion has been one of the luxury industry’s trends, more and more luxury brands collaborate with tech companies. Many brands adopted high technology such as virtual reality devices and apps in order to provide advanced services (What Luxury). Lastly, the sales of male luxury goods will be higher than that of female luxury goods as male desire continuously rises particularly in China and India. This shift will lead luxury brands to alter their portfolios from focusing on females, to expanding to male consumers (Walker).
03 / POTENTIAL MARKETS 1. Current size and growth potential Since the financial crisis in 2008, consumers who worry about recession purchase jewelry, as an investment (Sanderson). The trend brought that from the world’s largest luxury conglomerates to costume jewelry designers focus on the fine jewelry industry (Sherman). According to Bain & Company, the luxury jewelry market divides into both the affordable jewelry, as the strongest segment, and high-end jewelry led by global super-rich (Sanderson). McKinsey predicts that annual global sales of the jewelry market will reach ₏250 billion by 2020 with a 5-6 percent growth rate every year. U.S hard luxury, including jewelry and watches, sales were $74.7 billion and the jewelry market recorded a 7 percent growth in 2014 according to the U.S. Department of Commerce (Key). On the basis of the statistics of Euromonitor, the U.S. is still the biggest jewelry market, followed by Japan and China between 2010 and 2015. Estimation by 2020 also shows the same rank. The biggest changes are that the hard jewelry market in Hong Kong will be decreasing while that in Italy will be rising in the near future.
Fig. 10. Historical Market Sizes of Hard Luxury by Geographies; Euromonitor; Web; 9 Aug. 2016.
Fig. 11. Estimate Market Sizes of Hard Luxury by Geographies; Euromonitor; Web; 9 Aug. 2016.
Like other luxury industries, the jewelry market also shifts towards e-commerce. Its international revenue is predicted to rise to $257 billion in 2017. The online fine jewelry market will grow at a faster rate and account for 10 percent of the market, though online fashion jewelry sales will occupy a much bigger portion rather than fine jewelry, 15 percent of the market, by 2020. Particularly, Asia presented a huge growth, a CAGR of 62.2 percent between 2011 and 2014, in the online jewelry market (Weinswig). According to TechSci Research, the most dominant segment in the global gems and jewelry market is still gold (Global Gems and Jewellery), and its market share in 2014 accounted for 43 percent of that (Global Gems and Jewelry). However, younger generations prefer “colored gemstone, platinum, and palladium jewelry” to traditional jewelry. Branded jewelry is expected to be more popular both in developed and developing countries over the next five years (Global Gems and Jewellery). The second biggest segmentation, diamond, shows a positive outlook that global rough diamond demands will increase each year. According to Technavio, “diamond jewelry market will grow at a CAGR of 3 percent and exceed $93 billion globally by 2019” (Linde et al. 1).
Fig. 12. Global Rough Diamond Demand; Nano MatriX; Web; 9 Aug. 2016.
2. Global Jewelry Industry Trends The current jewelry market mostly consists of national retail brands and small or midsize companies. “The ten biggest jewelry groups capture a mere 12 percent of the worldwide market, and only two—Cartier and Tiffany & Co.—are in Interbrand’s ranking of the top 100 global brands” (Dauriz et al.). Particularly, Tiffany & Co. accounts for the biggest portion of the market in both developed and developing markets (Key).
Fig. 13. The U.S. Luxury Jewelry Brand Shares; Euromonitor; Web; 9 Aug. 2016.
As international retail groups consolidate local brands, the regional brands obtain opportunities of introducing them to global consumers. Largest jewelry brands expect double market shares by 2020 through the acquisition of small players. Today, while the branded watch market already occupied 60 percent of sales, branded jewelry accounts for only one-fifth of the overall jewelry market. However, branded jewelry market is expected to grow to 30-40 percent of the market by 2020 with unique and distinctive designs. “New Money”, “Emerging-market Consumers”, and “Young Consumers”, particularly, influence the rise of branded jewelry in order to reveal the wealth, upgrade lifestyle, and express themselves. More non-jewelry brands including apparel or accessories specialists such as Dior, Hermès, and Louis Vuitton will lead the branded jewelry market growth, unlike the previous growth in which the market depended on jewelry professionals, such as Cartier, Tiffany & Co., and David Yurman (Dauriz et al.).
Fig. 14. The Proportion between Branded and Unbranded Jewelry; McKinsey; Web; 9 Aug. 2016.
Many consumers still doubt purchasing fine jewelry through the online channel, and prefer to shop for expensive luxury goods at brick-and-mortar stores. They consider direct shopping experiences, such as touching and feeling the goods, to be more credible. However, online sales are expected to show 5 percent of growth rate by 2020 (Dauriz et al.). Not only e-commerce but also m-commerce is also an important channel because of the consistent growth of mobile buyers. One-thirds of all online purchases occurred via mobile devices in 2015, and these sales will rise continuously. Jewelry retailers turn to mobile apps and mobile-friendly websites for enhanced shopping experiences (Smith). Jewelry marketers also concentrate on digital media for products, brand identity, and consumers. “According to a recent McKinsey survey, two-thirds of luxury shoppers say they engage in online research prior to an in-store purchase; one- to two-thirds say they frequently turn to social media for information and advice.� Jewelry brands will strengthen their offline channels with both mono-brand stores as well as multi-brand boutiques together. Mono-brand retail enables the jewelry players to control the brands easily, communicate with customers closely, and obtain higher margins. On the other hand, the multi-brand boutique offers advanced and unique shopping experiences to customers (Dauriz et al.).
