R ag & Bone N e w Yo r k
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By Rebecca Williams
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C o n t e n t s p a ge
1.Executive Summary ........3 2.The Brand......................4 2.1 Brand Timeline.......... 6 &7 3. Brand Equity..................8 3.1 Visual Identity............ 10 &11 4. The Marketing Mix....... 12&13 4.1 BCG Matrix.................14 4.2 Core, Actual & Augmented..16 5 Market Segmentation.....18&19 5.1 Demographics.............20&21 5.2 Maslows Hierarchy of needs..20&21 6. Competitor Positioning Map ... 22 6.1 Competitors ..........................23 7. MACRO & MICRO Factors& Pestel...........................................24 &25 8. SWOT Analysis....................26 8.1 Conclusion........................27 9. Bibliography........................30
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1. E xe c u t i v e S u m m a r y This report is an overview of the brand Rag&Bone. It will be looking into how the brand has become the successful and well respected brand that it has become today. Starting at looking into who created the brand and what were their motives, and then the brands loyalty to its customers and how Rag& Bone is perceived as a brand because of its advertising and promotion. The report will then look into the brands products, and how they are marketed to the consumers and what type of consumer. By the end of the report you will have good knowledge of Rag and Bone as a brand, and how they operate.
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“My utopia is to walk into a R ag & Bone store and to be completely satisf ied with ever y sing le piece of product in there.� - Marcus Wainwright, 2017. 3
2.The Brand When the brand Rag&Bone was founded in 2002, Marcus Wainwright and business partner Nathan Bogle, started out by trying to find how they could make the perfect pair of jeans using a sustainable production method and materials. After finding their way in the world of fashion, Rag& Bone launched its first menswear line in 2004, branding itself as the fashion label who thrives off of British heritage with New York aesthetic. Initially the brand only offered menswear, with handcrafted garments such as coats, jackets, jeans etc… However, in 2005 Rag&Bone released its very own womenswear line, allowing them to cater for the mass market and make clothes for everyone. Shortly after Nathan Bogle left the company due to conflict of ideas, David Neville took his place.
From the beginning Marcus Wainwright (current solo Chief Executive) was passionate about the production of Rag and Bone clothing to be made in the US. Kentucky was the first factory to start producing Rag&Bone clothing, and then shortly after they moved to North Carolina. Now Rag&Bone denim is being produced in Los Angeles, and a small amount of ready - to - wear items are being made in New York. In 2016, Rag&Bone launched its ‘Fine Fragrances’ collection. Every fragrance is unisex, therefore keeping on top of their aim to create products for everyone. “ We wanted to take iconic fragrances and give them all a twist, creating something unexpected but really familiar at the same time” - Wainwright (Youtube, 2017).
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Today Rag & Bone is doing increasingly well. Stars such as Kylie Jenner, Jennifer Lawrence and Hilary Duff have been spotted wearing the brand (Star Style, 2018). There is currently only three stores in Europe which are all in the UK. However there are 24 in the US and one each in Japan, Hong Kong, Taiwan, Thailand, Turkey and United Arab States. Marcus Wainwright says he isn’t currently looking to expand and open anymore stores, as he wants to focus on the stores he already has, by increasing the foot traffic in each store (The Business of Fashion, 2017).
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2.1 Brand Timeline 2005:
Nathan Bogle leaves the company and David Neville takes his place.
2002:
Rag&Bone was founded by Marcus Wainwright and Nathan Bogle.
2012:
The brand opens their first European Store in London.
2007:
Rag&Bone win the Swarvoski CFDa award for menswear (cfda.com)
2004:
Rag&Bone first menswear collection is released.
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2017: 2016:
Rag&Bone CEO David Neville steps down. Leaving Wainwright to go solo.
Wainwright decides against a fashion show, and instead invited 70 of his friends to pose and take photos in Rag&Bones most recent pieces.
2013:
Emily Ratajowski joins Rag& Bone for the D.I.Y campaign.
2016:
The brand release 8 perfumes as part of their new ‘Fine Fragrances’ collection.
