Final Major Project Research Portfolio by sarah.mak

FASHION MARKETING RESEARCH PORTFOLIO

Sarah Mak 201157038 DESN 3360

The Concept The Purpose Mission Statement Core Values

MARKETING AUDIT 12-29 Macro Environment Consumer Shifts & Current Market Market Opportunity SWOT Analysis Competitive Review Market Position Differentiation

TARGET MARKET 30-35 Consumer Demographics & Visual Board Psychographic & Behavioural Consumer Profiles

CONTENTS

EXECUTIVE SUMMARY 4-11

CONTENTS

MARKETING PLAN 36-69 Marketing Objectives Product & USP Place & Distribution Pricing Strategy Promotion Marketing Timeline

FINANCIAL CONSIDERATIONS 70-75 Marketing Budget Overall Budget Sales Projection

FUTURE STRATEGIES 76-83 Implementation Time Plan Risk Assessment Vision

REFERENCES & APPENDIX 83-109

EXECUTIVE SUMMARY

Figure 1

Connecting individuals to aspirational brands & empowering them to attain their full potential of selfexpression

REEL

CIRCULATION OF FASHION AUTHENTIC

CLUB THE COMMUNITY

THE CONCEPT

The Reel Club is a subscription based rental platform launching 2021, to offer the target consumer an opportunity to rotate their wardrobe monthly, for selected high-quality and in high-demand streetwear pieces, promote the concept of circular fashion. The gap in the market was identified through in-depth analysis of the current evolving macro-environment, accessed through reliable industry resources. This service will differ from the existing companies within the current rental market due to the product portfolio, which allows for a rotation of the wardrobe to fit casual everyday styles; as well as offering brands which may be unattainable to access by the consumer. Young fashion consumers are open to the concept of rental fashion, however their needs have not been met in the current market which is what this company aims to address.

Figure 2

MISSION To embrace the young consumers needs to consume in a more sustainable way, access high-end goods and allow for true selfexpression through the ability to innovate their wardrobes.

RENT THE BRANDS OWN YOUR STYLE

THE PURPOSE

The service seeks to address the problem of limited access to products in high-demand and low-supply within the streetwear market due to the “drop” model. As a result, prices for these products soar and therefore become in-accessible, particularly to the younger consumer with less disposable income. The “drop culture” and the rise of the underground resale community within streetwear’s ‘hype’ market has fed into the inflation of prices for specific brand

collaborations and drops; heightening the aspect of exclusivity within the market (Walker & Stott, 2017). Resale platforms such as Stock X and GOAT have seen product prices escalate unimaginably such as Nike’s LeBron James sneaker collaboration, retailed at £129, going up to £8115 per pair (Walker & Stott, 2017). The Reel club seeks to slow this inflation by offering the same products at an accessible price to rent.

Figure 3

10.

Figure 4

It will offer a digital space for those with a specific interest in the streetwear community and the designers within this space which is not targeted to one gender, one size or one race. The promotion of inclusivity to all genders will be at the core of the business, and products will not be sectioned into “men” and “women”, as the market has been accused of excluding women or adopting a “pink it and shrink it” method to cater for them (Menendez & Gill, 2018).

Many third-part e-commerce channels, for example Grailed, provide “globally sourced menswear”, despite the market opportunity for women to access these products without having to look to a minimal female section (Nanda, 2019). As the market thrived on allowing men to express themselves through fashion there is now greater need for it to evolve and enable this space to be without being a hostile environment for women (Menendez & Gill, 2018).

11.

Figure 4

CORE VALUES

Honest Accessible & Sustainable Trustworthy Community Empowering & Inclusive

MARKETING AUDIT A PESTLE analysis of the macro-environment was used to derive the key trends which will impact and influence the operations and opportunity for this proposition (see appendix).

14.

Figure 5

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MACRO TRENDS

TRUTH & TRANSPARENCY

Coronavirus has heightened the “quest for truth” as misinformation through the media regarding the pandemic, and in the pre-pandemic world, has been in a midst of a social crisis (WGSN, 2020). People are demanding transparency as consumers seek comfort in being highly informed. The macro-shift is seeing consumers be more aware of business practices and demanding transparency throughout the value chain; with 52% of millennials and 45% of Gen-Z saying they research the brands background and ethos before purchasing (McKinsey, 2020). As truth and transparency is of importance to the consumer this will resonate with the brands core values.

DIVERSITY & INCLUSIVITY

The “digital natives” of gen-z, those who’ve grown up with technology, have evolved values as a result of being well-informed through the access to the internet, smartphones and social media (UPCEA, 2020). This generation is “moving away from the rigid definitions of gender, race and sexuality and choosing a more self-defined, fluid approach to identity” (Mintel, 2020, p.58); highlighting a need for fashion to enable selfexpression through various styles. They are looking to improve their activism when it comes to their shopping choices regarding both social and environmental issues (Mintel, 2020). This is heightened by their hyper-connectivity allowing for the sharing of information about brands regarding their ethical practices and corporate social responsibility (Mintel, 2020). A truly inclusive fashion culture is expected from major fashion brands, in terms of gender, race, size and age as the consumers value advertising with relatable models; such as ASOS using more models of colour and their collaboration with GLAAD to donate 100% of the profits to the LGBTQ community (Ahmed et al., 2020).

Figure 6

% of Consumers who research the background of a brand before purchase

45% Gen-Z 52% Millenial 16.

Figure 7

END OF OWNERSHIP

The macro-trend, the “end-of-ownership” has been driven due to the impacts the pandemic has had on consumer values; reflecting their need to access to products/services in alternative ways to ownership (WGSN, 2020). New ownership models are being driven by the growing desire and core consumer values for “variety, sustainability, and affordability” (Ahmed et al., 2019). Across industries consumers are choosing to rent goods rather than owning them outright, which is expected to impact the fashion industry; for example, Netflix replacing video stores (Ahmed et al., 2019). Fashion rental embraces these values towards longevity and access of products over ownership, by enabling a longer product lifecycle whilst offering newness to the consumer (Ahmed et al., 2019). Furthermore, as Gen-Z are rejecting dated ideas of status and wealth, they seek flexibility and financial wellness as they watch the current economic and health crisis unfold (Afterpay, 2020). This cohort are looking at their finances more “holistically”, wanting to save and invest in more considered purchases; reflecting the end-of-ownership trend and shift towards circular rental models (Ahmed et al., 2019).

COMMUNITY COMMERCE

The consumer is searching for new ways to access and exchange products, looking to decentralised retail channels, connecting and co-creating with brands in a “mobile-first” mindset (Hawkins & Stott, 2019). The demand for “hyper-convenience” from mega-systems such as Amazon has been accelerated during the pandemic; however, these platforms lack personality which consumers require in order to make valuable emotional connections (Hawkins & Stott, 2019). This consumer is engaging with less traditional modes of consumption, turning towards micro-commerce such as second-hand and peerto-peer networks for their personable approach (Hawkins & Stott, 2019); displaying the opportunity for adoption of rental. The re-commerce market is expected to reach value of £31bn by 2022 and is encouraging the shift towards more meaningful consumption as consumers gain confidence in buying goods from third-party sellers (ThredUP, 2020).

The re-commerce market is expected to be valued at

£31bn by 2021 Figure 8

Figure 9

17.

CURRENT MARKET

CONSUMER SHIFT

Figure 10

Figure 11

Consumers are shifting their focus onto the “value” and “longevity” of products they invest in; displaying an opportunity for the luxury and premium rental market to survive and thrive in the uncertain post-pandemic period to offer high-quality goods at accessible prices (WGSN, 2020). The resale market has seen substantial growth with consumers experiencing financial uncertainty and seeking discounted products available at less than retail (WGSN, 2020). Although there is demand for more accessible prices, consumers are retaliating against the build-up of bargain-shopping culture and fast-fashion, exacerbated by a rise in anti-consumerism particularly within Gen-Z (McKinsey, 2020).

RENTAL MODEL

The rental model has verified itself within the luxury fashion market, particularly in occasion-wear and accessory specific products such as designer bags (Hudson, 2019). The current market typically offers pieces made for special events with product ranges of suits and dresses and accessories, ranging from high-street to luxury brands (Nazir, 2020). Established brands are recognising the opportunity to take a share in the rental market such as H&M’s trial rental service and Ganni launching “Ganni repeat” (Nazir, 2020) The prevailing macro-environment and consumer trends have been carefully analysed to identify the opportunity to launch a new rental brand within the fashion sector. This market is expected to see growth, projected to reach a value of £2.3bn in the UK, despite market leaders such as rent-the-runway currently facing challenges during the pandemic (Nazir, 2020). ThredUp has predicted consumer spending to increase by 28% within the next 5 years towards the rental model, following the increased demand for second-hand and sustainable clothing (ThredUp, 2020).

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STREETWEAR MARKET The streetwear market is currently flourishing, offering a sense of community and belonging as it blurs the definition between “luxury, fandom, music and sport” (Napoli, 2019). Designers within this market and the sense of community brands have created has allowed the stigma of men’s fashion and expression to be liberated; using this as a form of entertainment, and an opportunity to become influential within this space (Napoli, 2020). The market

has traditionally alienated women in terms of representation, sexist language and products, yet there is great market opportunity for brands to target their female consumer (Friend & Walker, 2018). This is driven by “fiercely active” community who are demanding change through not only catering to women but without a stereotype of ultrafeminine looks; paving the way for genderless fashion (Friend & Walker, 2018).

21.

THE CIRCULAR ECONOMY The circular economy engages with consumers due to its ability to navigate their desire for more sustainable and affordable consumption; they are driving for radical transparency in the value of “clean products, services and places” (Mintel, 2020). Therefore, an opportunity is open for this brand to not only allow access to exclusive products in low-supply, high-demand and high-price, but to tap into consumer values and needs to make socially and environmentally conscious purchases.

Mintel suggests that consumers aim to be more mindful with their spending, yet desire authenticity and uniqueness to fit with their “ever-evolving identity” and their attraction to “non-conformity” (Mintel, 2020, p.72). This portrays the favourability of the rental business model to enable ever-changing styles for the evolving self-expression desired by this generation by offering niche limited products from brand-collaborations through a personalised service.

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Figure 88

MARKET OPPORTUNITY 54% of 16-24 year olds in the UK are interested in renting fashion (Mintel, 2020)

Figure 20

CONCEPT OPPORTUNITY

Digital adoption has soared throughout the pandemic and the share of online sales is expected to remain high in 2021, McKinsey’s 2020 report predicts 22% of sales in Europe will be made online (McKinsey, 2020). Loungewear and activewear sales have elevated as consumers demand for more casual and comfortable clothing for staying home; showing an opportunity for an informal clothing rental service to thrive (McKinsey, 2020). Although casualisation of wardrobes is being established, there is a demand for consumers wanting to switch up their day-to-day style (McKinsey, 2020); signifying potential for circular rental fashion.

