Goyard Project by rbven.ny

RKL-FR025 Luxury Retail Management PROJECT

Student Name

Lai Yit Teng

Student ID

001F14919

Programme

Diploma in Fashion Retail Management

Term/Year

May 2020

Lecturer

Ms Sabi Sohrabi

Submission Date

11/08/2020

CONTENTS

1.0 BACKGROUND 2.0 MARKET POSITIONING

1 3-4

3.0 LOCAL TARGET MARKET

4.0 POTENTIAL DISTRIBUTION MODELS

5.0 LOCATION

6.0 RETAIL DESIGN AND VISUAL MERCHANDISING

7.0 THE CUSTOMER EXPERIENCE

8.0 DIGITAL RETAIL STRATEGIES

9.0 LOCALIZED BRAND COMMUNICATION AND ADVERTISING

10.0 CONCLUSION 11.0 REFERENCES

16 17

GOYARD Background

GOYARD - The brand was founded by Pierre-François Martin in Paris since 1792 as “House of Martin,”. Goyard specialized in packing, trunk-making, and box-making at the golden age late 19 century about the great trunk-makers was yet to begin. Martin’s trade had more to do with the fine art of garment folding and packing than with that of container making, as evidenced by his ad campaign, which emphasized that he sells a collection of cases and boxes and provides highquality packing services for fragile furniture, as well as flowers, gowns, and hats. Goyard uses plain canvas, oiled canvas, and straw for its packing; manufacturer of coat racks and horse carriage trunks, it supplies oilcloth and waterproof canvas at a fair price."The house of Martin quickly became a darling with the French aristocracy and was eventually granted the prestigious title of official purveyor of HRH Marie-Caroline de Bourbon-Sicilies, Duchess of Berry. He is the guardian of a young female ward, named Pauline. He arranged Pauline's marriage to one of his assistants, named Louis-Henri Morel, and gave his business to her as a dowry. Morel followed Martin’s footsteps, and presented himself as the « Successor to former Maison Morel, located on rue Neuve-des-Capucines, near Place Vendôme ».In 1845, Morel hired François Goyard as his student. The 17-year old guy provides training under the guidance of both Martin and Morel to inherited the business and history of Goyard.

GOYARD Marketing Positioning

MASS MARKET

EXCLUSIVITY

HIGH PRICE

LOW PRICE

GOYARD provides the best luxury goods and always been the top of its class in terms of quality, craftsmanship, authenticity, and exclusivity. The house of Goyard has developed its business toward the discretion, creating an elusiveness that makes it the ultimate status symbol for wealthy people. Goyard's most famous totes (many consider Goyard to be the “Holy Grail” of totes) can cost up to $6,000 and their most wanted monogram print trunks can go up to $30,000 easily. Low productivity and Long waiting Time make the brands stay rare and maintain their exclusivity. The main competitor for Goyard in Malaysia's luxury retail market is Hermes and Louis Vuitton. Goyard can go head to head with Hermes and Louis Vuitton due to its brand heritage and brand prestige. 3

Product Segmentation

UltraLuxury Goyard Trunk MYR 128,000 above

Cognac Coated Canvas and Leather Saigon Top Handle Bag MYR 29,268.00

Premium

Mid Range Goyard Red with Multi Coated Canvas Fabric Goyardine Varenne Long Wallet France MYR 4,408

Entry Level

Goyard Belt

Local Target Markets

Name: Kristina Gender: Female Age : 35 Occupation: CEO of an Organization Income level: RM 15,000 (High Class)

Marital status: Married Favorite shop : Louis Vuitton,Hermes ,Dior Style: Mature Idol : Kris Jenner, Lady Gaga

Customer Profile

Demographic: High class women who lives in a premium private residential area,and always participating in high class social activities.

：

Lifestyle daily life meeting, event and private club Interest: Vacation ,music , golf , Foods and Shopping

Goyard targets elite and affluent consumers according to their high pricing and high exclusivity. Prices for Goyard's luxury goods range from MYR 1200 to MYR 260,000. According to the 2019 luxury market report, up to 48 percent of luxury goods, customers who occasionally treat themselves said authenticity matters, and today’s luxury brand target audience is 25 to 44 years old due to these kinds of customer are the people that have experiences and a high potential for earn money to afford it. They also have a good sense of taste toward the luxury product. Goyard provides the best quality and most authentic products. In summary, Goyard’s local targets will be customers that are elite and affluent, focus on quality, craftsmanship, authenticity. Goyard customers are also the kind of people that enjoy life and love traveling a lot with no economic issues.

