Louis Vuitton x Alec Monopoly - Fashion Marketing Strategies Collaboration

Michele Ishola S00902077 Assessment 1 FSM503 Fashion Marketing Strategies

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INDEX • Introduction to the Collaboration • Louis Vuitton - Brand Information • Alec Monopoly - Brand Information • Why this Collaboration?

• Aims and Objectives • The Publics - Target Market • Mood Board & Colour Palette • Product Line • Promotional Strategies & Tactics • Timescale • Resources & Budget • How to Evaluate Success • Collaboration SWOT Analysis • Conclusion • References

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Introduction “The fashion collaboration isn’t going out of style anytime soon” Vogue 2016 tells us.

Fashion’s favourite way of uprooting our predictions of new collections, joining together the powerhouses and the niche, the mainstream and the creatives; all whilst generating huge amounts of media and press coverage.

Luxury brand collaborations have always been appealing to the consumer, and this one isn’t any different.

This collaboration is a mainstream luxury brand combined with an artist. This collection will sit in the luxury market sector, consisting of a reduced product line and an elevated price point.

The chosen brands are; the international luxury fashion house of Louis Vuitton, and the graffiti and street artist, Alec Monopoly.

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Universally palpable, Louis Vuitton is a French luxury brand that is a world-renown leading international fashion house. The brand has been established for over 150 years and is recognisable worldwide, mainly through their monogram print and their signature trunks. They operate in over 50 countries across the globe and by many, are said to be a “timeless” brand (Fashion Oompf, 2014).

Gaining over 7 million Instagram followers in this year alone; Louis Vuitton was named one of Instagram’s “most buzzed about fashion brands of 2017” (Business of Fashion, 2017).

With a market price of $28.8 Billion, as of May 2017, Vuitton is a brand that has always been highly esteemed, with the house being named ‘The World’s Most Valuable Brand’ for the 7th year in a row in 2012 (Vogue, 2012).

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SWOT Analysis

STRENGTHS

WEAKNESSES

• Huge luxury fashion house with a long history • Recognisable worldwide & present in 50+ countries • Global consumer base • Effective brand image • Successful collaborations • Superior craftsmanship

• Easy to counterfeit iconic designs, hurts brand image and reputation • Lots of competition within their sector of the market • Increasing price point (?)

• Limited customer base

OPPORTUNITIES

THREATS

• Collaborations with upcoming creatives • Louis Vuitton sponsored events based around luxury lifestyles • Working with hospitality such as hotels • Expanding into emerging economies and market sectors

• Losing younger consumers to brands such as Gucci • Counterfeit products affecting sales • Economic climate and recessions may impact sales • International trade issues as LV is a global brand • Competitors coming up with innovative ways to increase their sales

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Originally from New York, Alec Monopoly is a street and graffiti artist that is slowly becoming a world phenomenon. Building his career in Los Angeles, he started tagging buildings with his signature Monopoly Man. His work is wellknown for satirically blending his pop art figures; such as the Monopoly Man, Richie Rich, and Scrooge McDuck, with a range of social commentary and “cultural criticism” (Art Net, 2017).

His work is recognisable worldwide but he is most well-known in the US, with his pieces focusing on exposing the “issues with bureaucratic hierarchies and American collective consciousness” (Art Net, 2017). Working mainly in New York and Los Angeles, with London as his only other main international art base, he Is known to hide his identity with a scarf or mask across the lower-portion of his face. This originally was a counter-measure of identification with law enforcement as he used to tag buildings with his work illegally. It later became a signature that he hid his identity from the public to remain somewhat mysterious and anonymous.

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SWOT Analysis

STRENGTHS

• Successful street artist with very recognisable work • Global social media reach • 621k Instagram followers, increasing daily • Often commissioned to customise luxury pieces • Has a very well known clientele base who regularly showcase their custom pieces on social media • Sought after artist, exclusive to the luxury market

OPPORTUNITIES • Collaborations with luxury brands for capsule collections rather than individual commissions • Live art events • Working with galleries across the globe for one-off exhibitions • Clothing collaborations

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WEAKNESSES • Not known by everyone • Tends to be exclusive to the luxury market • Not successful in the high street market • Failed collaboration with Forever 21 • More well-known in the US • Seen by some to be obnoxious • Not as accessible as a persona

THREATS • Not gaining popularity with some of the luxury market’s consumers • His work can be seen as niche to people with a more refined art taste • Used to do illegal street tagging and therefore could have been arrested (hides identity) – can ruin brand image

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Why the Collaboration?

