Graduate Fashion Week - New business award
A proposed fas h io n bus in e s s e xte n s io n
The
E x p r e ss
pac kage
YOUR ONE-WAY TICKET TO AN E N DL E S S , E V E RY DAY A N D E TH ICA L WA R DR O BE .
10-page synopsis
#itstimetowearthewalk
Sarah young
Northumbria university
Brand insight. Wear the Walk, founded by 26-year-old entrepreneur Zoe Partridge, is a woman’s sustainable fashion subscription platform operating both offline, at their studio in Hackney - London, and online. This company prioritizes sustainable design and works primarily with ethically sourced brands and designers. In a world growing increasingly infatuated with speed and newness and a rapacious clothing industry encouraging the act of mindless clothing consumption, Wear the Walk pride themselves by marketing their service very differently. Wear the Walk want to change the way women consume fashion, by encouraging them to adopt a clothing subscription service. Think of it as the Netflix or Spotify of your wardrobe. They offer a range of monthly subscription packages to suit any lifestyle or occasion, starting from £60 - £120. Items available on rent range from smart jackets and office wear, to special occasion dresses and handbags. Subscribers can browse and select from over 700 designer pieces, and orders are made via the site or by visiting the Wear the Walk studio. Items can be kept for up to one month and once subscribers are done with items or fancy a change within that month, they simply pop on the free returns label included in their package and send them back to WTW. The new items are then delivered the next working day.
This transformative business model has proved popular in London however, it is yet to take off within the UK. Despite this, it has been proven that fashion subscription services can offer huge environmental gains in the long run. Fashion subscription services like Wear the Walk encourage a much more sustainable way of consuming fashion, pushing the ‘Experience Economy’ over the need for ‘Ownership’. 47% of Wear the Walk’s key target audience fall within the 26 - 30 age range (WTW Business Plan 2018, page 3). These young professionals are based within central London, have a high level of disposable income so are therefore more than able to afford such a service.
“AT OUR CORE, WE RUN OUR BUSINESS THE WAY WE DO BECAUSE WE WANT TO ENABLE WOMEN TO FEEL EMPOWERED BY WHAT WE WEAR, NOT JUST ONCE A MONTH OR WHEN THEY HAVE A SPECIAL OCCASION, BUT ALL THE TIME” FOUNDER & CEO, ZOE PARTRIDGE
SS18
#itstimetowearthewalk
PAGE two.
THE CHALLENGE. The scalability of this business model and the potential environmental gains is vast. However, for a large majority of consumers within the UK - such a service is not attainable. One of the key reasons for this comes down to affordability, and the common perception that fashion subscription is exclusively for special occasions, and for those with high levels of disposable income. Only 10% of Wear the Walk customers are aged 20 - 25 (WTW Business Plan 2018, page 3). In one years’ time, this generation (Y & Z - Young Millennials) will represent the highest spending consumer generation worldwide, therefore refining a business model that appeals to these consumers could prove to be a strategic move in the coming years.
This generation are a lot more environmentally conscious than previous generations and generally prefer access over ownership due to growing up amidst the Experience Economy. These traits make them the ideal consumers for fashion subscription services, however they cannot afford such a service due to not having a high enough level of disposable income. They, therefore typically get drawn into the high street’s cheap, disposable fashion and range of designs as a result. The main challenge this business model faces lies in not only being unable to offer this generation a platform where they can afford to engage with fashion subscription services, but rectifying it as a more everyday and instant service, rather than a service for special occasions.
SS18
#itstimetowearthewalk
PAGE three.
proposed SOLUTION. A Business Extension. A new, monthly clothing subscription package will be launched with British fashion subscription service “Wear the Walk”. This business extension will be primarily aimed at young, socially and environmentally conscious consumers within the London catchment area. Specifically tailored to suit the requirements of the 2018 millennial shopper, it offers a more instant and easy-to-use service with endless choice.
