Strategic Fashion Marketing Plan

ARTD 3039

Audit on Saint Laurent

Emma Cooper

24815454

CONTENTS

Executive Summary

The Luxury Sector

The Analysis of the corporate strategies through:-Key Strategies-Brand Onion

Internal Analysis-the 4 p’s

Consumer analysis

Performance analysis

External analysis-PEST-Competition

Further Internal Analysis-SWOT -Ansoff

Overall Conclusions and Recommendations

Appendix

Bibliogrpahy

Executive Summary

As a result of this a new creative director, Hedi Slimane, was appointed in March 2012 with a clear innovative vision to transform the brand and push growth.

With this in mind Hedi Slimane has revolutionized the Saint Laurent group and developed a ‘retro branding’ strategy set to increase its global positioning and further its retail presence within the luxury sector.

The repositioning of the brand however, hasn’t been addressed consistently, thus leaving confusion amongst consumers. Furthermore their approach to digitalise the brand through innovations hasn’t been integrated thoroughly, diluting the brand’s presence within the social network hemisphere. This poses future threat for the brand, who may be losing their new found identity.

Thus the aim of this retail audit is to address Saint Laurent’s internal and external environment, whilst developing strategies to help further their mission to successfully expand the brands global presence and offer luxurious garments desired by their targeted consumer.

The Luxury Sector

It is estimated that “the global luxury goods market in 2025 will likely be more than five times larger than it stood in 1995” (Bain & Compa-ny, 2013).

“Worldwide luxury goods continues double-digit annual growth, with the global market now topping €200 billion” (Bain & Company, 2013). The luxury sector is thriving according to leading specialist Bain, estimating that the luxury goods market revenues will see a massive 50% faster growth spurt in comparison to global GDP. The luxury goods sales are expected to surpass $318 billion worldwide at the end of 2013, representing “a year-on-year real value gain of 3 percent” (CPP Luxury, 2013).

(see Appendix 12 for more on the Luxury sector)

Analysis of Saint Laurent’s corporate Strategies

To ensure Saint Laurent are moving in a direction that is consistent with the company’s primary objective “to create and market highly desirable products, which embody the core values of the brand through innovation and unparalleled quality and design,” (Kering, 2012) a set of corporate strategies must be specified in order to provide an analytical study of the jobs that need to be done or whether necessary goals have been achieved. Strategies must be ‘SMART’ (Jackson and Shaw) to ensure of their success and relevance in Saint Laurent’s particular market.

Saint Laurent Strategy How this is achievedRevolutionizing the brand via “Retro branding”

“The priority today is to revamp and redeploy the luxury ready-to-wear.” (Cowles, 2012)

Rebranding YSL was ultimately one of the biggest decisions and challenges the fashion house has ever had to face. It requires a clear vision in which extreme extensive planning and deliberation of the targeted customer, brand heritage and a value propositions are taken into consideration (Jackson and Shaw, 2009), posing extreme risks for the brand (see appendix 3).

As part of Hedi Slimanes efforts to revolutionize the Yves Saint Laurent brand changes have come in the form of a new brand name for the ready-to-wear collection ‘Saint Laurent’ (“to pay tribute to the brands original name”) (Mau, 2012) coincided with a new brand logo (the old YSL now only remains on a selection of handbags and shoes), a new font scheme adopted from the iconic fonts used in the 1966 era and a change in style and consumer appeal. The online website has undergone transformation as have the physical stores and location strategies. Slimane promised to capture the brands French heritage and contemporary personification, bringing the brand back to its historic routes.

Since his arrival, Hedi has demonstrated a continual effort to restructure the identity of the brand, whilst also focusing on ‘product development’ (Jackson & Shaw, 2009, p.314) to extend the brands portfolio. He has continued to infuse a sense of story and belonging behind certain products, for example the focus on the new ballerina pump ‘Dance’ to be launched at the beginning of the month (November). A short film was carried out in order to promote the product, highlighting a sense of story for the consumers, which in the long term will allow for future growth via consumer engagement. Additionally the brand launched it’s very first diamond collection “a modern range of fine, hand-crafted bracelets and rings, inspired by the tradition and savoir-faire spirit of Parisian joaillerie.” (Karmali, 2013)

The focus on a new in-store concept has been introduced to formulate the re-branding strategy. Hedi wants interiors to reflect the brand and it’s true values, coinciding the revolutionized image. In today’s ever competing luxury market a flawless in-store experience is a key beneficial to set competitors apart. The new store decor (taken into the hands of Hedi himself) has been inspired by the (UAM) a leading French modernist and includes:

•”dark, quilted-leather upholstery paired with sparkling glass and mir-rors” (Mitchell, 2013)•”suspended bars in nickel-plated brass and minimalist marble display podiums form elegant counterpoints to the flat surfaces” (Mitchell, 2013)•”decoration is kept to a minimum, with the only pattern coming from the veining of the marble” (Mitchell, 2013)•”clean vertical and horizontal lines of display cases, shelves and strip lighting” (Mitchell, 2013)

A key ‘architectural’ approach is obvious ,with a modern clean cut layout, corresponding the ‘edgy’ rock and roll customer. (See appendix 3 for further risk analysis on rebranding)

Promotion via campaigns and celeb endorsements Promotional strategies have been key in endorsing the new brand identity of Saint Laurent. The recent music project uses renown ‘rebellious’ music icons, such as Marilyn Manson and Courtney Love, to promote their ‘rock and roll’ image, whilst also considering alternative music (electro) Daft Punk and (R&B) King. The aim of the project is to capture celebrities wearing Saint Laurent, creating a desire amongst consumers, as well as demonstrating their innovative transformation.

Cara delevingne (the ‘it’ model of the year) is also seen endorsing the brand in recent ad campaigns for the ready-to-wear collection. She is known for her edgy, fun and care free spirit, whilst also obtaining a substantial global fan base. This is by far one of the most beneficial aspects of the Saint Laurent rebrand, generating immense customer approval and acknowledgment of the brand.