Fig. 15. Comparisons of Channels between Jewelry and Apparel Trends; McKinsey; Web; 9 Aug. 2016.
Jewelry consumption is polarized more and more. First, many consumers purchase more two carat diamond rings, while department stores and small retailers focus on the lowest price promotion. Also, the boundary between fine jewelry and fashion jewelry is blurring. Fine jewelry was regarded as a gift for special days such as birthdays, anniversaries, Valentine’s’ day, and Christmas. However, consumers purchase high-end jewelry for themselves at any times. Moreover, some high-end luxury brands such as Lanvin sell fashion jewelry at over €1,000, but other fine jewelers such as Tchibo in Germany offer fine jewelry at an affordable price, only €99. Introducing affordable prices of fine jewelry attracts younger or less affluent consumers, which provides opportunity to enter the brand. For maintaining brand identities and images at a lower price zone, the fine jewelry brands need to focus on advertising, in-store experience, and customer service (Dauriz et al.). 3D printing enables jewelers to offer enhanced products and services to shoppers. 3D printing can create any design and imitation of the jewelry that customers select. This availability enables customized jewelry and precheck of selected items before completing the real jewelry. According to Bain & Co., approximately 25 percent of shoppers have an interest in customized options through online shopping. Through 3D printing, jewelry brands can satisfy customers’ demands. Also, shoppers regard the process of choosing several options, via online and wearing a sample in advance, as a specific service or experience (Smith).
Fig. 16. Jewelry Sales by Category; Market Realist; Web; 9 Aug. 2016.
3. Global Diamond Jewelry Industry Trends Consumers also prefer branded diamond jewelry in both mature and developing markets, particularly in emerging countries. Shoppers can be free from a risk of wrong purchase with certification, credibility of brands, and outstanding design. Renowned luxury brands such as Louis Vuitton, Hermes and Dior have already expanded to diamond jewelry collection. The men’s jewelry market, including bracelets, rings, studs, and chains, is also rising on the strength of the growth in menswear and men’s accessories. “Though much of this is fashion jewelry and does not necessarily include diamonds,” this trend shows a great potential of expanding to other fine jewelry segmentations. As many shoppers move from offline to online shopping channels, some brands have already sold even diamond jewelry through e-commerce. “More than 1 out of 6 diamond purchases in US in 2013 was online, a 30% growth over 2011.”
Fig. 17. Structure of Diamond Jewelry Retail Sales; Bain & Company; Web; 9 Aug. 2016.
Vintage jewelry entices connoisseurs towards collections. Several jewelers such as Estate Diamond Jewelry and Single Stone provide antique and vintage diamond jewelry. Innovation enables people to wear diamond jewelry in daily life. The innovative diamond jewelry is lightweight and offers any number of unique designs to shoppers (Top 5). Consumers in the BRIC markets are interested in colored diamonds, especially pink, blue, and yellow, as well as precious gemstones including emeralds, sapphires, and rubies (Paton).
4. Distribution Channels between the U.S. and China including Hong Kong The U.S is absolutely the largest spender of luxury jewelry and timepieces. Japan is the second largest consumer group of both historical and forecast statistics. However, China, including Hong Kong, is regarded as the second largest country in the hard luxury industry. For this reason, the research compares between the U.S and China including Hong Kong with reference to distribution channels.
Fig. 18. Distribution of Hard Luxury by Format in the U.S.; Euromonitor; Web; 9 Aug. 2016.
In the U.S., store-based retailing of luxury jewelry and watches is declining while non-store retailing, particularly internet retailing, is increasing from 2010 to 2015. Compared to non-grocery specialists, mixed retailers and internet retailing experienced changes.
Fig. 19. Distribution of Hard Luxury by Format in the China.; Euromonitor; Web; 9 Aug. 2016.
Fig. 20. Distribution of Hard Luxury by Format in the Hong Kong.; Euromonitor; Web; 9 Aug. 2016.
On the other hand, China and Hong Kong show different statistics. China and Hong Kong depend on 100 percent of store-based retailing between 2010 and 2015. China’s distribution channels divide into both non-grocery specialists and mixed retailers. Non-grocery specialists account for over 90 percent of the store-based retailing and its portion is consistently growing. However, Hong Kong has only non- grocery specialists in the hard luxury market.
5. PESTEL Analysis 1) Political - Terrorist attacks bring directly refugee issues, particularly in Europe (What Luxury). - For protecting its native people, governments tighten visa requirements. - Visa policies influence the number of tourists, which indirectly connects with national economic status. For instance, “In Europe, the visa regime in 2012 led to a 6.6 million drop in visitors” (Which Trends). 2) Economic - China’s currency devaluation has a huge impact on global tourism, and this trend influences sales of luxury personal goods including jewelry sectors. - Brazil’s destabilizing economy leads to the reduction of luxury goods sales (What Luxury). - Russian recession affects purchasing power both in Russia and overseas. - The low exchange rate of the Euro benefits luxury goods manufacturers in Europe (Which Trends). - The declining unemployment rate, the continuing decline in oil and gasoline prices, and the relatively high level of consumer confidence bring positive improvements in the U.S. economy (What Luxury). - Price deflation in the retail industry causes lower margins of retailers than that of suppliers. - Lower prices cannot capture consumers’ interests, which influences sales (Key). - The rise of operating costs such as labor and energy result in the decline of profits and margins. - Investments in the latest high-technology enhances efficiency and then generates more profits in the long term (Linde et al. 2). 3) Social - The trend of purchasing jewelry has changed since 2008. Its’ sales spread evenly to contrast the previous sales occurred during the holiday season (Key). - Many brands open pop-up stores in order to strengthen the relationship with customers and brand awareness through offering exclusive and exciting messages to various audiences.