Gen-Z are retaliating against a wealthstatus within fashion and want brands to represent realistic and diverse imagery that’s more relatable to their everyday lives; indicating the demand for a truly inclusive service offering a range of sizing (Afterpay, 2020). Furthermore, only 44% of gen-z consumers state to buy clothes for their own gender; indicating the gap in the market as streetwear brands are typically heavily focused on menswear (Hypebeast & Strategy&, 2019). The consumer’s retail priorities are evolving towards flexible payment options; expressing the opportunity for a rental service as an alternative to ownership (Afterpay, 2020).

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S W O T ANALYSIS

24.

STRENGTHS

WEAKNESS

• Rental market worth US $1.26bn in 2019 (Business Wire, 2020) • Consumers are willing to invest in branded products • 33.8 % of aged 16-25 consumers shop on resell sites in Europe – exhibiting a demand for clothing once they’ve sold out (Business Wire, 2020) • Diversity of product available online is important to consumers, 76.36% value it as a significant factor in their path to purchase (Mendez & Nitschke, 2019) • Consumer prioritises access over ownership • Consumers looking for more sustainable choices – look to circular economy

• 27.9% of European consumers aged 16-25 shop from a multi-brand physical retailer – showing opportunity to grow into the brickand-mortar locations or physical pop-up stores • Growth in the rental market expected to reach US$ 2.08 Billion by 2025, exhibiting a CAGR (Compound Annual Growth Rate) of 8.7% between 2020-2025 (Business Wire, 2020) • Rental for travel, growth through partnerships with hotels e.g. Rent the runway & W Hotels: appeal to the more mature and affluent consumer (Famarazi & Bishop, 2020) • Tap into “community commerce” e.g. COS/ H&M peer-to-peer resell service

OPPORTUNITY

THREATS

• Brand is not established in the market – needs to gain trust and presence • Larger expenses to promote as new brand • Clothing sizes and fit may not live up to website images • Need to stock a range of sizes to be inclusive • Sufficient range and number of stock needed to start-up

• Rental concept for more casual pieces may not be as quickly adapted • Consumers may trust more established existing rental services for streetwear products • Threats of “wear and tear” of garments – need to ensure the prevention of stains or irreversible damage to clothing

25.

COMPETITOR ANALYSIS This competitive review has identified both indirect and direct competition to the brand within the rental and resale markets. These companies have been selected as a result of an in-depth breakdown of their product and service offerings, as well as values, pricing and market position. Direct Brands that offer a rental service with similar products & brands stocked – all operate overseas in the United States. UK based “By Rotation” – direct competitor due to luxury brands offered, targeted towards feminine styles. Indirect Rental - Brands that offer different products for either luxury or high-street occasion-wear, or luxury accessories (Cocoon Club), as a rental service. Resale – Second-hand products are sold through these companies. Similar service in a peer-to-peer or C2B/B2C. Similar brands – more luxurious products

26.

STREETWEAR RENTAL

DIRECT COMPEITORS

RESALE

RENTAL

INDIRECT COMPEITTORS

Figure 21

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Competitor Perceptual Map Luxury

OccasionWear

CasualWear

Mid-range Figure 22

28.

MARKET POSITION

GAP IN THE MARKET An analysis of the macro-environment and competitive field has shown a gap in the rental market for products that are not targeted to one single gender, are of high-quality, in more casual everyday wear which can also transcend into edgy looks for daytime and evening. The current market offerings fall into the occasion-wear category as well as luxury products which are more one-off pieces. Furthermore, rental platforms which offer similar streetwear products typically offer only luxury brands and are therefore relatively ‘exclusive’, with waiting lists to join the rental platform. The rental market is very targeted towards the millennial generation who have a higher disposable income than Gen-Z (Bishop, 2019). The offerings for men and women very distinct; showing the gap to target consumers looking for more fluid fashion who don’t want to be segmented into masculine or feminine styles.

POSITIONING

The Reel Club will be positioned as casual yet high-end streetwear with brands between the mid-range premium and luxury market level. It will undercut competitors’ subscription pricing to encourage the consumers who aren’t in full-time jobs yet also offer more premium/exclusive pricing for consumers seeking access to various brands.

Figure 23

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30.

DIFFERENTIATION & INNOVATION PRODUCT

The Reel club offers differentiation by offering products that have been carefully selected for high-quality casual-wear. Due to the brands of the products they can be utilised for day-wear and evening wear of authentic brands and styles.

SERVICE

The service operates as a personalised rental subscription – selected products targeted towards the consumer preferences allow for a more concise and simple experience. It offers ease of ordering, maintenance & repair, customer product reviews and efficient delivery.

TOUCHPOINT

Avatar and virtual dressing room integration to enrich customer experience.

31.

OVERVIEW The target consumers will be those of all genders and identities who aspire to be rich in experiences; looking to overall financial wellbeing following the uncertainty and reality of the pandemic (Afterpay, 2020). The digital natives of the Gen-Z cohort will be targeted, specifically those who place great emphasis on social and environmental matters (AfterPay, 2020). Their core-values and decisionmaking process will influence a genderless, accessible and sustainable rental platform, as

they place increasing importance on diversity and sustainability (Mintel, 2020). The macro-trend research and analysis suggests that these consumers’ behaviour will transform towards more localised and sustainable systems, adapting in accordance to their beliefs in the next 5 years (WGSN, 2020). The consumer values more luxurious pieces for their social credentials as well as quality and is against any kind of “fast-fashion” company due to their unethical practices of cheap labour and low-quality materials.

Figure 26

DEMOGRAPHICS • Aged 18-24 • Living in or around cities • In higher education or part-time jobs

• The most racially & ethnically diverse generation • predicted to be the most educated due to their digital connectivity (Pew Research Centre, 2020)

• Increased spending power than the younger part of generation – account for 40% of global consumers (Moran, 2020) • Income from parents, student loan, or entrepreneurship e.g. online selling, small businesses • 65% plan to be, or already are their own boss (Spotify, 2020) • 50% of 18-23 year olds have been either directly or indirectly impacted financially by the pandemic (Pew Research Centre, 2020) • Racially & ethnically diverse – also predicted to be the most educated due to their digital connectivity (Pew Research Centre, 2020)

32.

TARGET CONSUMER

PROACTIVE

The consumer has progressive views regarding equality and “fluidity” in forms of sexual orientation, identity, self-expression supporting movements such as Black Lives Matter and LGBTQ+ rights and inclusivity (Buller & Scott, 2020). Their fluidity extends throughout their creation of “hybrididentities”, as they see themselves as multi-faceted creatives e.g. Engineer/Artist and Student/small business owner; sharing interests within music, art, fashion, and culture (We are Social, 2020).

Figure 1

Figure 2

CREATIVE

Figure 4

Figure 3

FLUID IDENTITY

Figure 5

Figure 6

PROGRESSIVE

Figure 7

Figure 8

Figure 9

PURPOSEFUL

33.

BEHAVIOURAL

Figure 27

• OUTGOING • HYPER-CONNECTED • ADVENTUROUS

This consumer is most adaptable to new technologies and systems and therefore will be ready to support a fashion rental system. The average monthly spend within the target market is between $100-$500 (Menendez & Nitschke, 2019). Although they have a lower-income than the millennialcohort, they are willing to spend up to five times as much on streetwear products than non-streetwear (Menendez & Nitschke, 2019). They’re also heavily influenced through music and art in their path-to-purchase and prefer to shop for these types of products in physical stores or e-commerce of third-party retailers (Menendez & Nitschke, 2019).

34.

PSYCHOGRAPHIC Fashion Values • Follow a “cult” fashion interest – particularly for exclusive collaborations • Willing to invest money into more luxurious branded pieces (Pew Research Centre, 2020) • Quality & brand that is on trend to fulfil their identity • “social status” over “wealth status” (Napoli, 2020) • Curate “highly-individualised” identity (AfterPay, 2020) • Value peer-approval from brands they wear (Afterpay, 2020) • Consumption by access rather than possession (Francis & Hoefel, 2020) • Brands that represent normal and diverse people in their advertising (AfterPay, 2020)

Values: • Progressive views on self-identity (Napoli, 2020) • Financial Stability • Quality, Inclusivity, Diversity • Environmentalism • Activism & Social justice e.g. Black Lives Matter movement • Experiences & mental health (Bell, 2020)

Figure 28

35.

CUSTOMER PROFILES “Conscious Clout Chasers” On a quest for clout and want to be first on trend but are conscious about the long-term impact of the hype cycle.

Style: Neutral, Minimalism, longevity Brands: Colourful standards Behaviour: Digital & In-store shoppers

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36.

“Hype Educators” Aim to take their social savviness and become bonafide streetwear stars. Style: Minimalism, branded Brands: A-cold wall Fear-of-God Behaviour: Digital & In-store shoppers Figure 32

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37.

MARKETING PLAN

38.

Figure 35 Figure 36

39.

MARKETING OBJECTIVES

Establish the brand within Achieve effective the rental market for direct-to-consumer high-quality, minimalist communication through and “hyped” streetwear an interactive, easy-to-use products through a gender platform – & implement efficient logistics inclusive presence

40.

Create INTEREST and DESIRE within the first 6 months of launching & gain a loyal customer base of 150 within the first 3 months of launching

PRODUCT

Figure 37

41.

POTENT I AL

FIVE PRODUCT LEVELS

AUGMENTED EXPECTED GEN ERI C CORE

(Kotler, 2016)

TOTAL PRODUCT CONCEPT

42.

Figure 38

MEMBERSHIP BENEFITS

AUTHENTICITY CHECK

FREE DRY CLEANING

FREE SHIPPING

INSURANCE

POTENTIAL PRODUCT • Early access to new drops depending on membership • Opportunity to buy stock from consumers

AUGMENTED PRODUCT

• Rotation of new outfits & updated styles • Engage with circular fashion • Casual styles - differentiate from the luxury and occassion wear rental products

EXPECTED PRODUCT • • • • •

High-quality Clean Range of brands Inclusive sizing Availability of stock

GENERIC PRODUCT • Efficient rental service • User friendly

CORE BENEFITS

• Aspirational brands made available at an accessible price • Low-risk way to try out new brands

43.

UNIQUE SELLING POINT GENDERLESS RENTAL PLATFORM PERSONALISED SERVICE MYSTERY BOX OR SELECTED ITEMS SUBSCRIPTION PLAN DURATION, FREQUENCY & PRODUCT CAN BE CHANGED OPTION FOR CONSUMERS TO SELL STOCK TO THE BRAND

44.