From the age of Elsa Schiaparelli and Salvador Dali, through to present day Gucci and Unskilled Worker, art and fashion collaborations have always been rife, yet somehow are always incredibly contemporary and exciting to consumers.

The joining of the two disciplines is by no-means a modern concept, but the crossover between the two worlds appears to be at an all-time high in recent years (Racked, 2015), with the strong creative forces between both opening up sensational visionary entities, with fulfilling benefits for both parties. It isn’t exactly an unpredictable relationship though, as “after all what is fashion if not wearable art” (We Heart, 2015).

“The worlds of art and fashion are This collaboration between long intertwined” the international luxury fashion house of Louis Vuitton and the street and graffiti artist Alec Monopoly has a wealth of reasoning behind it. Firstly, Louis Vuitton has a very successful history of collaborations, particularly with artists, as “the house has always had a relationship to the arts” (Dazed Digital, 2017). Therefore, it makes sense to play to the brand’s strengths, rather than try something completely new that has a questionable success

(AnOther Mag, 2015)

rate. This is especially paramount at the moment as Louis Vuitton’s main competitors in their luxury market sector are employing innovative strategic tactics to increase their sales in new markets; such as Chanel’s 500-piece limited-edition sneaker collaboration with the musician Pharrell, who is working with Adidas (Hypebeast, 2017).

“Fashion is in love with art like never before”(We Heart, 2015) 10

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Secondly, the artist Alec Monopoly is hugely popular on social media; the “ultimate branding tool” (Entrepreneur, 2014) which is a space that is highly useful for brands trying to access the younger audience. As of this autumn, there are 3.03 billion active social media users across the world, with 91% of retail brands now using 2 or of Instagram users are more social media channels (Brand Watch, 2017). Instagram; Alec’s aged between 18-29 most popular social media platform, has over 800 million monthly years old active users (Instagram, 2017), with 59% of those as of the beginning of 2017, being aged between 18 and 29 years old (Sprout Social, 2017). His reach on social media, especially Instagram has been growing exponentially in recent months; with him gaining over 70k followers over the past 8-9 weeks alone, and a daily average of gaining just under 700 followers (Social Blade, 2017). His heavy use of social media works incredibly well for him when it comes to promoting himself. “Can every fan of Alec Monopoly’s art afford it? No, but that doesn’t stop them from engaging with his social media and helping to promote the brand -- priceless marketing that can rarely be duplicated at any price. Would they do this if they didn’t respect the art and feel it of retail brands use 2 or more social media was authentic? Doubtful.”

“Can every fan channels His posts receive a lot of engagement, as “he isn’t trying to sell anything. of Alec Monopoly’s By providing content that his audience is interested in, which includes art afford it? No, but pictures of his art and a glimpse into his life, he is constantly building that doesn’t stop them his social following organically” (Entrepreneur, 2014). This analysis of Alec from engaging with his Monopoly’s Instagram back in 2014 has only improved ten-fold since, with social media and help- the statistics of his follower and engagement growth reflecting that. Having a ‘brand’ like this work with a fashion house like Louis Vuitton, one of Instagram’s ing to promote the most buzzed about brands of 2017 (Business of Fashion, 2017) only means that a collaboration between the two would go from strength-to-strength, givbrand” ing Louis Vuitton exposure to Alec’s followers who are a different demographic

59%

91%

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to their typical target. This is an audience their competitors have realised is a highly beneficial one for sales; “The brands like Gucci and Chanel that are seeing growing sales are successful because of how they’ve captured upper end millennials online so they can buy offline”. Millennials are one of the most powerful consumer groups, but are a difficult sector of the market to get to buy into things.

The reason the 18-34-year-old demographic is so powerful in consumer culture right now is that they are “more cash rich and willing to spend money on goods and holidays because saving to buy a property in an incredibly inflated market seems like a fantasy” (Business Insider UK, 2016).

