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ALENTINO BRAND AUDIT
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ONTENTS
EXECUTIVE SUMMARY: PAGE 2 BRAND HERITAGE: PAGE 3 VALENTINO OVER THE YEARS: PAGE 4 & 5 BRAND EQUITY AND VISUAL IDENTITY: PAGE 6 & 7 MARKETING MIX: PAGE 8 & 9 CONSUMER SEGMENTATION: PAGE 10 & 11 COMPETITOR ANALYSIS: PAGE 12 & 13 MICRO & MACRO-ECONMIC FACTOR ANALYSIS: PAGE 14 & 15 SWOT ANALYSIS: PAGE 16 RECOMMENDATIONS: 17 BIBLIOGRAPHY: 18 & 19
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XECUTIVE SUMMARY
With this brand report audit I aim to evaluate the role of Valentino within the market place, whilst also suggesting recommendations in order for the brand to develop itself within their market. By looking into factors such as their visual identity, product profile, consumer segmentation, competitors, PESTEL, strengths and weaknesses I will be able to achieve my aim.
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RAND HERITAGE Valentino was founded in 1960 by Valentino Clemente Garavani, who was born on 11th May, 1932. (Retrieved https://www.biography.com/people/valentino-21354709) From the age of 13 years old, Valentino decided he wanted to create clothes for women and there was never a time this Italian designer did not want to work in the fashion industry. The premises of Valentino’s first fashion house in 1960 resembled a real ‘maison de couture’. Everything was grand and models flew in from Paris for his first show. Valentino became well known for his red dresses and the bright shade of colour became known as ‘Valentino red’ in the fashion industry. In July 1960, Valentino met Giancarlo Giammetti in Rome and this was the start of their successful partnership. Shortly after meeting, Giancarlo left Architecture school to become Valentino’s business partner. (Retrieved http://www.vogue.co.uk/article/valentino-biography) The business of Valentino was not brilliant at the time Giammetti arrived, they had to fight against bankruptcy. However, once Garavani and Giammetti started to work together, their luck changed and it did not take long to gain international recognition. Valentino initially designed dresses for women and alongside his red dresses, Valentino’s rockstud shoes and studded bags have also achieved iconic status over time. In 1968 Valentino produced an all-white collection, which became famous for the V logo he designed. Magazines wrote fantastic articles about the collection and this became the true beginning of his successful career. In the 70’s the company became 30-40 times larger and ‘Pret a Porter’ was launched and boutiques opened overseas from Italy, including New York and Paris. In 2007, 2 months after Valentino’s 45th year anniversary Couture Collection in Rome, Valentino Garavani issued a press release saying the 45th year celebration was ‘unrepeatable’. ‘And so, at this time, I have decided that this is the perfect moment to say adieu to the world of fashion. As the English say, I would like to leave the party when it is still full.’ The next day, the company appointed 35-year-old Alessandra Facchinetti as womenswear creative director. However, after just 2 seasons she left the company. (Retrieved https://m2m.tv/watch/valentino-the-last-emperor/films) Maria Grazia Chiuri and Pier Paolo Piccioli, who had been working with Valentino for 10 years designing accessories, were then appointed as creative directors. Valentino is a part of the Valentino Fashion Group and is headquartered in Milan. Pier Paolo Piccioli has been its creative director since October 2008.
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Valentino Garavani opened his first fashion house.
1962
Valentino began to use his logo within his designs. This was also the year Jacqueline Kennedy wore a Valentino dress for her wedding, intriguing the American market.
1969
The first Italian ready-to-wear collection for men and women for the American market.
1981 1960
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Valentino started to find global success as he shows his first collection in Florance.
1968
First store opened in Milan.
1970 All Valentino fashion shows took place in Paris rather than Milan and the brand evolved into an international empire.
ALENTINO OVER THE YEARS
Valentino opened a cultural space for fashion & art exhibitions named Accademia Valentino.
Valentino was sold to Holding di Partecipazioni Industriali.
1991
The last Haute Couture show with Garavani’s creative direction took place.
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2009 -
2007 2008
Present Both Valentino and Giancarlo celebrated the 30th anniversary of Valentino.
