CASE STUDY AND BUSINESS ANALYSIS OF VALENTINO AND SIMONE ROCHA IN THE GLOBAL FASHION MARKETPLACE. LIU WENYU MA FASHION MANAGEMENT AND COMMUNICATION.
ONTENTS 1.0 Introduction..........................................................................................3 1.1 Aim of Research...................................................................................3 1.2 Objective of Research........................................................................5 2.0 The Global Fashion Market..............................................................7 3.0 Brand Description...............................................................................5 3.1 Brand business structure and product range..........................9-11 3.2 Key consumer and Store location............................................13-14 4.0 Business analysis................................................................................16 4.1 Brand Competitor analysis and lifecycle....................................16 4.2 Porters five forces model.................................................................18 4.3 Porter’s value chain ........................................................................20 4.4PEST analysis on Simone Rocha .................................................22 4.4.1 PEST analysis on Valentino ...................................................23 5.0 4P market mix analysis.....................................................................24 6.0 Discussion...........................................................................................26 7.0 Conclusion..........................................................................................27 8.0 Bibliography.......................................................................................28 1
The Rising Stars Of InStyle’s 2015 BAFTA Portfolio: Karla Crome in Simone Rocha for InStyle UK March 2015
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Introduction The aim of this report is to understand the global marketplace through the investigation and comparison of both emerging and established brands. This report will respectively take Valentino and Simone Rocha as examples and elaborate on the opportunity exploitation methods and development strategy for either established fashion brands or emerging fashion brands to survive in a new era and occupy a favorable market share, based on the adoption of Porters five forces model, PEST analysis, 4P market mix analysis and Porter’s value chain.
Valentino Breaks Some Couture Rules on chaos magazine by Robyn Turk
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Photoed by Colin Dodgson on vogue.com Her Beautiful Dark Twisted Fantasy by Simone Rocha http://www.vogue.com/slideshow/13261922/ simone-rocha-style-print-magazine-twisted-fantasy/#8
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Objectives Of The Research In order to understand this topic, this re-
search paper has been divided into 4 parts. The first part is a short introduction about the global fashion market. The second part is defined by brand description, including brand history, the business structure, brand’s offer, location and the consumer. The third part of this paper will be introduction of the two brands from business analysis angle. Which by using Porters five forces model, PEST analysis, , Porter’s value chain, and brand competitor to understanding both emerging brand and established from business perspective. Through the analysis of the different angles of both emerging and established brand. The last part of this report will be investigating on brand lifecycle and 4P market mix analysis by understanding how the established brand could be so successful and why they could have a firm hold in fashion world, this chapter also will give some suggestion of the long term forecast on Valentino, for a sustainable development and how to maintain ‘young’ and ‘expansion’ in the fashion market. After that, based on the understanding of established brand Valentino, this report also will give some suggestion on how emerging brand could learn from established brand to improve itself and develop in intense global market competition.
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The Global Fashion Market Recently, a luxury goods market
supervision report jointly issued by Bain Consulting and Altagamma indicated that the luxury goods worldwide market would achieve a 2%-4% estimated growth rate and standstill of Asia-Pacific markets seemed unavoidable in 2015 (Linkshop 2015). Chinese market which previously almost propped up the entire growth of luxury goods market has ushered in its stabled development moment this year. Roughly speaking, the golden era for luxury sales approached in 2009, when Chinese consumers gradually diverted some of their investment on ‘high-end’ leather products jewelry and watches, which made china the fastest-growing luxury goods market across the globe. And stimulated by the swift growth and immense potential of Chinese market, luxury retailers were falling over each other to open shops in China, among which there were both established top brands and emerging brands, such as Valentino and Simona Rocha, as Zhou Ting mentioned “all these foreign luxury brands treated Chinese market as banknote printing machine” (Linkshop 2015).
“Rapid maturation of their own economic systems, leading to the emerginence of fullfledged market economics.”(Mooij, 1998, p5)
However, according to the insid-
ers’ perspective, the luxury goods industry has transformed from the previous profiteering stage in relatively closed period into the current the phase of increasing popularity. Also followed by Asian economic recession, Chinese anti-corruption campaigns and overseas shopping of Chinese customers, recent luxury sales performance has indicated the freezing market and that the good old days are gone. Under such circumstances, how to enlarge and strengthen their power to reach a favorable market position has become the critical issue for emerging brands; and under great challenges posed by rising new brands and gloomy market status, established brands need to make their ways out for sustainable development and remaining invincible position. Therefore, as Claudia D’Arpizio, partner of Bain Consulting pointed out that the original sales patterns have been experiencing challenges and the current luxury groups need to consider the pricing, distribution and customer strategies. In this new environment, fundamental reforms are required for contemporary luxury brands to gain a larger share of the market.