- As conscious consumers are increasing, they demand transparent prices. So, they often compare prices as well as research information about the product before purchasing goods. Even though purchasing highpriced luxury goods is limited online, several brands such as Tiffany & Co and Chopard notify the price on their websites. - Demand for affordable jewelry is growing, especially in North America, Western Europe, China, and Japan. This offering is expected to obtain higher profit margins, rather than high-end jewelry, and to attract younger consumers. - Luxury jewelry market depends on the global tourism trend thoroughly. Particularly, the majority of Chinese purchase the luxury goods during the traveling. For attracting them, many luxury brands prepare Chinese targeted promotion. Also, the luxury industry opens new concept stores in popular and fast-growing tourism spots. Tourism also results in the growth in airport shops and duty-free shops. The global duty-free market is predicted to increase by 51 percent to €64.6 billion by 2019 based on the Global Duty-Free Retailing market research report. - “Made in” labeling conveys the credibility of products quality and expertise of brands or manufacturers. For example, jewelry labeled “Made in Italy” means that the valuable items by careful and enthusiastic Italian artisans. - Semi-finished jewelry can satisfy different customers’ demands for possessing unique and personalized items (Which Trends). - Brands and manufacturers need to consider local communities as increasing the importance of social awareness (Linde et al. 2). - Declining marriage rate and demographic transitions influence promotion plans and target markets (Bates). - “Blood” or “Conflict” diamonds present that jewelry industry also has violent histories. As increasing social awareness with the public, ethical issues such as child labor and worker exploitation should be avoided (Wu).
4) Technological - As technology constantly develops, “e-commerce became the third-largest luxury market, after China and the U.S.” (Weinswig). Also, the m-commerce market is growing at a faster rate, for example, 29 percent of Neta-Porter sales resulted from smartphones or tablet (Gonsalves). - Digital technology enables luxury brands to connect with consumers through various social media platforms. Also, the digital integration brings omnichannel shopping which offers expanded shopping experiences. - Data transactional analysis such as click-through rate (CTR) or purchase rate online is supportive to plan a proper product and service portfolio. - Several jewelry brands collaborate with technology companies in order to introduce wearable collections. Jewelry players adopt high-tech methods into jewelry design. This trend will increase gradually. - Taking advantage of 3D techniques and computer-aided systems enables designers to be free from design restrictions and collaborate with artisans (Which Trends), also manufacturers check the shape before production through digital simulation systems. - New technology changes jewelry inventories; they do not need to worry about storing expensive items. Based on the customer’s’ needs, retailers prepare gemstones and rings. - Digital development enables sales staff to use customer relationship management (CRM) system. CRM offers stock presentation, records of key performance indicators, sales transaction, and the level of stolen products (Carlier). 5) Environmental - Many industries, including mining, are affected by increasing recognition of the importance of the environment. - Maintaining biodiversity and ecosystems are the fundamental topics. - Finite resources of gemstones and jewelry and the lack of replenishment are the main challenges.
- From mining to manufacturing, energy and water consumption and emissions of harmful substances directly impact the environment. - Waste management, controlling resource consumption, and recycling should be considered and supervised (Linde et al. 2). 6) Legal - Counterfeiting is a prevalent challenge today and it influences all luxury goods industries. “According to a new US government report, agencies made 23,140 seizures of counterfeit goods in 2014. If the goods had been genuine, their retail value (MSRP) combined would have exceeded $1.2 billion and the category with the highest value seized was watches and jewelry.” - Grey market imports are illegal and it incites unnecessary competition among the luxury brands. The decrease of reliability to luxury brands resulting from gray market imports leads to the reduction in sales of authorized goods. Fighting with unofficial, unauthorized, or unintended supply channels is an ongoing issue. - Brand piracy has a close connection with intellectual property (IP) rights. Especially, the theft of IP brings the birth of imitated goods, and then its’ sales weaken the original brands’ sales and deteriorates the value and image of the luxury brand(Wu).
04 / COMPETITIVE LANDSCAPE AND TARGET CUSTOMER ANALYSIS 1. Current Major Players and Potential Competitors The luxury jewelry market has annual global sales of ₏148 billion and is expected to grow by 5 to 6 percent each year (Dauriz et al.). Many of the current major players are Tiffany&Co, David Yurman, DeBeers, Blue Nile, Swarovski, Bvlgari, Harry Winston, Mikimoto, Cartier, and Pandora. Most of these are established jewelry brands that have been around for a while and have grown throughout the years. On the other hand, there are high-end apparel or leather good brands that have introduced jewelry lines such as Dior, Chanel, Fendi, Louis Vuitton, Gucci, and Hermès. Both of these types of brands are potential competitors to a new luxury jewelry line for Jimmy Choo. Most of these brands compete with each other and without a doubt will compete with a new brand. Because of that, these brands should seek to differentiate from each other through innovative designs and materials.
