C O U T U R E
Maddi Ponko McKenzie Richardson Taylor Ruparel
TABLE OF CONTENTS Executive Summary 4 Company Summary 6 Market Anaysis 12 Target Consumer 21 4 P’s Strategy 23 Conclusion 44 Work Cited 45
EXECUTIVE SUMMARY Girly, fantastical and soft: All of which describe Wildfox Couture. Wildfox Couture, also known as Wildfox, is a wholesale company based in California; what started out as a dream between best friends has expanded to a highly successful clothing and accessory company. Childhood best friends Kimberly Gordon and Emily Faulstich created the idea for the brand. The company was opened in 2007 when musician Jimmy Sommers was appointed CEO. Currently Wildfox Couture is present in the women’s apparel and sunglass markets. The eight-person company have created an easily recognized aesthetic, which has helped them pick up major distributors such as Bloomingdales and Nordstrom. With an already successful brand extension under Wildfox’s belt, we propose to extend the company into the footwear industry. A shoe extension is a perfect fit for Wildfox. This would introduce Wildfox Couture into the continuously growing market of footwear. The company’s already impressive relationship with major distributors will remain valuable as the company moves forward. The shoe collection would feature a range of boots, platforms and flats designed with Wildfox Couture’s whimsical aesthetic in mind. The line will feature Wildfox Couture’s pastel color palette intergraded with trendy shoe silhouettes. The Wildfox footwear extension will help the company to grow into a new market. Since Wildfox Couture is a young, small company, a key success factor will be ensuring that the company hires the right people to help expand the company in the correct direction. Another key success factor will be to see if the collection could be distributed through other retailers. With maintaining the style and aesthetic of Wildfox Couture in the footwear division, there is high potential to convert consumers into Wildfox Couture customers.
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5
WILDFOX COUTURE SUMMARY History
Wildfox Couture was co-created by childhood friends, Kimberley Gordon and Emily Faulstich in their hometown of Los Angeles, California. The basis of the clothing line is to create beautifully crafted pieces that tell a story, using soft fabrics and dreamy garments. Wildfox is “based on everything there is to love about being a girl: cupcakes, sleepovers, fairies, lipstick, and wearing lots and lots of pink,” (Gordon, Wildfox Couture). The brand was not officially established until 2007 when musician, Jimmy Sommers, was appointed CEO and President of the company. The idea for the name Wildfox came from the word “fox” which is very 1970s and the girl who wear or likes the brands clothing cannot be afraid of getting a bit wild. The brand likes to think of any girl as the Wildfox girl, but they can be described as, “ girls who love singing along to cheesy pop songs in their cars with friends, who always have a crush, who are free spirits. Girls who put roses in their bedrooms and teepees in their front yard,” (Faulstich, Foam Magazine). The company is mostly known for its seemingly retro women’s knitwear. The design of every garment is very playful, whimsical, and comfortable, which is why it is so appealing. The clothing is also known for its amazing quality, unique stitching, and attention to fabulous details.