Expand the brands global presence : via store openings, in-store concept, design, online distribution

The bargaining power of customers from emerging markets has risen dramatically over the years, with “around 70% of world growth said to come from emerging markets in the next few years.” (Forbes, 2103) Ultimately the globalisation of a luxury brand will offer economics of scale (Cambridge, 2012), assisting in reduced average unit costs of production whilst also “squeezing more from suppliers and vendors at better pricing and terms for raw materials and supplies.” (Zelesny, 2013)Saint Laurent have recognised this growing trend and utilised it through their established ‘retro-branding’ strategy, by improving the in shop

experience and concept of London, New York and Paris stores. They are continually pushing for an increase in directly operated stores, with a massive 15 new store openings from 2012-2013 (this includes 39 in emerging countries) (Kering, 2013), whilst also focusing on the relevance of flagship stores. The newly developed website also provides customers to purchase online in over 60 countries and, although the site has been internationally focused in terms of communication in English only, the currency is amended to the customers spoken language.

Saint Laurent continue their global presence with market development methods in the launching of e-commerce purchase and distribution to Australia as of June 18th 2013. (Wong, 2013) The newly innovated website is digitally interactive and provides consumers with sound and visuals from various campaigns and projects.

In terms of the garment aesthetic, clothing has been designed to fit the growing Asian market (who are geographically a smaller frame than any other population), additionally innovating handbag straps to ensure they are a smaller length. This direct targeting method will create competitive advantage for the brand, whilst also satisfying a wide variety of consumer needs.

Environmental considerations

“Saint Laurent is currently performing a worldwide analysis on how to give a second life to the boutique elements that would otherwise become redundant.” (Kering, 2013)

CSR has become a massive opportunity for arising retailers, who benefit from maintaining a sustainable work ethic. It provides brand differentiation (from those luxury brands who aren’t involved in CSR), customer engagement whilst also creating cost savings where less energy is used or perhaps less packaging.

As of April 2012, the Kering group devised a plan to ensure sustainability targets are met before the end of 2016. Sustainability concerns have been integrated into the new store design concept for Saint Laurent, where LED (Light Emitting Diode) has been used to “optimize energy consumption”, (Kering, 2013) the brand will also be taking part in a new project “regarding the optimization of HVAC (Heating, Ventilation and Air-Conditioning) use.” (Kering, 2013) Furthermore in terms of packaging all Saint Laurent shopping bags will be made from cardboard that is 100% FSC, fully recyclable and coming from the ECF pulps. (Kering, 2013)

Youthful

Sexy

GlamourEdgy

Rock & Roll

Luxury

Sheek

Chic

Urban

Punk

Rebel

Dangerous

Cool

Fun

Engaging

Equity

Innovative

New

Aspirational

Stylish

Androgynous

QuirkyEffortless

Modern

Freedom City

Brand OnionThe brand onion is a

marketing tool used to analyse the values and

strategies implemented by Saint Laurent. (Posner)

“To create and market highly desirable products,

which embody the core values of the brand through

innovation and unparalleled quality and design.” (Kering,

2012)

“Groundbreaking designs have taken on iconic cultural and artistic status.” (Kering, 2012)

“Breathing new life into the spirit of revolution and democracy in fashion.” (Kering, 2012)

“The essence of iconic style.” (Kering, 2012)

“Embodiment of inimitable French elegance.” (Kering, 2012)

“Ensure the individual is exalted and empowered.” (Kering, 2012)

“Recapturing the impulses of “ youth, freedom and modernity.” (Kering, 2012)

“Strengthening the brand’s exclusivity, online distribution and communications.”(Kering, 2012)

“The brand leverages and reinforces its historical prominence in ready-to-wear to support strong growth categories.” (Kering, 2012)

“In March 2012, Yves Saint Laurent opened a promising new chapter in its history by announcing the appointment of Hedi Slimane as Creative Director.” (Kering, 2012)

Hedi Slimane renamed ready-to-wear and the accessory line ‘Saint Laurent’.

“Hedi has redefined the men’s and women’s collections for Saint Laurent and worked on new lines for shoes, leather goods, silk and jewellery.He has also reworked certain best-selling products such as the Cabas Y bag and the Tribute shoes.” (Kering, 2012)

“In October 2012, Saint Laurent unveiled its new store concept – inspired by the techniques and materials of French art deco and designed by Hedi Slimane.” (Kering, 2012)

In 2012 opened a new flagship in Shanghai.

The new website was launched in October 2012.

“Social media initiatives were met with extraordinary success as social platforms were fully integrated into global communications practices and strategies.” (Kering, 2012)

“1.7 million fans on Facebook and was one of the most popular luxury brands on Twitter with over 1.6 million followers.” (Kering, 2012)

“Focus on emerging markets but also on further development in the USA, Europe and Japan.” (Kering, 2012)

“2013 marks a year of investment for Yves Saint Laurent particularly in terms of opening new stores and strengthening the brand’s exclusivity, online distribution and communications.” (Kering, 2012)

“Extremely strong growth figures posted by Leather Goods and Women’s and Men’s Ready-to-Wear.” (Kering ,2012)A number of environmental

considerations have been taken into account in the design of new stores and packaging.

Celebrity endorsements including Cara Delevingne and other music sensations in collaboration with the music project.

“In 2013 there were 8 net store additions in emerging countries during the period and the brand brought back under direct management seven points of sales in the United Arab Emirates.” (Ker-ing, 2012)

“Sales growth in emerging markets came to 20.8%, traditional markets, sales were up a very solid 14.9%, reflecting the brand’s renewed appeal with local customer.” (Kering, 2012)

“Revenue rose again in first-half 2013 reaching €255 million.” (Ker-ing, 2012)

A further look at the achievement of Saint Laurent’s strategies can be done using a ‘Brand Onion.’ (Posner, 2011, p147) (See Appendix 4 for more on Brand identity.)