The announcement of Valentino Garavani’s retirement and the celebration of his 45 years in business. His 45 years in fashion exhibition in the ARA PACIS museum in Rome obtains over 200 thousands visitors.
Maria Grazia Chiuri and Pierpaolo Piccioli were appointed as creative directors by Stefano Stassi. They lead Maison Valentino with a modern style whilst maintaining true to its Italian heritage.
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RAND EQUITY &
Using
Aaker’s 10 tips for
successful branding in order to analyse Valentino’s visual identity, I am able to evaluate the areas of their branding which make up Valentino’s equity.
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Value proposition:
Brand identity:
• Valentino is known for their creation of dresses and has been for over 40 years. They are romantic and perfectly produced. However, Valentino does not only make dresses, with his expansion into all types of clothing both; womenswear and menswear, as well as accessories. The brand is renowned for their use of the colour ‘Valentino Red’ and it is always used within one show stopping dress in each collection and catwalks, this makes their identity unique in their use of coloured fabrics.
Brand position:
• Luxury fashion market. • The higher class, rich, and ‘elite’. • Men and women willing to spend their money on designer items. • Celebrities. 6 6
• Rockstud heels have become an icon product for Valentino since 2010 and are admired by their market. (Retrieved https://fashionista.com/2014/04/ how-does-valentino-do-it) The rockstud has become symbolic to the brand as you simply ‘just know’ when an accessory is Valentino when is includes rockstuds. • The brands prestige image of luxury fashion makes people want to own Valentino products to be apart of the designer.
Execution:
• In order to communicate Valentino as a brand, they use: • Internet pop ups on sites like social media. For example, if someone was browsing on the Valentino website there would be a recognition of them looking into certain products, which then pops up on their screens as an ad, when scrolling through sites like Instagram. This subtly communicates to the consumer that they should purchase that product. • Short films to promote their campaigns. • Presence in social media, for example, Instagram and Twitter. • Celebrity endorsement. • Perfume samples in store and in department stores.
VISUAL IDENTITY
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Consistency over time:
• The logo was created in 1968 and has always been shown in black and white to denote simplicity and sophistication. • The same font is always used for Valentino, within the logo, advertising and website which creates a consistent image.
Brand leverage:
• Valentino launched their first perfume in 1978, which was their first expansion outside of the fashion and accessories market.
Brand responsibility:
• With Valentino being a luxury designer with many competitors, they have the responsibility to maintain a well established reputation. Valentino are well respected in the fashion industry, as well as in the media.
Brand system:
• The designer chooses celebrities to endorse their products which are based on them being representative of the brand and relatable to their target market. • They also ensure they have a consistent advertising strategy.
Tracking brand equity:
• Celebrities are loyal customers of Valentino, such as Lake Bell, Olivia Palermo and Kate Hudson. • Valentino in fact, designed Mrs. Kennedy’s entire wardrobe for a good two years and more. She ordered six of his haute couture dresses, all in the black and white and wore them during her year of mourning following President Johh F. Kennedy’s assassination. From then on, she was a devoted client of Valentino.
Brand investment:
• Valentino has invested into storesin main cities. For example in England, Valentino stores are located in London with 9 boutiques in total.
