Developmentof luxurybrands part 2
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Transcript of Developmentof luxurybrands part 2
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Development of luxury brands
MARKETS
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Development of luxury brands
• Crisis or not ??? (Exemple : Tiffany profits Fall 29.6%)
• Necessity to project a positive image AT ALL TIMES not to worry investors.
• And Adapt to all situations
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
The current crisis is changing
consumers trends :
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Reduce & Reuse
• Consumers “shop their closets”, reusing purchases from past years
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Reduce & Reuse
• Consumers “shop their closets”, reusing purchases from past years
• Shoppers are trying to update their wardrobes inexpensively
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Reduce & Reuse
• Consumers “shop their closets”, reusing purchases from past years
• Shoppers are trying to update their wardrobes inexpensively
• ... refreshing their looks with few key items and accessories
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Polarize
• Down-trading on fashion items, investing in evergreen items
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Polarize
• Down-trading on fashion items, investing in evergreen items
• Accelerating Cheap & Chic
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Polarize
• Down-trading on fashion items, investing in evergreen items
• Accelerating Cheap & Chic• Fast Fashion players winning the game
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Valuefor
Money
• Delay high-ticket and classic/basic purchases
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Valuefor
Money
• Delay high-ticket and classic/basic purchases• Booming season-end sales and discount
channels: outlets …
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Valuefor
Money
• Delay high-ticket and classic/basic purchases• Booming season-end sales and discount
channels• Willing to spend only for items and brands
who pass the worth-it test
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Understatement
• Austerity is fashionable even for wealthiest consumers
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Understatement
• Austerity is fashionable even for wealthiest consumers
• Extravagant spending considered irresponsible or disrespectful
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Understatement
• Austerity is fashionable even for wealthiest consumers
• Extravagant spending considered irresponsible or disrespectful
• Luxury shame, impacting negatively logo and showy products: logos are getting smaller
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Despite the crisis, long-term prospects for theluxury market remain strong
• Despite current negative trends, marketfundamentals remain strong in the long-run
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Despite the crisis, long-term prospects for theluxury market remain strong
• Despite current negative trends, marketfundamentals remain strong in the long-run• “New luxury segments” are emerging:working women, men, new generations,emerging markets
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Despite the crisis, long-term prospects for theluxury market remain strong
• Despite current negative trends, marketfundamentals remain strong in the long-run• “New luxury segments” are emerging:working women, men, new generations,emerging markets• Continuing growth of aspirational consumerbase (especially in Asian and emergingmarkets)
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Despite the crisis, long-term prospects for theluxury market remain strong
• Despite current negative trends, marketfundamentals remain strong in the long-run• “New luxury segments” are emerging:working women, men, new generations,emerging markets• Continuing growth of aspirational consumerbase (especially in Asian and emergingmarkets)• New opportunities may come from changingvalues and consumption habits
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
The markets of the Luxury Industry: Mature, New, Rising
Mature ( 80%): Europe, USA, Japan New ( 14%):Middle East,Russia,South East
AsiaRising ( 6%): China, India, South America
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
How the luxury industry adapts to those different markets:
Each market is different and there is a necessity to adapt and diversify the way of doing things according to market specificities.
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
However, CRM everywhere
• Put in place a few years ago, it’s starting to pay off.
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
However, CRM everywhere
• Put in place a few years ago, it’s starting to pay off.
• Data collection
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
However, CRM everywhere
• Put in place a few years ago, it’s starting to pay off.
• Data collection• Development of after sale’s service
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
However, CRM everywhere
• Put in place a few years ago, it’s starting to pay off.
• Data collection• Development of after sale’s service• Luxury brands loose on average 80% of their
clients after their first buy
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution Europe : headquarters often settled there /Advantages
- Retail network in free standing boutiques and department stores.
- Franchise stores and identified corners- Distribution in multi brand stores
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Best streets in Europe
• Bond street & Knightsbrige London• Avenue Montaigne & Fbg St honoré Paris• La croisette Cannes• Rue du Rhône Genève• Via Monte Napoleone Milano• Via Condotti Roma• …/…
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution USA:
• Presence in department stores : Bergdorf Goodman, Saks Fifth Avenue, Neiman Marcus, Barneys.
• Presence with Retail free standing stores in key streets : Madison in NYC , Rodeo Drive in Beverly Hills.
• Outlets
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Bergdorf Goodman NYC
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Bergdorf Goodman NYC
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Bergdorf Goodman NYC
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Bergdorf Goodman NYC
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Bergdorf Goodman NYC
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution Japan :
• Presence in Major Department stores: Isetan, Takashimaya, Mitsukoshi.