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Found on vogue.es Simone Rocha & J Brand
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Brand Description
“I know what women want. They want to be beautiful.� Valentino Garavani (Valentino: The Last Emperor, 2008) Valentino, established in 1960, Valentino has been rated as the Italian national treasure brand and the most superior luxury brand on the international stage of high-level customisation and haute couture. The Valentino group has grown over 50 years and contemporarily operated in more than 70 countries accounting to 1250 points of sale, 66 of which are directly under the company ( figure 1). Its business mainly covers the exploitation, design, manufacture and sales of haute couture, fashion garments, accessories (picture 2) which are characterised of amazing quality materials, superior handcraft technique, perfect customer services, broad PR and social resources, with two sub-brands respectively - Red Valentino ( figure 3) and Valentina. The brand is featured with exquisite handcraft details and elegant designs and represents the luxurious life style, thus gaining great popularity and consumption from celebrities and wealthy people.
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Screen shoot from harrods .com valentino page.
Group Structure Chart
at 1st July 2015
VALENTINO S.p.A.
etisbeW lacffiO onitnelaV morF erutcurtS puorG :1 erugiF
100%
66,67%
Valentino U.S.A. Inc. New York, U.S.A.
Valentino Shoes Lab S.r.l. Bucine (AR), Italy Valentino Factor Shoes S.r.l. Capraia (FI), Italy
100%
For this consumer group of Valenti-
100%
V.F.G. Canada Inc. Toronto, Canada
MM Retail France SAS Paris, France
100%
V.F.G. UK Ltd London, United Kingdom
100%
51%
Valentino Bags Lab S.r.l. Rosate (MI), Italy
Valentino Brasil Ltda. Sâo Paulo, Brazil
80%
Lux Valentino S.A. Luxemburg
100%
40%
Figli di Enio Pescini S.r.l. Scandicci (FI), Italy
Valentino Orient Holdco FZCO Jebel Ali Free Zone, U.A.E.
60%
V.F.G. U.S.A. Inc. New York, U.S.A.
100%
Valentino Orient Middle East FZCO Jebel Ali Free Zone, U.A.E.
60%
V.F.G. Partners Inc. Wilmington, U.S.A.
100%
100%
Valentino Couture S.a.s. Paris, France
V.F.G. Hong Kong Ltd Hong Kong, China
100%
Valentino Monte-Carlo S.A.M. Monte Carlo
49%
Valentino UAE LLC Dubai, U.A.E.
99,25% 100%
Valentino England Ltd London, United Kingdom
Valentino Japan Ltd Tokyo, Japan
100%
Valentino Suisse S.A. Mendrisio, Switzerland
Valentino Singapore Pte Ltd Singapore
100%
100%
Valentino Deutschland GmbH Munich, Germany
Valentino Taiwan Co. Ltd Taipei City, Taiwan
100%
100%
Valentino Austria GmbH Vienna, Austria
Valentino Korea Co. Ltd Seoul, South Korea
100%
100%
Valentino Nederland B.V. Amsterdam, The Netherlands
Valentino Malaysia Sdn. Bhd Kuala Lumpur, Malaysia
100%
100%
Valentino Denmark A.p.S. Copenhagen, Denmark
Valentino Hong Kong Ltd Hong Kong, China
100%
100%
Valentino Spagna S.L. Madrid, Spain
100%
98,50%
100%
V.F.G. Macao Company Ltd Macao
no, according to the demand function, agreeable design style to meet consumer tendency, high brand value and effective advertisement injecting are vital to Valentino’s sales success, since the target consumer group is middle upper to upper class, loyal to the brand and tend to exhibit the elite status by the consumption, thus showing minor worry for common consumption concerns like prices. (Wenku, 2013)
Valentino Fashion Macao Co. Ltd Macao
100% Valentino (Beijing) Fash.Trad. Co Ltd
Beijing, China 100%
Sky Avenue Ltd Hong Kong, China
Parent Company Other minor investments: Givo Ltd (9,71%)
Subsidiary companies Associated companies
Figure 3 Brand Architecture from Valentino Offical Website
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Simone Rocha Business Structure And Product Range
Screen shoot from vogue.com
Screen shoot from selfridges.com
Unlikely with Valentino, as a emerging brand Simone rocha
--an up-and-coming British luxury brand, was established in 2010, whose style is marked with pure color, novel design with hollow texture and simple neutral style, overall demonstrating the boldness and vanguard of emerging fashion-design talents.
