The Global Marketplace

marketplace the global

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MA Fashion Management and Communication International Marketing and Brand Management

Yifan Zhang 21056544 Yifan Zhang

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Executive summary

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The Global Market Place

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Purpose: The purpose of this paper is through analysis of an emerging brand (Shang Xia) and an established brand (Ralph Lauren) in order to better understand the current global luxury marketplace.

Methodology: Primary research: observation in Ralph Lauren London flagship.

Secondary research: websites sources and books sources.

Findings: Through research methods, Ralph Lauren created an American dream; it is worth for the whole world to pursue it. Shang Xia needs spending a long time to expand the global market and e-commerce.

Key recommendations: Shang Xia: -Find the young people take over the traditional craftsmanship -To promote the product brand and to open stores in Asian Ralph Lauren: -To invest in South Africa and to open 60 new stores in China -To develop designs, in order to appear youths Keywords: Shang Xia, Ralph Lauren, Luxury, Fashion, Global marketplace

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Contents

1. Introduction -------------------------------------

2. Companies Overview ----------------------2.1 Description of two brands -------------2.2 Vision and Mission -----------------------

3. Key consumers ---------------------------------

4. Internal environment analysis -----4.1 Resource and capabilities --------------4.2 SWOT analysis -----------------------------

5. External environment analysis -----5.1 PEST analysis -----------------------------5.2 Five Forces analysis ----------------------

6. Business strategic analysis -------------

7. Conclusion ----------------------------------------

8. Recommendation -----------------------------

9. Bibliography -----------------------------------4

The Global Market Place

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The Global Market Place Photo by lookandlovewithlolo/ralphlaurenblacklabel

Introduction

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he aim of this report is to compare an emerging luxury lifestyle brand (Shang Xia) with an established luxury lifestyle brand (Ralph Lauren) in global marketing.

In this report, two companies structure will be first briefly described, such as location, product ranges and services.

In order to better understand these companies development and analysis business strategies. Also, brands’ philosophy will be described, including vision and mission. Analysis of the key consumers of two brands is important to better understand the companies’ situation. Secondly, both brands will be analyzed in terms of the internal business environment resource and capabilities in order to describe how the established brand maintained sustainable competitive advantages in the current marketplace, and how can the new brand learn from this. Thirdly, external environment in political, economic, social-culture and technology will be described, as well as Michael Porter’s Five Forces Model which is one of the essential elements of companies. Moreover, the two companies’ business strategic analysis in the fashion luxury market will be demonstrated. Finally, some recommendations to these companies for the long-term success in the luxury market will be provided.

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2. Companies Overview 2.1 Description of two brands Shang Xia

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hang Xia is a Chinese private holding company, which was founded in 2008. It is an emerging luxury lifestyle brand backed by French goods group Hermès. Although Jiang Qiong Er is the artistic director and Chief Executive Officer of the company, she only holds 10% stock, the remaining 90% is held by Hermès (Figure 1). According to Fashion Gear (2015), it described: “Hermès brings together past, present and future in its application of traditional craftsmanship combined with the finest materials, to create innovative and beautiful products.” Shang Xia is not the second line of Hermès, but it shares the brand philosophy and craftsmanship quality with Chinese inspirations (Win Shang, 2013) Figure 1:

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hang Xia has four stores, of which three are in China (two in Shanghai, one in Beijing) and another one in Paris. The products of the company include furniture, tea sets, clothing, accessories and jewelry. Shang Xia “threads” their product lines through a Chinese Tea Ceremony. The Tea Ceremony is one of the important elements in Chinese hospitality. Because it is through serve the tea, smell the tea and drink the tea to make people relax and quiet. The philosophy of Shang Xia is to carry forward the spirit and virtue of Chinese culture, which the Tea Ceremony is the most important element in history of Chinese culture. During the Tea Ceremony, people need a nice tea set to serve the tea, comfortable dress to wear and a comfortable chair to sit in (Young, 2011).