• Presence with Retail free standing boutiques• Mostly Retail with dedicated structure locally
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Isetan
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution Middle East:
• Boutique on Franchise contracts• Wholesale thru agent or distributor• Very rare to have Retail unless key man in
country
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Beware : Villa Moda
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Villa Moda
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Villa Moda
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Villa Moda
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Villa Moda
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Princess Deena Jeddah
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
DNA
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
DNA
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution Russia
• Boutique on Franchise contracts• Wholesale thru agent or distributor• Very rare to have Retail
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Tsum Moscou
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution South East Asia :
• Boutique on Franchise contracts• Wholesale thru agent or distributor• Very rare to have Retail unless key man in
country
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Focus on Luxury Business in CHINA
a singular market ?
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
British carmaker Bentley sells more Mulliner
728 limousines, the world’s most expensive car at US$1.2 million each, in Beijing than in any other city in the world.
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Facts :
• 80% of sales of luxury goods are purchased by mens
• As of 2010, China is the world's second largest consumer market for luxury goods, next only to Japan,and having surpassed the United States in 2009.
• By 2014, China could surpass Japan by representing 26% of luxury goods sales
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Facts ( cont .):
• Chinese luxury goods consumers are younger than their European counterparts, belonging to the 18-50 age group, compared to Europe's consumers who are generally in the over 40 age group. For this reason, China's luxury goods market is expected to grow faster than that of Europe's. Many of the young luxury goods buyers are self-employed or professionals. According to the consulting firm McKinsey & Company, 80% of Chinese luxury goods buyers are under 45, compared with 30% of luxury goods buyers in the United States and 19% in Japan. According to a report by the World Luxury Association, Chinese consumers spend a larger proportion of their income for luxury goods compared to the world average of 4%.
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Facts ( cont. ):
• According to 2007 Global Luxury Survey by Time magazine, most luxury goods buyers in China buy luxury products as a status symbol. The top five luxury watch brands in the country are Rolex, Omega, Cartier, Vacheron Constantin, and Breitling.
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Cosmetics, perfumes and personal care
1.Chanel2.Lancôme3.Dior
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Watches
1.Rolex2.Omega3.Cartier
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Suitcases and handbags
1. Louis Vuitton2. Gucci3. Chanel
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Menswear
1.Giorgio Armani2.Ermenegildo Zegna3.Versace
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Jewelry
1.Cartier2.Tiffany and Co
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Shoes
1.Prada2.Chanel
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Womenswear
1. Chanel2. Burberry3. GiorgioArmani
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
How luxury brands have to adapt to Luxury market in China:
• Implement retail networks, dealing with local landlords and possible investors. Necessity to increase margin to overcome duty cost & implantation costs ( rent, fees to investors, banks …)
• Lack of workforce at the managing level: necessity of settling training programs.
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Cont. :
• Necessity of not manufacturing locally• Watch and deal with counterfeits production. • Adapt communication to this particular
market : choose “icons”: Nicole Kidman, George Clooney
• Adapt to younger age group
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution in China :
• Boutique on Franchise contracts• Wholesale thru agent or distributor• Very rare to have Retail unless key man in
country
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution : India's Luxury Market Up 20% in 2010
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution India :
• Boutique on Franchise contracts• Wholesale thru agent or distributor• Very rare to have Retail unless key man in
country • Very often stores are being developped with
luxury hotel chains
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Depatment store in Bombay
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Gilles Chavet pour EMC Campus MBA 2012 / 2013
Distribution South America :
• Boutique on Franchise contracts• Very few wholesalers thru agent or distributor• Very rare to have Retail unless key man in
country • Exemple Daslu in Sao Paulo
![Page 76: Developmentof luxurybrands part 2](https://reader036.fdocuments.in/reader036/viewer/2022081519/555284c1b4c905115b8b50da/html5/thumbnails/76.jpg)
Gilles Chavet pour EMC Campus MBA 2012 / 2013
Daslu
![Page 77: Developmentof luxurybrands part 2](https://reader036.fdocuments.in/reader036/viewer/2022081519/555284c1b4c905115b8b50da/html5/thumbnails/77.jpg)
Gilles Chavet pour EMC Campus MBA 2012 / 2013
Daslu
![Page 78: Developmentof luxurybrands part 2](https://reader036.fdocuments.in/reader036/viewer/2022081519/555284c1b4c905115b8b50da/html5/thumbnails/78.jpg)
Gilles Chavet pour EMC Campus MBA 2012 / 2013
Quizz
1. Bergdorf Goodman is a store in London ?2. Luxury brands have to adapt to market’s
specificities ?3. Chinese women are bigger spenders that men?4. It’s easy to start retail operations in China ?5. On average,chinese luxury goods consumers
are younger than their European conterparts?