Business Plan 2020
Between nature and modernity. Luxury swimwear with sustainability at heart.
TABLE OF CONTENT Executive Summary ...................................................................................... 3 Organization Summary ............................................................................... 6 Swimwear Industry Profile and Outlook ............................................ 10 Competitive Analysis ................................................................................ 17 Target Audience Profile ........................................................................... 20 Marketing Plan ............................................................................................ 22 Products and Services .............................................................................. 31 Future Products .......................................................................................... 33 Operation Plan ............................................................................................ 34
Executive Summary Irvetta, a passionately created swim and resort wear label was established by two sisters, Julie and Jeje in the year 2017. The London based start-up originated with an aspiration to create a swimwear which empowers women and provokes a feeling of divulging into finer experiences of life. Irvetta commits to produce innovative premier quality luxurious swimwear with a purpose to cater to millennial women who desires elegance, timeless and classic feels.
Each swimsuit is impeccably designed in United Kingdom with Italy’s finest eco-friendly fabrics to enhance feminine beauty by exquisitely creating comfortable and graceful swimsuits. Irvetta meaning ‘friends of the sea’ believes truly in the ideology of slow fashion by supporting sustainable and ethical way of living. Understanding and innovatively catering to the target markets requirements, Irvetta aspires to become one of the quintessential supplier in the women luxury swim and resort wear segment by catering to a niche clientele who desires premium quality swimwear that elicits elegant and timeless designs while remaining true to the roots of sustainability and innovation.
Mission Statement Irvetta’s purpose is to become one of the major players of accessible luxury swim and resort wear. The brand will cater to a niche clientele who desire high-quality, luxury fashion swimwear that evokes modest, timeless designs. Irvetta’s mission is to remain innovative while creating our products, focusing
on
sustainability.
quality,
craftsmanship
and
Value Proposition Irvetta’s luxury swimsuits and resort wear are manufactured and designed in an impeccable manner which creates value both to the customer and the society.
Value to Irvetta customers –
Comfortable fit
Modest and timeless design
Sustainable and Durable
Italy's finest eco-friendly fabrics
Value to society – As all the swimsuits are manufactured in Italy and resort wear in London has resulted into the generation of lower carbon footprints. Additionally, all the fabrics are sourced from a luxury fabric company in Italy with eco-certifications from the PEF (Product Environment Footprint), Oeko-Tex, and the GRS (Global Recycled Standard).
Irvetta consciously takes efforts to preserve the environment by creating the swimwear from eco-friendly materials and they are durable in nature as opposed to throwaway fashion to make the swimsuits last longer.
Organization Summary
Company Formation IRVETTA LIMITED was incorporated as a private limited company on 24th August 2017 Company Number: 10931749
Location and Geographical Presence The company operates in the UK and products are sold via an eCommerce store: https://www.irvettaswim.com/
Today's world is driven by a digital age and people have access to a wealth of information at their fingertips. According to McKinsey report, the contribution of online luxury sales to the global high-end market will more than triple by 2025, reaching $91 billion USD. Nearly one-fifth of personal luxury sales will take place online.1 This is the reason why Irvetta’s main presence is online. Digitally brands can reach global exposure through digital marketing.
Irvetta’s swimwear are manufactured in Italy as a ‘Made in Italy’ product is highly desirable in the luxury retail industry. The small factory we manufacture with is located in northern Italy. Italy is much closer to United Kingdom which means much lower carbon footprints as well as more
control
over
quality
etc.
Manufacturers have worked with some big brands such as Balmain, Chloe, Moncler, Moschino, Roberto Cavalli and Tom Ford Donna.
The resort wear is manufactured by a small female-owned high-end fashion sampling and pattern making studio based
in
bespoke,
London, luxury
and
specialising
in
contemporary
garments. They are very experienced in working with silks and light fabrics. It is great to be able to produce ‘Made in UK’ products
and
support
women
empowerment through this partnership.
In the near future, Irvetta plans to organise special pop up stores for the clients in key locations both domestically and internationally. This way clients will have the opportunity to view new collections physically. A personal relationship would also be created as customers could meet and interact with the founders. Pop-up stores are an effective way to build brand awareness for a business. From building deeper customer relationships to testing new markets.
