MODULE TITLE:
Principles of Fashion Marketing
ARTD 1077
LEYI CHEN
25504258
Contents
Introduction
Macro environment
Micro influences
Customer segmentation
Marketing strategy
Product lines
Pricing strategies
Channels of distribution
Fashion promotion
Brand identity
Future challenges & opportunities
Bibliography
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10
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Introduction
Alexander McQueen is a fashion brand
established in 1992 by the designer Lee Alexander
McQueen(1969-2010). Today the brand is owning its
ready to wear collections, bags, shoes, accessories and
jewellery, especially be acclaimed for the skull scarves and
“bumster” pants.
At early stage, the brand only sold collections for women,
in 2004, it
McQueen
launched the
“I want to be the purveyor was found
first menswear
on 11
of a certain silhouette or dead
collection.
February,
In order to
a way of cutting, so that 2010 in his
expand the
London
target market, when I'm dead and gone,
home. He
McQueen
p e o p l e w i l l k n o w t h a t had became
licensed his
of the
the twenty-first century onegreatest
name for a
lower priced
was started by Alexander designers of
denim line,
the time.
M c Q u e e n . ” - A l e x a n d e r "McQueen
McQ.
influenced
Being regarded McQueen.
a whole
as a fashion
generation of designers. His brilliant
legend, McQueen’s never failed
imagination knew no bounds as he
to grab the attention. His dark
conjured up collection after collection of
collections displayed in the runaway
extraordinary designs," said Alexandra
shows built him a controversial
Shulman, the editor of British Vogue.
image, also made him being awarded
Sarah Burton is the new creative director
the title “British Designer of the
at McQueen.
Year” four times.
This report is going to illustrate the marketing elements that have
direct or indirect impacts on Alexander McQueen.
3
Macro environment
“T
he macro marketing
environment refers to the
wider situation impacting on
all businesses”, said Posner (2011), “is outside
a company’s direct control and comprises a
complex set of variables that can be simplified
into four key areas.” -Political, economic,
social and technological. The report below
undertakes a PEST analysis based on these factors.
Political
“F
rance currently attracts eight times more
Chinese visitors than the UK. Harmonizing
the visa system should lead to the UK performing as
well as France.”-Julia Carrick (chief executive of
walpole British luxury)
new visa plan was introduced by the tourism
chiefs in the United Kingdom to attract more
wealthy Chinese visitors, involving the “dual
processing” of British and Schengen applications.
As a result of Britain’s bureaucratic system which it
refused to join the Schengen system so far, 61 percent
of Chinese people chose not to come to UK, it missed
out on 1.2 billion pounds from Chinese visitors a year
by estimating. If the proposal is accepted, Chinese
applicants will not need to apply for a single British visa,
but only submit one form and one set of documents to
receive both Schengen and British visas.
alue added tax- On 4 January 2011 VAT was
rose to 20% in UK, which lead to the increase in
price. Luxury goods have been more expensive for local
people so that it may influences the sales of Alexander
McQueen a little. In addition, foreign people like
international student who cannot get tax refund may
choose to buy luxury products outside UK for lower
price.
A
V
4
Fig.2 Alexander McQueen
Pre-Fall (2009)
Economic
Recession- due to the
economic recession in UK, people
are more likely to spend money on
value and mass market, as they have
less spending power. Luxury designer
brands like Alexander McQueen
would lose part of their potential
customers since they may not have
enough spare budgets to waste.
Luxury products are not necessities
for people so that the demand would
be affected while recession periods.
Fig.3 Alexander McQueen Fall
(2010)
Consumer confidence-people in Asia like Chinese and Japanese have
great passion to buy luxury goods because of the culture and the confidence
with their income. China’s gross domestic product is expected to reach 100
trillion yuan in 2020, said Yang Weimin, vice-head of the Office of the Central
Leading Group on Finance and Economic Affairs. Due to the economic
growth in China, Alexander McQueen has newly opened a flagship store in
Shanghai, to attract more wealthy customers by showing its charm with the
layout in store.
5
Social
T
ravel-nowadays people are more
likely to spend their free time on
traveling, and Europe is a popular area
to choose. A lot of Asia people are going
to Europe specially for shopping because
of the very high prices of luxury brands
in their own countries. The rising rate of
tourism develops a huge number of sales
in the retail industry, especially the highend market, luxury brands could easily
have these tourists’s attention and sell
products quickly to them since they are
happy for the big price difference here.