Internal Analysis

The Promotional Mix

The marketing mix (Borden, 1950) will explain how the 4 key factors (price, place, promotion and product) of Saint Laurent will depend on one anoth-er, whilst also creating a clear focus for strategic planning. “In essence the theory suggests that any business needs the right product, at the right price, in the right place and using the right promotion.” (Jackson and Shaw, 2009, p86)

PRODUCT The products offered by Saint Laurent are a mixture of extremely high quality and luxurious fabrics, including 100% wools, lambskin and silks for men and women. They include a wide and shallow (Jackson and Shaw, 2009, p101) product range in terms of numerous styles of dresses, jackets, shirts, skirts etc, however in limited sizes and colours. Designs are constructed, androgynous and edgy, relaying the ‘rock & roll’ inspiration. The product portfolio offers a range of hard (jewellery, and accessories) and soft (ready-to-wear, beauty and leather goods) products (Jackson and Shaw, 2006, p64). (see product portfolio diagram) Through licensing agreements with L’Oreal the YSL brand distributes fragrances and cosmetics on a separate beauty website. According to their activity report, Saint Laurent hold a leading position in the luxury accessories sector.

“The brand’s sales were fuelled by the extremely strong growth figures posted by Leather Goods and Women’s and Men’s Ready-to-Wear, which together represented approximately two-thirds of the total sales figure.” (Kering, 2013)

PRICE The pricing structure for the Saint Laurent brand requires a strategic view on the quality of products and the luxurious materials used, whilst also incorporating their strong brand equity (see brand onion). Due to extremely high quality products positioned in the luxury sector, Saint Laurent offer ‘premium priced’ products (better known as ‘price skimming’) (Jackson and Shaw, 2009, p137) suiting their affluent, core consumer, whilst also introducing ‘entry-level’ prices (Jackson & Shaw, 2009) in regards to their beauty category, suiting the aspirational needs of the mass market.

The prices within their ready-to-wear collection range from £3000 + (a classic black trench coat, made with 100% goatskin) to £280 (a classic v-neck tee, made with 100% silk), thus affordability for targeted consumers isn’t a problem. The self-aspiring consumer, with less disposable income, will be able to afford entry-level products (a Saint Laurent purse coming in at £345), regarded as a one off purchase. This is also the case for entry-level beauty products, targeted at the broader mass market, permitting aspiring customers with more affordable luxury, thus an improved chance of purchasing a piece of the brand.

Ready-to-wear (SLP)•Dresses•Signature dresses•Shirts•Leather jackets•Other jackets•Coats•Denim wear•T-shirts•Basic tees•Sweatshirts•Jumpers•Knitwear (cardigansjumpers)•Skirts•Trousers•Blazer•Suit jacket and pant

Handbags (YSL, Y & SL)•Large•Small•Clutch•Evening •Day •Purses

WOMEN

The permanent collection (SLP) (black essentials)•Leather jackets•Leather motorcycle vest•Dress•Shirt•Basic V tee•Signature leggings•Iconic les smoking trouser •Skinny jean•Handbags/clutches/purses•Heeled shoes/biker boots/brogues•Scarves•Black bow

Shoes (SLP & YSL)•Boots (heeled & flat)•Stilettoes•Pump heel•Brogues•Signature slippers•Sneakers

Leather Goods•Purses/coin purses•Wallets•Fragments case•iPad sleeves•Phone sleeves•Clutch•Envelope file portfolio

Jewellery (SLP)•Necklaces•Earrings•Rings•Bracelets/bangles

Belts (SLP)•Classic•Bows on

Silk (SLP)•Bows•Scarves•Stole

Accessories (SLP)•Hats•Tights•Sunglasses

BEAUTY

Fragrance for men and women

Make-up•Foundation •Powder•Blusher/bronzer•Lipstick•Mascara/eye shadow/liner/pencil

Nail Varnish Skincare

Product Portfolio

Ready-to-wear (SLP)•Coats•Shirts•Leather jackets•Other jackets•Coats•Denim wear•T-shirts•Basic tees•Sweatshirts/hoodies•Jumpers•Knitwear (cardigansjumpers)•Trousers•Blazer•Suit jacket and pant

MEN

The permanent collection (SLP) (black essentials)•Leather jackets•Leather motorcycle vest•Blazer•Shirt•Jacket•Denim jeans•Boots/sneakers/boot loafer•Scarves•Tie•Cuff bracelets

Leather Goods (SLP)•Business card case•Wallets•Fragments case•Phone sleeves•Zipped clutch

Jewellery (SLP)•Necklaces•Rings•Bracelets/bangles•Broach

Belts (SLP)•Classic thin•Bulky belts

Silk (SLP)•Tie•Scarves•Stole

Accessories (SLP)•Sunglasses

Shoes (SLP)•Boots (heeled & flat)•Signature slipper•Brogues•Loafers•Sneakers (hightops, normal)•Rollarblades

Handbags (SLP)•Duffle•Rucksack•Satchel/pouch•Wrist pouch •Day •Briefcase

PLACE The level to which Saint Laurent operate in is extensive. As of June 2013 Saint Laurent directly operated 104 stores in 39 different emerging countries (Kering, 2013), with 8 net store additions –assisting their strategic initiative to increase growth. You are able to purchase the Saint Laurent brand online through their official online store and via various department stores on a global level (this includes Net-a-Porter, Selfridges, Harrods and Harvey Nichols in terms of the prestigious UK stores). To strengthen the brands exclusivity and brand relevance Saint Laurent have furthered the opening of numerous Flagship stores around the world (Paris, NY, LA, London, Milan, Hong Kong and more recently Shanghai and LA), where creative studios have also relocated to LA. Saint Laurent directly manage distribution in the United Arab Emirates and Greater China, which consequently saw a revenue increase of 24.3% (Kering, 2013). In terms of physical directly operated stores, Saint Laurent retail products across Europe, North America, Asia and Africa and the Middle East.