Simone Rocha’s
product series cover apparels, bags and accessories, and this brand locates its targeted consumer group mainly as the middle class and high-income white-collar workers with lower pricing compared to top luxury brands like Valentino. The features of its target consumer group decides that the major influential factors of consumption for this brand would be customer income and pricing, since though this consumer group are wealthy enough to afford luxury goods and shows clear demand tendency to achieve recognition of certain social group and meet their desire of enjoyment by the consumption, their social position and income do not allow them to purchase totally without consideration of the pricing (VMARKETING 2015).
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Golden tree by Flรกvio Cruvinel Brandรฃo
SIMONE ROCHA SS15. Shot by Colin Dodgson
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Key Consumer And Store Location By visiting the stores of Simone Rocha and Valentino on 93 mount street, London and built in store counter in Selfridges , buyer shops such as dove street market and browns fashion It is could seen that both shops are targeted the market in Luxury and the store ‘neighbors’ are luxury brands as well. Such as Dior, Gucci, Celine, Balenciaga, Goyard. Especially, the target customer of Simone Rocha from buyer shops is ‘brave’ and ‘young’, they are always seeking for something new and special. Compared with Simone Rocha, as what has mentioned before the customer of Valentino is upper middle and upper class, the tag on their consumer and product is ‘elegant’ ‘exquisite’ ‘independent’.
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Valentino flag store on Salone street, london. Product Ranges: Mens, Womens, Accessory.
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AGE:25-45 MARKET -HIGH TEAST -HIGH INCOME RELATIVELY GENDER: MALE, FAMALE. SOCIAL STATUS: HIGH BOUNDARIES:ALL OVER THE WORLD 13
AGE:20-35 MARKET: PERSONAL LIFESTYLE INDIVIDUATION LOVE LIFE GENDER:WOMEN BOUNDARIES:ASIAN, EUROPE, AMERICAN. Simone Rocha Flag store in Dover Street Market and Mount Street. Which are both very famous luxury shopping heaven .
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14 Simone Rocha Beige Floral Lace Dress on net a poter
Business Analysis Life Cycle And Brand Competitors
Simone Rocha
has just been launched about 5 years and this young brand is heading on the way of stable growth from introduction (life cycle). It’s achieving an increasing market share via individualized design and high quality products that are even equal to top brands such as Valentino but less costly. It’s achieving an increasing market share vie individualized design and high quality products that are even equal to top brands such as Valentino but less costly. On the basis of the above, brands with similar strength and development situation constitute the competitors of Simone Rocha, including Christopher Kane, J. W. Anderson, Altuzarra.
Popularity
and sales success reflect the common quality of top established brands: concentrated product positioning, high-quality products and services, advanced techniques and deep-seated brand culture. However, as a worldwide established fashion brand, Valentino has grown out of its maturity stage and gone into decline as shown in figure life cycle, facing challenges from its competitors, including Chloe, Armani and Givenchy with same product ranges and market position. However, Valentino is not just facing the pressure from its competitors but also from itself which is in the progress of designing new products to to cater the varied market demands, at the same time, it also needs to keep the ‘heritage’ the ‘soul’ of the brand. The heritage of an established brand is not only the guarantee of quality assurance but also the ‘pursue goals’ of customer. 15 Water colour cities pinted by Elena Romanova
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Watercolor Archival Art Print, Autumn Yellow Gingko Leaves by Yao Cheng Design
Porters Five Forces Model Threat of new entrants
The Bargaining power of suppliers
Competitive rivalry
The Bargaining power of buyers
The threat of substitutes
Based on the theory of Porters five forces model, to gain a competitive advantage, Valentino should develop innovative approaches: Threats of potential new entrants – to reduce the threats of promising rising peers, established brands like Valentino should set limited channels of distribution and reinforce the establishment of customer loyalty; Bargaining power of buyers - this requires Valentino to reduce costs and improve the grade of products; Bargaining power of suppliers - Valentino had better enhance product diversification to reduce the risk; Threats of substitutes – this demands Valentino to form special value in products and corporate core capabilities; Threats of competitive rivalry within the industry - focused differentiation competitive strategy should be taken.