Rise of aging population, this may have
positive effects for luxury brands, as there
are more people who have accumulated
more wealth than younger ones and may
willing to buy luxuries. However, most
senior citizens are very thrifty, we could
see more of them in Marks& Spencer
and not on Bond Street. This could be a
potential problem for luxury brands on
the other hand.
ulture- film and television now have
a great impact on fashion. People
now are also focused on the clothing
of the actors and actresses, other than
the story line only. A popular film or
TV series may cause a fashion trend,
and some people may willing to pay a
large amount of money for a piece of
clothing that the lead role wore in the
drama. Wilson (2011) stated that films
themselves also acted as showcases
for chic and avant-garde clothes and
interiors, and television has been
particularly influential in popularizing
‘retro-chic’ - period clothes, but
from the recent past.
Technological
S
ocial networks like Facebook,
Twitter, and blogging are becoming
an important part of human life. Lots
of luxury brands have established their
homepages on these websites, to show
their new promotional campaign,
or recommend some new launched
products for their fans. It is a quick way
of getting in touch with loyal or potential
customers.
n-line shopping- Alexander
McQueen provides on-line
shopping on its official website in US
and UK, and people could read the price
of its products. In order to follow the
technology development, most luxury
brands did the same thing, which may
help them earn an extra profit from those
people who cannot get to the retail store.
-mails- after you buy something in
the store, you will be asked to fill in a
form to give your name and your contact
address. Louis Vuittion is very good at it,
the e-mail with new product information
will regularly come into my inbox, and
remind me to have a look at its new
season’s series.
O
C
E
6
Micro influences
The micro marketing environment factors which includes a
company itself, its customers, competitors, suppliers, distributors and
other stakeholders that would have a direct impact on the company,
is tend to be more controllable compared to the macro environment.
By utilising Porter’s model of
five forces, we could identify
the competitive powers of
Alexander McQueen.
Fig.4 Porter’s five
forces. (2009)
1. The bargaining power of suppliers- suppliers provides the materials
that Alexander McQueen needs to operate the company. As a luxury fashion
brand, McQueen should be an important customer of its suppliers, and its
power of controlling the price may be stronger, however, while the situation
that the supplier owns the best or the only resource on the market, McQueen
might not find another substitute, and the cost of switching suppliers could
be high in terms of time and capital, as a result, the bargaining power of
suppliers is increased. An effective way of balancing this issue is to keep
close relationship with the suppliers, and also have multi-sources of supply.
7
2. The bargaining power of buyers- the chance that Alexander
McQueen’s customers buying in bulk quantity is quite low since
its high fashion products are well differentiated with other brands
in the niche market. The power of buyers of
affecting its price
is very weak, and I believe McQueen’s
loyal customers
would care more about
its design rather
than the price.
Fig.5 Rose & Skull
Clutch(2012）
3.Rivalry
between
competitors
in the marketthe intensity rivalry
is related to the number of competitors and their capabilities a
lot. As a fashion retailer, there are many designer’s brands in
the market, which target at the same customers as Alexander
McQueen. For example, Stella McCartney, who also awarded
for Designer of the Year, her collections include women’s
ready-to-wear, accessories, lingerie, eyewear, fragrance and
kids. In this case, McQueen earns a competitive advantage of
making menswear collections. However, those luxury brands
like Louis Vuitton, Prada and Gucci might own much more
customers because of the highly worldwide reputation.
8
Fig.6 Platform
Booties
4. Threat of new entrants to
the market - since Alexander
McQueen is still growing, the
threat of new entrants is very
important. In fashion industry,
the cost of set up a new brand
is very high, and the time it
needs to be well-known in the
public could be relatively long.
New entrants seem not easy to
threaten McQueen, but there is
still some chance that a new brand
would take over a part of its market
share by surprising and great design.
5. Threat of substitute products and services- applied when
customers could switch to buy a competitor’s products easily. If
Alexander McQueen launched a new collection that could not meet
customers’ expectations, it might easily lose them. Since there are
many fashion brands, customers would choose the right product for
themselves, from the entire market. This threat is vital to McQueen,
so that to understand what customers needs and wants is essential.
“The reason to be a designer is to sell. Fashion is not pure art. It
is creativity with the goal of having as many customers as possible
wearing the product”(Arnault, A.I., quoted in Agins, 1999).
9
Customer segmentation
“Customer segmentation helps enhance a
company’s understanding of its customers so that it
can position its brand and offer products and services
designed to appeal to the targeted customers.”(Posner,
2011) As a high fashion brand, Alexander McQueen
would define its customers are both women and men,
who pursue fashion and could afford to buy luxury goods.
Fig.7 Roger's Diffusion of
Innovations, Marketing
Fashion POSNER, H (2011)
A
ccording to Roger (1995,
p.119) Diffusion of
Innovation Theory, Alexander
McQueen’s customers might be the 2.5% innovators and the 13.5% early adopters.