PROMOTION Marketing communication objectives (Jackson and Shaw, 2009, p312) are currently essential for Saint Laurent in achieving a successful response from their strategic rebranding approach. Promotional methods have been identified through a combination of integrated methods:• Integrated digital platforms to support their digital presence strategy (Facebook and Twitter) -although they lack coherency where both social accounts are still referred to as ‘YSL’. This ‘touchpoint’ (Posner) is something that must be addressed in order to reframe from damaging the new brand image (Jackson and Shaw) -this will be further analysed in the SWOT and strategy analysis.• ‘Saint Laurent Music Project’ -consisting of various musicians sporting the A/W 13 collection • Other collection campaigns (the most recent one generated to demonstrate the new brand concept and fall/winter collection, with the use of the renown Cara Delevigne)• To further fall/winter campaign Saint Laurent also completed a fashion film for its ballet collection and its ready-to-wear http://www.dazeddigital.com/fashion/article/17015/1/exclusive-hedi-slimanes-first-film-for-saint-laurent• Direct marketing (Jackson and Shaw, 2009, p160) (through the sending of personalised emails to update customers on the latest garment arrivals)• Celebrity endorsements (Harry Styles has been a key promoter for the male category)• Adverts in premium fashion magazines (Vogue, Elle etc)• Online edits (Net-a-Porter recently carried out an editorial piece on their e-magazine promoting the Saint Laurent biker boot).

(Further Analysis of the 4p’s is situated in Appendix 5)

CORE BENEFIT

“bold, sophisitcated choice for the liberated women” (Voguepedia)

“It was a power suit and it spelt liberation” (NG, 2013)Create a sense of power and

authority amongst females

Origionally derived in the 60’s relating to the ‘working female’ being frowned upon

Strong minded female

Power

Control

Masculinity/Femininity intertwined

Elegance

Women do work

Sense of equality

ACTUAL BENEFIT

“hide feminine curves beneath strict tailoring.”(NG, 2013)

Replacement of the LBD

Slimmed trousers ‘ciggarrette pants’

Shorter trousers to “expose new androgynous zone: ankles” (NG, 2013)

Tailored

“Masculine dressing, with fem-inine tailoring” (NG, 2013)

Classic

Clean cut

Minimal

Extreme quality, with 100% virgin wools and silk lining

Edgy and grunge

Feminine rebel

“There was something so undenia-bly chic and wearable about these looks.” (NG, 2013)

“proving that a classic look like this is synonymous with style.” (NG, 2013)

Androgynous

“it has the same rebel mentality that made Le Smoking famous.” (NG, 2013)

“Another way you know this is Le Smoking reborn? That hand in the trouser pocket.” (NG, 2013)

AUGMENTED BENEFIT

Available online and instore

Selection of six different sizes(6-16)

Acceptance of various card types for purchase (VISA, MasterCard, American Express, Maestro OR via PayPal OR cash on delivery) -creating convenience for their consumer.

With the ‘Les Smoking’ suit part of Saint Laurents iconic brand heritage consumption will be high

The development of a new ‘in-store’ experience really emphasises the new ‘rock and roll’ brand identity. With strong interiors that will high-light the key brand message behind the ‘strong women’ smoking suit.

You are able to follow orders and returns seamlessly

Consumers are able to return products within 7 working days

In store experience is met with staff quality of knowedge

Due to it’s high exclusive appeal, the stock availabilty at Saint Laurent is minimal

Les Smoking Suit

The Augmented Product model for fashion retailers (Jackson and Shaw, 2009, p90) demonstrates the 3 concepts of a fashion product in terms of beneficial values for the consumer.

The ‘Les Smoking’ suit has been a traditional core piece within the YSL (and now Saint Laurent) product portfolio since it’s first ready-to-wear colleciton launch in 1966. It’s iconic relevance is the essence behind the brand and marks a sense of integrity for consumers.

Consumer Analysis

The typical consumer for the Yves Saint Laurent group has changed considerably since the recent rebranding strategy and transition of a new logo and collection name.

Age Since the rebranding of the company the core consumer is now aged between 25-35 years old. Saint Laurent may however still receive custom from previous loyal customers aged between 35-50, purchasing timeless pieces still included in the product line (suit’s, shirts and accessories).

Gender FemaleSocio-economic group

A,B or aspirational C. High net worth individuals -HNWIs (Jackson and Shaw, 2006, p59)

Generation Y (Jackson and Shaw, 2009, p11) who are born between the years 1977-94. “They are experiencing a much faster society, in which multi-media communications and technology are central.” (Jack-son and Shaw, 2009, p11)

Occupation The typical Saint Laurent customer works in the city dedicated to long hours, aspiring to do and be the best. She works high up in the fashion industry, particularly in the HQ managerial position of buying or marketing. She may additionally work in the law or finance industry. The demand for SLP from the Asian market is vast, thus the brand may also see custom in terms of foreign students.

Income She has propensity to spend (Jackson and Shaw) Her income is extensive (£60,000 +), thus affording the Saint Laurent Paris brand isn’t a problem.

Nationality European, Asian, Middle Eastern, American

Region EUROPE: Azerbaijan, France, Germany, Italy, Monaco, Poland, Russia, Spain, Turkey, Ukraine, UKNORTH AMERICA: United States ASIA: China, Hong Kong, Indonesia, Japan, Macau, Malay-sia, Singapore, South Korea, Taiwan, ThailandAFRICA & MIDDLE EAST: Kuwait, Lebanon, Morocco, Saudi Arabia, United Arab Emirates

Where? The Saint Laurent consumer is targeted through multiple methods of digital and technological communication, making the brand accessible to a wide range audience. Saint Laurent deliver worldwide (minus P.O. Boxes, Jersey, Guernsey and the Channel Islands) for a maximum of £20, to those wanting express delivery.

Personality The typical Saint Laurent consumer is an edgy, rock and roll inspired cool rebellion, oozing an effortless, youthful approach to fashion. She is LA grunge, whilst incorporating a sexy glamour of high end luxury. She isn’t afraid to break the rules, mixing up tight leather dresses with oversized checked shirts and risky biker boots.

Lifestyle The Saint Laurent consumer is seen as an ‘innovator’. (Michman, 2006, p28) She is willing to take risks, push the boundaries and establish her own trends when it comes to fashion. “They are younger and very social according to Rogers, and they come from wealthier backgrounds.” (Plutus) Her lifestyle is superior in comparison to other typical females of her age, enjoying regular fashion trips to luxurious stores whilst coming home to a grand townhouse or mansion in Chelsea, London. She drives expensive cars, vacates to expensive holiday destinations and enjoys her lavish lifestyle where money isn’t problem and acquiring the latest Saint Laurent leather mini dress is.

