Thomas Pink Report

Natasha Kate Stock

Fashion Retail, Marketing and the Fashion Economy: Opportunities for change in a recession

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Thomas Pink - An introduction!

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Background!

3

Place!

3

Product!

3

Prices!

5

Target consumer!

6

Current marketing techniques!

7

Competitor marketing techniques!

9

Areas to improve !

10

The new marketing plan!

12

Current economy!

13

Research!

14

Green products assumptions and solutions!

15

Fibre components!

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Marketing strategy !

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Recycling and reusing materials!

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Product packaging!

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Conclusion!

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Relationship!

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Recruit!

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Reward!

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Retain!

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References !

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Thomas Pink - An introduction This report contains an overview of the retailer Thomas Pink, an analysis of the current marketing strategies used in the company, alongside the companies target market. It examines the main competitor and their marketing strategies, and gives an explanation of a proposed marketing strategy which will help to improve sales in a way that is not yet being utilised by Thomas Pink.

Background The brand ‘Thomas Pink’ was established in 1984 by three brothers. They named the company after a London tailor, ‘Mr Pink was an 18th century London tailor who designed the iconic hunting coat worn by Masters of Foxhounds, whippers-in, huntsmen and other hunt staff. The coat was made of scarlet cloth but was always referred to as PINK, in honour of its originator.’ Pink, T. (2011). ‘The Pink Story’. [online]. Available from: http:// www.thomaspink.com/our-inspiration/content/fcp-content [Accessed 19th November 2011]

Place Stores are located worldwide, but mainly in London, UK. Products are sold in-store and online on the official Thomas Pink website, as well as in department stores such as John Lewis.

Product Thomas Pink supplies smart attire for men and women. As a high end retailer Thomas Pink uses exclusive fabrics making the quality extremely high. Inspired by Mr Pink’s exquisite coat, the brand produces traditionally crafted clothes that exude the British heritage which was once iconised by the Pink coat.

The Thomas Pink store environment provides a backdrop which enhances the luxury of the garments. It is clean, crisp and welcomes customers to choose from a variety of quality products.

Thomas Pink Store - London Flagship

Figure 1

3

Formal shirts

Figure 2

Casual shirts

Figure 3

Suits

Figure 4

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The products are mostly smart and the brand prides itself on the variety of styles and fabrics, offering a shirt for every occasion. As well as shirts, Thomas Pink menswear produces, suits, tailoring, knitwear and accessories such as ties, cufflinks, belts and scarves.

Prices This price range targets a wide range of consumers, depending on what they are willing to spend. This means new products can be priced on either end of the scale.

A table of prices for Thomas Pink’s online Mens clothing: Garment

Lowest price

Highest price

Mens formal shirts

£29

£185

Mens causal shirts

£29

£89

Suits

£150

£575

Tailoring

£150

£495

Ties

£35

£99

Grey = Main products to be analysed in new marketing plan

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Target consumer The Thomas Pink consumer is the typical business man and woman who desires smart apparel at a range of prices.

The Thomas Pink consumers comes under two categories, young prosperous professionals, and wealthy executives. Both of these consumers will need to uphold a certain image, and will be willing to spend their money making sure they look and feel professional. For both parts it is a case of self esteem which can be received from dressing well.

Young prosperous professionals * Better off financially as they have no real financial burdens * Liquid assets * Want to make a good impression * See quality clothing as an investment Wealthy executives * Have money saved * Satisfied with financial position * Need to be well presented to set a good example to staff * Give a sharp professional appearance to clients and competitors

Lifestyle

Figure 6

Business

Figure 5 6

Current marketing techniques Marketing techniques include * Exclusive shopping events * Social media promotions * ‘Shirt tales’ blog * Held book launch for BBC Sports Personality of the Year A.P McCoy * Timed discounts * Discounts off lifestyle events such as horse racing The current advertising for Thomas Pink covers You Tube and Facebook, and also has its own TV channel and radio, accessible through the website.

Thomas Pink TV

ʻShirt Talesʼ Blog

Figure 7

Figure 8 7

One-off discount

Figure 9

Packaging In-store events

Figure 11

Figure 10

These types of techniques attract the consumer. They create a lifestyle image which the consumer can then buy into. Most promotions are through the website which suits todays lifestyle. There are many ways to interact with the site, generating more interest amongst consumers and giving them the chance to familiarise themselves with the company. The marketing is in-keeping with the name by using pink branded products.

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Competitor marketing techniques T.M. Lewin’s marketing techniques include * A catalogue * ‘How-to videos’ * Social network sites including Facebook and Twitter * ‘Off the cuff’ blog * Competitions * Videos T.M. Lewin promote a trustworthy, reliable brand by having 90 day guarantee on all products and gaining an award for customer service which gives them a competitive edge.