McQueen’s design “goes against every idea of common sense and marketing
imaginable”, said David Wolfe(Agins 1999), while McQueen was hired as the head
designer at Givenchy in 1996, “If any publicity is good publicity, then this works. But I
will be surprised if it does.”His creations adorned such celebrities as Sarah Jessica Parker,
Rihanna and Lady Gaga, and the customers who likes some of his controversial works
such as the bumster pants and the armadillo shoes, would definitely be the innovators”a small percentage of adventurous people who initiate trends or adopt innovation
before others”, said Posner (2011), “they are risk-takers and visionaries.”
10
Lady Gaga wore
McQueen’s
armadillo shoes
which had made
models refused to
attend its catwalk
show in her “Bad
Romance”
music video,
and broke a record at auction for paying
$133,075 for an Alexander McQueen dress.
In 2009, she received the MTV Music
Award, wore McQueen’s 1998 collection.
Fig .8 Lady Gaga (2012)
It is obvious that Alexander McQueen targets
the niche and differentiated market. According
to the demographic variables of income and
social classes, McQueen’s target customers
should have high income and have enough
bank balance, the social class determines what
types of clothes people wear in daily life, and
such a high price ready-to-wear collection
that McQueen sells would attract upper class
more than middle and lower class people.
Fig .9 Lady Gaga
(2009)
11
Lindsay is a 29-year-old woman working in a top advertising company
in London, as the Creative Director. She was studied at University of the
Arts London, supported by her wealthy family. Her father runs a successful
retail business, and Lindsay is his only daughter. Lindsay has a keen interest
in fashion, because of the experience in university, she has a strong
fashion sense as well. When she is free she would like to visit
some fashion brands’ websites, such as Alexander McQueen,
Prada and Yves Saint Laurent. When these brands
launch their new collections, Lindsay always started to
save some money and arrange the time to go t o t h e
flagship stores on Bond Street.
She is going to marry with a banker
next month, and they both like to
travel to France or Italy to spend their
honeymoon. Her fiancé likes to
buy some gifts for her frequently, for
example, Chanel fragrances, La Mer
skin care products or Dior bags. As a
result Lindsay could save a large amount
of money on other things, especially
fashion accessories. She has purchased
a number of Alexander
McQueen’s skull scarves, and
often wear them on weekend.
Apart from being addicted with
fashion brands, Lindsay likes music a
lot, since her work is very busy, she has
not going to a live
concert for
long time.
12
Marketing Stategy
“Positioning is about where a brand or product is perceived to be within the market place
relative to the other brands or products operating within the same sector,” Posner (2011)
said.
HIgh fashionability
A
High
price
Low
price
perceptual
map could
be used to give a
visual overview of
the position for a
company and its
competitor.
Fig.10 Positioning map
Low fashionability
A
lexander McQueen may want to collect some secondary
information from previous data and the internet, as the
cost of secondary research is relative low. In addition, the
current sales level may give a clue of customers’ thinking. If
McQueen is now making considerable profits, and the sales
appears to increase with time, it might show that customers
are satisfied by its products with the relatively high price. On
the other hand, if the research shows that customers have
some complaint about its price, McQueen could do further
primary research such as questionnaires and interviews, and
then decide whether to reposition itself or not. Making primary
research has become easier with the development of technology.
McQueen does require its customers to fill in a card with their
personal details so that it is quick and convenient to send a
short questionnaire by e-mails to them. Marketing positioning
helps Alexander McQueen define itself in an objective view, and
would force it to identify and explore its competitive advantage
or USP to survive and expand in the market.
13
T
his map which identifies two
criteria -fashionability and
price, has given a direct view of
each brand’s positon in the
market. By understanding the
market position of Alexander
McQueen, it could decide
whether to compete directly
against a competitor or how to
differentiate and compete by being
different (Posner, 2011). Since
the current position of McQueen
is similar to those luxury brands
like Miu Miu and Gucci, it could
consider to reposition itself or
remain the same marketing
strategy by undertaking a market
research. Understanding what
customers needs and wants would
provide the brand a more clear
decision-making process.
Product lines
14
Alexander McQueen offers a wide of products to customers,
including womenswear, menswear, bags, shoes, accessories,
jewellery, and a shoe collection which collaborate with
Puma.
McQueen’s product attributes are beyond
the basic level of offering protection, but
give intangible benefits for consumers,
which satisfies their desires by integrating
fashion design into the products. It
takes the full potential quality to give the
customers best expectations, thus the brand
status is enhanced, and a premium pricing
strategy could be used.
Alexander McQueen
Prada
£425.00
£410.00
Black classic lace-up show with full
leather outer, interior and sole
Brushed calf leather laced derby shoe
rubber sole
15
Pricing strategies
Material and design
Comparing the prices of
McQueen’s scarves, the silk
skull scarf is £165.00, the skull
pashmina is more expensive, costs
£245.00. The fashion scarves
with different prints charges from
£325.00 to £445.00. The classic
collections are cheaper indeed.