1. https://www.mckinsey.com/industries/retail/our-insights/luxury-in-the-age-ofdigital-darwinism#
Current Business Status Irvetta launched its first swimwear and resort wear collection on 1 August 2019. The collection is called Irvetta’s Odyssey and in essence, is a representation of the brand's identity. Inspired by the sister's journey taken to seek and find a balance between their work, health and family. The journey or odyssey has both a literal and figurative meaning. Odyssey is dedicated to those seeking the unexpected and knowledge in travel and experiences no matter what stage they are in their lives or what part of the world they choose to take their journey.
From Coco Chanel to Oprah Winfrey, iconic entrepreneurial women have been
a
huge
inspiration
for
the
collection. Irvetta’s Odyssey collection believes in empowering women not only in what they wear but also how they feel and what they do. Merging geometric and floral patterns, the iconic Peony Blossom print blurs the boundaries between nature and modernity. Irvetta represents
the
transformation
of
classical opulence into contemporary swimwear desgn.
Swimwear Industry Profile and Outlook
Swimwear market valuation In 2018, the global swimwear market was valued at 18.85 billion U.S. dollars. As forecasted by research conducted by Statista, this market value has been predicted to reach a value of 29.1 billion U.S. dollars by 2025.2
Figure 1 Swimwear market projected growth rate by Statista
Increasing customer interest in swimming, rising rate of family holidays along with beachside fuels demand for swimwear. Furthermore, factors such as a growing number of public or private swimming pools & clubs, high penetration and acceptance rates of e-commerce platforms, rising spending on lifestyle, and rising consciousness about health stimulates the swimwear market growth.
2. https://www.statista.com/statistics/874093/swimwear-market-valueworldwide/
Top revenue generating market The most lucrative market in swimwear industry is United States with largest market volume of ₤30,611m in 2020. China with ₤10,162m revenue is the second highest generator of revenue is swimwear market, followed by Japan and United Kingdom. Irvetta aspires to tap these markets with high demand for swimwear products.
Figure 2 Top revenue generating swimwear market
Eco-luxury swimwear analysis The luxury industry is often tied in with terms like excessive consumerism, disposable income, and guilty pleasures. Yet, as Millennials and Generation Z consumers are driving 85% of global luxury sales growth, their expectation for luxury brands to be aligned with their values becomes increasingly important.3 The younger affluent generations are indeed more conscious of the environmental and social impact of their purchase decisions and are more likely to buy from a brand that resonates with their own personal values.
3. https://luxe.digital/business/digital-luxury-trends/millennials-buy-sustainableluxury/
High-end brands that want to retain their status in the luxury market need to evolve to keep up with this growing trend towards ethical and sustainable luxury. A study from Nielsen showed that 73 % of Millennial respondents were willing to spend more on a product if it comes from a sustainable or socially conscious brand which is considerably more than what older generations indicated. Furthermore, 81 % of Millennials expect the brands that they buy into to be transparent in their marketing and actively talk about their sustainability impact.4
According to Bain & Company research, younger generations will be the primary engine of growth in the coming years. Generations Y and Z will represent approximately 55% of the 2025 luxury market and will contribute 130% of market growth between now and then, offsetting a decline in spending by older consumers.5
Figure 3 Generational overview of spending in luxury market 4. The Sustainability Imperative, Nielson, December 2015. 5. Luxury goods worldwide market study, Fall–Winter 2018, Bain & Company, 2018.
Price-conscious younger luxury consumers are driving the rise of the affordable luxury segment and boosting the performance of the premium sector. The younger generation of luxury consumers carefully considers affordability when purchasing premium goods and services. Often viewed as an oxymoron, luxury and affordability can go hand in hand. Luxury is about achieving quality at a price consumer feel is good value, and many brands provide more affordable price points for those seeking lower-priced but still premium options.
Influence of social media The social media trends that PMX found in relation to luxury brands is the growth of Instagram, considering the near ubiquity of Instagram among luxury brands: 72% of Instagram users say their purchase decisions are influenced by the platform. Millennials had the highest likelihood of making a purchase based on an Instagram post, at 74%, and a host of studies on Gen Z has shown the younger group’s propensity to shop on mobile and on social.6
Swimsuit sales have taken off in recent years, and not just during the summer. Luxury accounted for only 9% of the women's swimming market in the first quarter of 2016, while in 2018 it rose to 16%, with Solid & Striped, Eres and Melissa Obadash becoming the most stocked brands.7 Instagram is an increasingly effective way for brands to showcase, and sell, their latest trends.