Ex p res s
The
pac kag e
This proposed subscription package will have environmental objectives at the heart of its ethos, will allow consumers to become more socialised into renting fashion for the everyday, by offering them a hassle-free subscription platform and service that is affordable, instant and, above all, sustainable. The new package will be more affordable than the current subscription packages that Wear the Walk currently offer and will be priced at £30 per month. It will offer subscribers 4 - 5 items of clothing on rotation each month, with free returns and dry cleaning included. Subscribers are given the ability to ‘Opt Out’ of the subscription at any time, with no cancellation fees.
the
Express package
the
•
The perfect solution for the
•
fahion-cravers, that want an ever-changing, rotative 4 items on rotation per month.
•
Free shipping, dry cleaning and insurance.
•
Cancel anytime with 30 day notice.
•
to dip their toe in renting. •
wardrobe. •
Ideal for event-goers, who want Choose 2 items and swap
lovers. •
monthly. •
Free dry-cleaning, insurance, Cancel anytime with 30 days notice.
6 items for the month, taken anytime.
•
and shipping. •
The ideal package for label
Free dry-cleaning, insurance and shipping.
•
Cancel anytime with 30 days notice.
•
Express
For the disrupters, innovators and
package
explorers. •
An unlimited amount of items, swap whever you want.
•
Hold onto items for up to 2 months.
•
Free dry-cleaning, insurance, and shipping.
• •
Cancelthe anytime.
Ex pmonthly res s consultations. Free styling package
•
The perfect solution for the
•
fahion-cravers, that want
•
The perfect solution for the
•
fahion-cravers, that want an ever-changing, rotative
to dip their toe in renting. •
wardrobe. • •
4 items on rotation per month.
Cancel anytime with 30 day notice.
SS18
#itstimetowearthewalk
Choose 2 items and swap monthly.
•
Free shipping, dry cleaning and insurance.
•
Ideal for event-goers, who want
•
Cancel anytime with 30 days notice.
The ideal package for label
•
•
6 items for the month, taken
•
insurance. •
Free dry-cleaning, insurance
4 items on rotation lovers. per month.
•
Free shipping, anytime. dry cleaning and
•
•
•
•
Free dry-cleaning, insurance, and shipping.
wardrobe.
Choose 2 items and swap monthly.
For the disrupters, innovators and
•
explorers.
Free dry-cleaning, insurance,
An unlimited amount of items, swap
and shipping.
whever you want. •
Hold onto items for up to 2 months.
and shipping.
•
Free dry-cleaning, insurance, and
notice.
•
Cancel anytime.
•
Free monthly styling consultations.
• Cancel anytime with 30 days Cancel anytime with 30 day
notice.
Ideal for event-goers, who want to dip their toe in renting.
an ever-changing, rotative
•
shipping.
Cancel anytime with 30 days notice.
PAGE four.
SUPPORTING RESEARCH. As fast fashion outlets continue to produce cheap, disposable fashion, consumers need for immediacy and desire for ‘newness’ continues to grow. There is an urgent need to slow down these clothing supply chains
and reduce the lead time of garments to extend their technical life span and ease pressure upon UK landfills and the environment. The fast fashion supply chain model dramatically increases clothing turnover and leads to greater end-of-life clothing waste (DEFRA, 2006). We are now witnessing the emergence of an even faster model, ‘Ultra-Fast Fashion’ with the arrival of a new generation of young fashion retailers such as Missguided and Boohoo.com who have the leanest and shortest supply chains with a lead time as short as one week. This rapid turnover rate is tapping directly into consumers growing demand for immediacy and adding to the environmental damage that the UK’s clothing industry is causing.
THERE IS NOW AN URGENT NEED FOR THE UK TO FIND NEW MARKETS FOR USED CLOTHING. - 2017 WRAP Report, “The Cost of UK Fashion”.
