Retail Buying Simulation 6-Month Buying Plan
Manon Audibert Sydney Barnett Morgan Davis SCAD Winter 2014
1
Contents
Company mission.................3 Madewell est. 1937.............5 Mood & Musings...................7 Scope & SIze.......................9 Key Customer......................11 Marketing Strategies..........15 Assortment.........................17
The Marketplace.................21 Social Trends.....................25 Fashion Trends...................27 Brands of Interest...............31 6-Month Buying Plan............4 Assortment Plan..................37 Chosen Stores......................41
2
3
Company Mission
Madewell, like our name suggests, is fully committed to outstanding quality and exceptional service. A modern-day interpretation of an American denim label founded in 1937, Madewell continues to bring the same original integrity to everything it makes today. We are continuously dedicating ourselves to bringing inspiration, creativity, and unparalleled expertise to Madewell customers.
4
5
Madewell est. 1937
Company Overview: Madewell was founded in 2006. Modern-day interpretation of an American denim label founded in 1937. Division of the J.Crew Company.
Denim, dresses, bags, shoes, tops, pants, accessories. Creative Director: Kin Ying Lee. Fashionable.
6
7
Mood & Musings
8
9
Scope & Size
There are currently Forty-Eight Madewell locations in the United States, in New York, NY.
Birmingham, AL- Scottsdale, AZ - Carlsbad, CA - Corte Madera, CA - Costa Mesa, CA - Glendale, CA - Los Angeles, CA - Pasadena, CA - San Diego, CA - San Francisco, CA - San Jose, CA - Santa Monica, CA - Boulder, CO - Denver, CO - Lone Tree, CO - Farmington, CT - Greenwich, CT - Westport, CT - Jacksonville, FL - Miami Beach, FL - Atlanta, GA - Atlanta, GA - Chicago, IL - Oak Brook, IL - Skokie, IL - Indianapolis, IN - Leawood, KS Bethesda, MD - Towson, MD - Boston, MA - Natick, MA - Newton, MA - Ann Arbor, MI - Troy, MI - Bloomington, MN - Edina, MN - St. Louis, MO - Bridgewater, NJ - Paramus, NJ - Short Hills, NJ - Garden City, NY - Huntington Station, NY - Manhasset, NY - New York, NY - New York, NY - New York, NY - White Plains, NY - Charlotte, NY Durham, NC - Raleigh, NC - Beachwood, OH - Cincinnati, OH - Columbus, OH - Portland, OR - King od Prussia, PA - Philadelphia, PA - Pittsburgh, PA - Providence, RI - Charleston, SC - Germantown, TN - Austin, TX - Dallas, TX - Fort Worth, TX - Houston, TX - The Woodlands, TX - McLean, VA - Bellevue, WA - Seattle, WA - Washington, DC
10
11
Key Customer
Our Madewell customer understands good quality and beautiful clothing. She is reserved in her fashion choices, but still is ahead of trends and knows elegance and class. She is poised yet unique combining essential Madewell items with her favorite vintage bomber jacket. She looks for quality in all her clothing, but recognizes the importance of good pricing. She is young but matured and knows what she needs in life to make her happy and successful.
Bright, curious, unique, classic, smart, creative, passionate, assured, empowered
between the Experiencer and the Thinker. She is motivated by personal interests, a smart-shopper, and is enthusiastic about new endeavors and who values knowledge.
12
Customer
Name: Ivy Palmer Occupation: Co-Owner of an independant, hand-crafted soap shop. Age: 27 Income/Salary: $85,000 Lifestyle: Married, kids to come, at her job constantly, avid traveler seeking inspiration for soap scents. Hobbies: Blogging, Shopping, Farmer’s Markets, Trade Shows, Drinks with friends, Traveling, Organic eating, Reading, Exploring.
13
Company Strengths: Variety of Women’s Apparel and Accessories High Quality Clothing Strong Customer Service High Customer Loyalty Strong Online Presence Student & Educator Discounts Multiple Sales Yearly
14
15
Marketing Strategies
Madewell Social Media Outlets Blog Instagram Twitter
16
17
Assortment
Accessories
complete without a signature bag, beautiful scarf, a bold pair of pumps or even a great pair of sun glasses. At Madewell we believe that accessories are a vital component and department of the brand. Our accessories are crafted with a focus on taste, quality and style. We enjoy bringing our customers great pieces to add to any wardrobe, while understanding their use and function, with an emphasis on style and personality.
18
“It’s necessary and it’s a business that our guests want. When you say you’re a lifestyle brand, you need to that’s what we think these categories do,” said chief executive Pillow. “Accessories pulls it all together and helps us tell the story.”
19
Shoes Bags Scarves Eyewear
20
21
The Marketplace
Price
Madewell sits conviently between the online site, Net-A-Porter, Anthropologie, Zara, and Levis. Distribution for the categories deal mostly with a high quality description as well as a higher price point.