Figure 39

As the key drivers for streetwear have been “hype” and “clout”, the product portfolio will address the evolving demand for this whilst evolving towards the rejection of ‘extreme exclusivity’ (Wilson, 2020). The available products will offer intangible benefits to the consumer groups who are demanding valuable high-quality clothing which can be rotated and updated; whilst keeping the costs of their fashion needs much lower than purchase to ownership.

45.

PRODUCT RANGE

BY BRAND A-Z A.P.C ACNE CARHARTT COMMES DES GARCONS IAMGIA MISBHV OFF-WHITE PALACE PALM ANGELS PRADA STONE ISLAND SUPREME

COLLABORATIONS 2020 SAMPLES: DIOR X AIR JORDAN GUCCI X NORTH FACE DRAKE X NIKE STUSSY X NIKE BAPE X COACH KITH X LEVIS

The product range will be launched with a refined collection of staple pieces taking advantage of the apparel market, with a small selection of accessories; diversifying further into the sneaker market through organic growth. The selection focuses on the consumer’s everyday styles following the macro-trend of “high-quality minimalism” whilst placing value on connoisseurship of the products as consumers shop more sustainably (Wilson, 2020). The products will be selected for their cultural capital rather than their brand status to align with the consumers beliefs of “uneasy affluence” (Wilson, 2020). There will also be a product selection which allows for more “evening styles” with an edit of which pieces can be dressed up or down.

46.

BY PRODUCT JOGGERS & JEANS OUTERWEAR SWEAT PANTS TROUSERS TRACKSUITS DENIM JEANS SHORTS

COATS JACKETS GILETS

TOPS

SHOES ACCESSORIES

T-SHIRTS TRAINERS SCARVES SHIRTS BOOTS HATS KNITTED BACKPACKS HOODIES SHOULDER SWEATSHIRTS BAGS TRAVEL BAGS

RPP £185 A.P.C

RPP £669 - STONE ISLAND

RESELL- £328 (STOCKX) RRP £180 - ACNE STUDIO

RPP £389 - PALM ANGELS RPP £127 - IAMGIA SET RPP £396 - FARFETCH

RRP £325 - BALENCIAGA

RPP £790 - MSBHV RPP £430- OFF-WHITE RPP £1130 - PRADA

RRP £995 - PRADA

RPP £110 FEAR OF GOD X ESSENTIAS RPP £770 VETEMENTS

RPP £995 - RICK OWENS

Figure 40

RPP £166 - MISBHV

47.

ESSENTIAL PRODUCT SAMPLES • MID-LEVEL / PREMIUM STREETWEAR BRANDS

Figure 42

PALACE HOODIE

Figure 41

RPP: £200 (StockX, 2020)

Figure 43

AMI

HYEIN SEO

RPP: £165 (END, 2020)

RPP: £135 (HYEIN SEO, 2020)

PREMIUM PRODUCT SAMPLES • PREMIUM & LUXURY BRANDS • COLLABORATIONS

STONE ISLAND

Figure 44

Figure 45

CDG X STUSSY

NIKE X STUSSY

Resale price: £234 (StockX, 2020)

RPP: £485 (END, 2020)

Figure 46

Resale price: £400 (Grailed, 2020)

EXCLUSIVE PRODUCT SAMPLES • LUXURY BRANDS • EXCLUSIVE COLLABORATIONS

Figure 47

BALENCIAGA TRIPLE S RPP: £650 (Farfetch, 2020)

48.

Figure 48

SUPREME X NORTHFACE RPP: £740 (StockX, 2020)

CDG X SUPREME

Resale price: £889 (StockX, 2020)

Figure 49

ESSENTIAL

PREMIUM E EXCLUSIVE

BRAND ARCHITECTURE

Figure 50

49.

PERSONALISATION

“MY WARDROBE”

CREATE MONTHLY WARDROBE THROUGH A CALENDAR PLAN OUTFITS IN ADANCE

RECCOMENDED SIZING FOR DIFFERENT BRANDS

SIZING CHARTS & COMPARISON TO THE USERS MEASRUEMENTS WILL RECCOMEND THE FIT SIZING FOR DIFFERENT BRANDS

Figure 51

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50.

AVATAR & VIRTUAL DRESSING ROOM

VIRTUAL DRESSING ROOM TO CREATE/PLAN OUTFITS USER CAN VISUALISE THE FIT

“MY BRANDS”

FAVOURTIE BRANDS AND PRODCUTS TO CREATE A MORE PERSONALISED FEED OF PRODUCTS

Figure 54

Figure 53

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PLAN 1 : £49

PLAN 2: £99

MONTHLY ESSENTIAL

52.

MONTHLY PREMIUM

65 CREDITS Inc. 1 swap per month Pause or cancel anytime Free shipping & returns

PRICING STRATEGY

• • • •

PLAN 3: £145

• • • •

MONTHLY EXCLUSIVE

110 CREDITS Inc. 1 swap per month Pause or cancel anytime Free shipping & returns

• • • • •

180 CREDITS Inc. 1 swaps per month Early access to new drops Pause or cancel anytime Free shipping & returns

The pricing strategy considers competitor pricing, the value and demand of the clothing piece and brand which will be rented. These prices have been derived by comparing with competitors, as well as market research into how much the target consumer is willing and able to spend per month; considering the total amount of their fashion expenditure and external expenses. The pricing strategy seeks to appeal to the aspirational consumer of luxury at different levels of disposable income to offer entry and exit level pricing.

PRODUCT RANGE CREDITS

Figure 55

ESSENTIAL

PREMIUM

EXCLUSIVE

HYPEBEAST STREETWEAR REPORT

50%

of consumers aged 16-20

57%

aged 21-25 spend

$100-$500 on fashion per month

$100-$300

average spend per product amongst these consumers

45%

of these consumers buy streetwear products once a month (Menendez & Nitschke, 2019)

PRICE ARCHITECTURE £120 TOP PRICE PLAN £99 MID PRICE PLAN £49 LOW PRICE PLAN

The target market is willing to pay a premium price on branded streetwear pieces than on unbranded fashion, due to the augmented value created. Taking this into account as well as cost of logistics and stock has enabled a pricing strategy to be created; offering an accessible price at the base of the price architecture. The plan system works by giving a number of credits depending on the monthly plan to be used for products within any of the ranges, rather than only granting access to specific ranges; a strategy used by competitors. This will allow for inclusive access to products for the consumer reflecting the core business values. This figure exhibits the example credit amounts per items within that range, differing slightly depending on the product.

Figure 56

53.

Figure 57

54.

DISTRIBUTION CHANNEL An exclusive distribution channel, through the brand’s own app and website, will be essential to provide a high-quality service offering convenience, efficiency and ease for the consumer. Creating an online presence will allow for the target consumer in both city-centre and more suburban areas to be targeted within the UK. Once the brand has built digital presence, “phygital” touchpoints will be utilised to respond to consumer desire for innovative physical interactions (Hawkins, 2020).

55.

PLACE - WEBSITE

Figure 58

PERSONALISED SERVICE The Reel Club rental will designed app which allows profile for a personalised ‘wishlist’ of products and

be accessed through a wellcustomers to build their own service; through creating a brands desired.

DIRECT-TO-CONSUMER CHANNEL

Streetwear brands typically build awareness and strong consumer relationships with personal, direct-to-consumer communication; specifically, through social media and instore interactions (Hypebeast & Strategy&, 2019).

TRANSPARENCY & COMMUNITY

The rental platform will reflect a sense of community and offer a trustworthy and transparent service for the authenticity of the products. Following the macro-trend of sustainability first, radical transparency throughout the supply-chain will be displayed to engage with the brands core value of encouraging sustainable consumption (Ahmed et al., 2020); as well as the consumer’s “quest for truth” (WGSN, 2020).

56.

BUSINESS

CONSUMER

SHOPPING PREFERENCE

When buying streetwear products 53% of consumers indicate they’re more likely to purchase in physical brand locations and 42% to purchase through their e-commerce site (Hypebeast & Strategy&, 2019); indicating an opportunity to tap into physical touch-points such as “drop-off” locations and pop-ups in retailers such as END. The consumer demands high and varied standards for their shopping experience, holding the availability and diversity of the product as the most important factor in both physical and digital locations (Hypebeast & Strategy&, 2019).

Figure 59

57.

MARKETING COMMUNICATION OBJECTIVES

1. 2. 3.

Communicate the core values to the consumer, promoting a sense of community as a forwardthinking brand Establish association with inclusivity in terms of genderless streetwear rental

Create awareness & shape positive attitudes towards renting

PROMOTIONAL STRATEGIES 58.

NIKE AIR FORCE 1 COMMES DES GARCONS

Figure 60

59.

ATTENTION

ACTION

AIDA MODEL

INTEREST

DESIRE

AIDA Model (Posner, 2017, p.176)

1. 2. 3. 60.

COMMUNICATION CHANNELS DIGITAL: Social media interactions, specific publications & influencers, sign-up referral discount code, game collaboration

PHYSICAL: Interactive pop-up store in city centre locations – Collaborations with retailers such as END & Dover Street Market. Music Event promotions as well as travelling to UK university campus’

PRINT: Press-Release & QR code

Figure 61

61.

SOCIAL MEDIA PLATFORMS

WEBSITE BLOG

THE REEL CLUB BLOG

Figure 62

INSTAGRAM

The social media channels will used will aim to tap into the “drop culture” to create a hype around the brand and promote products which are in high demand (Ahmed et al., 2020).

Figure 64

@XAVICLEVERLY @KIM_TURNBULL @SALLYSSNEAKERS Figure 63

62.

Figure 65

FASHION / LIFESTYLE / ACTIVISM / MUSIC / COMEDY Figure 67

Figure 68

PODCASTS

Figure 66

Hosted by designer Recho Omondi - insights to fashion

Topic - Music insights classic RnB and Hip-hop

Topics - Fashion, Culture, Music Art

SOCIAL MEDIA POST MOCK-UP

Advertisement through podcasts on the listening platform Spotify will enable further brand exposure targeting the specific potential consumer. Spotify is the most predominant platform used by the target consumer to listen to music and podcasts with comedy and self-help/productivity podcasts being the most popular (Meyers & Shevenock, 2020).

Social Media

• Micro-level social accounts offering them 3-month subscription of 1 item per month

• Sign-up referral code giving the customer 50% off first month and 10% off for the next 5-months to build customer base • Relatable and “accredited” influencers – have aligned values with the business and the consumer (Friend & Panesar, 2020) Figure 69

63.