Brand Preferences

She likes to remain on trend, pre-ordering catwalk garments to ensure her ownership. Her preference is to remain loyal to luxury brands, travelling to department stores Harvey Nichols and Selfridges and London roads ‘New Bond Street’ and ‘Sloane Square’ for wearable, and youthful garments. Other lavish brands include: Prada, Dior, Louis Vuitton, Balmain, Burberry and more recently Versus Versace.

Interests &Hobbies

Of course her foremost interest is fashion, where looking and feeling good is ultimately a hobby. She hosts lavish dinner parties with friends, dines out at expensive restaurants and travels to affluent cities such as Paris, Milan and New York. The Saint Laurent consumer appreciates social media and wouldn’t be without her smart phone, accessing Twitter, Facebook, Instagram and Pinterest regularly. Ensuring she is current with the latest trends, she reads high end, glossy magazines such as Vogue and Elle, whilst entertaining herself with relevant fashion blogs.

Consumer Trends

“Two thirds of the population buy luxury brands” (Mintel, 2011). This is supported by the notion that, due to our current economic downfall, the consumer mind-set is now focused on investing in fewer items of high-er quality garments, rather than investing in more mid market brands “there has been a noticeable shift in the market, with more consumers opting to invest in fewer items of better quality clothing” (Mintel ,2011).

Furthermore, with statistics demonstrating a growth in “AB and C consumers benefiting the designer/high end fashion sector”, (Mintel, 2011) with “25-34s who are more valuable to the market due to their heightened spending ability” (Mintel, 2011), the opportunities for Saint Laurent’s recent consumer shift is promising for future sales and growth.

The 2013/14 consumer wants to be inspired, educated and relevant. They want digital methods of communication to make brand access more convenient and accessible, especially in terms of mobile phone use: “consumers will look to their mobile devices to maximize absolutely every moment” (Trend Watching, 2012). Thus Saint Laurent should continue to develop their digital online presence, using innovative methods of communication to connect with their consumers.(see appendix 6&7 for luxury consumers)

SAINT LAURENT PERFORMANCE: 2013

“wholesale sales jumped 43.6% for full 6 months”

The Performance of the brand is based on the first half of 2013’s Kering report. “second quarter was a clear demonstration of

brands appeal, though, with growth coming in at 35.9%”

“retail sales (in directly operated stores) accounted for 52% of brands total sales in first half rose a modest 6.6%”

“sales growth in emerging markets came to 20.8% with these markets accounting for 28.4% of brands total sales for the period”

“business particularly sustained in Europe, Japan with revenue up 20%”

ended first half of 2013 with operating income of €27 million

revenue finished at €255.3 million, up 14.2% from previous year

“Recurring operating margin was 10.7%, down 40 basis points as reported”

€473 million in revenue

€65 million in recurring operating income

Revenue by region:Western Europe - 40%North America - 23%Japan - 8%Asia Pacific - 21% Other Countries - 8%

Revenue by product category:Leather goods - 44%Shoes 23%Ready-to-wear - 19%Other - 14%

SAINT LAURENT PERFORMANCE: 2012

“Recurring operating margin stood at 11.1% against 4.3% for first-half 2011 (Kering, 2012)

Brand operated 89 directly-operated stores, including 11 in Greater China and 19 in other emerging countries, representing six more than at December 31, 2011

The Performance of the brand is based on the end of 2012 annual report by Kering.

Financials

0

100

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300

400

5002012

2011

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Revenue by year (millions)

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70

802012

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Recurring Operating Income by year (millions)

£000’s

£000’s

2013

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Increase in directly operated stores 2010-2013

Negative pre-tax profits

Revenue by year (millions)

Recurring Operating Income by year (millions)

Increase in directly operated stores 2010=2013

All (Kering, 2013)

(see appendix 8 for further financial analysis)

External Analysis

Legal

‘Counterfeit Luxury’The rise in acceptance to purchase counterfeit luxury products has increased significantly in recent years (Penz & Stottinger, 2005), with the market growing at an estimated 40% per annum “twice the growth of genuine luxury products” (ETRetail, 2013). The culprits for selling counterfeit luxury are mainly generated from India, China, Germany and South Korea (Jung, 2013), where turnover and global economic value for the counterfeit market is high “estimated to become $1.77 trillion in 2015” (Jung, 2013). For the luxury market, and more particularly Saint Laurent, the prospect of fake goods poses extreme threat in terms of Porter’s ‘threat of entrants’ and takes the form of a ‘substitute’. With the current global economic downturn at an all time low the threat of substitutes is an ever more damaging factor for the luxury sector. Consumers consider ‘super fakes’ as ‘price irresistible,’ whilst still appearing the same in quality and appearance in comparison to a genuine product, thus with propensity to spend lowered over the years, consumers favour the cheaper option.

Technological

‘Digital, Innovative experience’ “Seventy-two per cent of retailers said technology is important to their business, and that figure is forecast to rise to 83pc by 2014.”(Siliconrepublic, 2012)

The increase in an integrated digital experience offered by retailers is fun-damental in the survival of fashion brands. Technology is the main driver of change in recent years. The rapid expansion of e and m commerce has indefinitely changed the typical consumer buying behaviour, portraying the evolving ‘digitally savvy’ consumer. “Mobile-generated retail spend could rise to 15% of retail e-commerce by the end of this year” (Business

Insider, 2013). Stores online are becoming more accessible, with Smartphone’s, tablets and iPad’s becoming more user friendly. Engaging your consumer and involving them in multiple communicational methods will enhance the consumer experience and gain competitive advantage. This may include social media interactions, a digitally enhanced in-store experience, mobile phone applications or purchasing products through a cross channel retailing strategy. Statistics prove the extreme awareness and obsession for social media with 2.1bn twitter searches everyday and over 2.7bn average daily Facebook likes, whilst also emphasising the online shopping experience with a Barclaycard survey generated by The Guardian newspaper stipulating “shoppers spent 12.8% more on the internet last year than a year earlier.” (Neville, 2013) In order for Saint Laurent to survive in this digital phenomenon they must ensure customer expectations and digital experiences are eminent and well beyond the consumer standards, focusing on fully integrated social media communications, additionally offering a seamless online shopping experience.