The carbon footprint of clothing in use in the UK has risen to 26.2 million tonnes in 2016, up from 24 million tonnes in 2012. - 2017 WRAP Report, “The Cost of UK Fashion”. It is estimated there is over £30 billion of clothing sitting in wardrobes across the UK that hasn’t been used for over 12 months. Extending the life of clothing by a further nine months would reduce carbon, waste and water
of clothing within the UK is disposed of before the end of their technical service life.
SS18
40%
75%
footprints by around 20 - 30% each. - Fashion Revolution, 2018.
#itstimetowearthewalk
of Londoners surveyed would be interested in trying out fashion subscription.
PAGE FIVE.
W E
st r
en
SSES E N K A
s gth
The flexibility/offering of this package
Pressure to ensure constant stream of new
provides incredible value for money.
styles available at all times, for subscribers.
Strong environmental objectives at the forefront
Huge stock turnover, may leave customers
of the business ethos and campaign.
with nothing they would like to rent.
Championing rise of Collaborative Consumption.
Increased
operational
challenges
and
company costs.
Only fashion subscription service of its kind
UNITIES T R O P
T
OP
within the UK - rigour and originality.
H
ATS E R
Expanding into other UK cities.
Threat of new entrants to the market.
A partnership with GFW 2018.
Key competitors such as ‘Girl Meets
Market Diversification - targeting a new,
more ‘everyday’ business model.
Dress’ or ‘Far Fetch’, introducing a similar,
younger audience with a faster, more instant subscription package.
SS18
#itstimetowearthewalk
PAGE six. SIX.
ORIGINALITY. This proposed business extension boasts rigour and originality as it will be the only one of its kind to operate within the UK. While there are many fashion rental companies throughout the UK, none have environmental objectives at the forefront of their company ethos and are usually for luxury, one off event-ware, rather than a more every day and instant service.
This business extension will not stop at rental pieces for special occasions. It aims to scale this model for almost anything and any occasion.
Offering a sustainable fashion subscription package which is affordable and attainable for a younger generation of consumers, not just those with high levels of disposable income.
Increasing the ease of this fashion subscription service, by introducing new tactics such as more ‘Drop-off Points’ across London, a second, central WTW studio, and a host of digital improvements, suiting the modern demands of Gen Y and Z. The ability to see the rental items face to face within an unique offline environment, at the Wear the Walk studios. This helps to develop the brand experience. Clients can try on and experiment with different styles before they select the items they wish to subscribe that month.
SS18
#itstimetowearthewalk
PAGE seven.
Promotional tactics. the campaign An “Ethical, Ultra-Fast Fashion Campaign” will support this launch of this new monthly subscription package. The purpose of this campaign is also to educate this new, younger target audience on the potential dangers that over-consuming cheap, disposable fast fashion items can have upon the environment. This year-long campaign will be delivered via an Opti-Channel Engagement Strategy. Tactics such as influencer marketing, email marketing and voucher and discount codes (similar tactics used by fast fashion outlets) will be implemented to appeal to this younger generation.
The “Ethical, ultra-fast fashion campaign” gfw Conference + press launch event. The campaign for this new business extension will be launched at Graduate Fashion Week 2018. Wear the Walk will host a live, 4-day conference featuring credible campaign ambassadors and guest speakers each day, discussing the ethos behind this new business extension and the problems ultra-fast fashion is having upon the UK’s environment. This conference will act as the press launch event for the “Express” subscription package and supporting campaign.
Brixton studio opening. This second WTW studio will open two months after the press launch event, on the same day as the official launch of the “Express” subscription package. This new studio space will bring may benefits to the company and subscribers. It will help to increase accessibility for subscribers, strengthen the offline experience for subscribers, adding to the overall experience of fashion subscription and building on Wear the Walks brand identity.
SS18
#itstimetowearthewalk
PAGE eight.
Budgets. Two separate budgets demonstrating the projected expenses have been drawn up. Both the conference and the new studio opening are two of the biggest promotional elements of this business extension. The proposed partnership with Graduate Fashion Week will help in keeping the event costs low. As the conference event is free, main revenue streams will exist via the acquisition of new “Express” package subscribers and increased traffic to the new and existing WTW studios and website as a result of heavily increased promotional tactics and the opti-channel engagement strategy.