PROMOTIONAL INFORMATION STANDS

ENTER OUR COMPETITON FOR A CHANCE TO WIN A FREE 6-MONTH SUBSCRIPTION TO ACCESS THESE BRANDS

Figure 70

UNIVERSITY CAMPUS’

Promotion through selected universities in the UK will create brand awareness whilst enabling a physical and more personable connection to potential customers in line with the launch of the brand. These promotions will include an information point and offer discounted sign-ups for students. It will offer the chance to win a year subscription through signing up for the first month and entering details for future promotional use.

64.

LOCATIONS

No. OF POP-UPS

Manchester Birmingham Leeds Newcastle Bristol London

2 2 1 1 2 5

Campus’ Campus’ Campus’ Campus’ Campus’ Campus’

Figure 71

PRINT POSTERS FOR MUSIC VENUES

Figure 72

Print-posters will be sent to select music venues to promote the brand during the first few months of launch given the venues are open for business-as-usual post pandemic. This will allow for a deeper connection between fashion and art with the brand, whilst reaching consumers with similar interests which align with streetwear’s association to the music industry and artists. The locations of this promotion will coincide with the university campus promotion such as using selecting edgy music venues in Leeds, Manchester, London.

Figure 73

65.

COLLABORATION

THE REEL CLUB X SIMS

66.

Figure 74

“FASHION TO GAMING”

The Sims game, popular amongst the target market, will be a collaboration option in the 3rd year marketing communications strategy to promote the progressive and innovative essence of the brand. Consumers are seeking a more interactive, social and entertaining experiences; and using video games as a virtual space for self-expression (Buller, 2020). Digital avatar creation allows consumers to engage with aspirational brands whilst promoting the Reel Club platform; turning aspirations to reality. Newzoo and Unity predict that 2.2bn-2.4bn of global consumers are considered as “gamers”, indicating the significance of this market (Stott & Walker, 2017). This platform will be used to further desire and action to increase brand revenue. Figure 75

Figure 76

Figure 77

67.

PHYSICAL PROMOTION THE REEL CLUB X END

The collaboration with END will be secured for the second year of promotion, using the store space for a pop-up promotion to target the more affluent consumers through physical touchpoints and interaction to increase sign-ups to the brand. This store has been selected due to the aligning target market who shop here, enabling The Reel Club to make connections with the potential and existing consumer through in-person and digital interactions.

Figure 78

Figure 79

68.

UK POP-UP UK LOCATIONS: GLASGOW NEWCASTLE LONDON

Figure 80

Figure 81

VIRTUAL & PHYSICAL STOCK Stock displayed on screen Selected in-store

INTERACTIVE SCREEN Offering a trial experience for the potential customer Searching for products Using virutal dressing room Reserving different products

Figure 82

69.

MARKETING CALENDAR

2021

JULY -DEC

Promotion through social accounts 6 weeks before launch

Launch in last week of August Contact influencers to start promotion from August

70.

Univiersity pop-ups sept-october

Podcast promotions sept-december

LIFESTYLE

FASHION

PUBLICATIONS

Figure 83

2022

JAN -JUNE Organising space for pop-up Promotion through socials & PR

Staggered Press release Dec-Feb around Fashion Weeks

Music Events May-June

END collaboration popup 10th-12th August

71.

FINANCIAL CONSIDERATIONS

72.

The financial considerations have been derived through in-depth analysis of current competitor’s accounts. The accounts, accessed through Companies House and Orbis, are from businesses that operate in the UK and offer similar pricing and products as well as being at an aspirational level of establishment within the market. My Wardrobe HQ and the limited company, Hurr Collective’s financial statements provided insights into the assets and liabilities that a rental company may hold and indications to sales projections. Figure 84

73.

BUDGET Sourcing stock will be the largest cost to the company as the product portfolio will consist of branded, highend pieces in various sizes. As the company becomes more established in the market, industry brand relations will become essential in sourcing stock of higher exclusivity and at a cheaper price.

74.

Financial funding will be secured through a bank loan of £25,700 to source stock, alongside an additional capital investment of £16,800 covering the Storage, app development and licensing. The remaining budget and costing will be sourced from revenue throughout the year as the company grows.

YEAR 1: MARKETING BUDGET Digital Marketing & Social Media £2100 £2200

Influencer Channels Podcast Advertising Physical Channel

£2550

University Pop-Up Print & Press Release

£1200 £732

Online and Physical Publications Poster Print & Ads

TOTAL BUDGET £8782

Year 1: OVERALL ANNUAL BUDGET Stock/Inventory Costs – considerations: stock sourcing and research, transport of £25,700 stock, labour expenses to source stock £2,600 Warehouse Storage Cost – storage rent per annum based on 100sq.ft App Development Cost – Creating and launching app with special features to market £9,200 £18,000 Salaries & Wages Marketing Expenses – total promotional budget for the year Taxes and Licenses Distribution Expenses – returns and follow-up enquiries & shipping costs

£8782

Packaging Cost – based on order of 200 bags

£480

Utilities – cost to clean products, electricity, water bills

£720

£5,000 £8665

Total Annual Budget & Costing £70,428

3 YEAR MARKETING BUDGET YEAR 1

YEAR 2

YEAR 3

£8782

£ 14,000

£20,000

75.

STOCK CONSIDERATIONS COST OF INITIAL STOCK BASED ON : • 70 Essential range items (average RPP per item - £110) • 30 Premium range items (average RRP per item £400) • 15 Exclusive range items (average RRP per item £600)

= £7700 = £12,000 = £6,000

Cost of initial stock = £25,700 GROWING CUSTOMER BASE

HOW WE WILL TURN A PROFIT

As the customer base grows new stock, more sizes and styles will be accumulated to allow for a gradual release of new items to the consumer. The profitability of items will be assessed to identify which are highest in demand, and those which have reached their end of rental lifetime; these products will be offered to the consumer to buy at a discounted price. There will also be an opportunity for the members to offer their products for the brand to buy to reduce costs of new stock.

The first year of launching will have the heaviest costs associated with it due to the promotional activity taken to launch the brand, labour and stock costs. Profit will be made through the signups of consumers on subscription as well as adding options for the consumer to purchase the stock from the website. As the customer base grows the profit margin will begin to increase as running costs are relatively low using a D2C channel. Overheads such as the warehouse storage space may increase after the 2nd year due to growth of the rental company.

Figure 88

76.

SALES PROJECTION 3 YEAR SALES & PROFIT TARGETS Sales Target Total sales Turnover

Profit Target Total Profit & Margins

1st Year

£170,400

£20,448 12%

2nd Year

£255,600 1.5%^

£46,008 18%

3rd Year

£357,840 1.4^

£85,881 24%

SALES PROJECTION & REVENUE 1st year Objectives: • 100 customers on the Essential plan (£49) • 50 customers on the Premium plan (£99) • 30 customers on the Exclusive plan (£145) 100 X 49 (X 12 months) 50 X 99 (X 12 months) 30 X 145 (X 12 months)

= £58,800 = £59,400 = £52,200

Revenue = £170,400 Figure 85

FUTURE CONSIDERATIONS

78.

Figure 86

79.

2021

MAR-DEC Reach out to app developers

Develop social media account predominantly Instagram & reach out to social accounts for promotion

Sourcing of stock begins after loan application granted

80.

Begin marketing communications strategy for university pop-ups in September

Launch the brand in the last week of August Contact specific podcast creators for advertisement

Podcast Brand promotions & stock sourcing for projected december sales

Launch university information stand pop-ups 30th September - 4th October

Figure 87

PROJECT TIMELINE

2022 JAN-JUN

Addition of a full-time employee as growth incurs. Create relationships with leading streetwear publications & platforms

Review the effectivenes of promotional launch in terms of campaign reach and customer base

Develop the app’s Avatar creation platform & look into virtual shopping spaces for a digital retail experience

Content creation for press release during fashion weeks

Review of financial position for marketing budget for the END collaboration

Begin communications with END store for collaboration

GROWTH STRATEGY

1. 2. 3. 4. 5.

MARKET PENETRATION

New

MARKET

Existing

Hygiene Concerns heightened due to long-lasting impacts of the pandemic (WGSN, 2020) Expense of updating stock

Sizing Issues

Damage/loss of products

Sustainability Concerns due to stock

New

PRODUCT DEVELOPMENT

MARKET DIVERSIFICATION DEVELOPMENT

Ansoff’s Matrix (Posner, 2017, p.104)

82.

PRODUCT

IDENTIFIED RISKS

Ansoff’s (1965) matrix is a model for analysing the various product and market strategies for growth (Posner, 2017). Future growth over the 3-year period will look to utilise market penetration through promotional activities, a relatively low risk strategy. Further development of the brand will look to market development, reaching a more luxury consumer through distribution channel innovation through physical instore touchpoints and experiences.

RISK ASSESSMENT SOLUTIONS & PREVENTION

Innovate source of stock e.g. consumer-to-business

Provide stock in various sizes for the consumer – recommend sizing due to their measurement through a personalised service. Nature of clothing is to be oversized/loose fitted which can cater to a variety of needs Insurance to cover expensive items – included in the consumers price. Damage fees and loss of product fees.

Communicate the values to being sustainable yet remain truthful that processes can always be improved. The brand is in search of sustainable processes but is ultimately an alternative businessmodel to consumer more responsibly

MEASURING SUCCESS

1. 2. 3. 4. 5.

Ensure that a high standard of cleaning is documented and communicated to consumer. Use visual imagery e.g. short video clips of cleaning process on the website & app

Annual sales increase

Number of loyal customers & their satisfaction level

Number of people interested and aware of rental fashion as a long-term investment increased

People moving away from fast-fashion processes and ownership move towards high-quality brands

83.

VISION Empower those looking to express their individuality at a more accessible price Develop deep connections with specific brands to enable access to exclusive drop pieces for stock within the next 2 years Become established within the UK market – create an Instagram following of 15k in the first year and grow this to 50k by year 3

84.

THE REEL CLUB

85.