2. SWOT Analysis STRENGTHS
WEAKNESSES
• Strong brand recognition
• Brand portfolio
• Loyal customers
• Small business units and revenues except
• Wide range of price points (affordable to high-end)
on shoes line • Productivity
• Skilled workforce in marketing and sales • Endeavors about the environment and ethical issues • Income level is at a constant increase OPPORTUNITIES
THREATS
• Markets in all parts of the world
• Competitive market
• Growing demand of shoes including
• Tax structure
men’s luxury shoes demands
• Price changes of raw materials
• Global markets, especially in China
• Increasing salaries
• Online markets particularly e-commerce
• Cash flow
• Social medias (YouTube and Instagram)
• Customers preference • Decrease of tourism derived from terrorism and visa policies • Unpredictable exchange rate fluctuations • Counterfeit goods
3. Potential Future Competitors with New Brand
In all major markets over the past decade, online sales
Expansion
of apparel have grown at double-digit rates, online
Future competitors could be more brands with high-end
jewelry sales are only 4 to 5 percent of the market
apparel or leather goods introducing jewelry lines such
today, with substance research by McKinsey showing
as Anya Hindermarch, 3.1 Phillip Lim, Issey Miyake,
that these numbers can reach 10 percent by 2020 but
Mansur Gavriel, Olympia Le Tan, Charlotte Olympia,
won’t grow much beyond that. They believe consumers
and much more. These brands are very popular and
prefer to buy expensive items from actual stores,
trending right now, most of them specialize in one area
which are perceived as more reliable and provide the
such as handbags or shoes. All of them could benefit
opportunity to touch and feel the merchandise. On the
from a brand expansion right now, and with that they
other hand, fashion jewelry could have a slightly higher
will surprise and maintain all of their new customers.
online share of sales with 10 to 15 percent by 2020 (Dauriz et al.)
4. Consumer Analysis
Furthermore, fine jewelers might consider introducing
The consumer appetite for jewelry fell due to the global
new product lines at affordable prices to entice younger
recession, but now it has come back stronger than ever.
or less affluent consumers, giving them an entry point
There are three types of consumers:
into the brand. Alternatively, fine- jewelry players
- “new money” consumers who wear branded
could decide to play exclusively on the high end and
jewelry to show off their newly acquired wealth
communicate that message strongly through its
(in contrast to “old money” consumers, who prefer
advertising, in-store experience, and customer service
heirlooms or estate jewelry)
(Dauriz et al.).
- emerging-market consumers, for whom
According to the Market Realist, 37.9% of jewelry sold
established brands inspire trust and the sense of an
is diamond jewelry, 16% is with loose diamonds and
upgraded lifestyle—a purchasing factor quoted by
fashion and gold jewelry account for 7% and 6% of
80 percent of our interviewees
total sales, respectively. Some trends that are shaping
- young consumers who turn to brands as a mean
the industry are, an increase in demand for branded
of self-expression and self-realization (Dauriz et al.)
jewelry due to distinctive designs, credibility, and quality, and an increased focus on e-commerce sales in
5. Consumer Characteristics, Changes, Needs, and Trends
both developed and developing markets (Key).
6. Potential Target Consumers
Today luxury brands face a generational shift in the
Fine jewelry or luxury jewelry’s target consumers
demographics of the target market, from maturing
are high-net-worth individuals (HNWIs), affluents,
Baby Boomers (born 1946-1964) to Millennials (born
and millennials. This consumer group purchases the
1980-2000). Both generations are about equal size,
luxury jewelry for an investment. The other potential
give or take 75-80 million people, but not of equal
customer is the High-Earners-Not-Yet-Rich (HENRYs),
spending power (Danzinger). Baby boomers now
they have more spending power than the middle class
are more interested in spending in experiences and
and might become wealthy in the future. Acquiring this
lifestyle. Millennials don’t have the spending ability
customer and nurturing a relationship with them will
yet. Generation X, about half the size of Boomers and
lead to increased sales in the future.
Millennials, are at the age range that marks people’s income peak and so they have the highest potential to
7. Consumer Segmentation and How to Identify
be customers of luxury brands (Danzinger).
and Reach Each Segment
Luxury jewelry brands need to focus on HNWIs and
Jewelry manufacturers can use digital media as a
HENRYs, to market to both of them and create a lasting
platform for conveying information, shaping brand
relationship. Social media is that it places to reach your
identity, and building customer relationships.
audience, but as mentioned before when consumers
According to a recent McKinsey survey, two-thirds of
are purchasing jewelry or spending a lot of money
luxury shoppers say they engage in online research
they prefer to do it in the actual store. This means great
prior to an in-store purchase; one- to two-thirds say
service, creative displays, and the store has to invite the
they frequently turn to social media for information
customer in and the employees need to make them feel
and advice (Dauriz et al.).
taken care of.
Fig. 21. Target Consumers; Whowhatwear; Web; 10 Aug. 2016.