Ownership Kimberly Gordon is co-owner and creative director of Wildfox Couture, while Jimmy Summers is still CEO. The company has stayed very small with only eight employees. Including the visual communications part of the team Anna Lee Fiorino, the hairstylist for the shoots, make up artist Carlene K, and photographer Mark Hunter. The design part of the team includes Meredith Leyerzaph, Megan Feely, and Leilani Shimoda. (ilovewildfox.com)
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WILDFOX COUTURE SUMMARY
Expected Growth
Wildfox Couture has “annual sales volume of $530,000 for 2012. The women’s wear market segment is the largest segment in the apparel industry. Women’s wear accounts for 57.1% of the industries total value. By 2017, the women’s wear segment is predicted to grow 25.8% by 2017. Since the apparel market is highly segmented, rivalry between competitors is considered to be moderate. With only moderate competition and a growing market, Wildfox Couture is expected to continue growing into the future. (Appendix 3)
United States Apparel Projection 500
400 338.7
352.8
368.3
385.5
404.9
United States Apparel Segmentation
425.9 16.6
300 $ billion
Women's
51.7
200 31.8
100
0 2012
2013
2014
2015
2016
2017
Year
Referenced from Appendix item 1
7
Men's Children's
WILDFOX COUTURE IDENTITY
8
CURRENT MARKET POSITIONING
high quality
low price
high price
low quality
9
CURRENT MARKET POSITIONING
10
MARKET ANALYSIS
Footwear Industry
Wildfox Couture hopes to extend into the women’s/junior’s fashion footwear industry. The footwear market consists of the revenue generated from sales of men’s, women’s and children’s shoes. The United States accounts for 27.9% for the footwear market. Europe has the largest percent of the shoe industry with 38.4% of all sales. The US footwear market had total revenues of $71.7 billion in 2012. The market is expected to grow 35.1% reaching revenues of $96.9 billion by 2017, 6.2% of growth compounded annually. Appendix NUMBER United States Footwear projection
96.9
100
80
71.7
75.3
79.7
84.7
90.5
$ billion
60
40
20
0 2012
2013
2014
2015
2016
2017
Year
Geography Segmentation
14.6
38.4
Europe United States Asia-Pacific
19.1
Rest of the World
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27.9
MARKET ANALYSIS
Key Players in the Footwear Industry The key competitors in the footwear industry for Wildfox Couture are Forever 21 Asos, Sperry Topsider Lucky Brand Top Shop Jessica Simpson Dolce Vita Steve Madden Chinese Laundry UNIF Jeffrey Campbell Frye Tory Burch Coach Rag and Bone These are all of the brands that Wildfox Couture will be competing against in department stores, boutiques, and online. It is important to look at all of these brands and see where they are selling their products, so that we can also expand into those stores. The key distributors in the footwear industry are Nordstrom Neiman Marcus Queen for a Day Harrods Planet Blue Saks Fifth Avenue Akira Bloomingdale’s Kitson Ron Herman South Moon Under Selfridges Colette Shopbop Ohh La La Harvey Nichol’s Jildor Trash & Vaudeville Wildfox Couture already has strong relationships with most of the boutiques and department stores. However, some don’t sell any Wildfox Couture products but house many of our key competitors, so we will have to work to form a relationship with them.
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MARKET ANALYSIS
SWOT ANALYSIS
Strengths• Strong Aesthetic • Several brand extensions • Large following with millennial cus tomers
Weaknesses • Only have eight employees within the Wildfox Couture company • Never ventured into designing women’s footwear, so they don’t have the experience • Good sense of how to market to mil- • Fairly new brand; have only been an lennials established company for six years • Sold in 605 different retailers and • One of the lead designers left the through their online stores company shifting managerial positions Opportunities Threats • Shoe market in the US is expected • Established the same year that the to increase by 35.1% in 2017 with a value recession started in US of $96.9 billion. (Market Line) • The US government shut down on • Lower manufacturing costs and mod- October 1, 2013, which affected the fashified trade rules in production of most foot- ion industry as a whole wear • Competition from key players; Jere• New technology has made it possi- my Scott, American Apparel, TopShop, and ble to create, lighter and softer leathers for Forever 21 footwear • Drop in spending on luxury and spe• Online retail sales will be 30% of the cialty items in niche markets by 2020 • The shoe market is the first thing to get hit by 3D printing technology
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MARKET ANALYSIS
SWOT ANALYSIS
Strengths Wildfox Couture has a very strong aesthetic as a brand and they are able to stick this with everything that they do. Having a strong aesthetic makes the brand easily recognizable when put beside other collections in a department store or online. The company has also had success in creating several different brand extensions including a high end line, sunglasses, swimwear, and knitwear. Thus creating a shoe wear line would allow the brand’s name to reach a larger audience of potential customers and for the brand to make more sales. The brand’s main audiences now are millennial customers with whom they a good sense of how to market to, which is usually done by using different forms of social media, such as Tumblr, Pinterest, twitter, and Facebook. Another strength is that the brand has an established relationship with many different boutiques and department stores, which will make distributing the new product easy.
Weaknesses Wildfox Couture is a fairly new brand with only six years of business since they were established in 2007. Since they are still in the beginning stages of their business their work force is very small with only eight employees within the company. Having such a small number of employees makes it harder to produce products on a large scale. Another problem with their workforce is that the company recently lost one of the lead designers that started the company; this caused a shift in managerial and design positions. Wildfox has no previous experience in designing women’s footwear, which causes a disadvantage for extending into this market.
