REMEMBER ME KNOT Market Report by Nadia Pinkney

MARKET RESEARCH REPORT REMEMBER ME KNOT COLLECTION NADIA MARIA PINKNEY H00128543 YEAR 4

CONTENTS INTRODUCTION 3.1 MARKET SEGMENTATION 4.1 ANALYSIS OF COMPETITORS 5.1 FASHION COMMUNICATION 6.1 AMBASSADOR SELECTION 6.2 CONSUMER PROFILE 7.1 ANALYSING THE GAP 7.2 APPENDICES 8 REFERENCES 15 3

Introduction 3.1

Market research is the action or activity of gathering information about consumers' needs and preferences. It is the foundation of success within a company as it provides information in which the company can use to analyse their intended market and consumer thoroughly. Fashion marketing is the application of a range of techniques and a business philosophy that focuses on the customer of clothing in order to meet the long term goals of the brand/ retailer. This market research report will examine and investigate the gap within the womenswear mid/high end level fashion market, market segmentation, identify and assess competitors , discuss the relevance of fashion communication and illustrate a customer profile relevant to the market. The intention for this report is to analyse where the ‘Remember Me Knot Collection’ is situated in the current market. Through perceptual mapping and SWOT analysis this report will find the brands own niche, analyse the work of competitors and identify the lifestyle and wants of the consumer. Fashion remains one of the primary spending priorities despite the economic climate. Market research reveals that the women’s fashion market is said to expand by 19% to reach £23.2 billion by 2016 despite the recessionary climate. (Women’s Fashion Lifestyles - UK May 2011)

Maket Segmentation 4.1 The fashion market is segmented into Haute Couture, Pret a Porter, Luxury Super Brands, Mid Level Brands and Designers, Independent Designers, Casual/Sportswear Brands, High Street and Supermarkets. The ‘Remember Me Knot Collection’ is situated in the Mid/High Level Brands and Designers market. The modern marketing environment is shaped by a range of variables that are essential to the market place. Completing PEST Analysis allows brands to find weaknesses in the macro marketing environment. Exploring the macro market trends and environment will allow ‘Remember Me Knot’ to effectively respond to changes in the political, economical, social and technological situation in order to operate successfully within the fashion market. Pest Analysis: Political - Aware of current national and international legislation when trading as trading policies are subject to change - Abiding to working environment and salary laws - Ecological and environmental issues: completing tasks in the most environmentally friendly manner. Also good for brand identity. Economical - Recession has not really effected fashion market: womenswear set to increase so good time to launch new collection - Need to be aware of overseas economics and trends if trading and selling in international markets - Take interest and exchange rates into consideration when pricing products - Creating skilled jobs in Britain due to the brand being a British based company - Taxation issues Social - Ageing society in UK means brand has to focus on desires and needs of mature consumer of generations X and Y - Fast fashion and disposable clothes trend influences consumer shopping habits - Emerging lifestyle trends/consumer attitudes/opinions could have effect profits - Advertising and publicity good for promoting brand and product - Social Media can be used to help generate interest in the brand but also to create personal relationships with consumers Technological: - New technology allowing for development of materials/fabric treatment/prints - New technology allows for faster production to compete in the fast fashion market: be able to produce more product ultimately generating more income - Innovative potential - Global communication: good for branding and breaking into overseas markets. Allows for easy communication between buyers, suppliers and the end consumer