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es model analysis, Simone Rocha should develop corresponding measures to cope with challenges from the current market:
Simone Rocha Spring 2016 Ready-to-Wear Fashion Show on vogue.com
From the perspective of Porters five forcSimone Rocha Spring 2016 Ready-to-Wear Fashion Show found on vogue.com
Threats of potential new entrants – current massive influxes of established foreign luxury brands has affected the growth of emerging brands and the undifferentiated brand development causes adverse competition and low brand loyalty; Bargaining power of buyers – overall, the consumer group are wealthy with relatively weak bargaining power;
Bargaining power of suppliers – emerging brands possess less power in bargaining with supplier considering their short developing time; Threats of substitutes – emerging brands like Simone Rocha offers lower pricing, immense imitative ability and rapid spread speed, compared with established brands; threats of competitive rivalry within the industry - currently, new brands are emerging endlessly and they are difficult to stand out among peers in the competition.
Spring 2015 Ready-to-Wear - Simone Rocha found on style.com
Simone Rocha - Fall 2015 Ready-to-Wear found on style.com
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Porter’s Value Chain Trough the research into the value chain
of Valentino, its is found that its major corporate activities involve: firstly, product design and manufacture - Valentino offers top product designs, superior quality and sophisticated workmanship to ensure perfect embodiment of the whole to the details;
Secondly,
sales and marketing – since celebrities and extremely wealthy people consist of the majority of its target consumer group, Valentine developed s series of subbrands and invoke star power to promote content marketing, strong revulsive consumption and elaborate creation of particular cultural atmosphere (VMARKETING);
Also
the brand controls its marketing channel, build its own ICPOS and gathers the vast majority of branches under its direct management, which enables its better pricing control and enhancement of service level (Chinese Business & Trade);
Thirdly,
inbound and outbound logistics – as an established high-end brand, Valentine owns the stable and mature supply chain and logistics transportation; fourth, service – Valentino provides “individually tailored” products, perfect pre-sales and after-sales service.
According to porter’s value chain, emerging brands
like Simone Rocha is majorly characterized by the following features in corporate activities: modern product design fine manufacture, rising sales, direct marketing, smooth inbound and outbound logistics and improving service. Compared with established brands like Valentino should consider bringing strategic adjustment, upgrading the current retail stores and improving the service quality. With effective brand maintenance and promotion, though the current market shrink has restricted Valentino’s sales growth; but in long term, great brand value, profound brand culture and mature service will enable it to receive more continuous and stable favor from its customer group. 19
Fashion illustration for Simone Rocha // Agata Wierzbicka
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PEST Analysis Of Valentino Photoed by Inez van Lamsweerde and Vinoodh Matadin on vogue. com
Based on the above business conditions, Valentino can still achieve sales growth by grasping market opportunities, based on PEST analysis:
Political - global-scale geopolitical crisis and Chinese anti-corruption campaigns has confronted current luxury industries with huge pressure, but the industry could be led to continuous growth after bursting of bubbles. Economic – restricted by Asian economic downturn and intense trade relations of Chinese mainland and Hong Kong, luxury demand growth will slow down (Li Yaxin 2014); Socio-cultural – over years of economic growth and conception changes, people’s demand of material pursues and luxury good are overall increasing; Technological – the entrance of transnational established brands like Valentino will bring technology spillover, which improves the overall marketing service environment. 21
PEST Analysis Of Simone Rocha
“Simone Rocha” Scandinavia SSAW, S/S 2013 Melinda Szepesi by Jeff Hahn styling by Adam Winder ”
Advantages can be used to support the brand growth: Political – as a British native emerging luxury brand, Simone Rocha has received strong support and attention from the government due to governmental preferential policies for fashion industry and oversea students; Economical – along with the economic recovery of Asia-Pacific region and Europe, fashion industry has seen high failure of business and reduced production costs. Sociocultural - European people prefer luxury than fast fashion, fashion designers like Simone Rocha receive social help and encouragement for innovation. Technological – current technological development enables safe payment system, convenient online publication, faster delivery and innovative fabrics. Based on these advantages, Simone Rocha should emphasize independent innovation and make good use of internet platform for brand promotion and marketing.