6. https://www.retaildive.com/news/millennials-gen-z-to-account-for-45-ofluxury-market/506858/
U.S. retail sales of swimwear were approximately $3.6 billion when Instagram launched in 2010. They rose to $4.6 billion in 2017 for an average annual growth rate of about 3.2 percent, according to the NPD Group’s Consumer Tracking Service. The pace of growth has dramatically picked up with U.S. swimwear sales growing at an average annualized rate of 10 percent, according to the NPD.7
Market Trends and Potential Opportunities
Figure 4 Bikini trends in 2020
Bikini top In US and UK market, bikinis are the dominant swimwear style of Spring 2020 deliveries, making up 65% and 68% of arrivals in the UK and US, respectively. Retailers are mostly buying into triangle and bandeau shapes, while cropped sporty styles see greater exposure in the UK. 7. https://perfectsourcing.net/global/will-the-charismatic-global-swimwearmarket-stay-lucrative-in-future/
Bottom style In the US, bikini bottoms described with a high waist and a high cut make up most of the range, while UK retailers are investing in full covered briefs. One-piece swimsuits equal 23% of new arrivals in the UK compared to 18% in the US. There is more scope for the tankini in the US, which made up 7% of new styles compared to the UK’s 3%.8
Figure 5 Bottom trends in 2020
Popularity in One-Piece After its comeback in 2018, the one-piece swimsuit confirms its position as the swimwear trend for summer. Fitting every shape, size and style, one piece has become a great fit for many women. An 11% increase in the one-piece swimsuit compared to spring 2018.9 In line with this season trend, the Luxury Swimwear Trends are mostly focused on one-piece swimming suits with stripes, cut-outs, metallic designs and belted accessories. 8. https://www.cnbc.com/2018/06/24/swimwear-industry-on-fire-thanks-toinstagram.html
Competitive Analysis Swimwear market is a highly fragmented market with a mix of high-end retailers to smaller independent luxury producers, premier active wear to affordable athletic swimsuits. Diversity in swimwear market has led to emergence of huge competition in each segment. The premier sector has myriad of designers available in the market worldwide who sell through boutiques, luxury departmental stores and also online modes such as websites, social media, etc.
The perceptual map displays the different competitors in swimwear market from active wear to luxurious range.
Perceptual Map
Expensive Eres Athleta
Cult Gaia
Speedo Nike
Solid & Striped
Stylish
Functional
IRVETTA Seafolly H&M
Budget
ASOS
Figure 6 Irvetta's potential competitors perceptual map
Competitive Positioning With so many competitors in luxurious segment, Irvetta has created its unique position in the densely competitive market by establishing itself as an affordable luxurious brand in swimwear market. Seafolly and Solid & Striped are immediate competitors to Irvetta as they operate in stylish and budget friendly segment. High-end retailers like Eres and Cult Gaia are major players in luxurious swimwear segment who can also be considered as potential competitors as they cater to similar target audience. Irvetta being sustainable in nature gets a competitive edge over its immediate competitors.
IRVETTA is determined to create a unique position in the market by offering a unique blend of three essential factors for swimwear product. Irvetta has a competitive edge over its competitors as its products are not only luxurious but also environmentally friendly and affordable at the same time.
IRVETTA SWOT
Target Audience Profile The target market for IRVETTA is a millennial woman born between 1980 – 1996. She enjoys shopping online and is an environmentally conscious person. She loves to express herself through her style. She prefers sustainable luxurious clothing items rather than being a part of throwaway fashion.
The Irvetta customer is a lover of classical style, an icon of modernity and a friend of the sea who seeks a new class of luxury that accentuates natural beauty and compliments one's inner personality. Captivating, she enjoys the finer experiences in life: faraway trips to exotic resorts, midnight walks by Mediterranean seas, relaxing back into warm sands with a classic book.