Analysis of Competitors 5.1 As the ‘Remember Me Knot Collection’ is a British based luxury womenswear label the competitors to the brand would be other mid/high level British based designers with a similar design aesthetic and target market. The competitors identified are Roksanda, Osman, Christopher Kane and Emilia Wickstead in terms of product, price and style. The purpose of the research is to analyse each competitor in order to gain an understanding of how they operate through product range and marketing strategies. The research focused on the brands unique selling points, the structural price points and a SWOT analysis of each brand. To understand the competitors range of products their unique selling points had to be analysed. This shows the differentiation of products already available in the market and what differentiates the ‘Remember Me Knot Collection’ to its competitors. Product comparison reviews the competitors products. It is evident all designers have a classic and sophisticated style with a contemporary approach to their aesthetic. Cut and silhouette is vital to all designs similar to that of the ‘Remember Me Knot Collection.’ Most of the competitors regularly use digital print within their designs something that is also features in the ‘Remember Me Knot Collection.’ Emilia Wickstead has a very feminine and sophisticated style more appropriate for evening wear but also creates garments that can easily be interchanged into the smart/casual attire. However the garments maintain a tailored fit. Osman also offers tailored and classic styling in the brands innovative garments. Cut, silhouette and pattern are hugely important to the success of the clothing. On the other hand Christopher Kane presents more smart/casual collections, also using bold print and slogans in his work it appeals to the same consumer but for a different occasion. Roksanda offers bold garments in silhouette, style and colour however the clothes are of classic aesthetic and for this reason Roksanda could be considered as the ‘Remember Me Knot Collection’ main competitor. As these brands are already established the ‘Remember Me Knot Collection’ had to offer something different. The Collection offers innovative garments that juxtaposes a modern issue with classic silhouettes. The ‘Remember Me Knot Collection’ also presents garments that can be interchangeable and suitable for casual or smart occasions depending on the styling used. The attributes of the collection therefore find a gap in the mid/high end womenswear market suitable for the ‘Remember Me Knot Collection’. All brands use premium pricing as this is appropriate for the luxury market and allows companies to promote the image that each brand is in the high end market. (see Appendices 1-4.) From gathering pricing strategies from the competitors the ‘Remember Me Knot Collection’ aims to offer the collection at a slightly more affordable price. Prices will range from £250-£2500. As all competitors have similar, if not the same, stockists they are not just competing for the end-customers custom but also the store buyers. Brands that perform well will be bought in season after season and given a bigger floor space with a better profile. Whereas brands that are not as successful risk being positioned in a less prominent location or loose their contract with the buyer. A SWOT Analysis has been completed on behalf of each competitor. (also see Appendices 1-4.)

Fashion Communication 6.1 As the ‘Remember Me Knot Collection’ is a new designer brand emerging into the luxury womenswear market it is vital to communicate to potential consumers the personality of the brand and what the brand can offer the consumer. In order to effectively communicate with the new customer the brand will be using social media and a brand website. As the ambassador of the brand, Sienna Miller, has a large following on social media it makes sense to have brand accounts on the most popular social media sites - Twitter and Instagram. These accounts will be used to promote the products the brand, any sales and offers and connect with the consumers. As the brand does not yet have a loyal customer base the ‘Remember Me Knot Collection’ will be sold in the same retail environment as the brands competitors; designer department stores and boutiques such as Harvey Nichols, Selfridges and Jane Davidson. This will help promote the new brand and hopefully attract some of the competitors customers. The stores will also have the opportunity to promote and market the collection through their own marketing strategies. The store layout of both Harvey Nichols and Jane Davidson encourages freedom of movement in store and promotes all concessions equally within the store.

Ambassador Selection 6.2 Ambassador research focused on trying to find a stylish individual that would relate to the consumer. The ambassador had to be of similar age to the consumer and someone that the consumer would look to for inspiration. When researching into suitable candidates for the ambassador role, it was evident that the collections competitors had no such thing. The designer labels had chosen to promote their garments on a certain look of model conveying an overall style rather than an individual. When researching into celebrity endorsement it was evident that the public respond to covert endorsement (where the celebrity has chosen to wear the brand) compared to overt endorsement (where the celebrity is paid.) However as the ‘Remember Me Knot Collection’ is a new emerging brand in the market it seemed appropriate to appoint a brand Ambassador to increase publicity. Research tends to show that celebrities are more popular and influential with brands with a younger consumer demographic. As the ‘Remember Me Knot Collection’ is targeted at females 25+ the selection of an influential ambassador suitable for all ages is necessary. The ambassador for the ‘Remember Me Knot Collection’ is British actress Carey Mulligan. The oscar nominated actress was chosen as the collections ambassador primarily for her continued and recognised support as a celebrity supporter for the organisation Alzheimer’s Society. Mulligan became a supporter of the cause in 2012 and has fronted several of the Alzheimer’s Society raising awareness campaigns. However not only does Mulligan support the cause, she is also becoming recognised for her style as her popularity continues to increase both in her profession and with the public. As the ‘Remember Me Knot’ collection is inspired by Alzheimers it was essential to appoint an ambassador who supported and or has experience of the disease. Therefore Carey Mulligan’s continued support and understanding of Alzheimers creates the ideal ambassador for the ‘Remember Me Knot Collection.’