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• Figure 10. Ganni. 2020. Ganni Repeat. [Online]. [Accessed 19th December 2020]. Availa-ble from: https://www.instagram.com/ganni/?hl=en • Figure 11. Nuuly. 2020. Nuuly Website. [Online]. [Accessed 19th December 2020]. Avail-able from: https://www.greenmatters.com/p/nuulylaunch-urban-outfitters-clothing-rental • Figure 12. Nordstrom. 2020. Nordstrom See you tomorrow Store. [Online]. [Accessed 19th December 2020]. Available from: https://www. lsnglobal.com/news/article/25192/nordstrom-future-proofs-with-pre-loved-fashion • Figure 13. Vogue. 2019. Vogue Business. [Online]. [Accessed 29th December 2020]. Available from: https://www.voguebusiness.com/ fashion/streetwear-women-opportunity-designers-market-aries-danielle-cathari-aleali-may • Figure 14. Vogue. 2019. Vogue Business. [Online]. [Accessed 29th December 2020]. Available from: https://www.voguebusiness.com/ fashion/streetwear-women-opportunity-designers-market-aries-danielle-cathari-aleali-may • Figure 15. L:SN. 2020. Virgil Abloh. [Online]. [Accessed 27th December 2020]. Available from: https://www.lsnglobal.com/pinboards/14068 • Figure 16. Kith. 2020. Kith New York. [Online]. [Accessed 27th December 2020]. Availa-ble from: https://kith.com • Figure 17. Vogue. 2019. Vogue Business. [Online]. [Accessed 29th December 2020]. Available from: https://www.voguebusiness.com/ fashion/streetwear-women-opportunity-designers-market-aries-danielle-cathari-aleali-may • Figure 18. Hood By Air. 2020. HBA. [Online]. [Accessed 27th December 2020]. Available from: https://respect-mag.com/2020/07/hood-byair-announces-2020-initiatives-presenting-anonymous-club-cash-app-partnership-charity-t-shirt-more/ • Figure 19.ThredUp. 2020. Online Store. [Online]. [Accessed 27th December 2020]. Avail-able from: https://www.thredup.com/ • Figure 20. L:SN. 2020. Project Earth by Selfridges. [Online]. [Accessed 16th December 2020]. Available from: https://www.lsnglobal.com/ news/article/25893/selfridges-and-the-future-laboratory-tackle-project-earth • Figure 21. This Study. 2020. Competitive Review. • Figure 22. This Study. 2020. Competitor Perceptual map. • Figure 23. Hurr Collective. 2019. Hurr Collective, Thanks its rented. [Online]. [Accessed 21st December 2020]. Available from: https://www. ft.com/content/f8b1b96c-ffb7-11e9-be59-e49b2a136b8d

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• Figure 24. Future Laboratory. 2020. LSN Future laboratory own image. [Online]. [Ac-cessed 21st December 2020]. Available from: https://www.lsnglobal.com/macro-trends/article/23965/community-commerce-1 • Figure 25. Future Laboratory. 2020. LSN Future laboratory own image. [Online]. [Ac-cessed 30th December 2020]. Available from: https://www.lsnglobal.com/macro-trends/article/23965/community-commerce-1 • Figure 26. This Study. 2020. Own Image, “Less is more”.

Figure References: TARGET CONSUMER MOOD-BOARD • Figure 1. Reebok. 2018. 3D Campaign. [Online]. [Accessed 29th December 2020]. Availa-ble from: https://www.lsnglobal.com/youth/ article/23753/dear-brands-please-stop-selling-us-your-activism • Figure 2. L:SN. 2020. Bleach. [Online]. [Accessed 29th December 2020]. Available from: https://www.lsnglobal.com • Figure 3. Hoodlab. 2020. Hoodlab. [Online]. [Accessed 29th December 2020]. Available from: https://www.wgsn.com/fashion/ article/86193#page_22 • Figure 4. Space-Doctors. 2019. Gen-Z. [Online]. [Accessed 29th December 2020]. Availa-ble from: https://space-doctors.com/genz-brands-identity/ • Figure 5. Blow Mag. 2020. Gen-Z. [Online]. [Accessed 29th December 2020]. Available from: https://blowmagazine.com/2020/06/05/ depop-pledges-30k-to-the-black-lives-matter-movement/ • Figure 6. Ukoh, W. 2017. Photography. [Online]. [Accessed 29th December 2020]. Avail-able from: https://www.vliscoandco.com/en/ talents/william-ukoh/ • Figure 7. Refinery. 2020. Gen-Z Article. [Online]. [Accessed 29th December 2020]. Avail-able from: https://www.refinery29.com/enus/gen-z-creatives-bedroom-tour • Figure 8. Zalando. 2019. Sneakernet F/W19. [Online]. [Accessed 29th December 2020]. Available from: https://superimpose.global/ work/zalando-sneakernet-fw19 • Figure 9. Zalando. 2019. Fashion Freedom. [Online]. [Accessed 29th December 2020]. Available from: https://www.nssmag.com/en/ fashion/17881/zalando-launches-the-new-ss19-advertising-campaign

• FIGURES LIST • Figure 27. AfterPay. 2020. AfterPay Gen-Z report. [Online]. [Accessed 19th December 2020]. Available from: https://www.afterpay. com/attachment/124/show • Figure 28. Diesel. 2020. Diesel Unforgettable Denim. [Online]. [Accessed 19th December 2020]. Available from: https://uk.diesel. com/en/ • Figure 29. Louis Vuitton. 2019. Louis Vuitton Campaign. [Online]. [Accessed 19th De-cember 2020]. Available from: • Figure 30. Colourful standard. 2020. Colourful Standard. [Online]. [Accessed 19th De-cember 2020]. Available from: https://www. wgsn.com/content/image_viewer/#/image.32011481 • Figure 31. Joanna Kutchta. 2019. London Street Style. [Online]. [Accessed 19th December 2020]. Available from: https://www. whowhatwear.co.uk/london-street-style-autumn-2020 • Figure 32. Essentials. 2020. Fear of god Essentials. [Online]. [Accessed 19th December 2020]. Available from: https://www. highsnobiety.com/p/fear-of-god-essentials-fw20/ • Figure 33. Essentials. 2020. Fear of God Essentials. [Online]. [Accessed 19th December 2020]. Available from: https://www. highsnobiety.com/p/fear-of-god-essentials-fw20/ • Figure 34. Patta. 2018. Patta X Dekmantel. [Online]. [Accessed 19th December 2020]. Available from: https://www.patta.nl/blogs/ news/patta-x-dekmantel-2018 • Figure 35. Off-white. 2017. Off-White SS17. [Online]. [Accessed 19th December 2020]. Available from: https://www.nssmag.com/ en/fashion/9118/chiara-capitani-stars-in-off-white-ss17-campaign

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• Figure 36. This Study. 2020. Own Image. • Figure 37. This Study. 2020. Own image: Product Moodboard. • Figure 38. Stone Island. 2020. Stone Island on End. [Online]. [Accessed 22nd December 2020]. Available from: https://www. endclothing.com/gb • Figure 39. Carhartt. 2020. Carhartt WIP. [Online]. [Accessed 22nd December 2020]. Available from: https://www.highsnobiety.com/p/ best-womens-streetwear-brands-2/ • Figure 40. This Study. 2020. Product Moodboard. [Online]. [Accessed 22nd December 2020]. Available from: Brand Website. • Figure 41. Palace. 2020. Palace Hoodie. [Online]. [Accessed 28th December 2020]. Avail-able from: https://stockx.com • Figure 42. Hyein Seo. 2020. Jumper. [Online]. [Accessed 28th December 2020]. Available from: https://hyeinseo.com • Figure 43. Ami. 2020. Joggers. [Online]. [Accessed 28th December 2020]. Available from: https://www.endclothing.com/gb • Figure 44. Stone Island. 2020. Jacket. [Online]. [Accessed 28th December 2020]. Availa-ble from: https://www.endclothing.com/gb • Figure 45. Nike. 2020. Nike X Stussy Sneaker. [Online]. [Accessed 28th December 2020]. Available from: https://stockx.com • Figure 46. Comme Des Garcons. 2020. Comme Des Garcons X Stussy Jacket. [Online]. [Accessed 28th December 2020]. Available from: https://www.grailed.com • Figure 47.¬¬ Balenciaga. 2020. Balenciaga Triple S. [Online]. [Accessed 28th December 2020]. Available from: http://farfetch.com • Figure 48. Supreme. 2020. Supreme X Northface. [Online]. [Accessed 28th December 2020]. Available from: https://stockx.com • Figure 49. Comme Des Garcons X Supreme. 2020. Knit Jumper. [Online]. [Accessed 28th December 2020]. Available from: https:// stockx.com • Figure 50. This study. 2020. Brand Architecture Pyramid. • Figure 51. Meepl. 2020. Meepl Virtual Dressing room. [Online]. [Accessed 28th Decem-ber 2020]. Available from: https://www. meepl.com/solutions/virtual-dressing-room • Figure 52. Meepl. 2020. Meepl Virtual Dressing room. [Online]. [Accessed 28th Decem-ber 2020]. Available from: https://www. meepl.com/solutions/virtual-dressing-room • Figure 53. This Study. 2020. Closet app. • Figure 54. LS:N. 2020. LSN Retail Playground. [Online]. [Accessed 28th December 2020]. Available from: https://www.lsnglobal. com/big-ideas/article/25633/four-ways-retail-is-becoming-a-phygital-playground • Figure 55. This Study. 2020. Pricing Credit Range. • Figure 56. This study. 2020. Price Architecture Pyramid. • Figure 57. Pause. 2020. Pause Online Socks. [Online]. [Accessed 28th December 2020]. Available from: https://pausemag. co.uk/2020/12/shop-new-pause-socks-restock-live-now/ • Figure 58. This Study. 2020. Reel Club Website. Photoshop. • Figure 59. This Study. 2020. Reel Club App Features. Photoshop. • Figure 60. Nike. 2020. CDG Airforce 1. [Online]. [Accessed 28th December 2020]. Availa-ble from: https://hypebeast.com/2020/10/ comme-des-garcons-nike-air-force-1-mid-white-black-fall-winter-2020-release-information • Figure 61. This Study. 2020. Spotify music photoshop edit. • Figure 62. HypeBeast. 2020. News Blog. [Online]. [Accessed 28th December 2020]. Available from: https://hypebeast.com • Figure 63. This Study. 2020. Sally’s Sneakers Instagram. • Figure 64. Kim Turnbull. 2020. Kim Turnbull Instagram. [Online]. [Accessed 28th Decem-ber 2020]. Available from: https://www. instagram.com • Figure 65. Xavi Cleverly. 2020. Xavi Cleverly Instagram. [Online]. [Accessed 28th Decem-ber 2020]. Available from: https://www. instagram.com • Figure 66. Spotify. 2020. Cutting Room floor podcast. [Online]. [Accessed 28th December 2020]. Available from: https://www.spotify. com/uk/