Demographic Variables •
Age - 23 - 36
•
Location - United Kingdom
•
Gender - Female
•
Income level - ₤20,000 – 30,000 annually
•
Education - Graduated from University
•
Occupation - Young professionals
Psychographic Variables •
Interests - Loves to travel, shopping online, likes art, photography
•
Values - Environmentally conscious, authentic experiences, loves to stand out from the crowd
•
Attitudes - Extroverted, creative, outgoing
•
Behaviours - Purchases online, reads online reviews, follows International Luxury brands on social media, reads fashion magazines
•
Lifestyle preferences - Prefers premier quality products, purchases fashion items frequently, wears recognizable brands
Here is a buyer persona of IRVETTA to enhance better understanding of Irvetta’s ideal customer.
Marketing Plan
Social Media Marketing Traditional Marketing
Email Marketing Ways to reach Irvetta's target customers Search Engine Optimisation
Influencer Colaboration Pay Per Click (PPC)
Social Media Marketing Social media has become an indispensable part of any marketing strategy. The pros of social media marketing for fashion brands is that fashion is a highly visual industry.
Irvetta has its Instagram, Facebook, Pinterest, YouTube and a Twitter account. Focus platforms are Instagram and Facebook as these are the strongest platforms for social media marketing currently. For this reason, the team has invested time and resources on the content images by presenting brand and aesthetic positively. From the current branding and content created Irvetta has received very positive feedback and comments. The aim is to produce as much high-quality content as possible and encourage buyers to take images and tag the brand.
Influencer Marketing As part of this strategy, a list of suitable influencers (who are suited to the brand) Irvetta can collaborate with. Irvetta has one influencer on board @lolitamas (who has over 57k followers and is followed by big brands such as La Perla and Aspinal of London). Posting an image in Irvetta products gives the brand exposure to start generating sales. Lolita is strong and trusted influencer and research has shown individuals products
are
likely
they
like
to
purchase
featured
on
Influencers post if the influencer is trusted and only collaborates with brands they genuinely like.
Brand’s aim is to build long standing relationships with suitable influencers, followers don’t want un-authentic one-time transactional post but rather a post where the influencer genuinely loves the product and brand. These genuine longer-term collaborations/partnerships will in return reflect on the Irvetta brand and product positively and generate revenue through purchases linked to Influencer posts.9
9. https://wwd.com/business-news/technology/influence-peddler-when-is-theretoo-much-of-a-good-thing-11032085/
Email Marketing Email marketing is the highly effective digital marketing strategy of sending emails to prospects and customers. Effective marketing emails convert prospects into customers, and turn one-time buyers into loyal, raving fans. Through Irvetta’s website customers can sign up to our newsletter where they will receive updates and promotional emails. With the correct encouragement and visual pleasing email layout and content this should drive customer loyalty and repeated sales from the same customer.
Search Engine Optimisation The way Google and other search engines rank website changes constantly. This means one need to keep up with the latest SEO developments if you want to outpace the competition. The team has spent a great deal of time researching this and will use tools such as Google Search Consule, BuzzStream and Google AdWords Keywords planner. With these and scheduled research on SEO updates, gradually Irvetta plans to improve SEO rankings and earn leads organically.
Pay-per-click (PPC) Marketing PPC marketing is a model of internet marketing in which advertisers pay a fee each time one of their ads is clicked. Essentially, it’s a way of buying visits to your site, rather than attempting to “earn” those visits organically. The team researches what are the best keywords that relate to swimwear products to optimise PPC campaigns.
Traditional Marketing This
includes
advertisements,
billboards, flyers or pamphlets, TV, newspaper, magazine and radio. For traditional marketing, Irvetta focuses on magazine and newspaper exposure both domestically and internationally. The team has created press release and aiming to get brand story exposure about
the
company
founders/team.
Irvetta
and has
Irvetta been
featured in Tatler, JustLuxe, Swim week calendar and many more.
Branding
Brand Name 'Irvetta' comes from a female name, meaning ‘friend of the sea’. The brand is not only ‘friends of the sea’ for the name sake.
The team consciously sources sensitive
sustainable fabrics to minimise our impact on the environment. At Irvetta, the team strives to create luxurious, high quality swimwear, because each team member understands and believes that longevity in fashion supports a sustainable and ethical way of living.
Slow fashion encourages slower production schedules, fairer wages and lower carbon footprints. Irvetta is an ethical luxury brand that understands the importance of sustainability is demonstrated from its brand name itself. Irvetta is committed to using sustainable fabrics and ethical practices to create collections.
Brand Logo Irvetta swimwear is drawn to the symmetry that lattice evokes and reimagines it as a delicate way to adorn pure silk exquisite pieces. This symmetry is reflected in the Irvetta’s iconic logo.