Quality
22
Founded in 1992, Anthropologie is a multi-channel lifestyle brand that sells women’s clothing and accessories, home furnishings, found objects, gifts and décor. Anthropologie is part of the URBN Group, People. Currently, Anthropologie operates 175 retail stores worldwide and is continually growing. Anthropologie caters to the creative and unique individual with a whimsical and bohemian personality. In 2012 Anthropologie partnered with more than 30 artists and designers as part of its “Made in Kind” initiative. The ongoing series
23
collections by the likes of Peter Som, Tracy Reese, Byron Lars, Chris Benz and Paola Navone, as well as emerging talents from around the globe.
Net-a-Porter was launched in June 2000 by shop presented in the style of a fashion magazine. As an online destination, it delivers a vast variety of apparel, including handbags, jewelery, shoes and accessories. It includes collections from over 350 designers, including Chloe, Marc Jacobs, Burberry Prorsum, Miu Miu and Stella McCartney, and ships to 170 countries. Currently, Net-a-Porter stands as one of Madwell’s top competitors in the accessory taste in their accessories. discounted designer to lower-end-designer products.
24
25
Social Trends
During a time when technology is so important to our society, Madewell’s more curious about their community outreach and social responsibilites. education. They are currently sponsoring Council of Fashion Designers of America (CFDA), the Lukemia and Lymphoma Society, and many other programs through out the local communities. The Company also works to keep their facility and products eco-friendly by minimizing use of energy, paper, and water through out store,
T-shirt for Crewcuts designed for the Leukemia abd Lymphoma Society
26
27
Fashion Trends
Emblems
Mary Katrantzou, Libertine, Clover Canyon
Maiyet
Dolce & Gabbana
28
Mixing Materials Kate Spade
Vionnet
29
Kenzo
Marni
Chain Purses
Marc Jacobs
Tory Burch
s t r e e t
s t y l e * 30
31
Brands of Interest
Synonymous with skateboarders, surfers, and Southern California, where the brand was founded in 1966, Vans is a true sneaker icon. Add some cool to your casual (for years to come) with these timeless, casual shoes.
Straight from Italy, this brand is gaining serious buzz for its handmade, slightly oversized shades inspired by vintage frames. And now you can enjoy this retro-chic style as eyeglasses.
32
From the folks at Hunter Boot Limited— the over 150-year-old, Edinburgh-based our favorite old-school wellies. Here the traditional Wellington is shrunken down glossy sheen.
33
The king of kicks: the iconic 1400 sneaker, originally launched in 1994, in never-before-seen custom colors that our design team cooked up in collaboration with New Balance. Each pair is crafted in the U.S. from premium American-made suede at New Balance’s Skowhegan, Maine, factory.
We are pleased to introduce our collaboration with Sam Edelman. Always a forerunner in the fashion scene, Sam Edelman will bring us great taste and style for shoes and handbags this coming Fall 2014.
An Italian icon for over 100 years, the classic Superga sneaker is pretty much the perfect blend of utility and understatavailable stateside that we collaborated on a pair of cool leather high-tops that are available only at Madewell.�
34
35
6-Month Buying plan
Focus Product Category: Women’s Shoes & Accessories (000’s) Fall 2014 Plan Net Sales, Fall 2014 Est. Net Sales, Fall 2013 Plan % Last Year: Average Stock, Retail: Inventory Turnover: Planned Reductions, $: Reductions % Sales: Plan IMU %:
7,500.0 6,000.0 25% 3424.6 2.2 1500.0 20% 58%
36
37
Assortment plans
38
39
40
41
Chosen Stores
SOHO 486 Broadway - New York, NY 10013 212.226.6954 Our Broadway location in Soho, is one of the top stores for Madewell. We have estimtated our sales to be 200 thousand dollars for Fall 2014. The inventory turnover to be able to meet sales should be 2.6. We have planned reductions to be at 20% of our sales, which will be 40 thousand dollars of net sales. The planned initial markup is 58%. Our Soho stores does very well, and we hope to see it continue to thrive this coming Fall.
42
Fall 2014 - SOHO Madewell Store (000’s) Fall 2014 Plan Net Sales, Fall 2014 Est. Net Sales, Fall 2013 Plan % Last Year: Average Stock, Retail: Inventory Turnover: Planned Reductions, $: Reductions % Sales: Plan IMU %:
43
200.0 160.0 25% 77.4 2.6 40.0 20% 58%
KING STREET 282 King Street - Charleston, SC 29401 843.720.1442 King Street is one of Madewell’s newest stores to open! Located right in the heart of to great their new southern customers, including the College of Charleston students. Being a new store, we have estimated our sales to be 125 thousand dollars for Fall 2014. We hope to see an inventory turnover of 2.0. We have planned reductions to be at 20% of our sales. We see great opportunity at the King Street lowish the best for Madewell in Charleston.
44
Fall 2014 - KING STREET Madewell Store (000’s) Fall 2014 Plan Net Sales, Fall 2014 Est. Net Sales, Fall 2013 Plan % Last Year: Average Stock, Retail: Inventory Turnover: Planned Reductions, $: Reductions % Sales: Plan IMU %:
45
125.0 0.0 N/A 62.5 2.0 25.0 20% 58%
end.