Ralph Lauren Corporation

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alph Lauren Corporation in contrast is an American publicly traded holding company, which was built in 1967. Mr. Lauren stepped down as CEO, but he is the Executive Chairman and Chief Creative Officer. At the beginning, Mr. Lauren bold expanded the width of ties and increased a variety of ties’ colours, he sold them a double price compare by normal ties. Unexpectedly, the wide tie bring up the popular trend at that time (BAIRD-MURPHY, 2014).

he headquarters in New York and there are several flagships across the world, such in Paris, Milan, Tokyo, Greenwich, London, Moscow and Chicago. The company has two restaurants in Chicago and Paris. Moreover, the company has organized market segments include retail, licensing and wholesale. Product ranges of Ralph Lauren involve home, apparel (menswear, womenswear, children and baby), accessories, shoes and perfumes, which have remained classic style. The most popular are the Ralph Lauren Polo shirts, which are casual and comfortable. The most important reason is that the style is suitable for everybody, in other words, the wearers do not need to have models’ statures.

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y visiting Ralph Lauren’s London flagship on 1 New Bond Street opened in 1999. There are three floors and an underground floor. The store’s interior is an elegant environment, which has many collections come from all over the world. There are Chinese porcelain, mahogany decorations, fireplaces as well as rich collection of photos and fine art. This flagship be decorated like a modern home which global people’s dream.

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2.2 Vision and Mission

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he vision of Shang Xia is expected to promise a classic meeting with the heritage of Chinese craftsmanship and inspiration. In terms of the mission of the organization, it describes renaissance of Chinese fine lifestyle and the bridging of the gap between Chinese traditional craftsmanship and present luxury costumes (Shang Xia, 2015). owever, compared with Ralph Lauren, it is mission is “to redefine American style, provide quality products, create worlds and invite people to take part in our dreams”. The vision is “to represent timeless American style with a dash of British elegance and the comfort of natural fibers” (Research Omatic, 2015).

n conclusion, although Shang Xia and Ralph Lauren have completely different styles, the same thing of these two brands are providing the good quality products and want to be classic.

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3. Key consumers

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The Global Market Place

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Figure 2

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hang Xia and Ralph Lauren both target customers who are middle and upper class, which has attracted 70 percent of Chinese customers (Figure 2) in Beijing boutique (Luxury Society, 2011). Shang Xia applies a unique and minimalist Chinese brand philosophy -”Splendid Simplicity”. In other words,

Chinese culture and history has five thousand years. Traditional handicrafts and contemporary design with expensive raw materials are reflected in sophisticated lifestyle, also the expression of a timeless aesthetic. An increasing number of mature Chinese consumers better understand and fall in love with their heritage. In addition, dating back to Chinese history, the people’s expression is subtle and restrained, while the culture is to promote modesty and harmony. The pursuit of lifestyle is quiet and simple. Shang Xia carries forward these traditional virtues. However, The position of company in the life cycle is an introduction, it still needs more tests in the market. In order to test non-Chinese customers’ demand for its handcrafted products, Shang Xia opened a Paris store in 2013.

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ompared with Ralph Lauren, it is a contour of an American dream: the antiques displaying in the house the famous horses running on grass. Its products have catered to the upper-class American customers wishing for a perfect life. The purpose of Ralph Lauren design is to realize the people’s

dreams. The design of Ralph Lauren is fantasy, romance, innovation and inspiration of classical. Meanwhile, its presentation of products’ details is not in time-out values. In other words, Americans measure of a successful person includes tennis, polo, golf, pleasure boat and social activities. Ralph Lauren Corporation offers the suitable clothing for these occasions. The company has been developed about 47 years, which has attracted global consumers. Taking the example of POLO and Ralph Lauren Men, which are modern elegance and showing the wearers’ social status. At the same time, Ralph Lauren launched the women’s collections which are inspiration from men’s suite, and it has attracted a large number of professional women to purchase.

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The Chinese traditional craftsmanship, which Shang Xia takes includes eggshell porcelain and bamboo-weaving (Shang Xia, 2015). Master Lu’s eggshell porcelain bowls are just one millimeter thick. He is the only person who knows how to mix the water, stones and clay perfectly all over the world (Business of Fashion, 2015). The Chinese origin of raw materials used by Shang Xia is precious, such as imperial woods (Zitan woods) and Mongolian cashmere.