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3 . B r a n d E qu i t y
Brand equity is the value determined by consumer perception of and experiences with the brand. If people think a lot of a brand, they have got high brand equity, giving them high competitive advantage (shopify.inc). Aakers theory is a set of brand assets and liabilities linked to a brand name or symbol, which can add or subtract to the value of the service provided (Journals.lib.unb.ca, 2004). Rag&Bone is well known for Brand Loyalty to its customers because of how transparent the brand is, through attracting its customers via awareness and reassurance on the products. Customers know that when they buy from Rag&Bone, they can be assured that the clothes are of high quality and craftsmanship. They do this through mini youtube videos that explain the process of production for a specific garment such as the jeans. Rag&Bone are aware that their customers are looking for high quality from a sustainable brand, therefore they show their customers that they are providing exactly that. They make it clear that they want their customers to be able to fully trust them from the beginning when a garment is produced, to ordering the product online, then to receiving it. Their website has an array of
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options for a customer if they need help when wanting to buy online. Customers are able to chat online to a Rag&Bone team member about certain products. This shows how Rag&Bone care about their customers experience they have whilst shopping with the brand. This relates to Aaekrs theory concerning Brand associations and perceived quality. By giving consumers a positive vibe when they purchase from them, they are more than likely to be a returning customer in the future. It has been proven that 78% of customers have turned away from a transaction due to poor customer service (American Express Survey, 2011). Todays generations are not only bothered about what product they receive, but also the experience they have running up to the purchase of the product. Due to Rag &Bones excellent customer service, they have a great brand image.
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3.1 Visual Identity Rag&Bone have a simple and clean aesthetic; White and black. The brands minimalistic approach shows the class and simplicity of their products, which portrays them as a brand. Their clothes are tailored and smart, with no bold designs across any of the garments. When purchasing from the brand in store, the bags are white with the brands name written in black across the middle. Their stores, they are also very clean, tidy and minimalistic. Making it easy for the customer to walk around and admire the clothes on sale without being distracted by the decorations of the store. Rag&Bone stores are situated in the upper class areas on cities, usually close to other high end brand stores. Like most high end clothing brands, they don’t advertise on TV or Radio etc.. They focus on social media - Youtube especially. Their campaigns are mini short films on youtube, starring well known models such a Emily Ratajowski who starred in the DIY campaign. The campaign started in 2011 and ended in 2016. For it Rag&Bones favourite girls would wear no make up and their favourite items of clothing from the brand, again showing the simplicity of the brand. Their more recent campaign is ‘Hair’ which is a short youtube video that starred in the 2017 Tribeca Film Festival. Their shorts films can be seen in most of the stores, and also in cities on billboards. Using the AIDA model, which tracks a consumers decision making progress, from hearing about the brand, to making a purchasing, Rag&Bones advertising campaigns make consumers aware of the brand
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through the use of celebrity endorsement in their adverts. Moreover their campaigns are also simple and stripped back. This shows Rag&Bones Brand Essence. They want to ensure that consumers know that they sell high quality items, that everyone can wear. This brand message has stuck with them over the past 18 years, as their SS17 show was simply called ‘Ready to Wear’ . As a brand, Rag&Bone is built around the personality of the designer. Recently the brand released a Star Wars collection, in sight of the new Star Wars movie release, The Last Jedi. Wainwright had been working on this collection for over a year before it was released. He has been known to be a ‘die hard Star Wars fan’ (Vogue.com, 2017), therefore being able to inject some of his personality into the brand was something he was very passionate about. The brand focus on being ethical and producing clothing with sustainable methods. Today more and more consumers are looking for ethical clothing brands, especially after brands such as H&M, Primark and Zara have been named and shamed for producing their clothing in sweatshops, using young children for labour.
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4 . T h e M a r ke t i n g M i x
PRODUCT
PRICE
TARGET MARKET
PLACE
The marketing mix is a range of strategies used by a brand to promote its products. (econmoictimes.com, 2018).