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Valentino is a luxury brand which offers clothing for both women and men as well as accessories and fragrances across a range of product lines. It has introduced lines such as Haute Couture which includes a variety of collections containing unique and one-of-akind creations that are handcrafted. Haute Couture signifies their creative and Italian flare which makes Using the them unique among their 4P’s to competitors. Pret a Porter is analyse exclusive and classy apparel Valentino’s line for both women and marketing men that consists of timeless mix, it will modernity with a Haute enable me Couture spirit. Valentino to explain Garavani is dedicated to the brands accessories for both genders, marketing including bags, shoes, small strategy. leather goods, belts and jewelry. Valentino rock studs are embellished to almost all accessories. The accessories also account for 45% of sales. Valentino Red is an affordable sister line yet still includes luxurious items for their consumers. (Retrieved https://www.ukessays.com/ essays/marketing/a-reviewof-valentino-marketing-essay. php)
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ARKETING MIX
PRODUCT:
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PROMOTION:
Valentino’s campaigns illustrate every seasonal collection by collaborating with photographers who share the same vision for the brand. Their campaigns touch upon a younger, edgier Valentino can be purchased side of their consumers both in stores and also such as their collaborations online. It has several retail with photographer Terry stores in multiple countries Richardson. Valentino’s around the world. Valentino campaigns are published also has a website where in high fashion magazines consumers can purchase and billboards to promote products easily. To ensure themselves to their elite consumers personal consumers. TV campaigns and styling needs are are used to promote met when purchasing Valentino in order to create Haute Couture products, Valentino is a superior an aspirational image for they are offered through priced brand who appeals consumers to look to and boutiques maintained by to the higher class, relate to. Promotional therefore the haute couture the company itself. This videos are powerful for the ensures exclusivity for the line offers pricings which brand as they are shown brand, allowing purchasing are comparable to its through creative and high competitors like Prada and through both in-store quality styles that promote Chanel, for consumers who and online, which allows a lifestyle/mood of the Valentino to reach a larger are not conscious about brand to appeal to their market. pricings and want a brand demographic. Valentino that is exclusive to any also uses interactive online other social class. The Pret adverts that consumers can a Porter line with pricings simply click on to take them of £300 to £4,500, while straight to the Valentino the Valentino Garavani website. By using intriguing product line prices range imagery and moving image between £100 to £2,250 and adverts on the Vogue website, Valentino Red being the this increases the amount of most affordable line which people visiting the website it is £30 to £1,300. results in more purchases.
PLACE:
PRICE:
Here is how a typical consumer of Valentino would pass through the AIDA funnel:
AWARENESS:
With Valentino’s target market being around 25-45 year olds both female and male of a higher / middle class and income we know that they will be purchasing products for pleasure and happiness. Also for fashion purposes and as a reward for hard work. Valentino create awareness of their brand on social media sites such as Instagram. With 9.7 million followers and extremely regular posts of products, celebrities wearing the brand, behind the scene clips and catwalks; their presence is dominant and gains consumer’s attention/awareness. They advertise in high fashion magazines such as Vogue and promote their campaigns through short videos. This means a high percentage of the brands target demographic is well aware of the designer Valentino.
INTEREST:
During this stage a potential consumer could be looking into a product they may have seen online or on a catwalk to see whether or not the product is worth purchasing. By them showing interest, it can quickly turn to ‘desire’ by seeing positive feedback of the product or someone they admire wearing it. The best advertisement for a luxury brand like Valentino is the red carpet. When their target market see’s a celebrity wearing the product they are aware of / want, this makes them begin to desire the product even more.
DESIRE:
With the customer now highly considering buying the product, they start to think hard about the benefits they will get out of buying the product. They decide whether or not it’s best to purchase in-store or on Valentino’s website.
ACTION:
This stage proves the brand was successful through their power of advertising. This means they have fulfilled their marketing aim by making their target consumer think they need the product in order to improve their life. This now may lead to more sales as the customer will potentially be so impressed with their product that they go back for more. This will possibly lead to a new customer loyalty to Valentino. 9
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ONSUMER SEGMENTATION
DEMOGRAPHIC: Due to Valentino’s high prices, they aim to target 25-45 year olds. A clientele that belongs to the generation of international jet setters. Both female and male. Middle and high class. Middle and high income.
PSYCHOGRAPHIC: Solid careers, socialites. Well educated. Perceives luxury goods as status. Appreciation towards fashion, art and Haute Couture aesthetics.
BEHAVIOURAL:
Purchases products for pleasure and happiness. Purchases for fashion, practicality and as a reward for hard work. Purchases statement luxury pieces to mix with high-street lower market level fashion. Desires to be distinctively fashionable.
GEOGRAPHIC: Fashion capitals. Urban cities.
Considering Maslow’s Hierarchy of Needs, purchasing from Valentino would be for ‘Higher needs’. For example, ‘esteem needs’, as people see being able to afford this luxury brand is a sense of accomplishment. They also think they would receive more respect due to them being of a higher social status because they are able to buy these products. The Valentino consumer could also come under ‘social needs’, as someone may purchase a Valentino product to feel as a sense of belonging in a certain social group. Also, the third ‘Higher needs’ category of ‘Self-Actualisation needs’, the consumer may feel a sense of fulfilment when owning Valentino, as not everyone can afford it.