“...captur[ing] upper end millennials online so they can buy offline”

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Finally, the client list that Alec Monopoly has is extensively celebrity. From the likes of Robert De Niro to Sofia Richie, Seth Rogan to Tyga and David Blaine to the Kardashians; Alec has been commissioned to do pieces for them all and more (Forbes, 2015). Not only this, but he is also friends with a huge amount of his client list, giving himself that celebrity aspect too. Having such a clientele ensures that Alec Monopoly’s work is already popular, with not only niche street art fans but also the mainstream who follow these celebrities. The influence celebrities have, especially today, is phenomenal. Especially realised in recent years, “their trendsetting power is huge among shoppers” (Visaur Life, 2011).

The only thing that causes a collaboration to fail; “the missing link [,] is the consumer” (Forbes, 2013), but in this case, the target audience of both brands overlap at one point and therefore makes sense as a collaboration that would succeed.

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Infographic taken from survey completed by Digitial News Asia, 2014

32.1%

of millennials interviewed in 2014 stated they were more influenced by celebrities than anything else

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‘...he is also friends with a huge amount of his client list, giving himself that celebrity aspect too.’

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Aims & Objectives

The aims of Louis Vuitton collaborating with Alec Monopoly are with the intention of benefitting both brands involved:

To rejuvenate Louis Vuitton’s image within the higher end of the millennial consumer market, as they are falling slightly behind alongside competitors such as Gucci and Chanel; both of whom have seemed to have cracked this lucrative sector, and are feeling the benefits in revenue.

1.

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2.

To raise awareness of Alec Monopoly as a luxury brand in himself, not just as a ‘cool’ street artist. Alec has huge success worldwide but the majority of people would say he is more of a ‘household name’ within the US. Louis Vuitton would help grow his brand globally, especially over in the European market, where London is his only real large base.

To have Louis Vuitton take a slightly different stance on their artist collaborations; having a smaller product line and more exclusivity, it should drive the buzz around sales that the fashion house needs. The emphasis on customisation is a big factor for millennials and the product line for this collaboration should have this feel.

3.

4.

To help improve Alec Monopoly’s image within the fashion world as he had a collaboration with high street retailer Forever 21 back in 2014, which did not do so well. This collaboration with Louis Vuitton should restore his reputation within the fashion world as a successful creative to work with and could open doors for him in the future for other fashion brands to work with him.

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The objectives of the collaboration are therefore:

Exclusive & Limited Edition

High price point yet affordable

Targeting millennials with products having a ‘custom-made’ feel

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Focus only on accessories 17

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The Publics

“By 2025, Bain projects that Millennials and Generation Z will account for 45% of the global personal luxury goods market.” (Forbes, 2017) Louis Vuitton x Alec Monopoly is a collaboration that is targeting both men and women within the millennial age bracket of around 16-30 years old +/- a few years.

This is because of the nature of the colour palette used in the product line, as well as the typical fan of Alec Monopoly’s work. However, this collaboration is also targeting anyone who is a fan of street art/graffiti art, as well as a luxury brand shopper. Our target consumer is someone who enjoys and buys into new products and loves the exclusivity of one-time collaborations. They already use fashion as a means of expression and are prevalent users of social media that follow influencers and celebrities as well as sharing their own looks and experiences.

“Every smart brand is targeting Millennials, so why should it be any different in the luxury space?”

(WWD, 2016)

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Mood Board & Colour Palette The mood for the product line consists of bright colours that feature in Alec Monopoly’s work, the original Louis Vuitton Monogram and Damier prints, paintings, graffiti drips, as well as improvised graffiti slogans from his work such as dollar signs.

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“leather goods have become the driving force of the actual business of the fashion industry” (Business of Fashion, 2014)

Product Line

Louis Vuitton x Alec Monopoly is an accessories-based capsule collection. It consists of bags, 90 x 90 silk scarves and phone cases. The reasoning behind this is the fact that the bags and accessories section of the market has had a huge growth in their luxury sales over the past few years over their apparel and cosmetic counterparts and there doesn’t seem to be any indication of this stopping (Deloitte, 2017).