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PROMOTION
For Rag&Bone, their products are simple, but their unique selling point is the craftsmanship that actually goes into the coat, boots and jeans etc… They aren’t mass produced for the hundreds of thousands like other brands. Their target market is quite big. The brand isn’t hugely expensive, but it also isn’t cheap. Consumers from the age of 20 - 30 would be most interested in purchasing from the brand, because of the high quality products, and the style of the clothing. A standard pair of jeans ranges from £150 - £280, a coat £190 - £240 and a basic t shirt £80 - £270. Therefore a whole outfit from Rag&Bone would cost the consumer a minimum £470. Furthermore at that age people are looking for clothes that are going to last them a good a few years so that they don’t have to re-purchase anytime soon. Their products are a sound investment. The core product of one of Rag&Bones most popular products - jeans, is that they are high quality and offer years of wear. When it comes to price, Rag&Bone offer their products at a high price which stays the same up until a new collection comes out, the old ones will go on sale. This is called ‘Product line pricing’. Some items may go in the sale due to a change in seasons, or because of a new collection
drop. However, a consequence of Rag&Bone always having their new products at such a high price, is that it may deter consumers from investing so much money into a new garment that they don’t know what the quality is going to be like. Especially if the customer purchases online where they don’t get to try it on before they buy it. Although consumers are able to go to a Rag&Bone store and browse there, rather than just online. You can buy the brand from department stores such as Nordstrom in the US. Therefore there are two places where consumers can got to buy from the brand. This makes it accessible to almost everyone, due to having a procedure channel and a customer channel. To make their brand stand out from the others, Rag&Bone use film and photography as a form of promotion. Grainy films and black and white photography are the infamous techniques of Rag&Bone, making the brand seem more traditional. However, on the complete opposite end of the spectrum the brand recently collaborated with Google to create a VR (virtual reality) fashion show documentary, where viewers can view a fashion show, without having to attend the event. This makes fashion shows a lot more accessible to everyone, because peoples perception of fashion shows now, is that they are only for the ‘elite’. Furthermore it opens up the brand to the whole other market, proving to people that
technology such as Virtual Reality isn’t just for ‘geeks’ (Tirico, 2017). Their campaigns star some of the fashion industry’s most famous models, such as Emily Ratajowski, Candice Swanepoel and Miranda Kerr. Therefore consumers will be more enticed by the advertisements when they see a model who they recognise stripped back, with minimal make up and natural looking hair. Compared to the glam looks you usually see on brand campaigns. In their Spring Summer 18 Campaign, the brand again got together some of their favourite people who are involved within the brand, and asked them to dress in their favourite pieces from the new collection and take a selfie. They were asked to choose a charity to donate money too. This speaks a lot about the brand and the image they want to portray to the market. Relating to Carroll’s CSR pyramid which is framework that helps argue why and how organisations should meet their responsibilities (tutor2u.nd). Rag&Bone prioritises the ethical side of their business and also philanthropic. They give back to society through charities, and they are also ethical in their means of production and sourcing of materials by doing it locally.
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4.1 BCG Matrix - Growth Share Matrix. R E L AT I V E M A R K E T S HA R E
STARS.
QUESTION MARKS
M A R K E T G R O W T H R AT E
Coats and Jackets.
Fine Fragrances.
Bags
Belts Rag and Bone Denim.
CASH COWS
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Eyewear
Knitwear
DOGS
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4.2. Product Levels
The three levels of a product are Core, Actual and Augmented. Each of these explain what a product gives to the customer when they purchase it. In the case of Rag&Bone, the ‘core’ product of buying a coat from
E m i ly R a t a j ow s k i
them would be that it keeps them warm in the cold seasons, the ‘actual’ product would be that it is high in quality, in fashion and trendy. The ‘augmented’ product of buying from Rag&Bone is the service you receive when buying from the brand, and if bought online, the experience of the delivery.
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“Quality Assured”
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5 . M a r ke t S e g m e n t a t i o n “ Customer segmentation is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests and spending habits” (searchsalesforce.com, 2015)
From the very beginning the brand said that they want to make clothes for everyone. Therefore the demographic of people who are targeted by the brand is almost everyone. However, the age range of people that buy from them, is people in their 20’s - 40’s. This is due to the pricing of the clothes and also the style. The clothing of the brand is sophisticated, mature and classy - but also casual.
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URBAN
N
YOUNG
PROFESSIONAL
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5.1. Demographics
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T
he people who are most likely to buy from the brand, will live in urban
areas. Big cities such as London and New York etc.‌ That’s because this is where the clothing is most accessible, also where the trends of the clothing is most common. Over the past years this may have changed due to social media and advances in technology, as people become more aware of less known brands. Although, I recently created an online survey and posted it on my social medias for people to complete. 79% of people said that they had never heard of Rag&Bone before.
However the Asian market will soon be emerging. Especially countries such as China, due to them being a BRIC and their country developing more rapidly, meaning people have larger incomes.
5.2 Maslows Hierarchy of needs
Maslows Hierarchy of needs is a pyramid containing 5 levels of motivation factors for humans. A person can only move up to the next level after they have achieved the one below. When consumers purchase from Rag&Bone, they may be looking for safety as they will know that the quality of clothing from the brand will be high quality, giving them peace of mind that the clothing isn’t going to fail on them. For example a bag from a cheaper brand is more likely to have the handles snap or the zips break. However a bag from a more luxurious brand will be stable and longer lasting. Purchasing from them may also give them a high sense of self esteem, as they may feel better about them selves when wearing clothes they love.
