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Biz by F21
- 1. NEW WOMEN BUSINESSWEAR LINE BY Rosella Arena Fatih Alpay Victoria Ferrere Fashion Business Istituto Marangoni
- 2. History of the brand.- FOREVER 21 is a US based, family-ran company, with the company’s headquarters in LA, California. (on the right: Forever 21’s founder Do Won Chang with his daughters Esther and Linda, the firm’s creative director and head of marketing.) FOREVER 21 operates over 480 stores selling men’s and women’s clothing throughout the U.S. and in Canada, Europe, across Asia and the Middle East. Valued at $5 billion as of 2013.
- 3. Brand architecture.- Seven sub-brands all broken up by style: • XXI Forever: The large flagship that typically houses all of the smaller labels under the Forever 21 umbrella. • Forever21 Girls: This line focuses on popular designs specific to the emerging pre-teen market and sizes. • Love21 Contemporary: This line is aimed at the over 21 aged buyers. • Forever 21+: This line allows plus size women to wear the same clothes as the rest of Forever 21 shoppers at the same price point. • 21Men: line designed and tailored specifically for men also in their mid-20s. • For Love21: A French boutique styled accessory store with women’s jewelry, shoes, handbags, cosmetics, and more. • Heritage 1981: This particular line is an attempt by the brand to penetrate the midmarket of consumers
- 4. Situation analysis.- Marketing Research: “Young women continue to drive fashion sales, as they place such high importance on the latest trends” - Tamara Sender, Senior Fashion Analyst. • Mintel estimates that women fashion market will grow 22% between 2013 and 2018 to reach £30.4 billion, as women’s confidence increases on the back of a recovering economy. • Growth opportunities from the sector 20-30 years. • Predicted fall in women unemployment. • ¾ of women browse online for shopping. • Women continue to prioritize buying clothes over other expenses.
- 5. PEST Analysis.- Political: • The UK government is debating about abandoning the European Union. USA fears it and warn Mr. Cameron about the consequences. • UK fears a “yes” vote for Scottish independence. • Scottish Independence Could Hinder UK's Economic Recovery.
- 6. PEST Analysis.- Economic: • UK economy showed clear signs of recovery during 2013 and it is expected to continue in 2014-15. • The number of people claiming Jobseeker’s Allowance decreased. Lowest level since September 2008. • Record high house prices in London are forcing more singletons to club together and buy with friends or siblings.
- 7. PEST Analysis.- Socio-Cultural: • Top universities are recruiting record numbers of students from mainland Europe. • Britain to be one of the most highly qualified countries. • Discount chain sold out of its debut women’s clothing range in three days.
- 8. PEST Analysis.- Technological: • Fashion retailers eye up image-recognition apps for smartphones. • Asap54: Free iPhone app uses visual recognition technology and crowdsourcing to find similar products for sale online. • Smartphones are fundamentally changing the consumer purchase experience. (Forbes)
- 9. Consumer Trend.- 1. Multiplicity. We are increasingly interacting with all our senses looking for new experiences. 2. Hyper Efficiency. We are seeking and discovering ever-smarter and more efficient ways to solve fitness, lack of space, shortness of time and limited resources. 3. The New Industrial Revolution. Digital and technological advances are enabling us to create in new ways. 4. Escape. In a world of austerity and grown up responsibility, we are seeing the increasing desire to let go, let loose and indulge in childlike freedom or sheer hedonistic joy. 5. Mindfulness. In a world full of buzz and surface interactions, people are seeking more depth and meaning, craving time that is more about self- development. 6. Super-personalized. Personalization has been taken out of the hands and tastes of consumers. Products are able to read consumers and give them what they want.
- 10. Women spend £80K on clothes in a lifetime.
- 11. Rationale.- Young women want to dress professionally at work but they still want to keep that “fresh” attitude that only Forever 21 knows how to feature for an affordable price. Biz collection will be shown in a separate area inside Forever 21 stores, quick and easy to access. Shop with confidence and fast. Exclusive cashier to make the shopping experience go faster.
- 12. PEN PORTRAIT.- Louise Wallace 25 years old / UK Lives in Western London with two friends. Studied Communication. Assistant editor in a Women’s Magazine. Active on Instagram and Twitter. Blogs on her free time. A band: Velvet Underground A drink: Caramel Latte A book: The Book Thief (Markus Zusak)
- 13. PEN PORTRAIT.- Rei Himura 27 years old / JP Lives in New Jersey with her boyfriend. Studied Finance. Junior Development Executive in bank. Active on Facebook, Twitter and LinkedIn. Jogs on her free time. A singer: Beyoncé A drink: Chai Tea A book: Eat, Pray, Love (Elizabeth Gilbert)
- 14. Objectives.- • Increase online sales by 10% before 2016. • Establish 15% of sales in the first year. • If this objective is reached, add the line to 300 stores worldwide in the next three years.
- 15. Competitors.-
- 16. SWOT analysis.- •Trend to wear casual clothing in the office is getting common •Import of similar articles of clothing – competition. •Acquiring good reputation within a difficult target market •Expand to other markets •In a year there will be two cycle for Job interviews. •F21 is mostly known as teenager brand. •Work wear is quite standard, risk of not been recognized. •A lot of competition. •Increasing % of new graduates. •F21 already has appeal on older target •New design concept: Fresh ideas + comfortable fit. Strength Weaknesses ThreatsOpportunities
- 17. STP.- SEGMENTATION • Geo-demograpchic: USA & UK Urban areas Female 20-30 year gap Just graduated Aspiring professionals • Psychographic: Sense girls Self expression TARGETING • Undiferentiated POSITIONING VALUE QUALITY
- 18. Branding.-
- 19. Tags & labels.-
- 20. Bags.-
- 21. Product.- - Biz(byF21) aims to bring affordable businesswear clothing to the young aspiring professionals at the best quality-price relation. It offers a big range of garments that can be easily combined to create a complete outfit for work. - Biz(byF21) pieces are made from wool, cotton and silk blends in plain and printed fabrics in a variety of colours and sizes.
- 22. Product.-
- 23. Price.- Pricing strategies: • Cost- oriented • Competition-oriented
- 24. Place.- - Biz(byF21) will have a designated space to showcase the products in the following stores: Midtown West (Los Angeles), Theater District (New York City), The Strip (Las Vegas), Oxford Street (London) and Buchanan Quarter (Glasgow). - The sector is located next to the main womenswear area. - Visual requires this area to have wooden floors and walls painted in a light tone. - All Hangers and racks will be matte back. - All Shelves and desks will be made of wood.
- 25. - Long rack for pants, skirts and dresses (3-3-3/S-M-L). - Two long mirrors at the sides of a desk with a vintage typewriter and accesories from ForLove 21. - Two shelves with hangers for jackets and blouses (3-3-3/S-M-L; more sizes on shelves). - Two desks with pants, skirts and dreses in more sizes than the displayed on the rack. Bag from accesories line.
- 26. Promotion.-