Infographics taken from the Deloitte report on Global Powers of Luxury Goods 2017

“accessories and, in particular, leather accessories, have grown faster than the broader luxury markets” (Business of Fashion, 2014)

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Bags

“Handbag market grows 2.6% in 2016” (Mintel, 2017)

£1000+

“High demand for unique designs” “Young market favour social media for handbag style inspiration” (Mintel, 2017)

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Orignal design mini trunk handbags made to emulate the signature Louis Vuitton trunks; featuring the original monogram print, adapted graffiti prints and altered Alec Monopoly paintings

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“What fashion items extra money is spent on in the last three months? - By gender, September 2016 - Handbags - most desirable accessory”

£1000+

(Mintel, 2017)

Adaptations of current Louis Vuitton bags for the new Alec Monopoly collaboration collection; featuring graffiti drips, new leather colourways and altered Alec Monopoly paintings

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90 x 90 Silk Scarves

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ÂŁ360

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“the BBC recently identified scarves as a “new power symbol”…”

90 x 90 silk scarves featuring original monogram prints and adapted Alec Monopoly paintings.

Can be bought as a fashion item; to be work as a neck scarf or headscarf, or can be bought as an art piece.

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(Fortune, 2015)

£360

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Phone Cases

Article in the Guardian “How the phone case

became the most important part of your wardrobe” - March 2017

£230 Phone cases featuring the original Louis Vuitton Damier print, a refined version of the monogram print, and an adapted graffiti print from Alec Monopoly’s work. Icons feature altered Alec Monopoly paintings as well as an incorporated logo for the collaboration; a monopoly man sitting in an LV.

“the iPhone case has gone from pragmatic protector to style statement” (Wall Street Journal, 2015)

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Promotional Strategies Short Film

Social Media

• Instagram & Facebook Posts to introduce the collaboration • Post only the logo and launch date to create buzz

• Used in advertising online (YouTube and Social Media) • Played at Frieze London

Gifting

• Given to special guests of the launch event ahead of sale time • To be posted on social media over that weekend

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Campaign Imagery • Featuring a celebrity & prominent fashion influencers that fit the target market

Launch Event

• Held in Bond Street Flagship Store • Alec Monopoly doing live work for event souvenirs

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Social Media

As a promotional strategy, social media would be the marketing tool the collaboration would use to announce itself for the first time to the public. This would be done by enigmatic posts on both Louis Vuitton and Alec Monopoly’s social media accounts; particularly Facebook and Instagram. This is because these social platforms have the highest number of active users (Leverage New Age Media, 2017), with “three quarters of Facebook users and half of Instagram users” using the site daily (Pew Research Centre, 2016)

“Facebook also ranks as the most popular social network with Millennials (33% of them cite it as their favourite). However, Instagram (22% of Millennials rank it as their favourite) and Snapchat (16%) have much more Millennial fans than they do older ones. The youngest set of Millennials surveyed (age 18-24) rank Instagram as their top network (25% cite it as their favourite), just ahead of Facebook (24%) and Snapchat (23%).” (Marketing Profs, 2017) So, if we focus a lot on Instagram, to excite our target consumer, we look into the statistics of our two brands. Alec Monopoly has a very strong Instagram statistically with a lot of engagement, as seen in this analytic of his account via Keyhole.

Louis Vuitton has an extremely high follow count on their Instagram but their engagement has been lacking recently and they could benefit from a boost from the young demographic.

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• Use both Louis Vuitton and Alec Monopoly’s platforms to introduce the collaboration to the public • Creating a buzz to get the consumers excited about the collection Louis Vuitton have a very high Facebook following so it would be worth posting about the collaboration there too. Alec’s Facebook page has been inactive since 2014.

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Short Film

A short 20 second graphic film would be released following the initial buzz of the social media posts. The reasoning behind creating a graphic film/video is because reports show that millennials are much more engaged with video marketing than others, with statistics of “60% of millennials preferring to watch a company video rather than read...” about it, and “80% of millennials find video helpful during initial purchase research” (Impact, 2016).

The film/video’s purpose would be to capture the attention of our target customers as it would inject energy into the upcoming collaboration. It would be kept at this short length with not a lot of promotional information in it as reports show that “2/3 millennials lose interest in a video if it’s too promotional” (Impact, 2016) and to keep the cryptic and ambiguous nature of the collaboration as no actual products will be featured in it.

The short film/video would be released on social media sites such as Facebook for Louis Vuitton, and on the respective Instagram accounts of the collaborators. It would also be used as short YouTube ads and as advertisements on social media apps like Snapchat, to follow ‘Stories’, to make sure it gets the maximum engagement from the targeted audience.