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PRESTIGE PRICE
EXCLUSIVIT Y
MASS MARKET
6.Competitor Positioning
AFFORDABILIT Y
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6.1. Competitor Analysis
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One of Rag&Bones biggest USP’s (unique selling points) is the fact that they make their clothes ethically, and don’t out source their production. Compared to one of their competitors, Michael Kors who outsources their production to 3rd world countries where the workers get paid the minimum. Therefore customers will waver towards Rag&Bone because of their ethical production and transparency with their consumers. Rag&Bone pride themselves in their techniques and skilled manufacturers, which allow them to ‘redefine urban styles’. They have kept that attitude with them this whole time. They make some of the most basic pieces of clothing, with the highest quality materials and high skilled staff.
In comparison to their competitor Michael Kors, Rag&Bone have higher priced items. A black MK shoulder bag costs the consumer £215, from Rag&Bone a black shoulder bag is £660. This is because you are paying for higher quality and the craftsmanship behind it. (MichaelKors.com,2018).
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7. Macro & Micro Factors. Macro Factors are ‘The major external and uncontrollable factors that influence an organisation’s decision making, and affect its performance and strategies’ .
(businessdirectory.com, n.d.)
Macro factors can range from demographic, where the
consumers of the brand change their opinion on something
or have a different taste. To Political and Legal factors, which include a change in law or for example Donald Trump becoming the President of the USA.
For Rag&Bone, US election made a massive impact on them as a brand. Since Trump has become president, there has been politicisation of fashion and Wainwright, does not
agree with this. He believes people shouldn’t be ashamed of dressing people in Mexico, or South America. He says
everyone should be able to dress who they like (scmp.com,
2017). For Rag&Bone as a brand, Trump being president may help them expand, as Trump wants to help the companies in the USA, especially manufacturing. Therefore the brand may
benefit from this. Furthermore by Rag&Bone producing their clothing in the US, they aren’t breaking any laws across the
globe in third world countries, where building regulations are dangerous. Micro factors are smaller elements that can effect a brand, but don’t have the same effect (Your Article Library, n.d.). These are things such as customers and suppliers. In
Rag&Bones case, if their material supplier decided to up their prices, it will cause the price of clothing to go up, therefore customers may be deterred from purchasing.
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Figure 18 Economic volatility can effect Rag&Bone massively. If consumers have less of a disposable income they are less likely to buy from more expensive brands such as Rag&Bone, and may go to a cheaper alternative, and in Rag&Bones case this is Pull&Bear. Although if the brand have a loyal consumer base they will still purchase from the brand, but there will always be a high chance of losing customers, when the globe is struggling economic wise. Rag&Bone care a lot about what their brand image looks like it when it comes to corporate social responsibility. They advertise that
popular choice for those looking to shop ethically, because of them being a brand who thrives off of ethical garment production, and also you can access the brand online, and also in-store. Brands such as such as Zara are known for their use of fast fashion and unsustainable production methods. Therefore this has big environmental impacts. Like previously mentioned, Rag&Bone are getting involved in new technological innovations by introducing virtual reality in the brands promotion strategies. By having an excellent website, they will attract more consumers as technology carries on advancing. Each day, numerous amounts of people switch to online shopping rather than making their way to the nearest shopping centre to purchase their desired products.
they are ethical within their production, which gives them an excellent brand image. Today more and more consumers are changing the way they shop. Rag& Bone is a
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8.SWOT ANALYSIS “A SWOT analysis is an organized list of your business’s greatest strengths, weaknesses, opportunities, and threats” (Bplans, blog, n.d)
STRENGTH:
Rag&Bones biggest strength is that they are a sustainable brand. This allows them to be honest with their consumers, which then gains them a good brand image. An internal strength is that it allows the employees to have a happy working environment, which gives the company a good employee retention rate.
WEAKNESS: The brand doesn’t have many shops across the globe. In the UK
there are only three stores and they are all in London, making them un - accessible to everyone. By getting more shops onto the streets, the brand may become more popular and known to the public.
OPPORTUNITIES:
They are both online and in-store, therefore customers can shop both ways. They also have the opportunity of being able to be a leader in ethical fashion production because they are already doing it.
THREATS:
Uncertain economic times means that consumers may not be willing to spend their disposable income on expensive products, and may opt for quantity over quality.
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8.1 Conclusion Overall Rag&Bone are a successful fashion brand, that supplies the industry with ready-to-wear men and women clothing. They work ethically as a company, shedding light on what the fashion industry could be like if every brand shared the importance of corporate social responsibility like Rag&sBone do.
From the SWOT analysis I think the brand could boost their sales by having more stores onto the high streets. This will allow them to become more known as a brand, not only in London, but in other major fashion hotspots, such as Manchester, Paris and Milan.
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