Recent press shows a recent deal with the England cricket team to become the official formal wear supplier.

T.M. Lewin’s seasonal promotions include * Christmas workshops * Gift guides * 5 shirts for £100 * A free tie when purchasing the Telegraph * A competition to win a holiday to New York.

They have used these techniques in order to * Gain recognition of the company (sponsorship) * Create interest amongst consumers * Give consumers reasons to buy (discounts, competitions) * Encourage buying (bundles) * Become interactive and accessible (social media) These techniques will make T.M. Lewin well-known amongst consumers. This is why Thomas Pink needs an up-and-coming strategy to gain positive recognition. It is clear that T.M. Lewin is doing a lot more to attract the customer by creating offers and competitions their target market would really find useful.

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Areas to improve In fashion retail it has become increasingly important to sell fashion economically. Both retailers and consumers need to become more aware of the harm that fast, throw-away fashion is causing in todays environment.

A good example of this is the current turnover time of a product. Each day new products are being delivered to stores such as Topshop and Primark, pushing sales to be quicker and more impulsive.

Thomas Pink currently has no eco-friendly products. The area that needs improving is in terms of the image of the company. Improving this will enhance the brand and make it more well known amongst consumers.

Thomas Pink needs to re-invent its heritage. By creating a heritage inspired ‘green’ brand, the lifestyle of the brand is being incorporated into the product.

Vintage fashion has become increasingly on trend recently, which demonstrates the demand in the fashion market for environmentally friendly clothing.

Recycling is now a vital part of our everyday lives. We are constantly urged to reuse and recycle, and although the recycling of fashion available to us, fashion that is made in an eco-friendly way, with recyclable materials, is not.

After research into eco-friendly products and the consumer, it was concluded that consumers were interested in eco-friendly products if they have advantages to them.

By releasing an eco-friendly image for Thomas Pink, this will make consumers more aware of eco produce which could be readily available to them. This will improve their sales due to the benefits that the product will offer to target the consumer.

To support this idea, the graph below shows 40 peoples views on eco-friendly products over non eco-friendly products.

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If a product was made to be eco-friendly, would this influence you to buy it over other products?

Yes

No

Survey results

42% 58%

Some of the public said they would like eco-products more if * It was equivalent to the price of the same product which was non-eco * If the quality was not effected * If the product had benefits from being eco-friendly S.W.O.T analysis of the company Strengths -

Weaknesses -

* Strong, clear identification of brand * Well established on social network sites * Own TV and Radio - promotes brand further * Sells good quality garments

* No current eco awareness * Brand not as well established as competitor * No obvious diversity to competitor

Opportunities -

Threats -

* Broaden target market * Start a trend within market sector to become eco-friendly * Receive press coverage * Re-establish brand image

* Competitors gaining more publicity and more consumer interest * Brand not as well known among consumers as competitors

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The new marketing plan Thomas Pink will create a range of specially manufactured shirts, inspired by the heritage of the brand. The shirts will provide benefits to both the customer and the environment and will target the need for this in a changing fashion economy.

‘Diversification is where new products are developed for new markets’ Easey (2009) p.

245. Thomas Pink will begin to indicate a greener product with the campaign ‘Thomas Pink goes Green’ as a way of targeting a wider market.

There are already designers who have reused and recycled old textiles into new clothing, such as Lu Flux and Henrietta. However, few established high end retailers focus on producing products in a fair and ‘green’ way.

Lu Flux clothing

Figure 12

Due to the fact that Thomas Pink is a lifestyle brand, it makes it much more appropriate for it to be promoting a greener lifestyle to its current customers, whilst targeting a wider market who are interested in products which are preserving the environment, yet costing the same price as similar products which are not.

Thomas Pink will not only sell an eco-friendly product, but also provide information into how consumers can do more for their environment. Eventually, the whole Thomas Pink brand will be as eco-friendly as possible, and be the trend setter for other retailers to do the same. The publicity Thomas Pink will receive will be a major part of the advertising and acknowledgment of this new concept.

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Current economy The current economy reflects how the unemployment rate is at an all time high and there is talk of a double-dip recession. Socially, buying habits are centred around deals and discounts. What Thomas Pink plans to introduce is a fashion which lasts longer. Steering away from throw-away fashion, Thomas Pink will show the consumer how buying at a higher price than high street stores will both help the environment and last longer.

The aim is to keep the price of the products competitive with other retailers, whilst showing consumers that they can help reduce the waste of materials, and gain personal benefits through specially manufactured products. This allows Thomas Pink to meet the needs of many different types of consumer.