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• Figure 67. Spotify. 2020. Dissect Podcast. [Online]. [Accessed 28th December 2020]. Available from: https://www.spotify.com/uk/ • Figure 68. Spotify. 2020. Light Culture. [Online]. [Accessed 28th December 2020]. Availa-ble from: https://www.spotify.com/uk/ • Figure 69. This Study. 2020. Buck Betty Example Instagram caption. • Figure 70. This Study. 2020. University Campus Signs. Photoshop. • Figure 71. The Squid Stories. 2013. Blog. [Online]. [Accessed 6th January 2021]. Availa-ble from: http://thesquidstories.blogspot. com/2013/11/london-shoreditch-walka-life.html • Figure 72. This Study. 2020. Poster Prints. Photoshop. • Figure 73. Belgrave. 2020. Belgrave Music Hall. [Online]. [Accessed 6th January 2021]. Available from: https://www.pinterest.co.uk/ pin/369506344398321925/ • Figure 74. This study. 2020. Sims x reel Club game. Photoshop. • Figure 75. Hype Sim. 2020. Hypesim Tumblr. [Online]. [Accessed 6th January 2021]. Available from: https://hypesim.tumblr.com • Figure 76. Hype Sim. 2020. Hypesim Tumblr. [Online]. [Accessed 6th January 2021]. Available from: https://hypesim.tumblr.com • Figure 77. Hype Sim. 2020. Hypesim Tumblr. [Online]. [Accessed 6th January 2021]. Available from: https://hypesim.tumblr.com • Figure 78. END. 2020. End London Store. [Online]. [Accessed 6th January 2021]. Available from: https://www.endclothing.com/gb • Figure 79. END. 2020. End London Store. [Online]. [Accessed 6th January 2021]. Available from: https://www.endclothing.com/gb • Figure 80. This Study. 2020. City Location Map. Photoshop. • Figure 81. This Study, 2020. Reel Club Pop-up. Photoshop. • Figure 82. This Study. 2020. Reel Club Pop-up interactive screen. Photoshop. • Figure 83. This Study. 2020. Publication Board. Photoshop. • Figure 84. Depop. 2020. Depop Pop-up store. [Online]. [Accessed 6th January 2021]. Available from: https://fashionista.com/2018/03/ depop-resale-app-physical-store-pop-ups • Figure 85. This Study. 2021. Donut Chart. • Figure 86. WGSN. 2022. Future Consumer. [Online]. [Accessed 6th January 2021]. Avail-able from: https://lp.wgsn.com/futureconsumer-2022.html • Figure 87. Medium. 2020. Stone Island. [Online]. [Accessed 6th January 2021]. Available from: https://medium.com/initialized-capital/ streetwear-rental-startup-seasons-unlocks-a-more-circular-fashion-economy-b6db6e8b2615 • • Figure 88. By Rotation. 2020. By Rotation App. [Online]. [Accessed 6th January 2021]. Available from: https://journal.byrotation. com/how-to-use-the-by-rotation-app/

APPENDICES

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APPENDIX 1.0: MACRO ENVIRONMENT ANALYSIS (PESTLE) Political Britain officially left the European Union on the 31st of January 2020 and the lingering uncertainty of the Brexit deal has caused fears within the UK fashion sector (Arnett, 2020). The market relies upon “duty-free access to the EU” and is facing the risk of export tariffs from its biggest trade dealers from 2021 (Arnett, 2020). Currently, the UK fashion industry imports over £14,000,000 worth of apparel and accessories every day and is expected to see supply chain disruption as a result of this (Arnett, 2020); with consumers concerned about this influencing rising retail prices (Deloitte, 2020). The government response to the pandemic has further increased a feeling of uncertainty amongst consumers as the differing overseas responses compound pressures causing a “checkerboard of socio-economic impacts” (WGSN trend team, 2020).

Economic The great ‘lockdown’ of economies and society has led to restrictions and closing of businesses which has significantly impacted consumer demand; leading to a strain on liquidity across the economy (Consultancy, 2020). The Coronavirus Job Retention Scheme offers support to employees receiving 80% of their current salary for hours not worked (KPMG, 2020). It’s extension in November has therefore forestalled a sharp increase in un-employment in the last quarter of 2020 (KPMG, 2020). The peak of unemployment, expected in May 2021, will influence consumer spending and determine the ability of economic recovery (KPMG, 2020). This displays a need for clothing that is more accessible and affordable towards consumers; particularly those in the younger generations who have not been able to earn or been eligible for furlough during the pandemic.

Social The pandemic has brought considerable changes to the way people work and live, causing a shift in social and environmental values held by the public as they re-assess their priorities (WGSN, 2020). Amid the disruption to everyday life, WGSN’s (2020) “Value Shift” white paper, suggests that incredible human resilience has brought a unique sense of community spirit and localism; and although digital living has been accelerated, more old-fashioned activities and systems have upsurged such as digitised milk-man deliveries (Young, 2020). These alternative ways of working, living and shopping are likely to bring long-lasting shifts, influencing a higher value brought on “quality of life, climate change and social equity” (KPMG, 2020).

Environmental A current state of excessive and unsustainable consumption prevails in today’s society; perpetuated by social media’s ‘swipe up culture” and the constant desire for ‘newness’ (Mintel, 2020). The fashion industry produces 10% of global carbon emissions and consumers are protesting for more sustainable business practices, whilst looking to their own consumption habits to reflect the importance of the climate crisis and critical demand for corporate social responsibility (Ro, 2020). Purchasing behaviours are being increasingly impacted by sustainability awareness and brands within the industry cannot afford to ignore their responsibility and impact on the environment (Ahmed et al., 2019). 62% of Gen Z demand sustainable retail and 73% are willing to spend more on sustainable products (Napoli, 2020).

Technological The shift towards mass-digitisation predicted to thrive over the next decade, has been accelerated as a result of the pandemic; contradicting the lifestyle trend for a slower way of life (WGSN, 2020). Companies have increased the digitisation of their customer and supply chain interactions and internal operations by 3 to 4 years; indicating the need for increased adaptation to technologies in order to remain competitive (McKinsey, 2020). Digital shopping spaces therefore need to be innovative and engaging, offering “rich media” such as video content and customisable products, as the digital generation places value on the quality, visual stimulation and emotional connection throughout their shopper journey (Brewis, 2018). Although digital is currently thriving during the pandemic, there is opportunity for the ‘phyigtal’ consumer experiences to thrive; merging the offline and online experiences to create a more complete user-experience (WAM, 2020). Online Brands that have created presence through digital platforms are establishing a physical presence; particularly in resale and rental. Consumers will look to appreciate the physical in-store experiences as digital thrives, continuing to shop luxury products in-store as IBM reports 67% of gen-Z shoppers prefer shopping in brick-and-mortar locations (Stott & Walker, 2018).

Legal New laws and restrictions have emerged from COVID-19 such as business closures, local and national lockdowns, mask wearing and social distancing in public spaces (Gov.UK, 2020). These laws and restrictions are changing frequently due to the UK’s enforcement of the ‘tiered’ system, which is dependent on the number of coronavirus cases in an area, rate of infection, and pressures on the local NHS (Gov.UK, 2020). Businesses need to be transparent as consumers are on a “quest for truth” and also comply with national laws such as the 2018 Data Protection Act (WGSN, 2020). This controls how personal information is used by organisations to ensure key information is not mis-used or sold to third parties (FSB, 2019).

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APPENDIX 1.2: Rental Relevance

Figure: McKinsey&Company (2020)

APPENDIX 2.0: COMPEITIVE REVIEW TABLE Location Rotarity

United States

The Rotation

United states

Onloan

London, UK

o Sustainable designers – luxury/ premium more localised o Monthly subscription o Womenswear o Dresses, blouses, occasion-wear (Onloan, 2020)

Rent the runway

New York, US

o o o o

This Study, 2020

96.

Products/Service o Luxury streetwear o Rent individually or monthly subscription o Menswear o Shirts, jeans, trainers, jackets/coats (Rotarity, 2020) o Luxury/Premium streetwear o Monthly Subscription o Menswear o Coats, bottoms, jewellery, sweaters (The Rotation, 2020)

Premium to luxury Monthly subscription Womenswear & Accessories Full range – tops, dresses, sweaters, coats, activewear and maternity (Rent the runway, 2020)

Price

Channels

Key brands

o Reserve one piece from $35 o Monthly unlimited $195p/m

E-commerce

o o o o

Valentino Gucci Raf Simons D-Squared

Monthly plans: o 2 items - $89 p/m o 3 items - $129 p/m o 4 items - $159 p/m

E-commerce

Monthly plans: o 2 items - £69 (items worth an average of £500) o 4 Items - £99 (items worth an average of £1000) o (OnLoan, 2020) Monthly plans o 4 items - $69 p/m o 8 items - $85 p/m o 16 items - $149 p/m

E-commerce

o o o o o o o o o o

Supreme Stone island Stussy APC Champion Off-white Alexa Chung House of Dagmar Kitri Studio Mykke Hoffman

o o o o o

3.1 Philip Lim Harris Wharf London Veronica Beard Ganni Gucci

E-commerce

APPENDIX 2.1: COMPETITOR PRICING PLANS 1. RSVD

2. SEASONS

Figure: RSVD, 2020

Figure: Seasons Ny, 2020

3. COCOON CLUB

4. NUULY

Figure: Cocoon Club, 2020

Figure: Nuuly, 2020

APPENDIX 3.0: STATISTA STREETWEAR CONSUMER SPENDING

Figure: Statista, 2020

The target consumer, aged 18-24, possess an increased spending power than the younger part of the generation; and as a whole generational cohort will account for 40% of global consumers (Moran, 2020). The Pew Research Centre suggests that 50% of 18 to 23-year olds have been financially impacted by the pandemic, with either themselves or a household member experiencing job loss or pay cut (Pew, 2020). However, the target consumer still acquires some sort of income for example from parents, student loan or their entrepreneurship in creating small businesses such as selling clothes, candles, custom trainers etc. This 18-24 age group will be of specific target for the business, addressing their style needs for branded yet casual fashion at a more affordable price in light of their current financial situations which will improve as we look to the future.

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APPENDIX 3.1: Consumer Behaviour

Hypebeast & Strategy& Streetwear Impact Report (2020)

Age 16-25 selected 54.4% Physical Brand Store 37.9% Brand’s Ecommerce 31.4% Physical Multi-brand Retailer 31.9% Resell Site 21.4% Third party/multi-brand ecommerce 14.9% Social media (Hypbeast & Strategy&, 2020)

Online highlights

<$100

$100-$500

Availability of product Diversity of product Fast Shipment Quality of Imagery User Experience

71.95% 76% 33.93% 42.1% 53%

75.15% 76% 35.54% 38.86% 54.45%

(Hypebeast & Strategy&,2020) The data shows that when shopping online the consumer holds the availability and diversity of the product very highly as well the quality of the imagery and user experience.