Economical

InflationThe current global crisis has seen many countries dip into high recession and diminish in GDP over the years. There is however optimism in 2013 for many countries including the UK who see inflation at 2.7% (one of the lowest in years), and the confidence in overall Europe GDP expecting to rise 0.5% in the second half of the year. America has also seen low inflation levels (1.5%) , as have other Saint Laurent targeted areas with the Asian region (Japan at 1%, China at 3% and Thailand at 1.4%.) Additionally both America and China’s GDP are expected to rise over the course of the next year. With such factors showing positive effects on the economy, especially in Saint Laurent’s targeted regions, consumers will find disposable income increase due to a decrease in household bills and other necessities. Thus consumer confidence will increase, meaning an increase in propensity to spend, benefiting premium priced Saint Laurent products.

Environmental

The environment is an on-going substantial crisis that doesn’t seem to be getting any better. The list of environmental issues incorporated within the crisis is extensive and ranges from global warming to overpopulation. The Emissions Gap Report 2013 “warns that if the greenhouse “gap” isn’t “closed or significantly narrowed” by 2020, the pathway to limiting the global temperature rise to 1.5C will be closed” (The Guardian, 2013). Thus, the term sustainability has become a growing trend that consum-ers and businesses are engaging with. “A new survey shows consumers want to buy more eco-friendly apparel” (King, 2012). Saint Laurent have already began their sustainable impact with new store interiors and packaging, however demonstration hasn’t been as vast compared to other leading luxury brands (Burberry beyond, Gucci sustainable eyewear etc). By adding value and conforming to the social needs of consumers, Saint Laurent will see a vast increase in acknowledgment from consumers, thus further consumption, also furthering competition and competitive advantages.

Social

The consumer’s attitude towards apparel in the fashion industry has seen a shift in recent years with “consumers now broadening their retail scope, and mixing top-end designer pieces with mid-market and value garments” (Mintel, 2011). This has been demonstrated by renown celeb-rities, Olivia Palmero and Sienna Miller, who were captured combining Saint Laurent apparel with other high-street brands Topshop and Zara. The conformation to this new attitude has seen a rise in luxury collab-orations with high street stores (Versace for H&M, Stella McCartney for Adidas), developing scope for the luxury market by increasing consump-tion and adding value.

Ageing Consumer The ageing consumer ‘agequake’ (ATKearny, 2013) is said to be a substantial opportunity for the industry (Mintel, 2013), with those over

60 estimated to grow to an enormous £1billion in the next 10 years. Saint Laurent have recently shunned their older consumer, benefiting instead from the X generation, which may have been a ruthless decision to make on Hedi Slimane’s part. The consumption levels that derive from the older consumer will be vast, “the ageing consumers will represent a significant part of businesses future clientele” (ATKearny, 2013). It is further estimated that at the same time, “fewer younger people will be entering the workforce and paying taxes” (ATKearny, 2013), proving uncertainty for the future Saint Laurent brand. Although, the customer base for Saint Laurent relies heavily on an affluent younger generation and those from families of wealthier means, thus may not pay a dramatic part in the future of the brand. (see appendix 9)

Political

Given their international market is currently thriving, Saint Laurent have to keep in mind foreign exchange, barriers to entry and political factors abroad, as both are subject to change instantaneously. The weakened euro and dollar have decreased further recently (November 2013), with the euro destined to be a weak currency indefinitely (Mail Online, 2013). Due to Saint Laurent’s reliance on overbroad custom, a weakened currency doesn’t pose well for the brand, who may see fluctuations in demand due to damaged consumer confidence. Furthermore, cost factors such as the price of fuel, cotton and other resources used in the production and delivery process of Saint Laurent will increase, thus having an adverse affect on the brand financially.

Saint Laurent’s positioning in relevance to Competition

“A successful brand is a brand that says something distinctive and it is this point of distinction that is embodied in the brand proposition” (Olsson and Sandru, 2006).

A well positioned brand in today’s “over communicated society” (Ries & Trout) will assess the current target consumer and existing competition, to create value proposition and a competitive advantage over rivals. This process will include an analytical study of the targeted consumers needs and wants in comparison to the competition, whilst also considering the brands overall marketing strategy (Jackson & Shaw, 2009).

For a luxury brand to distinguish itself from the mass market and remain successful, the branding process must provide product integrity by remaining creative and innovative through the adoption of craftsmanship. It is extremely vital for luxury fashion brands to offer a sense of exclusivity and scarcity for the consumer, thus differentiation is key “the new need to “differentiate” sets in to further confirm their social status and to stand-out among the equal” (Arora). If the branding strategy is not carried out appropriately then the brand is in fear of losing customer satisfaction and admiration, thus resulting in negative output and a loss in sales.

Competing within the luxury sector is highly driven by product beneficial’s including the quality of the product, brand value and a sense of exclusivity. Price isn’t as much of a competing factor, instead consumers purchase for self-motivational reasons including Maslow’s ‘self-actualization’ and ‘esteem’ needs, whilst craving durability and longevity from the garments. They yearn for products that sell a story and provide a desirable lifestyle.

A perceptual map will help Saint Laurent interpret their position within the luxury sector in comparison to other competing luxury brands. By using lifestyle and price as key constraints they will be able to pinpoint direct competition with similar lifestyle and brand attributes , whilst also recognising indirect competition offering products to satisfy the same need. “Consumers generally compare the attributes of one product with those of a similar one before making a buying decision.” (Jackson and Shaw, 2009, p78)

High price

Low price

Lifestyle:Classic, Contemporaty, Older Lifestyle:

Urban, Edgy, Young

Chanel Valentino

Chloe Bottega Veneta

Balencigia

Dior

The KooplesRag & Bone

Zadig & Voltaire

Versace

Versus Versace

Burberry

Alexander McQueen

Marc by Marc Jacobs

Saint Laurent

Zara

Cos

Prada Balmain

Alexander Wang

Louis Vuitton Gucci

Key: Indirect Direct

TopshopSee Appendix 11 for current positioing onPLC

The competition of Saint Laurent has changed dramatically since it’s rebranding strategy. Classic and contemporary brands, Dior and Chanel, aimed at the ‘sophisticated older consumer’ beforehand would have been classed as ‘direct competition’, whereas now they form more of a ‘indirect’ position. From the perceptual map it is evident just how competitive the luxury fashion market is and just how diverse Saint Laurent must be to survive.