‘It’s also critical to differentiate your firm from others by offering products and services that will appeal to people in ways that your competition cannot’ Levine, L. (2011). ’10 Things you must know about your competition’. [online]. Available from: http:// www.allbusiness.com/operations/15836738-1.html [Accessed 6th December 2011] It is obvious in the current economic climate that Thomas Pink needs to target their consumers in a different way from before. Environmentally friendly products are a lifestyle choice, this means by purchasing these products customers have control, and this is something that makes them happy.

Although this is not something that cannot also be achieved by other retailers, it is something that Thomas Pink’s competition has not done. Because of this, Thomas Pink will surely achieve the competitive edge among similar retailers.

It is an important factor that Thomas Pink can can fund this idea, as it is something cheaper chains can not afford to do. This will put Thomas Pink’s name in the spot light for targeting a topic which is a current issue in the economy today.

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Research From primary research it was found that Thomas Pink was not as well known as it could be. By re-inventing itself as a ‘green’ business, consumers will become more aware of the brand as it becomes not just about selling clothing, but selling a sustainable environment for the future.

Not all results from the research were positive, which led to a decision to combine two sets of customer needs to ensure sales would be increased, and a wider market could be targeted.

A lot of people were interested in the benefits of specially designed fabrics in their workwear, combined with eco-friendly materials, would make them more interested in purchasing/buying into the products.

A group of 40 consumers were asked, ‘Would you be interested in any of the following properties in a garment’. The graph below demonstrates how it is important for the product to partly be all of these things.

Survey results

Breathable

Crease resistant

Moisture management

Soft/luxurious feel %

0

0.2

0.4

0.6

0.8

The new products will consist of two lines of shirts manufactured to have * Soft/luxurious feel * Crease resistance * Breathability They will be priced between £29 - £185 to stay within current product price ranges.

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Green products assumptions and solutions “Consumers and retailers seem to want new, environmentally sustaining products but are reluctant to pay for the additional costs involved”. Easey (2009) p.52-3. There have been problems with ecology and fashion pairing together and being successful. It is clear that green solutions alone can not produce products which consumers are interested in.

Research shows consumers do not want to pay more for eco products. As long as prices remain similar to other products, the consumer will be more inclined to purchase based on the the feeling of doing something for the environment.

It is already fashionable to be ‘green’ and live a green lifestyle, but much of the focus is not on the manufacturing of textiles, and it should be. With such an impacting trend it is less likely to change with the seasons and more likely to become more of a permanent way of fashion manufacturing.

The aim of the campaign is to use materials which are sustainable and desirable as well as being made ethically and ecologically.

The new product will consist of using a mix of fibres to engineer a fabric tailored to the typical consumer needs. This consists of not just natural fibres but also synthetic fibres. It is a common misconception that natural fibres are the best for the environment and have the most eco-friendly properties.

Some natural fibres, although biodegradable, give off harmful gases in the process of degrading. This shows how combing natural and synthetic fibres is not harmful to the environment and can be more eco-friendly.

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Fibre components The use of the fibre hemp in a product gives it durable qualities. Hemp is a bast fibre from the stems of the hemp plant, it is known for being a strong, natural textile. The most desirable qualities from hemp is that it is a completely renewable, reusable and recyclable resource.

Hemp can be blended with other fibres to create a tailor-made material. Hemp by itself has texture similar to linen so it is important to blend the fibres in order to get the best of each of the desired properties. Hemp has similar properties to Poplin, an old fashioned fibre used in shirts.

Blending allows special effects to be achieved. The disadvantages of a fibre can be masked by the advantages of another. This is imperative for a product which requires properties which will attract the consumer. Blending these fibres results in an improved performance, appearance, aftercare and comfort.

The way the fibre is made is an important factor into eco-friendly manufacturing. Solvent spinning is a eco-friendly way to blend fibres. This is because the solvents used in the spinning are reused again and again. This process is used with the product Lyocell which is now branded as Tencel.

Lyocell is a regenerated cellulose fibre made from dissolving wood pulp, and shares properties with cotton.

Figure 13

Lyocell properties * Soft * Absorbent * Strong * Crease resistant * Drapes well * Dyes well 16

The shirts will have specially designed properties, chosen by the consumer, but also keep the quality and the heritage of the brand in keeping with current products.

By using fibres with specific properties, Thomas Pink will be gaining the competitive edge over T.M. Lewin.

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Marketing strategy Easey (2009) pg.68 states, “Fashion photography often seeks to reflect a particular lifestyle that the consumer can identify with and then perceive the product as a vehicle to the attainment of that lifestyle�. The face of the campaign will have celebrity endorsement in order to create some familiarity with the new products.