Which platforms arre usually used to resell your items? 36% StockX 26% Instagram 25% Facebook group (Hypebeast & Strategy&,2020)

Figure, Hypebeast & Strategy&,2020

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APPENDIX 4.0: PORTER’S 5 FORCES

Supplier Power • Suppliers: dependant on product – stock from consumer products, possible unsold stock from brands and encourage partnerships with brands • Moderate number and range of suppliers • Able to substitute and or change

Threat of New Entry • Not too expensive to set up systems in place • Sourcing stock especially limited collaboration pieces will be expensive • Stock bought from consumers will reduce costs • Low barriers to entry

Global competitors (US based) Minimal UK based competitors Indirect competition e.g. Occasion-wear rental & Resale platforms

Threat of Substitution • May substitute for other specialist rentals such as LSWOP for sneakers. • May substitute if product is not available/ in stock • Some substitution – depends on products and price of available pieces to buy

Buyer Power • Smaller, more frequent orders with subscription • Differentiation by offering range of casual, daily, high-quality styles • Renting more attractive to price-sensitive buyers • Competitive pricing to be considered

(Porter, 1998) This Study, 2020

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APPENDIX 5.0 Financial Consideration Calculations Competitor Assets Tangible assets of Onloan - £109,731 (2019) (Companies House, 2020). Fixed assets of My Wardrobe HQ - £37,319 (2019) (FAME, 2020).

App Development Average UK hourly rate for app development £51 Total hours to create app: 23 days Estimated 184 hours based on 8-hour day Cost: £9,200

Marketing Budget Calculations Influencer Channels Price per post = £100 or free for subscription No. of Influencer Channels = 10 3 posts per social account over 3 months = £2100 University pop-ups Staff costs No. of staff – 3 per stand 6 city locations – same staff to be used for the same city location and move around to reduce training time/costs Hourly rate £10 5 hour day – cost per day £150 per location £150 x 13 (no. of days) = £1950 Print Roller banner costs 2 per city to be moved around campus’ £50 per banner x 12 = £600 A3 Prints 200 A3 = £710 2000 A5 prints £42 TOTAL BUDGET £8782

Distribution / Shipping costs

This Study, 2020 (DHL) medium (up to 10kg) next day delivery package cost = £2.86 Each plan offers 1 swap per month = 2 delivery costs per customer per month First Quarter £2.86 x 65 (x2) = £371.80 monthly cost (x3) = £1115.40 Quarterly cost Second Quarter £2.86 x 105 (x2) = £600.60 monthly cost (x3) = £1801.80 Quarterly cost Third Quarter £2.86 x 155 (x2) = £886.60 monthly cost (x3) = £2659.80 Quarterly cost Final Quarter £2.86 x 180 (x2) = £1,029.60 monthly cost (x3) = £3,088.80 Quarterly cost Yearly Cost = £8665.80

100.

APPENDIX 6.0 - Weekly Research & Development with Reflection WEEK 0 : Introduction Transition Pack In September, before the start of term, I read through the Final year transition pack and made notes on the macro-trends from reports by WGSN, LSN and McKinsey. The articles highlighted the present and long-lasting impacts the Coronavirus pandemic has created and how this has influenced consumer shifts and industry specific actions and behaviours. I made notes on prevailing Zeitgeists which I found of interest to start my innovative thinking and design challenge. I found the WGSN 2022 Future Consumer paper to be very informative and useful for considering what problems these consumer groups may face and how their needs and behaviours will evolve in the next few years. The main macro environment topics I found of importance were: (Transition pack reading notes 12/09/20)

1. Digital acceleration – working from home, social media use accelerated. Pandemic causing digital ubiquity. - Digital will homogenize consumer behaviour. Break down socio-economic boundaries as information is more accessible through technology. Remove barriers for small businesses to thrive (WEF, 2020) 2. Pandemic impacts – consumers want sustainability, aware of mental health, ethical business operations 3. Increase demand for purpose-driven and sustainable brands

Feelings and Evaluation: I found the student workbook to be useful to ignite my project ideas to guide me through creative thinking. The workbook also led me to useful information of my own learning style after completing the questionnaire and gain theoretical knowledge of types of innovation. I also derived some initial ideas into which markets I would like to explore; Health & Wellbeing, Streetwear/Sneakers, and Luxury Markets. Notes from 12/09/20 Ideas/zeitgeists: Health & Wellbeing • Mental health during pandemic • Sleep wellbeing • Nutrition Markets: • Transgender markets • Menopausal empowerment • Gen Z impacts from coronavirus • International students / international markets Streetwear/Sneakers • Streetwear for women more accessible? • Shops e.g. END only provide for “menswear” and have a small womenswear section • Offer more of a gender-neutral experience • Empower women Luxury Market: - Digital fashion weeks - Luxury brand sellers e.g. Farfetch how they could reach larger audience – need for sustainability more affordable prices? Farfetch section for intermediate streetwear brands – hype section/ streetwear for both genders. - People want “authentic communication” - Social matters to change tone of voice to communicate with consumers. - Increased focus on value, people plan to spend less on fashion. May be opportunity to reduce prices to more affordable but good quality lasting pieces. - Advantage with online retailers people shopping more online 14% US and 17% in china have shopped online for the first time. (BCG).

WEEK 1: Design Thinking Description I completed the “Framing your Design Challenge”; answering questions on what problems consumers are facing currently and what they may face in the long term. These were my macro-trend focal points: 1. EMERGING MACRO TREND: ANXIETY REBELLION (LSN Global) Wellbeing within the pandemic for men, women, generation X? Parents & Workers. 2. EMERGING MACRO TREND: Access to streetwear. More inclusive of females. Luxury streetwear targeted towards men. Target women/accessible to women in the pandemic comfort is becoming key 3. EMERGING MACRO TREND: Home-listing, “Nesting” effect in the home Evaluation & Feelings: I felt that my initial ideas needed to be researched in-depth, looking at key industry insights. I found it quite difficult at the beginning to think in the design challenge mindset, first unpacking a problem and then finding the solution. I also felt slightly overwhelmed in the beginning to come up with a strong enough idea that would carry through the whole semester and project portfolio Action Plan: To research the macro-trends more in-depth looking at both industry specific papers and consumer trend reports such as Mintel.

101.

Week 1: Student Workbook

WEEK 2: Critical evaluation of Ideas & Macro Environment

102.

Description: This week focused on the macro-environment and tools in order to analyse the environment such as PESTLE. Our group met to discuss initial thoughts, ideas and questions we had to post on yammer. The general questions we had were to do with COVID and how we should plan our project with this in mind and the uncertainty this would have if there were restrictions in 2021/2022. Evaluation & Feelings: I found the group meeting to be useful to discuss with other students their ideas and gain confidence with sharing my own ideas. I found that it was essential to do some more in-depth research to develop my two ideas. Action Plan: Complete a PESTLE and SWOT analysis

WEEK 3: Emerging Market Trends Description: This week focused on market trends and an insightful lecture by Rebecca Stevenson from WGSN; and smaller group seminars to ask her some prepared questions. She displayed examples of how businesses have innovated during the pandemic and “recession-proof” strategies. For example, the rental company Rotaro offering a home delivery service for fruit & veg in a time when grocery shopping was so crucial yet became stressful and difficult, especially for vulnerable groups. I also made notes from WGSN’s Value shift white paper, which she recommended to read and the Future Consumer 2022 paper. Evaluation & Feelings: I found Rebecca’s talk to be very informative and inspiring as she highlighted some really important consumer trends which enabled me to think more holistically with what is currently shifting and will be long-lasting. After her lecture I really wanted to focus on wellbeing and how I could innovate an idea that embodied the “nesting effect” of people staying home, and how to improve their lifestyle, whereby staying home for work, exercise and relaxing became the new normal. A group meeting with Rebecca enabled me to ask questions on her opinions about the long-lasting impacts of the pandemic and how people are seeking self-care in staying more active rather than relaxing; to get her opinions about my project idea. Action Plan: Research Consumer wellness How the pandemic has changed their lifestyle to be doing everything from home, and possible ways to enable separation and structure at home.

WEEK 4: Consumers Description: This week looked at consumer trends and how to segment the target market. Level 1 and 2 theoretical content was re-capped in the recorded lecture and an additional activity was completed. Evaluation & Feelings: I defined the target market to be those within generation-X seeking wellbeing and selfcare within a busy lifestyle, as I found there to be a need for this consumer and market. This was due to the pressures of the pandemic and their life, which is generally very busy and can become stressful in balancing work and family life whilst being stuck at home. The identified need was to enable relaxation with the idea to look into the sleep market and improved sleeping patterns as a form of self-care. Although I had chosen the idea for lifestyle self-care brand, I was still contemplating the opportunity within the streetwear market to be made more accessible to women as I kept coming across Instagram posts and articles which indicated a gap in the market for this. Action Plan: Clearly define the consumer for this idea & segment the market

WEEK 5: Competitors Description: The focus of this week was to conduct a competitor analysis and find a point of differentiation & USP for the brand. I also submitted my project proposal draft at the end of the week. Evaluation & Feelings: I did not complete a competitor analysis as I was still working on my project proposal. My proposal focused on the macro-environment and shifting consumer behaviours for more luxurious products within a lifestyle brand to target the consumer willing to invest into products with longevity in terms or product life span and long-lasting benefits. Action Plan: Competitor analysis: identify direct and indirect competitors and analyse what they’re currently doing within the market in terms of promotion, branding and product/service offerings.

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WEEK 6: Proposal Feedback Evaluation & Feelings: After my meeting with Eunsuk regarding my proposal I felt like the direction of my project needed to change as I hadn’t been very clear on what exact products would be offered. I proposed that my USP would be to offer solely silk products to embody a sense of luxury and natural benefits silk had for the skin and possibly improving sleep, as well as a home aesthetic for interior. Also promoting a natural fibre encompassing more sustainable materials. Action Plan: Eunsuk’s suggested I should question the actual ‘need’ for the products and clearly define the consumer group in order to identify a specific need; and if the idea would be feasible for this market. Notes from 12/11/20 Brand extension The white company – targeting young millennials for self-care, cheaper sub-brand Hers – looking into sleep and comfort through clothing Activewear brand – e.g. girlfriend collective targeting sleep, skincare, self-care, staying active at home, sustainable Flossier target older demographic Glossier – brand extension for sleep

WEEK 7: Marketing Mix Description: The lectures on the marketing mix recapped on the existing knowledge we learnt from level 1 and 2 and gave a lecture on visual communication with illustrator tutorials. We also had a guest speaker Paul Young give a lecture and seminar. Evaluation & Feelings: I found the illustrator tutorials useful as I am not familiar with this software. However, I did not start designing logos and branding material straight away as I wanted to change my concept. I felt that my existing concept was becoming too broad with launching or creating an extension of a lifestyle brand, so I decided to change it and look at the problem I had been considering since the first week. This problem highlighted 3 key problems which were the exclusivity of products in terms or price and low amount of stock and the predominantly male catering platforms, retailers and brands within the market. I began by completing a draft proposal which I had started alongside my other project proposal, to gather my thoughts and ideas more clearly. It was really helpful to do this as I felt by changing my idea after weeks of research that I needed to lay out my findings of the macro-environment, target market, emerging trends and competitive market. I also did a mind-map of how I could innovate this idea through a mobile app. The seminar with Paul Young was helpful to me after I decided to change my idea, giving me confidence that there is opportunity in many markets and not those just specific to COVID; giving specific examples of branding and how companies have innovated throughout the pandemic Action Plan: Start Presentation research, complete SWOT for this concept.

