1 minute read
THE GAP IN THE MARKET:
As previously explored in my 360-campaign, I discovered that many luxury brands are expanding into other areas of progression (fashion-branded hotel chains) to continue building on the idea of immersing yourself within a brand and living their lifestyle. Ralph Lauren transformed elements of Round Hill Hotel and Villas into a tropical paradise in Montego Bay, Jamaica to engage consumers with experimental and unique expressions of the brand. Hotel chains, restaurants, home debuts, and the launch of Ralph Lauren paint are all natural extensions from the original clothing line to share his vision, his world. My FMP stems from these successful movements and pushes it further into a fashion-branded (virtual) world.
Many brands who sit alongside Ralph Lauren are remaining comfortable with gaming collaborations, my FMP is keeping the brand ahead of the curve from its competitors. By purchasing land on The Sandbox, I am continuing to develop the brands mission in a forward-thinking, truly unique way.
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THE CONSUMER:
By exploring the metaverse, Ralph Lauren would be shifting their consumer base from Millennials to Gen-Z. Generation Z is the cohort born between 1997 and 2012, the oldest of this demographic is reaching 25 years old. Gen Z will soon become the largest cohort of consumers and the most influential cohort in the luxury market, they are set to account for 40% of the consumer base by 2035. It was important for me to aim my FMP at this consumer, gaining a share of Gen Z spend is emerging as a critical growth lever for the luxury sector.
CONCLUSION:
Ralph Lauren once said he craved authenticity and my FMP has successfully delivered this, a new excitement and statement concept. I feel passionate about my FMP, I believe that I have created a forward-thinking concept that the industry will find fascinating, new, and fresh. Although my project specifically focused on the luxury lifestyle brand Ralph Lauren, I hope my idea can influence other brands or designers to join the ground-breaking movement and keep ahead of the curve.