05 / PRODUCT ANALYSIS As we discussed previously, Jimmy Choo Ltd is doing very well as the company’s revenue keeps growing, placing the brand in the top 100 most successful luxury goods companies. One of the main strengths of Jimmy Choo is that it first started with the goal of being one of the few luxury goods companies to offer only shoe products. Being specialized in one specific type of luxury product differentiated them from other luxury brands and allowed them to be perceived as one of the ‘go to’ stores when shopping for accessories and shoes. As of today, the brand offers a variety of luxury products in addition to shoes, like handbags and other accessories. The price of their products usually varies between US$ 400 and US$ 2,000. Their products are offered in over 150 stores in 32 countries, mainly in the United States, Europe, and Japan. (Jimmy Choo) According to Jimmy Choo Ltd, the goal is to preserve the image of the current Jimmy Choo brand by keeping the shoe product as one of their main products but trying to expand to different markets by offering secondary luxury goods. In 2015, shoe products still represented about three-quarters of their revenue. (Jimmy Choo). Another way for Jimmy Choo Ltd to increase their revenue and grow their market is by opening more stores in new markets like Asia. According to the company, they are planning to open between 10 and 15 stores per year. (Jimmy Choo) One of the other objectives of the brand would be to keep investing in “supply chain and systems upgrades” in order to keep growing their global online trade, which “has proved to be one of their key elements of growth according to the brand. (Jimmy Choo) It is also possible for the brand to look into a couple of franchise options in countries like Latin America and Western Europe.
While looking at their core product shoewear, we noticed that the brand offers many different assortment of products within that scale for all tastes. Jimmy Choo products are known for being beautiful, well-designed, innovative and in trend. Also, as we can see in Fig. 2 the brand is wanting to have its products perceived as fashion products of its own and encourage their customers to collect their products by describing them as the ‘perfect wardrobe’ of shoes. (Jimmy Choo) By constantly replenishing their shelves with new, colorful, and stylish products for any time of the day (day wear, evening wear), any type of occasion (high heels, espadrilles), any season (sandals, boots) and any style (cosmopolitan, rock/edgy, cool/relax).
Fig. 22: Jimmy Choo Products: Villasfrancis; Web; 10 Aug. 2016.
The variety of style and the constant innovation of their design definitely encourages the customers to stop by their store and/or their website often and purchase more products than they usually would in a regular store. According to the company, Jimmy Choo adopted a “lean and flexible supply chain outsourcing production and logistics to gain flexibility and speed” in order to offer these products faster on the market. (Jimmy Choo) On their annual report it stated that Jimmy Choo produces “over one million units per annum in its supply chain.” (Jimmy Choo)
In addition to their shoe beauty and style, Jimmy Choo also ensure that all of their products have the highest quality finish possible. The brand always partners with suppliers that can offer the best fabrication of each shoe style. For this reason, the brand outsources the fabrication of their products in the Veneto region of Italy, where the skill set, speed, scalability and flexibility matches the need of the brand. (Jimmy Choo) For the same reason, most of their espadrilles are outsourced to Spain. The integrated omnichannel model of the brand as well as their investment in supply chain infrastructure, quality, design, and inventory control allows the brand to stand out and be recognized as one of the top luxury goods companies in the footwear sector. Constant investment in the innovation of their service and products as well as their operating margin allow them to maintain their status and grow globally. In addition to their shoe beauty and style, Jimmy Choo also ensure that all of their products have the highest quality finish possible. The brand always partners with suppliers that can offer the best making of each shoe style. For this reason, the brand outsources the making of their products in the Veneto region of Italy, where the skill set, speed, scalability and flexibility matches the need of the brand. (Jimmy Choo) For the same reason, most of their espadrilles are out sourced in Spain. The integrated omnichannel model of the brand as well as their investment in supply chain infrastructure, quality, design, quality and inventory control allow the brand to stand out and be recognized as one of the top luxury goods companies in the footwear sector. Constant investment in innovation of their service and products as well as their operating margin allows them to maintain their status and grow globally.
Fig. 23: How to Identify Genuine Jimmy Choo: Jimmy Choo; Web; 9 Dec. 2016.
The addition of a jewelry line to Jimmy Choo Ltd will
Adding a jewelry line would be amazing for the brand
present some challenges at first. In order to maintain
to expose new and trendy luxury good products on
their image as well their premium quality and well-
the market while using a similar marketing strategy
designed signature products, the brand will need
to promote these products, generate interest and
to reach out to the best jewelry manufactures and
sales. Being able to design unique and high quality
designers out there. It is important for Jimmy Choo to
jewelry products for any type of women, any style,
become an expert in the business of jewelry making
season, and occasion will allow customers to build
to provide the best in this sector and maintain their
a ‘jewelry wardrobe’ the same way they are building
premium quality image in the eye of their customers.
their ‘shoe wardrobe.’ Jimmy Choo could also offer
Even though this new product addition to the brand
matching jewelry products for each collection of shoe
is costly and contains many weaknesses as this is a
to encourage customers to buy the two products as a
new sector for the brand, it also represents a lot of
combo. It will also encourage customers to visit their
advantages and opportunities for the company.
store and website on a frequent basis to check the new
First of all, the addition of a new luxury product to
collection, products, and matching items.
their shelves will allow the brand to reach out to a new
It would also be recommended that the new jewelry
market and new customers but it will also allow the
products get presented in a similar manner as their
brand to reinforce their image as a luxury brand and
shoes in store, in a minimalistic and elegant way. This
grow their sales revenue. The brand overall is already
will add value to their products and will help sales
doing an excellent job collaborating with different
representatives to retain their customers longer in store.
partners and placing their products out there. Many
Customer experience online and in store is primordial
celebrities are wearing the Jimmy Choo products to
for a brand to retain their customers and attract
events and on social media. Jimmy Choo was also able
new customers. Therefore, we would encourage the
to have its products placed in several visual productions
brand to keep investing in new ways to enhance their
like ‘Cinderella’ and ‘Sex in the City.’
customer experience in addition to product research and innovation.