Potential Distribution Models

HQ of Goyard,Paris

the Goyard Website

The Department store There are three ways that customers can reach for Goyard products. First is Customers can get Goyard through the main Goyard Boutique which located in Paris. Second, Customers can get Goyard through Goyard retail spaces in luxury department stores such as Tokyo at Isetan Shinjuku, Seoul at Galleria Department Store, Shanghai at Plaza 66, and Singapore at Takashimaya. Lastly, Customers can get Goyard through its official Goyard Website, Goyard does not engage customers in any form of E-commerce, the only ways customers can get Goyard online is to leave a contact number and email address at Goyard official website and staff from Paris will contact the customers. 7

The Location

Goyard has a total of 28 stores worldwide, and most of the Goyard stores chose to open in the capital city of that country such as Paris in France, Shangai in China, Taipei in Taiwan, and Seoul in Korea. The best location for Goyard to enter in Malaysia will be Suria KLCC, Kuala Lumpur, the most iconic shopping destination in Malaysia. Suria KLCC is the epitome of shopping in Kuala Lumpur offers more than 340 specialty stores under one roof within its world-class complex of 1 million square feet and Suria KLCC houses some of the exclusive world-class brands such Louis Vuitton, Chanel, Prada, and so many more. Other than that, Suria KLCC placed in the golden spot in the capital city in Malaysia, and is also very close to KLCC Park and the KL Convention Centre; and with a light rail transit (LRT) station set adjacent to the building, the mall is easy to reach. Futhermore,The best for Goyard to land is the Isetan Japan KLCC department store because Isetan is a leading corporate group in Japan’s retailing industry, with over a century history and The Isetan flagship store in Shinjuku, is considered to be one of the most influential department stores in Japan. Isetan Kuala Lumpur offers shoppers a wide range of upmarket Japanese brands and World-Famous Designer brands such as CHANEL, CARTIER, CHRISTIAN DIOR, DOLCE & GABANNA, YOHJI YAMAMOTO, MASTERMIND and so many more. Isetan always focuses on providing the best products and the best services for customers. Next, Customers are coming for the high quality and high exclusivity products and Isetan never disappoints. In summary, the best location for GOYARD to land in be Isetan KL. 8

Retail Design and Visual Merchandising

Retail Design and Visual Merchandising plays a huge part in the customer shopping experience, Before the customer gets to touch or see the products and interact with the sales associate, they will look around the store and see whether the products are nicely placed and are the interior design fits the heritage of the brand. Goyard is the oldest leather goods maker that still in business and their Boutique in Milan, France presented as Vintage leather goods maker Boutique, Elegance, and historic. Goyard selected warm lightning for matching the interior atmospheric. After a walk into the Boutique, Customers will surround themselves with Vintage European luxurious interior design, and soon Customers will notice a huge cabinet where Goyard products are nicely placed and the cabinet is the Point of Presentation because this is what customers first sight land at after walk in the Boutique and most of the Goyard products will be placed here.

Goyard ,Paris . France

Goyard around the world

The customer experiences

The shopping experience of Goyard is equally antiquated. The queue, which in the summer months can stretch down the street, forms due to a system of controlled entry to ensures the number of customers never exceeds the number of staff inside the shop. Moreover, Every off their customer is given one-on-one service by a white-gloved shop assistant with knowledgeable and professional service. Goyard value and care about customer experience as every other luxury brand do and Sales Associate play a huge part in the customer shopping experience. A good Sales Associate help customers determine their needs then provide proper recommendations to solve their problems and provide outstanding customer service before and after a sale. Goyard only selects the best of best sales associates in their store or boutique.

Goyard believes good sales associates, good atmospheric, and good products combined became the best customer experience.

Digital Retail Strategies

Goyard’s prime strategy is silence. It forgoes any advertising, e-commerce, and celebrity endorsements. Goyard is the only major luxury brand that doesn't sell anything online. Either from the brand itself or from authorized third-party retailers, like department stores when other brands like Louis Vuitton and Hermes both sell significant portions of their product lineups on their websites. Next, Goyard also rarely grants interviews and very occasionally makes products available to the mass market. But it turns out that this lips-are-sealed tactic is the best way to build buzz. Goyard only made a website to shows customer knows where’s the stockiest located. If customer wish to buy Goyard online, they need to leave their email address at the Goyard website and Goyard will reply to them via Gmail shortly and then only able to make the purchase. Next, Goyard also runs an Instagram account which has 597,000 followers worldwide, yet its rival Louis Vuitton has 38 million followers which show Goyard doesn’t put a lot of effort into doing any advertising and don’t do a lot Digital Retail Strategies. The brand’s decision to avoid marketing and rely on the draw of exclusivity seems to be paying off. “It’s special to their customer because there are too many Louis Vuittons. This is the only Goyard.