Consumer Profile 7.1 The ‘Remember Me Knot Collection’ consumers are generation x and y representatives that belong to socio economic class A/B. They are early adopters in fashion trends (Everett Rogers’ Diffusion of Innovations) keeping up to date with the latest fashion news through social media sources. They primarily buy products for self actualisation and esteem (Maslow’s Hierarchy of Needs.) Sarah Jenkins is a 33 year old female. She graduated from University with a first class honours degree in Accountancy and is now a manager in a London based financial firm. Sarah lives in a small two bedroom apartment in South East London with her fiancé of two years, who also works in finance. Due to her success in the finance industry Sarah has a relatively high disposable income which she invests partly in the latest fashion trends. Sarah has a monthly prescription for Elle and Bazaar and uses Vogue online to keep up to date on a daily basis. She is also aware of celebrity culture through social media: primarily Twitter and Facebook and other online magazines. Sarah primarily shops at Harvey Nichols, Selfridges and a range of small designer boutiques as they supply a collection of her favourite designer brands including, Osman, Roksanda, Emilia Wickstead and Christopher Kane. Sarah also shops in Zara and H&M for clothing basics. Sarah lives a relatively healthy lifestyle, she enjoys playing tennis, going for walks in city parks and attends the gym a maximum of two times a week due to her busy work schedule. She often visits home to see her family at the weekends and socialises with a group of friends she has met at University. Sarah likes to maintain a respected image and therefore buys designer garments to portray a level of sophistication and glamour in her style.

Analysing the Gap in the Proposed Market 7.2 After analysing the proposed market it was evident that there is an opportunity in the British based luxury womenswear market. As consumer spending is set to increase and the competitors of the market do not fulfil all aspects of the segment there is space for the ‘Remember Me Knot Collection’ to have a share in the luxury market. The ‘Remember Me Knot Collection’ will trade and expand within the current and future market. The collection offers something unique, inspired by a rising global issue and has a fresh approach to British based fashion. Although there will be fierce competition between other designer brands there is a market for the smart yet bold attire the ‘Remember Me Knot Collection’ offers the consumer. The ‘Remember Me Knot Collection’ will communicate with customers to create a personal relationship with their consumers through social media. This will also help create an interest in the brand and products. Also the ambassador of the ‘Remember Me Knot Collection’, Carey Mulligan will help create interest and promote products putting the collection at an advantage to their competitors. Ultimately after completing the research concluded in this report it is evident that the ‘Remember Me Knot Collection’ would successfully maintain a share in the British luxury womenswear market due to the unique style of the collection and the ever expanding womenswear market.

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APPENDICES

Appendix 1 :â&#x20AC;Š Christopher Kane Brand Touch Point Wheel:

Christopher Kane SWOT Analysis:

Appendix 2â&#x20AC;Š

Emilia Wickstead Brand Touch Point Wheel:

Emilia Wickstead SWOT Analysis:

Appendix 3 â&#x20AC;Š

Osman Brand Touch Point Wheel:

Osman SWOT Analysis:

Appendix 4â&#x20AC;Š

Roksanda Brand Touch Point Wheel:

Roksanda SWOT Analysis:

Appendix 5 â&#x20AC;Š

Perceptual Mapping of Competitor Market:

Appendix 6 Maslow’s Hierarchy of Needs:

Appendix 7  Everett Rogers’ Diffusion of Innovations:

REFERENCES

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