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London Fashion Week: Simone Rocha Spring/Summer 2015 Found on tmagazine.blogs.nytimes.com
4P Market Mix Analysis Valentino and Simone Rocha distinguish
Generally,
established brands to take advantages of existing opportunities in current market place, valentine should pay more attention to accumulate brand culture, enhance service quality, strengthen advertisement injecting and maintain brand value and customer loyalty, while emerging brands should learn from established brands to build brand culture, emphasize individualized development, accumulate brand value and adopt effective marketing approaches to enhance brand awareness. To realize the target, different marketing strategies should be respectively taken by established brands and emerging brands.
themselves from each other concerning diverse aspects including brand positioning, pricing, brand awareness, brand value, operation of value chain, industrial maturity and so forth. On account of features held by each brand, failure modes and corresponding development strategies are pointed out from the angle of 4P market mix analysis. For products and price, as a typical representative of established top brands, Valentino maintained concentrated positioning on high-end design, superior quality, high pricing and well-heeled customers, which endows it with stable and huge brand value (Chinese Business & Trade).
However, Valentino has shared common
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negligence of service quality with some other top luxury brands especially in Chinese market, causing frequent customer complaints and affected shopping experience; comparatively, Simone Rocha provides high-quality but less costly products, in modern and aggressive style; nevertheless, among endless emerging brands, the less brand value accumulation makes it hard to stand out and last long. Concerning place, both brands have set up branches and associated companies, with commodity standardization, networked management, except that the overall system of Valentino is more mature and standard. As to promotion, considering the heavy price paid for brand image damage, Valentino sets up chain stores instead of looking for agents; and both brands have stepped up publicity progressively.
original hand painted butterfly in ink, watercolour and bleach from etsy.com
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Discussion
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stu d
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Based on the discussion above, established luxury brands
like Valentino are suggested to achieve oral spreading by public relation means, such as cocktail party for celebrating listing, return banquet or commercial marketing for promoting brand publicity, attracting media attention and consolidating consumer circle (Wenku 2013); also, they should make best of favorable brand influence by influential consumer groups including bigwigs, celebrities and business magnates, since they are naturally powerful brand spokesmen, creating huge emotional appeal to consumption; besides, established brands should particularly pay attention to create distinctive and cheerful brand experience to maintain and deliver the high brand quality.
Comparatively, emerging brands like Simone Rocha
are supposed to choose proper types of media advertisement and capture location advantage to strengthen brand awareness; With consideration of brand current status , in short term, Simone Rocha can expect a rising sales growth and popularity, but reinforced brand positioning and profound brand culture should be in place if the brand targets to last long. moreover, they should insist on concentrated and distinct positioning of products and brand value, to enable the customers with practical feeling of superiority, happiness and comfort by consumption; also during the store service, the service staff should be able to convey the unique design idea and brand concept in the product to help shape the brand image and accumulate brand value.
Furthermore, emerging brands should create their own customer profiles and develop integrated customer relationship management system to build stable customer base. 24
CONCLUSION
SIMONE ROCHA-PRINTED FAUX LEATHER DERBY SHOES - LUISAVIAROMA
Simone Rocha SS2015 London Fashion Week photo diary of Alexandra Waespi. Wa te
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In brief, under the contemporary downturn
of luxury market, each luxury brand should adopt effective marketing strategies concerning the consumer behavior and consumption habits of targeted customers, while stepping up racing to capture global markets. The combination of effective marketing schemes and high-level execution will be the common striving directions for market entry and expansion of luxury companies, among which there are both established top brands and promising emerging brands. Established brands which are marked with superior product quality, top designs, mature services, huge brand value and profound brand culture, have possessed more sufficient competence to cope with market risk and make profits, but most of them are stepping into declining period according to the business life cycle. To revive the brand and achieve a sustained sales growth, they should take advantage of current brand recognition, favorable policies in each market and their mature production chain and then realize comprehensive application of marketing approaches like oral spreading, celebrity charm, high-end services to maintain brand value and enhance brand awareness.
J Brand x Simone Rocha Collaboration
Correspondingly, emerging brands
should learn from the established brands in the field of brand value accumulation, brand culture establishment and perfect service, in the meanwhile, seeking for concentrated brand positioning, individualized development and innovation, to obtain larger market shares and long-run development. Related applicable marketing approaches will involve proper media advertisement injecting, creation of customer profiles, reconsideration of brand positioning and improved service. Either type of brands should be aware that for the success of the business, once the enterprise strategy has been set, the corporations need to mobilize every part of the value chain to support the strategic implementation, which will also increase the imitation difficulty for their competitors.
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