Direct competition and potential substitute threats for Saint Laurent have been recognised as highly luxurious brands delivering a similar brand lifestyle, pricing strategy and target consumer: Versace, Louis Vuitton, Balmain and even Burberry, who offer a ‘lifestyle brand’ for their consumers. After considering these brands and the elements that pose as a threat it is important for Saint Laurent to consider what the brand must do to ‘differentiate’ themselves from the competition. They have already utilized the USP of brand differentiation, in terms of their ‘rock & roll’ image, thus must incorporate further developments to ensure the brand succeeds. They must look at what these other competing brands are doing in order to create customer satisfaction and ensure they do the same but better. For example, Burberry have taken advantage of the current digital craze, and ultimately created an integrated digital experience for consumers via social platforms, online experiences, an interactive campaign (Burberry Kisses), digital in-store virtual experiences, iPad apps and 3D online shows. This is definitely something Saint Laurent should consider as their ‘next step’ in generating a competitive advantage.

Indirect competition, and possible entry threats, who offer lower prices and similar garment aesthetics are ones to look out for, especially given the current economical state. The Kooples and Rag and Bone both promote a modern, urban appearance, focusing on youthful renewal and particularly both demonstrating the female suit tuxedo. This could pose as a potential threat to Saint Laurent who also endorse a similar ‘urban’ identity. With prices being dramatically lower consumers may prefer to purchase from an alternative brand, especially considering the new targeted consumer is younger, thus less disposable income.

(For further analysis on Competition see appendix 10)

Balmain SS 14

Burberry taking part in the digital craze

Louis Vuitton SS 14Versace Versus

STRENGTHS•Saint Laurent have a prestigious positioning within the luxury sector, renown worldwide as “one of the most prominent fashion houses of the 20th century” (Kering, 2012)•They withstand the USP of a ‘rock & roll’ image, portraying a rebellious ‘edginess’ whilst also incorporating the lifestyle that comes with it.•Saint Laurent particularly succeed in leather goods and male and female read-to-wear apparel. •Sales have strengthened in emerging markets, with 28.4% accounting for total sales in the first quarter of 2013. This has come from its emerging global presence and strategic approach to expand into other markets.•Saint Laurent’s ‘Permanent Collection’ is an everlasting trend including classical key concepts that will generate revenue yearly. It includes the much desired ‘Les Smoking Suite’, another key strength of the brand, providing a long life cycle and continuous consumer requirement. •‘In store’ presence has been revolutionized in accordance to the rebranding strategy, this will make consumers shopping experience more beneficial and formulate a more appealing incentive to shop in store. •Operate 104 stores worldwide

WEAKNESSES •Although the rebranding strategy has shown positive results in terms of the financial position within the first quarter of 2013, the way in which the strategy has been integrated has left confusion amongst consumers. Certain social websites (Facebook and Twitter) still read ‘Yves Saint Laurent’ instead of the re-branded name, whilst in store certain garments have ‘YSL’ embodied on the garment but read ‘Saint Laurent’ on the label. This is a case of extreme poor communication from the brand and needs to be seriously revaluated if the brand wishes to succeed as an iconic, grounded fashion house in the future. •Saint Laurent’s digital presence isn’t as widely communicated compared to other competing luxury brands. The only social media accounts they operate are Twitter and Facebook, with content barely being updated. This doesn’t bode well for future success, as competition in the luxury market (Burberry and Gucci to name a few), have already endorsed social media to attack the ongoing trend, also to fit the needs of their consumers. A lack in digital marketing will create communication barriers when it comes to the brands consumer base, whilst also diminishing competitive advantage.•Saint Laurent haven’t yet tackled the rise in the use of m-commerce. This is a crucial tool in today’s digitally dynamic society, thus must be addressed to sustain growth and consumer satisfaction. It will provide customers instant access to the fashion house, offering regular updates and allowing the rights to purchase products instantaneously.•Sales contributed in 2012 by Japan and the Asia Pacific weren’t has high compared to North America and Western Europe, thus further potential lies within these regions

Internal Analysis using the SWOT tool (Posner, 2011, p99)

The Opportunities that arise from the internal and external analysis:•DIGITAL INNOVATIONS: - Saint Laurent should consider adapting their digital experience to emphasise the social aspect of shopping. Integrating benefits from mobile phone apps, tablets etc. -Remain intact with social medias to engage the consumer (consistent, regular updates) -Twitter, Facebook, Instagram etc•OLDER CONSUMER:- Gaining competitive advantage over rivals who also encompass Haute Couture (Versace, Dior), whilst also targeting older consumer- Developing a ‘multi-segment brand’ approach (much like Burberry have with ‘Prorsum’, ‘London’ and ‘Brit’) -generating further consumer segmentation to cater to the older consumer. •COLLABORATIONS:-collaborating with high street stores•CSR developments - With other luxury brands acting upon changes in the environmentally friendly consumer, Saint Laurent may want to consider promoting sustainable changes to the brand in order to remain relevant and ‘on trend.’ This may mean benefiting from more sustainable materials, however ensuring quality isn’t deterred, furthering the appeal to purchase from the brand. •The expansion into overseas markets should be continued, with further opportunities arising in the US, Australia, Europe and Japan. Promotional methods should be key here in gaining custom from overseas, whilst also increasing the number of directly operated stores.