EMERGING MARKETS:
Nigeria and India are some of the fastest growing consumers of luxury products and are predicted to bypass China within the next 10 years. There are greater levels of employment and higher disposable incomes. Valentino is available in over 90 countries through a retail network of 160 directly opened boutiques. Nigerian / Indian people could be considered as an emerging market and opening a stores in these countries could be a profitable opportunity.
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High brand recognition
Conservative style
By producing a brand positioning map, this enables me to analyse who Valentino’s current competitors are from a consumer’s perspective. With similar brand essence, price points and target markets to Valentino, I have established that there are three main competitors in my perceptual map. 12
Innovative style
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Low brand recognition
OMPETITOR
Chanel and Valentino both produce elegant and iconic products for both men and women by using high quality fabrics and textures. Their promotion strategies both include print advertising and social media. However, unlike Valentino, Chanel clothing cannot be bought on their website which creates exclusivity for stores. Chanel also sells skincare and makeup which means this brand targets are lower class market, as well as the elite. In an interview in 2011, Valentino Garavani himself, was asked “which competitor do you have the most respect for?”. He replied with “I’m very close friends with Karl Lagerfeld. I like what he does, he has lots of talent, also guts, he is very good photographer.” (Retrieved http://the-talks.com/interview/valentino/) This shows how he does not see Chanel as a threat and only the positives the brand has to offer; however, their brands are in high competition. Christian Dior is another strong competitor of Valentino. Dior tends to focus on romantic and constructed designs of men and women’s collections including Haute Couture, accessories and shoes, much like Valentino. However, Dior has expanded their product range with make-up and skincare that consumers can purchase online which Valentino does not sell as of yet. Dior’s ready-to-wear collections cannot be bought online like Valentino’s can, which creates high exclusivity but makes it harder for the consumer to buy. Instead, Dior use their website as a marketing tool to show their target market inspiration, looks from collections / catwalks and history of the brand. Prada, is very similar to Valentino in the sense that it has a prestigious heritage and a global impact with around 70 stores in various countries. Prada mirrors similar aesthetics with high quality and chic designs. They also have a similar product range including mens and women’s wear, accessories and fragrances. Although both Valentino and Prada target an elite consumer group, Prada is a slightly higher priced brand ranging up to £5,500. Prada also focuses on short films and high fashion magazines like Vogue as a part of their advertising approach, similarly to Valentino.
ANALYSIS
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ICRO & MACRO
M - ECONOMIC FACTOR ANALYSIS 14
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Using PESTEL analysis, I have chosen to look into their environmental and technological factors as I find these most interesting.
TECHNOLOGICAL:
An iconic use of technology Valentino Garavani and Giancarlo Giammetti created in 2011 was a virtual museum. The interactive program had to be simply downloaded to a computer for free. It showed more than 300 of Valentino’s most famous designs in extreme detail with 360 views, as well as video interviews and cat walks. There’s also links to initial sketches of Valentino’s designs. Garavani said that although the experience of seeing his work in person cannot compare to a computer screen, “it is fantastic for everybody to see what I did”. (Retrieved https://www.businessoffashion.com/articles/ digital-scorecard/digital-scorecard-valentino-garavani-virtualmuseum) • Of course there is the use of social media by the luxury brand. With 1.9 million followers on Twitter and 9.7 million followers on Instagram, it is pretty much impossible for a user of these sites to not stumble across Valentino’s media presence. They use the social media platforms in a promotional way by including imagery of products, catwalks and behind the scene clips, as well as hashtags such as ‘#ValentinoFall18’ to promote their current new Haute Couture collection. • When browsing the Valentino website, a pop up appears asking you to sign up for their newsletter. As well as sending that consumer updates about their brand such as new collections, it is a clever marketing trick for a brand. They can send many emails to that person which becomes a constant reminder about Valentino, and a constant reminder to browse and purchase.