In a recent survey, 40 people were asked which advertising methods were the most impacting. The results are shown below.

Survey results

Magazine

In-store

Televison

15%

33%

Online

Leaflet

Vehicle

2% 22%

28%

Media advertising will be the main focus in the marketing strategy.

The product will be put into a magazine style catalogue which customers can pick up instore, or order online. This is something Thomas Pink does not currently do, and by doing this it gives the customer more time to understand what goes into the new products, and browse the new collection. The paper used to create the magazine will be made from 100% recycled materials.

On the website there will be information about the new products along with information on how consumers can live a greener lifestyle.

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The product line will first be launched in the UK, after it has been introduced and sales have been monitored, Thomas Pink will look into introducing the new idea into other countries. This will be much easier once it becomes known and is successful in the UK.

Recycling and reusing materials Recently, a lot of retailers have chosen to reduce packaging waste, and change packaging habits. It has become a way of promoting retailers as they are aware that the modern consumer cares about this.

Store changes to ensure a waste-free environment * Emailing receipts. * 100% recycled bags with luxury feel still visible. The bags will be structured cardboard and advertise the new slogan on the side. The handles will be rope which is 100% recyclable. * Packaging will be reduced flat packing deliveries in order to reduce space and waste. * Hangers will be sent back to the manufacturers to be reused. * In store there will be designated recycling areas to ensure waste is disposed of properly.

Product packaging Thomas Pink will focus on the manufacturing, distributing and packaging of the new product to ensure a greener line of production. * Iconic packaging will be used to make a statement and have the slogan on - ‘Thomas Pink goes Green’ * Labels will explain how to care for the product * Tissue paper will be seed-pressed to promote the ‘green’ lifestyle * Other packaging will be limited.

Prototype carrier bag

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Prototype magazine advert or in-store poster

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Conclusion By creating an eco-friendly range, Thomas Pink plans to broaden their target market by attracting new customers who are interested in the benefits of eco-friendly products, but also keep current customers interested by creating products which are tailor-made to suit the typical customer. This is sure to improve sales, but by keeping the new product down to one range within the current Thomas Pink products, it will be easy to target the success of the new product and make any necessary changes along the way.

Relationship The relationship is built with the customers by showing them that Thomas Pink cares about how their clothes are made, and what benefits they are providing. These benefits are detailed in the packaging so the customer is always aware of what goes into Thomas Pink products, and what they are getting out of them. This helps the customer to trust the brand.

Recruit Staff will be prepared with how to inform customers about the new products, as well as how to keep the store an environmentally friendly place. Quality will promoted rather than discounts to show the customer the benefits the products have.

Reward Rewards will come in terms of competitions for customers. Loyal customers who frequently purchase from Thomas Pink will receive emails for secret sales and exclusive shopping events throughout the year.

Retain To retain customers, Thomas Pink will ensure that they are satisfied with the service provided by giving them the opinion to comment on how they felt about their shopping experiences. In return this will enter them in a prize draw each month to win Thomas Pink goodies. The in-store environment will demonstrate why recycling is important, and show how Thomas Pink cares about both the environment and customer.

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References Easey, M. (2009). Fashion Marketing, published by Blackwell publishing Pink, T. (2011). ‘The Pink Story’. [online]. Available from: http://www.thomaspink.com/ourinspiration/content/fcp-content [Accessed 19th November 2011] Levine, L. (2011). ’10 Things you must know about your competition’. [online]. Available from: http://www.allbusiness.com/operations/15836738-1.html [Accessed 6th December 2011]

Cover images available from - Available from: http://www.thomaspink.com/ (Accessed 9th December 2011) Figure 1 - Available from: http://www.thomaspink.com/ (online) (Accessed 25th november 2011) Figure 2 - Available from http://www.thomaspink.com/shirts/men/fcp-category/list. (online) Figure 3 - Available from: http://www.thomaspink.com/casual/men/fcp-category/list. (online) Figure 4 - Available from: http://www.thomaspink.com/suits/men/fcp-category/list (online) (accessed 30 November 2011) Figure 5 - Available from: http://blog.bmconsultantsindia.com/category/businessetiquettes/ (online) (Accessed 4th December 2011) Figure 6 - Available from: http://www.venueevents.co.uk/ascot. (online) (Accessed 30th November 2011) Figures 7,8,9,10,11 - Available from: http://www.thomaspink.com/ (online) (Accessed 2nd December 2011) Figure 12 - Available from: http://fairground.bibico.co.uk/tag/ethical-fashion/page/2/ (online) (Accessed 9th December 2011) Figure 13 - Available from: http://www.sojitz.com/en/news/2010/images/101012_02.jpg (online ) (Accessed 8th December 2011)

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