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MARKET ANALYSIS
SWOT ANALYSIS
Opportunities The shoe market in the United States is expected in increase by 35.1% in 2017 with a value of $96.9 billion, making it a great market to enter since it will only be getting larger. In many countries that are known for producing footwear there have been lower manufacturing costs and modified trade rules in production, which makes it easier and less expensive to produce shoes. There has also been a new advancement in technology that has made it possible to create, lighter and softer leathers for footwear. Wildfox sales mostly come from their online store, and by the year 2020 online retail sales will increase by 30%. (Appendix #2)
Threats Wildfox Couture was established the same years that the recession started in the US, causing a hindrance in the company’s start. On October 1, 2013 the United States government shut down, which affected the fashion industry because people were not willing to spend as much money on apparel, accessories, footwear, etc. The company will have much competition from key players; Jeremy Scott, American Apparel, TopShop, and Forever 21 in the footwear market. There will also be a drop in spending on luxury and specialty items in niche markets. This will partially be because of new technology that allows 3D printing of certain products. “The shoe market will be the first thing to get hit by 3D printing technology,” (Shorrock, Hypebeast). .
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MARKET ANALYSIS PESTEL ANALYSIS
POLITICAL • Stable democratic political environment • Government shutdown of 2013 threaten finances • In October 2013, the government shut down for fifteen days due to budget disagreements within Congress. This has made the government’s debt and financial situation an area of concern, but there is no direct risk to Wildfox Couture as a company. International and national import and export laws are minimal for footwear • Government export and import laws for footwear materials are minimal • Since Wildfox Couture only sells online and through wholesale, they are only subject to international import laws. • The majority of women’s footwear were located in California, New York, and Texas. Collectively, these states held more than 47 percent of industry share. • By 2004, more than 98 percent of all non-rubber footwear designed for U.S. wear was produced outside the United States. (Appendix #4) ECONOMIC • The Great Recession • By 2000, leather apparel was increasingly seen by U.S. consumers as a mass-market product • Chinese manufacturers were able to make relatively low-quality skins soft enough to be sewn into fashionable clothing • Drop in spending on luxury and specialty items in niche markets • Hong Kong has emerged in the last part of the 2000s into a leather production super power. • Hong Kong had over 46,870 shipments exported. • Because of lower manufacturing costs and modified trade rules, production of most footwear moved to Mexico, Central America, and Asia by the early 2000s; consequently, employment in U.S. footwear factories plunged. • Private label typically provides 25% more profit than any branded product • In 2005, manufacturers began to produce and ship more freight to meet increasing demand of a growing world marketplace and to handle the increasing volume of international trade resulting from improvements in the economies of developing countries and easing of trade barriers. • This caused cost increases related to higher wages, compliance upgrades, and fuel costs were digging into profits. (Appendix #5)
SOCIAL • Lawsuit agains Jimmy Sommers in August 2013 • Rise in environmentally aware consumers looking for eco-friendly materials • High end brands and retailers shifting emphasis toward a higher-end offering, with exotic skins and leather goods • Older consumers who drove the luxury boom of the 1990s are now reaching retirement age, and are looking for more experiential ways to spend their money after decades of luxury acquisitions. • Consumers need more convincing of a product’s worth, regardless of category. 16
MARKET ANALYSIS
PESTEL ANALYSIS
