Andrea ScirĂŠ Isabel Wild Julia Llaguno 1 Kamilla Murtazina
MISSION Barneys New York is a luxury specialty retailer that focuses on bringing an exclusive vision of urban and sophisticated look. Being a pioneer in discovering unique designers, Barneys continue to offer curated shopping experience, enhanced by the sense of discovery, for exclusive customer, who is in search for one of a kind styles.
STATEMENT 2
3
TABLE OF CONTENTS
Brand Overview... 6
4
Target Customer... 10 Product Category... 12 S.W.O.T... 14 Competitive Marketplace... 16 6 Month Buying Plan... 22 Flagship Buying Plan... 24 Las Vegas Buying Plan... 26 Assortment Plan... 28 Closing Statment... 30 5
BRAND OVERVIEW
Clear vision of urban sophisticated aesthetics Strong curation of merchandise sold Shopping experience tailored to specific needs of specific customer Strong connections with progressive designers Emphasis on luxury rather than discounts and promotion Sense of discovery Full control of retail space
6
7
scope / size / stores
Physical stores:
Madison Avenue, New York - flagship 2 stores - New York 3 stores - Los Angeles San Francisco
$900 million gross revenue 6% annual Operating profit growth Record gross margin due to the policy of staying away from discounts $800 per square foot -The average sales density across Barneys’ physical store network
Boston Las Vegas Philadelphia Seattle
10 outlets / 4 restaurants
E-commerce:
Barneys.com Barneyswarehouse.com - off price The Window - editorial site
$500 -The average size of an order on Barneys.com 8
9
TARGET CUSTOMER Barneys sells to both men and women of high middle and upper class incomes. These people make around six figures a year. They are professional, university educated, digital and tech savvy. Barneys has both luxury and contemporary customers, they also have beauty and home goods consumers.
10
11
PRODUCT We chose to have a product focus on contemporary jewelry for Barneys New York. Jewelry is a staple in any wardrobe and Barneys is known for selecting the best fashion pieces from unique designers and have an excellent assortment of on trend pieces each season.
CATEGORY 12
13
strengths
S.W.O.T
•Mutual support by contemporary and emerging designers •Exclusivity •Store locations •Strong curation of merchandise sold •Provide sense of discovery •Use of technology
•Consistent quality of customer service •Lack of sales associates in brick and mortar stores •Operations and fulfillment of e-commerce
•Key designers focusing on their own network of retail stores •Rise of luxury e-commerce (Net-aPorter; Mr Porter)
•Expansion to new markets •Improve quality of E-commerce customer experience •Continue to develop new and emerging designers •Bring in new millennial customers
threats 14
weaknesses
opportunities 15
COMPETITIVE MARKETPLACE 16
Youthful Fun Forward Thinking Innovative Curated Innovative Forward Thinking Luxurious Youthful Trendy Risk Taking Unique Innovative 17
fashion trends 18
Lovley Layers Statement pieces mixed and matched with delicate pieces make for a perfect combination of taste and personal style. This season will be all about finding unique pieces that are perfect for stacking and layering, the more the merrier!
Night to Day Jewelry that can be worn from a night out with friends to a daytime job. Who says you have to be limited to one style when it comes to jewelry?
Hearts on Hearts Heart motifs and imagery are going to be all the rage. Closing in on 20 years after the early 2000’s we will see a return of chunky heart shaped jewels and a fun, playful side of accessorization. 19
lifestyle trends Uniqueness and One of a Kind Customers want to have unique and one of a kind pieces. Mismatch earrings and layer ing pendants makes it easy of them to changeup and style how they want Customer focused Special events where a guest jeweler de signs and creates one of a kind pieces for customers
technology trends Sustainable Solutions Lab-grown diamonds, recycled gold, and sustainable pearls New Natural Resources Grown in new organic and synthetic ways, and food waste will be a new frontier for recycling. Reusing and Transforming Material Waste materials will be recontextualised to create new designs. Upcycled materials offer a practical solution to reduce cost and waste. New In-store Surveillance Methods Helps track customer engagements and buying methods
20
21
6 MONTH Contemporary Jewelry
BUYING PLAN 22
23
FLAGSHIP BUYING PLAN 24
25
LAS VEGAS BUYING PLAN 26
27
ASSORTMENT PLAN
$18,370
28 29
CLOSING STATEMENT 30
Because of Barneys sense of discovery and ability to curate cool and unique collections for their customers, there is a big opportunity for them in the contemporary jewelry category. Jewelry has some very interesting trends coming and the industry is booming, providing a lot of opportunity for growth for stores that carry and curate jewelry. Specifically, some trends that will be big and provide a lot of growth are sustainable jewelry, technologically advanced materials, and layering and statement trends. If Barneys can continue to curate the best and most sought after selections, customers will rely on them to give the newest and best styles every season, and contemporary jewelry is an excellent category to focus on for this growth. 31
32