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Refined Concept for presentation, name ideas and unpacking the problem

WEEK 8: Financial Surgery

Description: Lectures and Group Seminars on financial considerations I also made progress on developing my ideas defining the consumer group and concept more clearly. Evaluation & Feelings: The lecture helped with a reminder of pricing factors and what internal and external factors should be considered when setting price. The financial surgery seminars were useful to ask about how to access competitor’s financial accounts in order to make a judgement on my fashion rental brand financial considerations. Action Plan: Complete Presentation for next week: concept, vision & mission, USP, competitive view and marketing mix.

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Week 9: Presentation Slides MACRO TRENDS

MICRO TRENDS

THE PROBLEM

EXCLUSIVITY

Figure 1

CONSUMPTION

ACCESSIBILITY

Figure 3

Sustainability

Inclusivity

Figure 5

Figure 7

Value Shift

Sharing Economy

Figure 2

Figure 8

End of Ownership

Re-Commerce

MACRO TRENDS

Figure 6

Figure 4

MICRO TRENDS

Figure 10

GAP IN THE MARKET

Figure 9

Sustainability

Inclusivity

WOMENS RENTAL OFFERS FORMAL OCCASIONWEAR – LUXURY TO HIGH-STREET BRANDS

OPPORTUNITY FOR PREMIUM STREETWEAR BRANDS

MALE-ORENTATED RESALE/RENTAL MARKET DOMINATE THE STREETWEAR SPACE

BUSINESS MODEL INNOVATION Figure 11

Figure 12

Figure 7

Value Shift

Sharing Economy

RENT

WEAR

REPEAT

SUBSCRIPTION MODEL

HYBRID OF B2C AND PEER-TO-PEER RENTAL

SECOND-HAND STOCK SOURCED FROM BRANDS & CONSUMERS

Figure 8

End of Ownership

Re-Commerce

MISSION STATEMENT

KEY BRANDS

TO EMPOWER AND INSPIRE THE FUTURE GENERATION TO LIVE AND CONSUME FASHION IN A SUSTAINABLE WAY

VISION

CONCEPT INSIGHTS

USP §

RENTAL SUBSCRIPTION – CHOOSE DURATION AND FREQUENCY OF LOAN

CHOICE OF CERTAIN ITEMS OR LEAVE AS A MYSTERY BOX

SERVICE FOR CONSUMERS TO “SWITCH” CLOTHES WITH EACHOTHER

PERSONALISED SERVICE

LOWER PRICE POINT

ENABLING WOMEN TO ACCESS BRANDS AND STYLES TRADITIONALLY DESIGNED FOR MEN - TO EXPRESS THEMSELVES FREELY – IN A FINANCIALLY AND ENVIRONMENYALLY SUSTAINABLE WAY.

Market level

Figure 13

MARKETING OBJECTIVES 1. Establish this brand within the rental market for on-trend “hyped” streetwear products encouraging the female consumer in a male dominated sector 2. Achieve an efficient rental business model which is simple for consumers to use Figure 14

TARGET CONSUMER Geographic § §

Major UK cities London, Manchester, Birmingham, Glasgow, Liverpool

Psychographics § § § §

Have an interest in streetwear “drop” culture Progressive views Free spirited Strong views for equality, human rights, mental health issues

Figure 16

Figure 15

3. Create a “hype” for the brand within the first 6 months and achieve a customer base through subscriptions

PRODUCT

Demographic § § §

Aged 21-30 Older Gen-Z& millennial Students & young creative / professional

§ § §

Outgoing/likes to travel Active lifestyle Studying/working in creative industries Active on social media Predominantly shops online Shops in-store for higher-market brands

Outerwear – Coats Loungewear – Hoodies, Sweatpants, T-shirts, Sweatshirts

Bags – backpacks, shoulder bags, travel bags

Exclusive brand collaboration pieces

Figure 17

Figure 20

Figure 18

Behavioural § § §

§ §

PRICE Figure 19

Competitive pricing method

Dependent on subscription & product brand value

Subscription ranging from £30£80 a month

Reserve individual pieces from £15

Figure 21

MARKET POSITIONING

PLACE §

Digital online service – App/Website/Instagram shop

Efficient delivery/returns channel

Convenience to target consumer

Luxury

Figure 22

Figure 23

Casual wear

PROMOTION §

Social media promotion – notifications, Instagram shop

Platforms e.g. Instagram, Twitter, TikTok

PR – Hypebae, Highsnobiety, Complex

Re-cycled/Re-usable packaging for returns

Figure 24

Figure 25

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Figure 26

Occasion wear

POSITIONING § § §

Street style/Casual-wear Non-formal occasion-wear offered Luxury & mid-range brands offered

Mid-range

Figure 27

WEEK 9: Presentations

Evaluation & Feelings: I was happy with the way my presentation went as I felt confident about my project and work due to rehearsing it over on teams with friends on this course. The feedback from my presentation was really helpful in developing my idea further, as I felt due to changing my idea later on in the term that I was in need of some critical feedback and assurance of the strength of the concept. In the presentation I stated I wanted to focus the brand towards females and offer more casual styled, high-end streetwear to be used as everyday looks. However, it was evident that this market opportunity was open to all genders and I then changed the brand to embody an inclusive and non-stereotypical essence. Karen also gave me feedback to offer products target events when as they will be likely to be running again in 2021; opening the product portfolio up to cater to more needs. Action Plan: Review Feedback and look at the consumers’ needs to align with the brand offerings.

WEEK 10: Portfolio Preparation Description: This week focused on the portfolio preparation and what needed to be included. I began a basic layout on InDesign as I like to work on the report and design pages alongside each other. I also created a structure and clear contents page to follow in order to make sure the important research is highlighted. Evaluation & Feelings: Initially I felt like beginning the layout design was a bit daunting as I had various ideas on how to do it however, after starting it I felt like the essence of the brand began to become visualised which helped me with my report and keeping it clear and concise. Action Plan: Start writing up the report & research. Create contents and structure of portfolio on InDesign.

WEEK 11: Final Meeting & Feedback Description: This was a final one-to-one meeting with Eunsuk before the Christmas break and submission of the project. Evaluation & Feelings: This meeting put me at ease with the upcoming deadline and Christmas break as I asked any final questions which I had about my project. I got feedback to ensure than I defined the consumer group and showed the clear need & what type of rental service the consumer would want. Action Plan: Finalise the report this week and begin putting it into the layout

APPENDIX 6.2 Research & Development - Colour Forecast & Layout Design

(WGSN, 2020)

Core colour

Key Colour

Accent Colour

unbleached

Atlantic Blue

Pink Lift

Aloe Gel

The colour theme for this project was created through a selective process and analysis of future predicted colour trends from WGSN using the Global colour report for A/W 22/23 and S/S 22 trend forecast (Clark, 2020). The chosen colour palette reflects the trend for longevity as a result of the pandemic, carrying long-term appeal (Clark, 2020). The core colour reflects everyday pleasure and brings a “restful anchored quality” whilst the key colours bring a more intense “hyper-natural quality”, reflecting an intensified digital world (Clark, 2020). The Atlantic blue has natural quality embracing a sense of sustainability which the brand seeks to embody.

Layout Design

Pinterest boards were created to inspire the layout as well as using inspiration from fashion magazines which I had at home such as Vogue and ID magazines. These sources inspired the imagery which would be used as well as the “blocking” of colours within the background to make the pages more concise throughout the portfolio. The layouts to the right were chosen as the main inspiration as I felt these fitted more with my concept and idea in a professional way - using inspiration to spread images over two pages and enlarge certain texts to fill these out. As well as leaving blank spaces in areas to create more importance around them such as the mission statement. (This Study, 2020)

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(Pinterest, 2020)

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Appendix 6.3: LOGO DESIGNS

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THE REEL CLUB

This displays the developpment process of the logo design for the proposed concept. The circular design was chosen as the predominantly sales point would be online and through an app - aligning the style which will fit into an app and social media icon. The final designs reflect the layout design and colour forecast derived in the previous pages. On relfection when, creating the logos I would have liked to start with a mood board for the brand essence rather than going off the colour forecast. However, I wanted the logo to fit within the design of the layout and be quite simplistic without allocating too much time on it to meet the deadline. -

FINAL LOGO

Final Designs

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Summarising Reflection on Completion of the Project

Wins Reflecting on completion of the project I believe that I put a lot of effort into creating a sense of professionalism within the portfolio and paid attention to detail throughout the report and the layout. During this semester I found that I work best and create a more concise flow of work when I work on my layout and report alongside each other; as this was a much larger piece of work than previous assignments. Therefore, for the next project I will start my layout and visual research earlier in the term to ensure my time is used more efficiently. I enjoyed becoming more confident with the adobe software and using photoshop and Illustrator more to enable my desired visual communication. I think that the portfolio is to a high-standard however, I know that I tend to take longer with creating this than I expect so I will give myself more time for this in the next project and create a clear plan to organise the structure. Challenges I found selecting my concept quite difficult in the beginning as I had two ideas which I had equal interest in and believed I could take forward with a project concept. On reflection I wish I had been more decisive with my idea as changing it before the presentations created more work for me in a shorter period of time; however, I do not believe changing this affected the quality and standard of my portfolio as I still acquired useful research which informed both concepts. I felt a sense of accomplishment when I completed the financial considerations as I thought this would be the most challenging part and therefore left it as one of the final tasks to do within my report. Although it was quite time-consuming it was helpful to amend the pricing strategy slightly, after calculating profit and taking into consideration costs and consumer’s willingness to spend. In the future I will likely leave this task to the end as I was more organised with calculating budgets once I had figured out the marketing mix, however, I will allocate more time to this as it took me longer than I initially expected. Action Plan for Next Project For the next project I am going to organise my time more efficiently and ensure I have allocated more to the layout of the project, including a layout plan and additional research in different styles. I felt that organising and creating visuals for layout was the biggest task of this project so in future I will stagger this out and be more organised in completion of this. I will also document more of my visual research as I’m working on it to put into the appendices and show more images of my thought process. Furthermore, I wish to be more decisive with the next project after I have done all my research to ensure time is used more carefully and efficiently.

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