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ENVIRONMENTAL:
Valentino was ranked as the eco-friendliest luxury brand in 2013 in a survey lead by an environmental organization ‘Greenpeace’. (Retrieved http://www. italymagazine.com/italy/greenpeace/greenpeace-ranksvalentino-greenest-fashion-brand) This company got 25 answers from 15 luxury brands about their environmental impacts such as their; production processes and policies, deforestation and the toxic pollution of the planet’s water recourses. The organisation then published the table of rankings solely based on the answers they received. Greenpeace concluded that “for Valentino fashion doesn’t need to cost the Earth to be in style: it has committed to implementing zero deforestation policies for leather and packaging purchasing and zero discharge policies for textile production.” (Retreieved http://www.italymagazine.com/italy/ greenpeace/greenpeace-ranks-valentino-greenest-fashionbrand) • Whilst Valentino has committed to zero deforestation policy of leather and packaging, their fashion group’s longterm sustainability program recognizes the urgent need for removing all industrial releases of hazardous chemicals from the production of all the products they produce and sell by January 2020, • Distribution of products to the various boutiques around the world is one of the most obvious impacts brands have on the environment due to the emissions from the transport needed for products to get from a to b.
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TRENGTHS
Valentino has an extremely strong brand presence in over 90 countries. The brand has expanded from just womenswear dresses, into several different lines such as accessories, footwear, menswear and fragrances. It is available not only in-store but online, ensuring they reach as many consumers possible. The brand has excellent branding and marketing strategies through their online advertisement and also their print advertising. Celebrities are associated with the brand which creates a larger awareness, they even have a dedicated section on their website to denote the celebrities wearing the brand: https://www. valentino.com/experience/en/news-section/celebrities-en/ Valentino also offers exclusivity and customised products to its elite consumers, which creates brand loyalty between them.
EAKNESSES
Valentino has extremely high competition in the industry which means limited market share growth for the brand. It also has not been able to establish its presence in emerging economies unlike its other competitors.
PPORTUNITIES
HREATS
Valentino can focus on eco-friendly wear collection, which are gaining a lot of popularity with consumers. Collaborations with another brand would bring even more attention from a new market. The brand can also start to engage with emerging markets, such as Asia where there is a growing base for designer wear and there are many affluent consumers.
Due to the fashion industry being so highly fragmented, there is low brand loyalty which is a problem for luxury brands like Valentino. Fake products are produced which affects the brands performance and decreases devoted consumers as they think they can just buy a fake and save their money. Other luxury designers are big threats and challenge Valentino to show their market how they are different / better to attract consumers to purchase from them, rather than brands such as Chanel, Prada or Gucci.
ANALYSIS
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• With Valentino being in stage three of the fashion life cycle, they must introduce something new to ensure decline does not happen. A product brand extension would be effective. When I was conducting research for Valentino’s competitors, I noticed other luxury brands such as Prada and Dior sell travel luggage. Because Valentino targets a market who are higher class and have a higher income, they are typically jetsetters and by launching a line of luggage bags for travelling, these will appeal to their consumers and will also attract a new market. • Another brand extension would be to begin selling beauty products such as makeup and skincare. This would appeal to both their current market whilst also engaging with a new market.