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External video link: https://vimeo.com/246829316 Password: louis_alec

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Campaign Imagery

The initial campaign imagery for the collaboration that would be released would comprise of two main models; the first one being Sofia Richie. Friend to Alec Monopoly; she has already promoted his art and his brand numerous times, and wearer of luxury brands; it makes sense that she would be affiliated with this collaboration. Sofia Richie is extremely talked about in current pop culture and has an extremely high (3.1 Million) following on Instagram. Daughter to Lionel Richie, her name is recognised almost worldwide and she has a far global reach for promoting brands. As a friend to Alec Monopoly she would also not be an expensive model to hire for the campaign as she already regularly posts his work to her 3+ Million followers, for free.

Secondary to this, the campaign imagery would focus around large influencers that have a pull towards the target market. The following examples of campaign imagery feature influencer Aleali May, who recently reached headlines for releasing a new collaboration herself with the Jordan Brand for a collection of sneakers (shown below). She has over 216k followers on her Instagram with a positive engagement shown here through these statistics obtained by Keyhole (2017).

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Imagery reflective of the items in settings that agree with the product and the model; urban locations with designer street style.

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Launch Event The launch event for Louis Vuitton x Alec Monopoly will be held on the 5th October 2018 in the Bond Street flagship store of Louis Vuitton, London. The store is in a prime location in the middle of arguably the wealthiest neighbourhood and shopping district of the capital; Mayfair. It sits on a corner plot and therefore has extensive façades at disposal to be used for showcasing some of the pieces.

The date of the event is the Friday evening of Frieze Week in London; as this ensures a large number of invitees are scheduled to be in town for it. “Frieze is a media and events company” that hosts “three international art fairs”, one of which is Frieze London. It is an extremely exciting time of year in the arts and media world and is a time for a lot of creatives and publicists to all be together in one city.

As the event will be highly publicised, the guest list for the launch event will be heavy with media executives, editors, fashion editors and journalists from magazines who we feel would fit the aesthetic of the collaboration, as well as magazines who have a known history for supporting artists, and the relationship between the disciplines of art and fashion colliding.

This would include names such as Caroline Issa; the fashion editor at TANK Magazine, Elizabeth Fraser Bell and Emma Wyman; the fashion editors at Dazed & Confused and Julia Sarr-Jamois; the senior fashion editor at iD Magazine. Edward Enninful of British Vogue and his team of contributors would be on the list, as well as established art publicists and men’s magazines such as GQ. 36

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Also in attendance at the event would be the models of the moment, such as Adwoa Aboah and Cara Delevigne. Alongside them, would be Sofia Richie herself, as one of the faces of the campaign; who would nodoubt be in attendance with her beau Scott Disick and an entourage.

This, combined with the fashion influencers of the campaign and social media influencers who would be invited, will drive up a lot of press and media coverage to get the right amount of buzz over that weekend before the products actually get launched in store and online to go on sale the following Monday.

The windows of the store would depict the silk scarves displayed as individual art pieces hanging amongst the gold frames of the store (shown below).

Alec Monopoly would obviously also be in attendance, and would be there spray-painting small items for guests to take away as event souvenirs; that they would also be posting on their social media platforms.

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Gifting

The gifting process for this collaboration would take place at the launch event. Upon leaving, everyone would receive gift bags with their spray-painted souvenirs, but fashion and social influencers would also be gifted items of the collection; such as the phone cases, to post on their social media platforms over the weekend.

Sofia Richie, as the main face of the collaboration would receive the entire collaboration collection ahead of time and will be posting images of herself with them, as well as being papped with the items over that weekend before the sale launch date; Mon-

A mocked up image of Sofia Richie posting a selfie to her 3.1 Million instagram followers, holding a Louis Vuitton x Alec Monopoly phone case.

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Timescale Save The Date cards sent to VIP guest list for Launch Event:

Mid August

Social Media posts on all platforms released:

Early August

Book catering and staff for Launch Event:

Early September

Short Film released on social media:

Late August

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Sofia Richie announces face of campaign:

Send RSVP invitations for Launch Event:

Mid September

Mid September

Launch Event during Frieze Week & Gifting:

Campaign Imagery is released:

Late September

5th October 2018

In-store and online sales launch date:

8th October 2018

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Resources & Budget Sheet

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Evaluation of Success

To evaluate the success of this collaboration, it would be noted throughout the stages of the process; indicated on the collaboration timescale. The first stage of this is the announcement of the collaboration via Social Media. The amount of likes and comments generated to these Facebook and Instagram posts would be an initial indication of how the idea of the collaboration will be perceived by the public, and if there is sufficient buzz around it to guarantee it is a success.