TECHNOLOGY • Millennial consumers are engrossed with the internet and their online presence. • Online has gone from 0% to 12% of retail sales and the forecast is that it could be 30% by 2020. • The existence of channels such as Twitter, Tumblr, Instagram, and Facebook have encouraged traffic and sales online. • New improvements in the tanning process for leathers and hides, which made it possible to create lighter, softer leathers for designing footwear. • ‘Phygital’ products (Connecting physical products to the internet) are being used by companies to extend their brands, stand out in a crowded market, provide new services, stimulate online buzz and generate valuable consumer insights.(Appendix #6) ENVIRONMENTAL • In Western Europe and The United States, there is a movement of activists supporting anti-cruelty of animals, directly leading to a decline in animal fabrics like leather and snakeskin for footwear. • Certain radical groups have resorted to swearing off these materials entirely and started the trend of wearing Vegan, animal-friendly fabrics only. • Greenwashing has for many become a common new business philosophy. • Luxury consumers interested in their brands being environmentally sustainable • More distinctly, reducing pollution of water and CO2 emissions, protecting the soil, the species (vegetal and animal) and workers, economising resources and not wasting through recycling and reusing materials, being respectful of natural beauty and living species, and the notion of ‘giving back’ what one takes from nature and from society was discussed in terms of financial contribution to social and environmental causes. • Eco-Friendly product packaging is becoming more and more important and prevalent within the industry. (Appendix #7) LEGAL • In 2005, The United States entered a free trade agreement with Australia that eliminates tariffs on leather goods between the two countries in the next ten years. • This initial agreement made imports and exports 94% duty free immediately. • The United States-Central America Free Trade Agreement of 2005 includes signatures from the United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua. • And shortly after, in 2009, The United States made another free trade agreement with the Rubublic of Korea and made animal fabrics 100% duty free. • The import of foreign-made footwear has been the biggest problem for domestic shoe manufacturers as comparably stylish but lower priced models made outside the United States continue to dominate the market. • There is a list of specific animal materials immediately placed under inspection when imported to America. (Shoes of snake, camel, eel.) (Appendix #8) 17
MARKET ANALYSIS
PORTER’S FIVE FORCES ANALYSIS
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MARKET ANALYSIS
PORTER’S FIVE FORCES ANALYSIS The market is considered to have moderate rivalry between competitors because it is highly segmented based on the wide variety of consumer needs. Segments are broken down into men’s women’s and children’s shoes. From there the market is broken down further. For example, within the women’s shoes segment, there is also fashion shoes, athletic wear and seasonal shoes. The largest segment in the footwear industry is athletic wear with leaders being Adidas, Foot Locker and Nike. These companies however would not be considered competitors to Wildfox Couture due to the fact that they occupy a different market segment. The Jones Group is the largest provider for women’s fashion shoes. The Jones Group controls brands such as Brian Atwood, Stuart Weitzman and Nine West to name a few. The Jones Group also is not considered competition to Wildfox Couture because its brands fall within a higher priced market or cater towards a different customer. Appendix #2
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MARKET ANALYSIS
POSITION IN THE FOOTWEAR INDUSTRY
Company Forever 21 Asos Sperry Topsider Lucky Brand Top Shop Jessica Simpson Dolce Vita Steve Madden Chinese Laundrey UNIF Jeffrey Campbell Frye Tory Burch Coach Rag and Bone
900 800 700
Low Price $12.80 $14.24 $19.99 $19.97 $15.00 $58.95 $50.00 $89.95 $19.95 $98.00 $49.95 $128.00 $50.00 $95.00 $265
High Price $49.80 $222.48 $150.00 $239.00 $580.00 $197.95 $220.00 $249.95 $400.00 $248.00 $424.95 $598.00 $595.00 $798.00 $850.00
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TARGET CONSUMER Demographics
Ages 16-29 The millennial customer Generation Y makes up 25% of the United States population 80 million people in the United States fall in this category Income: Median Salary $39,700 annually With an average of $3,000 as disposable income
Psychographics -Idealistic: The millennial customer is more focused on the future rather than right here and now. -Crowd Surfing: The millennial customer takes into account reviews and opinions of their peers more so than ever. Starting out within friend circles and extending out to online contacts. -Technology Driven: Relies on technology to drive all aspects of life; work, relationships and leisure. - 77% of affluent Americans between the ages of 18 and 24, and 80% between the ages of 25 and 34 own smart phones (Business Insider). -One-third of all tablet owners are beween the ages of 18 and 34 -65% of Millennials say losing their phone or computer would have a greater neg ative impact on their daily routine than losing their car -Experience Driven: Experience over materialistic goals, Millennials would rather discover something new/trendy to share with friends. Live frugally if life is rich with experiences.