Fig. 24. Cindrella: Jimmy Choo; Web; 9 Dec. 2016.
Fig. 25. Jimmy Choo Unveils; Opulentclub; Web; 10 Aug. 2016.
06 / THE IMPORTANCE OF THE BRAND Jimmy Choo is classified as a luxury brand not only because of the quality of their products but because of their dedication to their consumers. In an interview with The Drum, vice president of global marketing Dana Gers said that the brand represents glamour and confidence and that the consumers are buying not only luxury leather goods but the values and culture of the brand as well (Mortimer). In order to create what they are now known for as luxury goods; Jimmy Choo has a set standard for how they come about this.
Fig. 26. Jimmy Choo Business Model; Jimmy Choo PLC; Web; 17 Aug. 2016
The team has dedicated Senior Management who has multiple years of experience in the luxury industry (Jimmy Choo). The team also consists of a design team who is dedicated to creating innovative and fashionable designs that provide clients with a broad product range. All aspects of the Jimmy Choo supply chain are managed by the brand itself. These aspects include materials research, sourcing, product development, engineering, production planning and control, quality assurance, and customer service (Jimmy Choo). The brand only works with suppliers that have high quality and specific skill set to create the products Jimmy Choo sells. These suppliers come from the Florence and Veneto parts of Italy and parts of Spain.
07 / NEW BRAND INTRODUCTION Jimmy Choo plans on expanding their accessory line. The accessory line already includes bags, fragrance, belts, sunglasses, scarves, hats, and wallets. The expansion will include a line of jewelry.
08 / MARKET RESEARCH JUSTIFICATION The jewelry industry is expected to grow about 5-6% each since 2014. That leaves the industry totaling 250billion euros by 2020 (Dauriz).
09 / UNIQUE FEATURES OF THE NEW BRAND The whole Jimmy Choo concept is to offer products that empower and differentiate its customers from the crowd. The Jimmy Choo products are designed to be unique, flawless, powerful and extremely powerful. The brand products have for goal to please a ‘jet-set’ clientele by offering the best and most luxurious product out there. Just like their shoe products, we are aiming for a voluptuous and incomparable jewelry line for Jimmy Choo and its customers. The jewelry will be made in Italy in where the most refined jewelry is being produced. It is very important for Jimmy Choo maintain their product image as well as their reputation of high quality products. Just like for their shoes Jimmy Choo also needs to be recognized as one of the top luxury goods companies for jewelry in order to gain some monopole in this market. Partnership with celebrities and press exposure via ‘People’ magazine and social media is recommended. Offering customized engagement rings and other meaningful jewelry pieces to celebrities and notorious people out there will offer a major asset to the brand.
Fig. 27. Unique Features of Jimmy Choo; Jimmy Choo; Web; 9 Dec. 2016
10 / CUSTOMER ATTITUDES 1. Customer Feedback “I am no rich person but saving up for the $1,500.00
“I really like Jimmy Choo shoes! They are comfortable
snakeskin gladiator sandals were worthwhile. They go
and stylish! They are really popular at the moment and
perfect with any ensemble. I would recommend them
all the Hollywood stars are wearing them too!”, “Very
to my dearest friends. Wearing one pair could mask the
Happy Customer” (Review Center).
look of your whole outfit. Every girl must have at least one pair of Jimmy Choo.”, “Best Ever” (Review Center).
““Give a girl the right shoes and she can conquer the world,” said Marilyn Monroe. I couldn’t agree more!
“I bought a pair of jimmy choos and I am so glad I did!
I trust Jimmy Choo when it comes to shoes. I find his
After many people advising me not to I decided to go
style chic and classy. Moreover, I feel comfortable all
with what I thought and buy a pair. They are the best
day.”, “Conquer the World” (Review Center).
shoes I own! They look amazing and I got loads of compliments for them. Anyone who trying to decide to
“Good points: Made to measure, used my dress fabric,
get a pair I strongly recommended you do! You won’t
beautiful design & make. Bad points: small part of the
regret it! The only problem now is that want more!”,
diamante came unstitched during first wear.”, “Bought
“What more could you want!” (Review Center).
my bridal shoes from Jimmy Choo couture. Great...” (Review Center).
“To own a pair of Jimmy Choo shoes is quite something. I agree that they cost a bomb but they are complete value for money. Not only are these shoes high on style but also on comfort. You can wear them all day long!”, “Jimmy Choo Shoes for Fashionistas” (Review Center).
2. Feedback Interpretation Overall it seems that customers are very satisfied with the brand and its products. According to customer feedback online we can tell that buyers perceive Jimmy Choo as a luxury brand that is offering worth buying luxury products. This is the perception and image that we are also trying to project on the market for our Jimmy Choo jewelry line. Another feedback that show us that the brand is successful is that customers even those that cannot afford to purchase the product regularly would save money in order to buy the brand’s products for pleasure or special occasion. This show that the brand it worth buying to customers. According to customers, feedback owning a Jimmy Choo product makes them feel more confident, happy and fashionable. The fact that the brand would customized product to its customer needs also show the high standard of a brand like Jimmy Choo. For example, one of their customers was able to use her dress fabric in the design of her shoes. This kind of service is priceless and also show customer oriented the brand is.