In contrast, Ralph Lauren has over 3000 associates and more than 700 different manufacturers to produce its products in the world because the company does not produce its own products (Trefis, 2013). In order to develop and expand the brand website and e-commerce sites, Ralph Lauren has built a steady partnership with both NBC and Value Vision (Investor, 2007). Customers can to scan the bar code through Smartphone app in ads and make purchases (Green, 2014).

To sum up, the main difference between Shang Xia and Ralph Lauren is product channels. Shang Xia has some unique craftsmanship which is worry by copied. But Ralph Lauren has many manufacturers to produce its products.

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4. Internal environment analysis 4.1 Resource and capabilities

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4.2 SWOT analysis Photo by Jia Wen/wordpress

S=Strengths W=Weakness O=Opportunities T=Threats

Shang Xia

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The Global Market Place

Ralph Lauren Strengths

Ralph Lauren as an established brand, it is easy to continue with its business marketing operations effectively all over the world. In addition, the company has a variety of products, which attract various customers. At the same time, the company has many subsidiaries, which quickly preempt market segment. Moreover, wholesale, retail and licensing strategies support the company in growing its market base.

Weakness

The weakness of company is extremely depend on sales and manufacturing on oversea. The oversea trade might be suffering a loss, if the exchange rates changed. For example, the company had to suffer a loss of $6.4 million, because of external depreciation in currency in 2008. The company has so many head offices, sub offices, factory outlets and retail stores across the world, as we can see that it costs a huge number of money (Free SWOT Analysis, 2012). Moreover, the company has high price products compared with its competitors.

Opportunities

It would be highly convenient and easy for company bringing in a new line of product, or goods through established e-commerce. Nowadays, most of the works are turning online. It is helpful to operate the company through an Internet network even in future. In addition, the company can take over the departmental store chains, because it might growth control of the market share and increased income (Free SWOT Analysis, 2012).

Threats

The main threat of Ralph Lauren Corporation comes form some key competitors, such as Tommy Hilfiger, Calvin Klein and Guess, which are products have high quality with a relatively low price. The purpose of these competitors is to target all the classes, not only upper and middle class people purchase these high quality products, but also low-income people can afford to purchase these goods (Dozier, 2014). Ralph Lauren Corporation might have to bring a business strategy, in order to avoid the main competition lead the company in to recession.

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5. External environment analysis 5.1 PEST analysis

Shang Xia

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The Global Market Place

Political Employment law has been renewed, which complete personal rights and improve working conditions from 2008. In addition, a new political “anti-corruption” affects luxury goods sales in China. From 2011, Chinese consumption has continued to decline dramatically (Xin Hua Net, 2015). Moreover, it is affected by tariffs, China’s imports of luxury goods are more expensive than counterparts on overseas by 25%, so Chinese luxury goods consumers, was purchased about 78% from overseas (Zhang, 2015). Shang Xia should develop company’s business across the world.

Economic China is a developed country, which is the fastest-growing economy. GDP has been growing steadily by recent years. The upward trend in retail sales shows that the economy is effectively turning the country’s economic model to private consumption. Moreover, according to National Bureau of Statistics of the People’s Republic of China (2015), a steady improve in employment and labor productivity. China’s large population provides the basis for a strong workforce, which plays an important role in the country’s economic development. Shang Xia has stores in Shanghai and Beijing average, disposable income was £4975 in Shanghai and £4815 in Beijing in 2014 (Figure 3). This implies that Shang Xia can continue operating comfortably in these cities.

Social-Cultural Over the past few years, Chinese priorities brands are over products. However, through the development of the economy, more and more Chinese customers are becoming mature. Meanwhile, they start to get back to Chinese sophisticated lifestyle and social-culture roots. Customers are chasing contemporary design, traditional craftsmanship with raw materials instead of symbolic tracing fashion trends (Luxury Society, 2011). This means that Shang Xia will get a solid customer group with loyalty to purchase their products with the high prices.

Technological It is clear that luxury goods consumption on the internet is growing rapidly. Nowadays, the internet is a social tool building a bridge from company to the customer, which had become more popular.

Furthermore, the number of Chinese fashion blogs have increased suddenly. In order for customers to track Shang Xia orders online, the company should keep up with developments in web technology.