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TARGET CONSUMER Behavior
-Millennials tend to own multiple technological devices such as smart phones, tablets, computers and gaming systems. -Millennials use Facebook and Twiiter to share opinions (Social Media Today) -Millennials use Tumblr and Instagram more than actual fashion publications to learn about trends (Social Media Today) -Millennials are more likely to use the Internet to broadcast their thoughts and experiences and are far more engaged in rating products and services. They are more likely to consult a friend before purchasing a product than relying on solely company information. Millennials say consumer opinions found on a company’s website have a greater impact on purchase decisions than recommendations from family and friends. (Fuller) -52% of millennials were more likely to make impulse purchases than any other generation (Fuller) -Millennials customers spend the most on luxury goods (Halpert, Business Insider) -72% of American women are now shopping for clothes online (Pew Research)
Analysis
Based on this information, the Wildfox Couture ideal customer falls within the ages sixteen to twenty-nine. She is heavily involved with social media and shares her opinions via the Internet as well. The easiest way to grab her attention is through online networking or if something is suggested to her by a friend. She most frequently checks Facebook, Instagram and Tumblr. With making an average of $39,000 a year, she is conscious with her money but will splurge for the right item. The Wildfox girl is always on the look out for the best way to spend her money, constantly checking alternative channels of commerce. The majority of her impulse buys are sparked by current trends, which she stays informed on through Tumblr and Instagram, or high quality aspiration luxury goods. 22
PRODUCT
Product Summary
Our collection for this brand extension is based on glitter, sweets, and crystals. The colors for the collection are all pastels, sticking to a girly theme. The collection fits well with the aesthetic of the brand because Wildfox is based on everything girly. The collection is all about fun and is made for the Wildfox girl, because every shoe is a conversation starter. Some shoes also have cute sayings on them; this is one of the main design concepts that Wildfox Couture is known for on their products. The collection will be created for the Spring/Summer 2015 season.
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PRODUCT
THEME BOARD
24
PRODUCT
MOOD BOARD
25
PRODUCT
COLOR STORY
26
PRODUCT
Collection
27
PRODUCT
Collection
28
PRODUCT
Collection
29
PRODUCT
Collection
30
PRODUCT
Collection
31
PRODUCT
Collection
32
PRODUCT
Collection
33
PRODUCT
Collection
34
PRODUCT
Collection
35
PRODUCT
Collection
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EXTENSION
Placement
Wildfoxcouture.com Wildfox Couture Headquarters Nordstrom Neiman Marcus Harrods Saks Fifth Avenue Bloomingdale’s Ron Herman Selfridges Shopbop Harvey Nichol’s Queen for a Day Planet Blue Akira Kitson South Moon Under Colette Ohh La La Jildor Trash & Vaudeville The new brand extension will be sold on the Wildfox Couture website because this is where the company makes most of its profits and it has the largest inventory of Wildfox profits. It will also be sold in a number of boutiques and department stores, with which the brand already has a strong relationship with. All of these boutiques and department stores already have a strong shoe section, where Wildfox will fit well. The brand will be sold in footwear boutiques that feature many of key players in the industry, to both establish new relationships and stay close to our main competitors.
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EXTENSION
Pricing
In order to determine Wildfox Couture shoe prices. We looked at pricing for one of our potential competitors in the market- Jeffery Campbell. Jeffery Campbell’s range plan consisted of a mix of flats, boots, pumps, and platforms. Jeffery Campbell produces mainly boots, pumps and platforms, with boots being the highest priced to flats at the lowest price point. Wildfox Couture’s first shoe extension will include flats, boots, and platforms. In order to determine Wildfox’s prices, we looked at the average price per product (seen in table*). The averages gave use a base line price for each type of product. The prices were then adjusted for the specific Wildfox product. Increases and decreases in price were determined by the amount of details that went into each of the products.
Products
Flats Boots Platforms
1 $124.95 $265.95 $264.95
Jeffery Campbell Prices 2 $119.95 $365.95 $199.95
3 $109.95 $299.95 $249.95
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4 $129.95 $334.95 $220.95
Average $121.20 $316.70 $233.95
EXTENSION Range Plan
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PRODUCT Promotion
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EXTENSION
Promotion
Pre-Launch To get people excited about the upcoming launch of this brand extension we will be showing sneak peek pictures of the lookbook on different forms of social media such as Facebook, Instagram, Tumblr, and Twitter. This will create a buzz about the upcoming line, and will allow followers to share the pictures with friends to reach a larger audience. There will also be e-cards sent to everyone in the Wildfox Couture mailing list, telling them about the new collection and where they will be able to find it. Special members will also be able to preview the line the day before it comes out online. The day before the launch of the collection, there will be a preview party with all of our celebrity clients. Especially the ones who are known for wearing Wildfox Couture like, Adriana Lima, Ariana Grande, Ashley Tisdale, Lana Del Ray, Ashley Benson, Kate Moss, Taylor Swift, Selena Gomez, and Kaley Cuoco.