Fig. 11
Pricing
Strategy
(2010)
Considering the four main pricing
strategies, economy, penetration,
skimming and premium pricing,
Alexander McQueen is obviously using
premium pricing strategy. Offering high
quality products might be the first factor
of being a luxury designer brand. The
quality of fabric and the raw materials
decides a big part of the selling price, for
example, the ice pink feather peplum
top costed £1,775.00, as the materials
are 100% silk with feathers, it would
be reasonable to charge customers at
such a high price. However, the price
has been cut down to £714.00, which
indicates that the mark-up McQueen
added on the cost is very high on the
other hand.
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Channels of distribution
manufacturer
retailer
consumer
Indirect channel
Alexander McQueen’s products are manufactured by a third
company, then send to the retail store and finally get to the consumer.
Emerging retail trends. Considering the mega trend.
With the popularize of smart
phones, consumers are willing
to do mobile shopping. This
way of getting new product
information quickly has been
accepted by many people,
Alexander McQueen has
not accessed to this area, it
may not be a real problem
since the images display on
phones are not as clear as on
the computer, and people still
like to enjoy the experience
shopping in store at present.
Internet has made a
great influence on the
distribution strategy.
Going to a retail store has
been partly replaced by
online shopping, and since
Alexander McQueen has
opened its e-store on the
official website, it would
contribute to an increase
in sales a lot. The cost of
operating it is much lower
than opening a retail store,
as there is no rent for it,
also the expenses of salaries
and bills are reduced. Since
customers need to pay for
the delivery cost themselves,
McQueen could earn more
from it.
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BRIC, since middle class
people in these countries has
became richer, their desire
of buying luxury or designer
fashion brands’ products
would expand a lot. Opening
flagship stores in BRIC areas
is a main retail trend now. It
may be easier to earn high
profits at these countries,
because of the using of
geographic pricing- luxury
brands usually would charge
higher prices there.
Online store image
18
Fashion promotion
Catwalk shows
Alexander McQueen
is famous for the
amazing displays in
the runaway shows.
Fashion activities are
centred on seasons
and collections. For
luxury brands it is
always an important
part of promotion
while new season’s
collection is going to
launch.
price reductions
Price reductions are commonly used
by most fashion brands, except some
premier luxury brands like Louis Vuitton
and Hermes. Posner (2011) stated that
this helps to sell stock through, brings
cash into the business and helps to free up
retail space for new product. Alexander
McQueen also has a seasonal sales on
its online website for some products. By
observing it frequently, I found that the
discount would be greater with time,
for example, the original price of a ivory
metal bow belt was £525.00, when the
sales period started, it was reduced to
£315.00, but now it only costs £214.00.
19
Limited editions- one way
of stimulating customers’
desires to increase the sales
is to offer a limited edition
collection. Alexander
McQueen has its exclusives
available in store and also on
the website.
Since social networks
has became a big part of
human life, Alexander
McQueen also set up its own
homepages on Twitter and
Facebook. Links are attached
under every single product
on its official website.
Brand identity
The tangible brand name and logo is a direct way to define a brand. Alexander McQueen use fonts
in upper case as its logo, and put the lower case “c”
into the character “Q”. The well-designed logo of
McQueen is significant for people to recognize it.
The distinctive skull is used for many
McQueen’s products as a signifier of the brand.
Reputation is a great strength of McQueen. The
The store environment also plays a key role on international awareness built by McQueen’s unique
branding. The space, layout and service provided for design, and high quality products would contribute to it
customers would reflect on its image.
success, and help get the customers’ loyalty as well.
20
Future challenges & opportunities
Since Sarah Burton took over the company, the overall design has become
more wearable. As a result, more people would choose the brand. On the
other hand, the brand reputation that McQueen had built may change over
time.
Heavy market competition is a key challenge that
McQueen may face in the future. Since its product range
is wide, from womenswear, menswear to accessories,
there are quite a few competitors which target to the
same group of consumers, such as Jil Sander and
Givenchy. In order to gain more market share and earn
more profit revenue, McQueen could expand new
markets in Asia, for example, open more stores in other
big cities in China.
The next several years, McQueen could develop its own
iPhone app, to offer a better access to its consumer. YSL,
Chanel and Dolce & Gabbana etc., that have successfully
using it as a way of promotion, would give McQueen
some ideas.
In terms of price, McQueen’s clothes charges
very high in order to target a premium niche
market. However, the difference between
the original selling price and discounted
price is very high, which may cause a
problem of losing customer loyalty. If
McQueen expands well in the future,
and the brand awareness is increased
to a certain level, it may consider not
to offer discount like Louis Vuitton and
Hermes who are also at the higher end
of the market is doing, to build a stronger
brand identity.
21
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