The brand icon was an inspiration for Irvetta’s first collection, Irvetta’s Odyssey, and was reinterpreted as a side string on one-piece swimsuits and bikini tops.
The Irvetta Woman The Irvetta woman embraces an effortless balance between modern, professional life and classical, natural beauty. Captivating, she enjoys the finer experiences in life: faraway trips to exotic resorts, midnight walks by Mediterranean seas, relaxing back into warm sands with a classic book.
Compassionate for the environment, she seeks a new class of luxury swimwear that accentuates her natural assets, compliments her inner personality, whilst nurturing the planet. Irvetta is dedicated to crafting the perfect swimwear for the Irvetta woman, the woman who seeks true balance between nature and modernity. Irvetta believes in empowering women not only in what they wear, but also how they feel and what they do. #IAmIrvettaWoman
Irvetta Magazine The Irvetta Magazine covers topics in Fashion, Beauty, Art, Travel etc. Each article from a unique angle giving the reader short sophisticated reads. The magazine is a great way to engage with our customers and gives an opportunity to increase brand awareness and share values and ethics.
Study shows that businesses with active blogs receive approximately 55% more visits that websites without.10 It has always been Irvetta’s passion to bring honest and compelling articles to its customers.
10. https://woocommerce.com/posts/blogging-grow-fashion-business/#
Products and Services Swimwear The swimwear is designed in London and made in Italy. The quality of the products are of the highest standard both in fabrics and manufacturing. The swimwear is made in Italy using the finest Italian fabrics. The collection has a variety of styles that caters to women of different body shapes and sizes. Irvetta has designed its first Odyssey collection which was inspired by the sisters journey to create timeless, classic swimwear that emphasizes the natural curves of the female form. •
Removal Padding
•
Inner bra
•
Mesh side details
•
Timeless design, modern feel
Irvetta swimwear price ranges from £55 - £215
Resort Wear The resortwear is designed in London and made in the UK. The resort wear is made out of pure 100% silks and the Peony print design was exclusively designed for the collection and has been designed in the UK. Merging geometric and floral patterns, the iconic Peony Blossom print blurs the boundaries between nature and modernity.
Resort wear price range is now ÂŁ325 - ÂŁ455
Future Products Irvetta aims to expand the swimwear and resort wear collections offering more range and designs while upholding the quality and luxury feel. The team plans to add beach accessory which complements the look and feel of the Irvetta Woman.
Turkish Cotton Towel Irvetta has already produced a 100% Turkish cotton towel with elegant softness. With an opulent 600 gsm, this plush towel is fully absorbent for an incredible feeling of touchable luxury.
Peony Print Headband Irvetta team has also designed the Irvetta silk Peony print headband which is an add on accessory to the Peony print swimwear and resort wear. Being versatile, it can also be used as a neck scarf to give a different look.
Beach Bag The team is in the early stages of prototyping a luxury versatile beach bag. Beach bag, a pre-requisite beach accessory is designed and crafted in a way which is spacious and have a sophisticated feel. The bag can be used for different occasions as it is versatile.
Operation Plan
Brand Exposure
Growth of Sales
Investors and Collaborators
- Influencers/Talents/
- Selecting niche and appropriate influencers that will actually deliver us customers.
- Networking at fashion events, speaking to potential interests about our brand.
- Communicating with followers and new Instagrammers by targeting instagrammers who are likely to like and purchase our products.
- Contacting/emailing potential sponsors
Celebrities will play a big part of the success of this goal.
- Magazines, advertisement will create exposure. - SEO’s, paid advertisement - Partnerships
-Partnerships, other products to work with like sunglasses, jewelry, sun lotions.
Financial Planning
Why Invest in Irvetta sisters? The Irvetta Story The brand is consciously designed by the Irvetta sisters. Even though the sisters considered themselves to be different, they came together through a common struggle of finding a balance between professional life and wellness. Irvetta sisters pooled their diverse experiences and worked together on a creative project in search of this equilibrium.
Through this, they found a shared passion for sophisticated swimwear design and entrepreneurship; and they embarked on their journey to create the Irvetta brand and the Irvetta woman. A brand that represents all women, who seek this balance between nature and modernity.
Meet the founders of Irvetta Brand –