Fig. 28. Jewelry Styling; Sikara and Akidemi; Web; 17 Aug. 2016
On the other side a couple of comments online were complaining about the shoes being uncomfortable and easily damageable. In my opinion, we need to make sure that the quality of our luxury goods is made out of top quality material. It is also very important to make sure all the stitches are solid and durable. I feel that Jimmy Choo is definitely strong at offering fashionable and original products but still need to make some improvement in making their products more practical and durable. Therefore, for our jewelry line we will ensure that our customers are satisfy with the originality, as well as the design and customizable part of our products. We could create unique pieces of jewelry at the customer taste for special occasion. Customers could also pick their own stones or finishing touch on products. Often customers are wanting to add their own personal touch on a product to match a dress or a purse they already have. Of course, this service has a price but it will add value to the jewelry line and the brand itself. Now, I feel that in addition to these features, which are already offered by Jimmy Choo shoes wear, we would like to upgrade the quality of our jewelry products by adding additional internal audit in product quality and efficiency. We want to make sure that every piece of jewelry we are offering are durable and comfortable to wear for any type occasion. This will help us retain customers, attract new customers and generate positive customer feedback.
11 / TARGET CONSUMER PROFILE 1. Demographic
3. Geographic
Jimmy Choo jewelry is targeting male and female
The primary market for Jimmy Choo jewelry is based
between 25 up to 40 years old. It is possible that some
out of Europe, United States and Japan. Eventually this
of their customers will be a younger and older than
market will expand to Russia, South of America and
this age range but ideally this will be the age range the
China.
brand will be marketing for. 4. Social and behavioral 2. Psychographic
Jimmy Choo customers are wealthy and like to show
The Jimmy Choo customer is eccentric, happy, sexy
it. The love rare items made of premium quality. They
and excited about life. Their customers love beautiful
often own unique pieces that were made personally
and unique pieces. They also have a thing for travel,
for them. They like to go to exclusive private events
glamourous event and exotic items. They are interested
that most millennials people dream to attend like the
in culture, art and fashion in general. They love nature
Golden Globes, NY Fashion Week, Rihanna’s private
and luxury at the same time. It is possible to see them
birthday party, Met Gala and more. These customers
at Paris fashion week, before taking off for a trip in
themselves are brand ambassadors themselves. They
India before ending their month at some private party
are here to inspire the new generation to spend money
in Ibiza. They are the jet-set of today; concerned about
countlessly, travel and live life happily ever after. Socially
global warming but not ready to sacrifice their luxurious
and professionally, they are successful and well-known
lifestyle to make a change yet.
in their network. They are envied and admired. They aspire many customers of their age range and younger to save their money in order to afford a pair of Jimmy Choo, in order to get a light taste of what this lifestyle must be like.
12 / COMPETITORS 1. Jimmy Choo Shoes Competitors
2. Jimmy Choo New Jewelry Brand Competitors
13 / SWOT ANALYSIS (NEW BRAND) STRENGTHS • Strong brand recognition • Loyal customers • Wide range of price points (affordable to highend) • Skilled workforce in marketing and sales • Endeavors about the environment and ethical issues • Income level is at a constant increase
WEAKNESSES • Brand portfolio • Small business units and revenues except on shoes line • Productivity • Lack of relationship with mining companies • Lack of skills in jewelry manufacturing • Lack of jewelry knowledge of salespersons
OPPORTUNITIES • Markets in all parts of the world • Growing demand • Changed consumer preferences (a mean of an investment, non-seasonal shopping item, gifts for themselves) • Global markets, especially in the U.S. and China • Expansion of men’s jewelry line • New products and services • High profit margins • Online markets (e-commerce and mcommerce) • Interactive digital platform including social medias • Advanced shopping experience
THREATS • Competitive market • Tax structure • Price changes of raw materials • Increasing salaries • Cash flow • Customers preference • Decrease of tourism derived from terrorism and visa policies • Unpredictable exchange rate fluctuations • Counterfeit goods • Additional investment to expansion of the new product line • Supply chain disruption (diamond) • Synthetic gemstones and fashion jewelry increasing in popularity • Various competitors amongst fine jewelers, high-end luxury brands, and fast-fashion brands at different price points
14 / CORE COMPETENCIES AND COMPETITIVE ADVANTAGES One of the main core competencies and competitive
Already having an ecommerce site it’s another plus for
advantages for Jimmy Choo is its brand recognition.
Jimmy Choo. Many people currently shop online and
It is a very well-known brand with strong following
those numbers are rising every year. Even though if
and loyal customers that go from celebrities, HNWI,
they don’t shop many customers when they are making
millennials and middle class. Thanks to its wide range
a large purchase prefer to do some research, so it’s
price points, different materials and styles many
important to have this available.
customers can acquire items of the collections.
With all these assets, it becomes easier to launch a new
Furthermore, it has faithful employees who maintain
line, knowing the brand already has a lot of the ground
the brand reputation and good customer service.
work.
Throughout its history the brand has created beautiful advertisements, marketing pieces and showrooms to reveal its collections. Having great partnerships with major retailers and many celebrities it’s another advantage the brand possesses. Being endorsed by them it’s huge step to get into the consumer’s eyes.