Localised Brand Communication and advertising

POP-UP Gallery is another suggestion for Goyard to introduce their history and displaying the iconic products of GOYARD.This Pop-Ip Galary strategy is to help GOYARD to reach potential customers that have not known the brand or have not heard the brand. GOYARD Pop-up gallery can place at Bukit Bintang due to Bukit Bintang is the center of Kuala Lumpur, the capital city of Malaysia plus Bukit Bintang has a large flow of people daily from all around the country especially the tourist and businessman. GOYARD POP-UP Gallery is not meant for selling anything but building a reputation for the brand. The pop-up gallery can be a good way to reach new audiences and reintroduce themselves to new audiences. Other than that, Pop-up Gallery is also a good method to interact with new audiences, GOYARD can have the special Instagram filter special made for the Pop-up Gallery and Pop-up Gallery will go viral and people will like to visit the POP-UP Gallery to know more this French trunk and leather goods maker with 100years history. Moreover, Goyard should invite the popular people that have a reputation in their path of achievement around the world to their Private Club of Goyard to make some interaction.These projects will target customers more accurately in the market due to the influence and credibility of successful people. 14

The Conclusion In Conclusion, Goyard is the oldest leather

Moreover, Retail Design and Visual Merchandising

goods maker still in business. The company was founded in Paris in 1853, just one year

plays a huge part in the customer shopping experience, Before the customer gets to touch or see

ahead of the more widely known Louis Vuitton. GOYARD provides the best luxury goods and always been the top of its class in terms of quality, craftsmanship, authenticity,

the products and interact with the sales associate, they will look around the store and see whether the products are nicely placed and are the interior design fits the heritage of the brand. Goyard’s Boutique in

and exclusivity and targets elite and affluent consumers according to their high pricing and high exclusivity. Prices for Goyard's luxury goods range from MYR 1200 to MYR 260,000. Furthermore, Goyard likes to keep things old school as well as Potential Distribution Models, It does not engage customers in any form of E-

Milan, France presented as Vintage leather goods maker Boutique, Elegance, and historic. It selected warm lightning for matching the interior atmospheric plus every customer is given one-on-one service by a white-gloved shop assistant with knowledgeable and professional service.

commerce so the Customers are only able to get Goyard through the main Goyard Boutique which located in Paris or Goyard Department store around the globe.

For Digital Retail Strategies, Goyard’s prime strategy is silence. It forgoes any advertising, e-commerce, and celebrity endorsements and Goyard is the only major luxury brand that doesn't sell anything online. Either

The best location for Goyard to land in Malaysia is Isetan Suria KLCC department store, Suria KLCC is the epitome of shopping in Kuala Lumpur offers more than 340 specialty stores under one roof within its world-class complex of one million square feet and Suria KLCC houses some of the exclusive world-class brands such Louis Vuitton, Chanel, Prada, and so many more and Isetan is a leading corporate group in Japan’s retailing industry, with over a century history and always focuses on providing the best products and the best services for customers. Hence, the best location for Goyard to land first in Malaysia will be Isetan Suria KLCC department store.

from the brand itself or from authorized third-party retailers, but it turns out that this lips-are-sealed tactic is the best way to build buzz. Besides, Goyard only made a website to shows customer knows where’s the stockiest located. POP-UP Gallery is Localised Brand Communication and advertising suggestion for Goyard to introduce their history and displaying the iconic products of GOYARD. This Pop-up Gallery strategy is to help GOYARD to reach potential customers that have not known the brand or have not heard the brand. GOYARD Pop-up gallery can place at Bukit Bintang due to Bukit Bintang is the center of Kuala Lumpur, the capital city of Malaysia plus Bukit Bintang has a large flow of people daily from all around the country especially the tourist and businessman. Lastly, Goyard provides unique and limited best quality products and services. I believe Goyard will be loved by Malaysia soon will be everyone’s favorite brand once Goyard enters Malaysia. 16

References

Khan, H. (2018, 3 22). 8 Ways a Pop-Up Store Can Boost Revenue and Build Buzz for Your Brand. Retrieved from shopify: https://www.shopify.my/retail/120059907-8-ways-pop-up-storescan-boost-revenue-and-build-buzz-for-yourbrand#:~:text=Pop%2Dup%20store%20customers%20have,influenc e%20on%20their%20buying%20decision.

Lieber, C. (2014, 9 3). Why Goyard Remains Fashion's Most Mysterious Luxury Brand. Retrieved https://www.vox.com/2014/9/3/7578483/goyard

from

vox:

Mull, A. (2017, 5 11). 10 Things You Need to Know About Goyard’s Iconic Handbag History. Retrieved from purseblog: https://www.purseblog.com/goyard/goyard-handbags-history/ WHY IS GOYARD SO POPULAR? THE LUXURIOUS BRAND THAT WON'T ADVERTISE. (2019, 1 7). Retrieved from thechicselection: https://www.thechicselection.com/why-goyard-so-popular