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ECOMMENDATIONS
After looking into Valentino’s market place, there are various recommendations I can suggest:
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IBLIOGRAPHY
• A&E Television Networks, 2014, Valentino Biography, https://www.biography.com/people/valentino-21354709 • BOF Team, 2011, Inside Valentino Garavani’s Virtual Museum, https://www.businessoffashion. com/articles/digital-scorecard/digital-scorecard-valentino-garavani-virtual-museum • Carol King, 2013, Greenpeace Ranks Valentino Greenest Fashion Brand, http://www.italymagazine.com/italy/greenpeace/greenpeace-ranks-valentino-greenest-fashion-brand •
Chanel, 2018, Home, http://www.chanel.com
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Dior, 2018, Home, http://www.dior.com
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M2M, 2015, Valentino: The last emperor, https://m2m.tv/watch/valentino-the-last-emperor/films
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Prada, 2018, Home, http://www.prada.com
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Scarlett Kilcooley-O’Holloran, 2012, Valentino, http://www.vogue.co.uk/article/valentino-biogra-
• The Talks, 2011, Valentino: “I am somebody with taste, of course”, http://the-talks.com/interview/ valentino/ • Uk essays, 2015, Marketing, https://www.ukessays.com/essays/marketing/a-review-of-valentino-marketing-essay.php • Valentino, 2018, Celebrities, https://www.valentino.com/experience/en/news-section/celebrities-en/ 18
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Valentino, 2018, Home, https://valentino.com
Images: Front cover: https://www.valentino.c om/gb/shop/women/rosso-valentino Contents: https://www.valentino.com/mk/shop/women/rosso-valentino Brand heritage: http://www.dailymail.co.uk/femail/article-2240080/Style-classicsValentino-red-dress-gone-fashion.html Timeline: http://content.time.com/time/photogallery/0,29307,1706808,00.html http://www.anothermensblog.com/2016/09/a-brief-history-of-valentino.html http://www.vogue.co.uk/article/valentino-biography https://markdsikesblog.com/2013/07/10/a-private-view-part-2-2/ https://www.gettyimages.co.uk/detail/news-photo/sixties-fashion-ayoung-female-model-wears-a-slightly-a-news-photo/582013579 https://www.pinterest.co.uk/frapulci/only-valentino/?lp=true https://www.pinterest.co.uk/pin/178595941453052348/ https://www.pinterest.co.uk/pin/210965563768162073/?lp=true https://www.valentino.com/experience/us/maison/maison/ https://www.valentino.com/experience/us/maison/the-stores/ Brand equity: https://www.purseblog.com/valentino/rockstud-bags-terry-richardson/ http://www.girlsofto.com/valentino-fall-2015-accessories-campaign/ https://fashionweekdaily.com/valentinorunwayparisfashionweekspringoi3izapm5y5l/ https://fashionista.com/2018/01/valentino-spring-2018-ad-campaign Consumer Segmentation: http://annrobiefashion.com/people-for-inspiration-gala-gonzalez/ valentino-dress-gorgeous-statement-piece-combined-gold-alexander-mcqueen-sandals-and-fiona-paxton-necklace/ http://moderosa.nl/moderosa-x-cortina-2/ http://www.bordeaux-traders.com/news/rare-luxury-wines-investing-in-status/ http://www.dotwnews.com/events/this-is-who-sat-front-row-atburberry-s-london-fashion-show http://www.speltro.com/2016/06/06/9-mistakes-will-never-get-rich/ http://www.spentmydollars.com/2015/01/street-style-valenti-
no-sneakers.html https://www.designer-vintage.com/en/lists/gallery/5-designerheels-that-are-known-for-their-comfort https://www.forbes.com/sites/pamdanziger/2017/09/11/luxurybrands-are-in-danger-of-losing-it-with-american-millennialshow-to-get-it-back/ https://www.onthelist.co.za/smythson-correspondence-cards/ https://www.pinterest.co.uk/explore/rich-couple/ https://www.pinterest.co.uk/pin/800022321278760801/ Competitor analysis: http://1000logos.net/chanel-logo/ http://1000logos.net/prada-logo/ http://logonoid.com/chloe-logo/ http://www.jlpenha.com/English/elie-saab http://www.royalluxus.com/royal-tv-valentino/ https://en.wikipedia.org/wiki/File:Michael_Kors_(brand)_logo. svg https://logorealm.com/burberry-logo/ https://seeklogo.com/vector-logo/41696/dior https://www.etsy.com/listing/521818842/gucci-svg-gucci-logo-svgsvg-dxf-instant https://www.valentino.com/ca/shop/women/rosso-valentino https://www.viviennewestwood.com/en-gb Micro & Macro factors: https://markdsikesblog.com/2013/07/31/not-so-fast-valentinofall-2013/ http://awake-smile.blogspot.co.uk/2013/08/film-valentino-fw-1314-video-campaign.html SWOT: https://www.pinterest.co.uk/pin/375417318912660237/ Recommendations: http://www.laiamagazine.com/shop-valentino-resort-2016-collection/
Bibliography: http://www.fashionmodeldirectory.com/designers/valentino-garavani/ https://www.pinterest.co.uk/pin/305330049730565068/ Back: https://seeklogo.com/vector-logo/147148/valentino
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“I know what women want. They want to be beautiful” -Valentino Garavni