15 / RISK FACTORS VERSUS SUCCESS FACTORS As the demands for branded jewelry and fine jewelry
Nonetheless, expansion to luxury branded jewelry
markets are consistently growing, not only jewelry
includes many advantages. A remarkable success
specialists but also luxury high-end brands launch
element is changed consumer preference. Conscious
branded fine jewelry line. The current status shows
people prefer to buy the luxury jewelry as an investment
that the luxury branded jewelry market is highly
since financial recession. Jewelry is not a seasonal item
competitive, which is the biggest risk for Jimmy Choo
such as for Valentine’s day and Christmas any longer.
to expand the luxury fine jewelry line. For launching
Many women gift a jewelry for themselves. As men
the new product line, Jimmy Choo needs enough
are gradually interested in fashion, they purchase
additional investment to raw materials, manufacturing,
luxury jewelry as well luxury apparel and accessory.
and marketing. If the brand borrows money from the
Luxury jewelry demands are high in the U.S and China,
bank, brand’s debt will be increased. As raw materials
and sales of both markets are predicted to increase
such as diamond and colored gemstones are finite
continuously. Compared to fashion jewelry, luxury
resources, the supply of high quality of resources is
fine jewelry brings high profit margin to the company,
a big challenge. Besides, finding a reputable mining
which means that Jimmy Choo expect healthier
companies and manufacturers or artisans are factors
financial status rather than now. The development of
to consider thoroughly because they influence the
technology enables Jimmy Choo to provide convenient
quality of jewelry products directly. Hiring core talent
shopping channels, e-commerce and m-commerce,
salespersons or educating existing staffs are influencers
and interactive and advanced shopping experiences to
to the risk.
customers through various digital platforms.
16 / MEASUREMENT AND EVALUATIONS • Revenue Vs. Target • Expenses Vs. Budget • Number of Units Sold • Number of Stores Carrying the New Product • Sales for the First Year • Same-Store Sales: According to Investopedia, “Same-store sales are a financial metric that companies in the retail industry use to evaluate the total dollar amount of sales in the company’s stores that have been operating for a year or more. Same-store sales statistics provide a performance comparison for the established stores of a retail chain over a given time period, such as a fiscal year or quarter or a calendar year or quarter, comparing revenues for the current period to the same period in the past.” • Sales by Region • Number of Customers • Customer Satisfaction & Retention • Percentage of Product Defects • Employee Turnover Rate (ETR) • Press and Media Exposures (TV, News, Magazine, Portal Website, Blog, and Social Media)
17 / MARKETING FOUR P’S 1. Product • Reputable mining company / Jewelry manufacturers or artisans / Professional Gemologists • High quality of diamond and colored gemstones jewelries • Women’s and Men’s jewelries • Ring and Necklace: • Collection: wedding, engagement, anniversary, friendship, daily • Customized jewelry with 3D printing pre-check service 2. Price • Entry level: $500~$800 • High-end level: +$12,500~$1,000,000 based on carat, gemstones, and design 3. Place • 10 Flagship stores • The New Bond Street, Sloane Street, Beverly Hills and Harbor City Hong Kong (already opened) • New York, Milan, Paris, Tokyo, Shanghai, and Beijing (planned to open by the end of 2017) • DOS (Directly Operated Stores): Haute couture salons and fantasy shoe closets concept • The new DOS in China • The renovated DOS in the U.S. • Online: E-commerce and M-commerce
4. Promotion • Advertising: print advertising (ex. Magazine), online and mobile advertising (ex. videos, banners, and social medias) • Publicity: magazine, digital including website, apps, and social medias, events such as collection show and launch party • Sales Promotion: product placement in television series, celebrity placement in awards
18 / FINANCIAL PLANNING We estimate that the total revenue will increase to â‚Ź388.1 million by 2017. Retail accounted for over 65 percent of the whole revenue in 2015 and its proportion will increase continuously. Revenue of other channels will grow consistently while that of wholesale will decrease. Our financial goal is that the revenue of jewelry line will account for 10 percent of the whole revenue in 2017. By 2020, its revenue will be expected to 17 percent of the total revenue.
As fine jewelry has much higher margin than other product categories such as shoes, accessories and fragrance, Jimmy Choo expect gross margin to rise from 61.8 percent in 2014 to 73.2 percent in 2020.
Jimmy Choo invests 4 percent of the total revenue into the marketing and its budget is divided into digital and traditional marketing. Jimmy Choo concentrates on the digital marketing which includes online and mobile channels three times bigger than a traditional marketing tool. Jimmy Choo, particularly, focuses on social media, digital public relations, and digital advertising, 30 percent, 20 percent, and 16 percent of the total marketing budget, respectively.
19 / LONG-TERM STRATEGY AND FUTURE DIRECTION
The long-term strategy for jewelry with Jimmy Choo is to continue creating. The line could expand to a seasonal collection much like the merchandising strategy is set up for the other products offered by Jimmy Choo or to create more ways for consumers to personalize their product and make it that more special. With the high demand in fine jewelry it is in the best interest of the brand to take part in this segment of fashion to reach new consumers and to gain favor with current consumers. The brand will continue to utilize current marketing strategies such as print, web advertisements, social media and celebrity endorsements. The brand will also continue to utilize online retailers as well as traditional retailers when it comes to this product. As always, it is the goal of the brand to create well-made luxury items for their consumers and to try and expand their market reach to gain more consumers.
20 / APPENDICE
Marketing Promotional Examples • Billboard 1 • Billboard 2 • Print Advertisement_Magazine • Social Media • Official Website
Billboard 1
Billboard 2
Print Advertisement_Magazine
Social Media
Official Website
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Savannah College of Art and Design Summer 2016 LXFM730 Marketing of Luxury Goods Prof. Alessandro Cannata