Conference budget. Venue Registration Desk Conference Area Set-up (Chairs, Tables, Staging) Registration iPads X3 Laptop and Printer Conference Flyers X1000 Electronics (Audio/Visual etc.) Selfie Frame Guests Lanyard Name Tags X200 Outdoor Vinyl Banner X2 Quill Flag Outdoor Advertising X2 Freelance External Event/Logistics Manager Catering - Light Lunch Appetizers and Refreshments (4 days) Photographer Event Staff
FREE FREE FREE £150 FREE £14 FREE £120 £252 £300 £250 £1250 (5 days) £3,600.00 £750.00 FREE
TOTAL
The Old Truman Brewery, F Block T2 Provided by Venue Provided by Venue Tablet Rentals, London Provided by Wear the Walk VistaPrint Provided by Venue Far 'n' Beyond, London ADBAND, London Far 'n' Beyond, London Far'n'Beyond, London PeoplePerHour.com Bark London PeoplePerHour.com Volunteers provided by GFW
£6,686
*FIGURES FOR 2018.
Brixton studio budget. Rental General Fixtures Telecom Services - Internet/Phone line Removals Lighting Feature - Hanging Bulbs X6 Heavy Duty Rails Tailor Dummies X4 Custom made neon sign - "Wear the Walk" Office/Stationary Supplies IT - Studio Laptop IT - Studio Printer IT - Barcode Scanner IT Software - Microsoft Furnishing - Faux Cowhide Rug Furnishing - Large Free-standing Mirrors X3 Extras - Hangers/Small furnishings External Signage TOTAL
£20000 Per Annum £600 £250 £90 (£45 Per Hour - 2 Hrs) £120 £232 £124 £390 £60 £1,249 £369 £117.37 £50 Per Annum £169.99 £350 £190 £500
411A, Brixton Rd, SW9 The Display Centre BT Pick and Move London Dunelm Morplan Morplan ANDESIGNNEON.com Morplan MacBook, Apple EpsonEcoTank, Currys HoneywellVoyager, Amazon Microsoft Wayfair IKEA Morplan Glyphics
£24,861.36
*FIGURES FOR 2018.
SS18
#itstimetowearthewalk
PAGE nine.
Future vision. Wear the Walk’s “Express” clothing subscription package is ethically disrupting the way women shop for clothes. Given that consumers are already renting everything else in their lives, from their music to their transportation to their entertainment, they will grow increasingly open to clothing subscription services like the “Express” package for the everyday, not just for special occasions.
A closed-loop vision for an Open-minded future.
The growth in rental and collaborative consumption start-ups throughout the UK highlights consumers’ growing preference for experience and access over ownership. This subscription package will allow women to wear more relevant, trend-led, time-sensitive fashions, while continuing to invest only in classic pieces which will stand the test of time. Thinking ahead into the future, fashion subscription could, for some women, become a replacement for the money they spend on disposable fast fashion pieces from the likes of H&M or Forever 21. After all, women often buy those low-priced items knowing they’ll wear them only a few times. They will own the staples, and rent almost all of the rest, like passing fads and trends.
ETHICAL CONSUMERISM CAN AND WILL LEAD TO A PARADIGM SHIFT IN BEHAVIOUR Zoe Partridge, founder of Wear the Walk, outlines her future trajectories for the performance of fashion subscription services within the UK, “I would like consumers to be much more socialised into renting for the everyday. I think there is very little access point right now within the UK, so my goal is to increase that”. The “Express” clothing subscription package aims to do exactly that. Furthermore, taking into consideration the increasing rates of fast fashion consumption within the UK, and the levels of waste produced by this growing industry, in the future it may become less of an option and more of a criterion. SS18
#itstimetowearthewalk
PAGE ten.