Following this, the short film/video would be released onto the various social media sites (Facebook, Instagram, Twitter, YouTube) as posts along with being used as advertising on Instagram ‘stories’ and Snapchat ‘stories’. The amount of hits/views on the video and number of clicks for more information that is generated, would again be an early indication of how excited the consumers are to see the product line; as the video is a slight teaser, as it gives a feel for the product line, without showing any actual products.

Chronologically, the next thing to happen is the sending out of invitations. The amount of positive RSVP’s received will indicate how many people should turn up at the event and if there will be sufficient media and press coverage of it.

Sofia Richie will then announce her affiliation with the collaboration online and we will monitor the amount of engagement that post receives on her social media.

The reaction to the campaign imagery will then be assessed; taking into consideration the amount of people engaging with it and what they are saying about it. Noted publications engagement with the images will also be noted.

The Launch event is the biggest indicator of success before actual sales. The amount of, and quality of the people who actually turn up and stay at the event is crucial, and the reviews in which the invitees give about the collaboration collection.

Gifting will take place after the event and during that weekend, we will be able to see in that short space of time the buzz that the product line generates as this will be the first time that members of the public will be able to see people with the actual products, not just in campaign imagery. It is hoped a large amount of posts about the event and products as well as paparazzi images that surface over the weekend will have queues outside the Louis Vuitton London flagship store on Monday morning for sale release.

And finally, the amount of product that is actually sold in an extremely short time frame will be the most obvious evaluation of success. Both entities in this collaboration stand to make a significant amount of revenue from this partnership and if, for example, resale rates of the product line are extortionate, then you can guarantee the consumers thought the collaboration was a success and they would want to see more; opening up both brands for future work.

The aims of this collaboration were to rejuvenate Louis Vuitton’s image within the younger market and to improve Alec Monopoly’s luxury brand image within the fashion industry. Success of this can be evaluated by looking to see if the demographic of sales within millennials increases, and to see Alec Monopoly not be seen as such a niche artist, but rather be featured in mainstream magazines such as Vogue and GQ alongside luxury brands, as well as being approached by other brands for possible future collaborations.

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Collaboration SWOT Analysis STRENGTHS • Two very successful brands • Product line is very on a macro trend - customisation • STRONG social media presence • Both brands have strong engagement at the moment • Collaboration benefits some consumers; an opportunity to own some Alec Monopoly work for a fraction of the price

OPPORTUNITIES

WEAKNESSES • High price point for some (?) - may restrict some potential customers • Lack of range for some consumers • So many bright colours may put off some people

THREATS

• More options for men • Economic crisis and recession is• Luggage and holdall extension of sues - do people still want to spend the collaboration - could include their money on luxury name tags for luggage and pass• ‘How the fashion industry became port holders etc. over-saturated by collaborations’ • Possible outwear clothing collaboArticle by DigiDay UK ration depending on demand from consumers

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Conclusion

All factors considered, this partnership has the potential to result in a very promising and successful collaboration. The collaboration should result in the regeneration of Louis Vuitton’s millennial image and should get them to be a major talking point. This would leave the luxury powerhouse to be at least onpar if not exceeding its competitors in the likes of Gucci and Chanel.

Alec Monopoly’s brand should leave this collaboration completely reinvigorated with the opportunity for him to do so much more within the fashion industry. The (hopeful) high sales generated from this could even result in a longer-term relationship between the two brands.

Art and fashion collaborations are hopefully here to stay, with Louis Vuitton x Alec Monopoly being a collaboration that goes down in history.

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References Business Of Fashion. (2014). Instagram. [online] Available at: • https://www.businessoffashion.com/articles/news-bites/dior-hermes-and-louis-vuitton-are-2017s-most-buzzed-about-designers-on-instagram?utm_source=Subscribers&utm_campaign=bb09806c74-the-state-of-fashion-2018-most-buzzed-about-design&utm_medium=email&utm_term=0_d2191372b3-bb09806c74-420103441 [Accessed 6 Dec. 2017].

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Michele Ishola - s00902077 - Assessment 1 - FSM503

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