Celebrity Preview: The celebrity preview party will be done in December of the Prelaunch phase of Wildfox Couture shoes. It will be held in the birthplace of Wildfox, Los Angeles and will be at a popular, celebrity friendly bar or club. The decor will be the same color scheme as the collection and will contain glitter, transparent pastel fabrics, and a high class, luxurious feel. Confectionaries, rock candy, and cotton candy will be offered as the food at the party to remain consistent with the theme of the collection and remind the guests of Wildfox’s whimsical nature. There will be an option of open bar, or a list of specialty alcoholic and nonalcoholic cocktails, which coincide with the colors and aesthetic of the collection. Servers will wear white with hints of pastel and there will be images from the lookbook will adorn the walls. Goodie bags will be offered to the guests with small pastel candies, Wildfox sunnies, and a small preview of the upcoming collection.
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EXTENSION
Promotion
Launch Wildfox Couture is known for their lookbooks and fashion videos, which is why both will be posted on social media sites the day of the launch. It will create a fantasy world to go along with the new collection. During the month of the launch, we will provide print ads in Nylon, Company, Teen Vogue, and Seventeen. These are all magazines that our target customer all read for fashion advice. Fashion Show: The fashion show will be held at the Launch phase of Wildfox Couture Shoes. It will be held in a private venue in Los Angeles. The show will transport the consumer into a fantasy world of glitter, crystal, and waves of pastel. When entering the venue, the guests will see crystals on the ceiling, arched into a pathway into the main room. The seating will be in all white with draping pastel silks and chiffons bubbled overhead. The floor will be multicolor, pastel driftwood with glitter rugs to establish the walkway. The models will walk with the current White Label collection from Wildfox and will have pastel, lilac and pink lips with silver glitter slicked hair. The favor bags will have a bag of healing crystals in the same colors as the collection and a personal invite with consultation to the In-Store Launch Party that month.
In-Store Party: The In-Store party will be for all consumers. It will be held in the highest foot traffic distributors possible. The decor will be less elaborate than the other events, but will keep the same theme. Macaroons will be offered along with pastel lemonade spritzers for shoppers. All attendees will receive a scratch off coupon of a freebie they will acquire upon purchase. On each table of Wildfox shoes, the shoes will surround a center piece with pastel geodes and crystals. When leaving, each attendee will get a catalog of the most recent lookbook and a postcard for our online site.
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EXTENSION
Promotion
Post Launch After the launch of the new brand extension we will start advertising on social media sites, such as Facebook, Tumblr, and Instagram since our target customer spends most of her time online. We will also continue to provide print ads in Nylon, Company, Teen Vogue, and Seventeen. Wildfox Couture has been seen on several teen and tween television shows, after the launch we will continue this type of product placement by having characters wear the new line on TV shows like, Pretty Little Liars, Awkward, Sam & Cat, Girls, and Ravenswood.
Sample Sale: The Sample Sale will be done similarly to the existing model for Wildfox’s Sample Sale during Post Launch. Wildfox will release advertisements online letting the consumer know of the same and it will be held at the only Wildfox Boutique in California. It will invite the consumer to shop the remaining pieces of the collection before the next season at discounted prices.
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CONCLUSION Based on the findings within this extension plan, we believe a footwear extension for Wildfox Couture is the ideal next step for the company. Our proposed shoe designs were created with the aesthetic of Wildfox always in mind. The shoes feature the Wildfox Couture iconic pastel color scheme and conversational design symbols that relate back to other Wildfox merchandise. The promotion for the shoe collection utilizes Wildfox’s large social media following, celebrity clientele and product placement. The extension takes place in a thriving market, which is only expected to keep growing. By delving into a new market, this will allow for Wildfox Couture as a company to proliferate by adding more jobs within the brand and by creating new relationships with other major distributors.
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Work Cited
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