Figure 3 Yifan Zhang

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5.1 PEST analysis

Ralph Lauren Corporation

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Photo by Kyle Ericksen: Ralph Lauren RTw Spring 2013/wwd.com

Photo by ivingly.com/runway/RalphLauren/NewYorkFashionWeekSpring2013

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Political

Political aspects may define the level of operations of a company and the market where it can set up its operations. With the acceptance of the concept of globalization, many governments have allowed overseas investors to invest and utilize opportunities in their economies all over the world (Robbins, 2014). This implies that Ralph Lauren can venture into various foreign countries and establish their business comfortably, such as opening stores or flagships, building factories and so on.

Economic

The economic aspect is an important element in the global market environment. In the last two decades, a section of poorer people has moved to middle-income earners. This means that the individuals’ income and purchasing power are increasing in a developing economy (Keegan, 2001). Ralph Lauren should take advantage from this trend and invest developing economies, for example, Brazil, India and South Africa.

Social-Cultural

The changing of culture and society is the other important aspect in the global business, which Ralph Lauren must analyze for the future task in developing strategies. Keegan (2001) explained: “anthropologists and sociologists define culture as ‘ways of living’, by a group of human beings, that is passed on from one generation to another.” More than 50 % of many countries’ populations is youth, thus, using modern fashions and designs to attract the young people cannot be ignored. Ralph Lauren should develop designs and come out with new ideas, which are attractive to the youths (Dozier, 2014).

Technological

Technology has always been an important issue in the development of marketing strategies. Through information and communication technology, Ralph Lauren has been able to improve their quality of products and to develop distribution strategies in the global marketing. Ralph Lauren should develop online services and improve e-commerce. Taking the example of asos.com, it does not only have the website used a “catwalk feature” to show products and give the customers direct views but also it has a “style blog” which is updated every day, including celebrity news and fashion trends. Ralph Lauren can learn from these because, through social media, the company can easily to reach out to customers, especially the youth.

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5.2 Five Forces analysis The bargaining power of buyers

Threat of new entrants

Competitive rivalry

The threat of substitutes

The bargaining power of suppliers

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The Global Market Place

Phtot by juliettegillard.fr/ShangXia

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Shang Xia Threat of new entrants: Low Shang Xia’s goods are the result of historical knowledge obtained by the best handcrafters. It is too expensive to break into the luxury business for new entrants.

The threat of substitutes: Medium Only two substitutes which are Shanghai tang and Qeelin in China.

Wealthiest Chinese customers usually go abroad find products, because the prices in China being higher than overseas. It is possible to find cheaper and similar goods, but no substitution for Shang Xia’s quality of products.

The Bargaining power of suppliers: High Only Few number of a supplier who are high skilled handcrafters.

It is impossible for the brand to substitute products fully made by handcrafters.

The Bargaining power of buyers: Relatively Low Shang Xia has a strong brand identity and prices are so high. Few number of substitutes products are available.

Competitive rivalry: Medium Previously, Shang Xia is a unique luxury brand in China, but it will have more competitors in the near future. Taking the example of the Wu Yong’s designer - Ma Ke, she launched an unprecedented publicity momentum that has appeared on magazine cover paper and has accepted a television interview. Wu Yong’s philosophy is exactly same with Shang Xia which is provided Chinese traditional craftsmanship and arts with high quality (Xin Hua Net, 2013).

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Ralph Lauren Threat of New Entrants: Low

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alph Lauren has the 47 years history, new brands too difficult to threat Ralph Lauren. In other words, the brand has a high recognition and loyalty which are attracted middle-to-high income earners towards it.

The threat of substitutes: Moderate

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ompetitors not only imitate Ralph Lauren's design, but also bringing out new ideas. In addition, amount of counterfeit products which are issues for the company.

The Bargaining power of suppliers: Low

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he company has more than 700 manufacturers all over the world. The wide geographical manufacture limits supplier power.

The Bargaining power of buyers: Relatively High

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holesale customers hold bargaining power. It is raised their bargaining power by low switching costs for customers.

Competitive rivalry: High

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alph Lauren has highly competitive with various players, which includes the Jones group, PVH Corporation, VF Corporation, etc.

The Global Market Place

is ys al an s ce or F e iv F 2

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Photo by zsazsabellagio.blogspot.de

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he brand presents a unique China strategy. At the first, the price of products is higher than other "made in China", but relatively lower than Europe luxury goods. Then Shang Xia usually held "small but excellent" exhibitions instead of apply advertising and catwalk for the brand communication. The advan-

tage of held exhibition should be target loyal customers who have the economic capability and enrichment of cultural knowledge. The disadvantage is the audiences may have a small group due to the company do not set the target customer base.

6. Business strategic analysis

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sually, the luxury brands have the signature products when people mentioned them. Such as Louis Vuitton bags, Hermès silk scarves, Burberry windbreakers and Ralph Lauren Polo shirts. However, Shang Xia also should has products represent the brand, which can enhance brand repu-

tation quickly. In addition, Shang Xia need to expand the ability of production, simultaneously the company worried that the products are imitated.

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Shang Xia

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n contrast, Ralph Lauren Corporation recognizes that it should expand international marketing. According to Media Days (2014), it describes that "trying to transition from 'Americanized' look to an

'Aspirational' look to encourage growth in Asia and Europe." Moreover, it is important to focus on e-commerce over many countries’ websites, which is directly and easily to reach customers in the technological world. At the

der to maintain a sustainable competitive advantage, the Polo brand uses various promotional campaigns to promote the product brand.

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a global talent pool is one of the business strategy. In or-

Photo by ralph lauren.com

same time, it expand merchandise categories and develop

Ralph Lauren Corporation

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herefore, the brand need have unique style and modern design if they want to attract youth. So that Ralph Lauren launched the campaign that is customers can design their

product on Ralph Lauren website. The customers can

tion have different price of products, in order to target more consumers base which love the brand babel with the different income levels.

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Photo by teresamoolman.tumblr.com

convenient manner. In addition, Ralph Lauren Corpora-

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customize the colour of the Polo shirts and the logo in a

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To sum up, Shang Xia is an emerging luxury brand, which offers many of unique Chinese traditional handicraft tea sets, home ware and clothing with contemporary design. The company by opened a boutique in Paris which try to attract Western customers. Through analyzing its external environment, the company may be affected by the Chinese new policy. For business strategy, Shang Xia should be through the media tools can increase the brand awareness, and it not only hold exhibitions.

Ralph Lauren Corporation is one of the leading dealers in design and fashion products in both clothing and home items. It has established about 47 years and it has built a strong relationship and reputation with its customers worldwide. The company has strong tangible and intangible resources such as recognition, reputation, skills and knowledge, employees and financial that able to compete in the global market. Strong resources and capabilities enable Ralph Lauren Corporation is able to provide expertise skills to run the business through a management contract. By looking at the external environment analysis, it can see that many countries’ government has invested heavily on the infrastructure which can bring a lot of advantage for investors to invest in the country. It is growing global economic and increasing personal consumption, which conducive to the development of the company. For the business strategic plan, Ralph Lauren Corporation needs to use differentiation focus strategy to offering differentiated product and service in Asia and Europe.

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7. Conclusion

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8. Recommendation

5 Years Plan of Shang Xia 2015: -Find the young people willing to accept handicraft training and would like to take over the traditional craftsmanship -Uses various promotional campaigns to promote the product brand 2016: -Expects to break even in 2016 (Burkitt, 2014) -Provide cross-training for its Shanghai employees, Beijing employees and Paris employees 2017: -To open a store in Beijing Capital International Airport Terminal 3 - Chinese characteristics of souvenirs for tourists -To open stores in Japan and Koran - there is similar culture of tea ceremony with China 2018: -Expected sales will be increased as the new stores opened in airport and other Asian countries 2019: -Expected attract a high number of customers purchase the products

5 Years Plan of Ralph Lauren 2015: -To open 60 new stores in 15 locations in China by 2015, focusing on Beijing, Shanghai and Hong Kong (Olivier, 2013) 2016: -Should develop designs, in order to appear youths 2017: -To invest in Brazil, India and South Africa 2018: -Expected sales will be peak as the new stores opened and new products designed 2019: -Expected attract a high number of customers purchase the products

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