THREATS •Fashion is extremely fast paced, thus consumer taste is an ever changing whirlwind. With Saint Laurent’s recent rebranding strategy to reinforce a ‘rock and roll’ lifestyle, there’s a threat that the image may become outdated and ultimately a ‘fashion fad’ overtime. (Posner) Saint Laurent will need to keep on top of trend analysis to ensure the image doesn’t become invalid within the luxury sector. This will require trend forecasting tools and strategic analysis of their competition and further primary and secondary research into the needs and wants of consumers. •Competition (Porters 5 forces) is an inevitable threat poised for all fashion brands. “Initial exploratory research revealed that there were 114 international fashion design houses competing for a global market of around £24 billion.” (Moore et al, 2000) Saint Laurent will need to ensure marketing strategies are relevant and distinctive competence (Jackson and Shaw) is clear and sustainable to achieve a high market position over competition. ‘Differentiation’ (Porter) is also a key driver in delivering something to customers that the competition has not yet utilised, it will ultimately require Saint Laurent to “identify criterion of importance to customers, for which they will be prepared to pay a premium price, to integrate that into the market offering and then communicate that benefit to the market. “ (Brennan et al, 2003, p121) •The external factors already analysed (counterfeit luxury, weakened currency and deterred consumer confidence) will be ongoing threats out of Saint Laurent’s control. Inflation has been extremely temperamental over the years, thus could increase at any moment in any given target region.

Ansoff’s Matrix

To develop strategic ideas further, Ansoff’s Matrix will helps Saint Laurent form the best strategic option to develop sales further. (Jackson and Shaw, p313) Ansoff’s Matrix

Mar

ket

Current New

Curr

ent

Low

Market Penetration Product Development

Market Development Diversification

1. Furthering digital experience for consumers

2. Operate a ‘m-commerce’ strategy

3. Continue to develop an ‘in store experience’ by digital enhancements i.e. the use of ipads and virtual shopping

1. Collaborating with another store

2. Development of a mobile phone app, whilst making shopping on a mobile easier

1. Opening new stores in overseas countries at potential customers (Australia)

2. Haute Courture strategy, focused on the older consumer

3. Multi-segmentation -creation of a sub category aimed at the older consumer

Overall Conclusions and Recommendations

With analysis generated from Saint Laurent’s internal and external environment, further strategies should be considered via the overall opportunities considered in the SWOT analysis. The strategies to consider should ensure optimal success for the brand whilst also taking into consideration the current global state and the weaknesses established.

To reframe from further identity crisis, Saint Laurent need to continue the emphasis on their new rebranded name. This will include the assessment of all ‘YSL’ and ‘Y’ shoe and handbag products to establish whether income generated from sales is enough to create future financial success. If this is not the case then removal should be considered and the continuation of the Saint Laurent promotion maintained. This will eliminate further confusion and stimulate the focus primarily on the growth of their ‘Saint Laurent’ range.

With m-commerce seemingly on the rise, opportunities arise in the form of mobile phone apps for Apple and Android phones, whilst also furthering expansion through tablets. This will encourage their C2C relationship, whilst also benefiting from a core competitive advantage and sustained future growth. To enhance the digital experience Saint Laurent should continue to use social media as a core communication method to its consumers, however ensuring updates are sourced continuously to improve customer satisfaction and acknowledgment of the brand. To further social fields, Instagram would be a great tool in communicating the rebranding strategy visually, keeping consumers engaged and updated.

A digital experience should be also integrated into the new store concept, attracting consumers who prefer to shop in store. The retail theatre presence should provide consumers the choice to shop via tablet apps, whilst also benefiting from digital launches coincided with their music project (much like Burberry benefits from their acoustic artists in store.) A future innovation for Saint Laurent to consider is the RFID-enabled merchandise on mirrors (Burberry), allowing consumers to take part in a virtual fitting room.

In terms of further global expansion, the brand should consider targeting overseas brands further, such as Australia, who are said to have the “ninth highest concentration of high-net-worth individuals (HNWI) in the world” (Just Luxe, 2013), thus opportunity for luxury markets is vast. They have already developed an online shopping experience for the Australian consumer, however Saint Laurent should consider the opening of stores to sustain the expansion further. With “sales revenue estimated at $1.07 billion AUD, an 11.4 percent increase on 2011” (Just Luxe, 2013) the brand will benefit largely from Australian consumption.

Furthermore with the ageing consumer a posing threat socially speaking, Saint Laurent may benefit from this, especially due to their recent relationship with the older consumer.

Haute Couture is a prestigious element to the fashion industry, revealing exclusive, custom made clothing made to fit a specific customer. Back in its early days, right up until it’s departure in 2002, the Saint Laurent house was renowned for its iconic, classic Haute Couture designs. With Hedi Slimane communicating a possible return to the Haute Couture house, “it is a legitimate subject for Yves Saint Laurent and could resume one day” (Telegraph, 2013). Saint Laurent may want to consider bringing the brand back to its iconic routes of Haute Couture elegance targeted at the older consumer, whilst continuing the delivery of their rock and roll image. This will certainly achieve admiration and response from previous YSL customers, who aren’t relevant to the new brand image.

Following on from the ageing consumer trend, Saint Laurent may want to also consider consumer segmentation via a ‘multi segment brand’ approach. This will target not only the younger consumer for the ‘rock and roll’ image but also the older generation via more simplistic, elegant designs, segmented under a different category. This approach will be much like lifestyle brand Burberry’s, who offer a segmented consumer approach operated under 3 brands. By adapting product range and reaching a wider audience Saint Laurent will benefit from wider consumption and further growth opportunities.

A strategic approach to collaborate with other high-street brands will benefit Saint Laurent in terms of further product development (Jackson and Shaw), and an increase in positive brand recognition, broadening scope and thus growth. Saint Laurent would however have to undertake analysis of the high street market, ensuring the chosen brand represents them in a positive light, whilst also attaining relevance and alignment with the spirit of the brand. Potential high street brands could be Zara, who sit near to Saint Laurent (in terms of lifestyle) on the Perceptual map, who offer consumers similar rock and roll garments. Further exploration could unite Saint Laurent with The Kooples, who’s main core product is, like SL, the tuxedo suit, although this collaboration wouldn’t generate sales from high-street consumers.

Saint Laurent would benefit from a collaboration in terms of reaching a broader audience, thus generating sales and furthering profitability.

With these strategies in mind (and further strategies identified in SWOT) Saint Laurent will continue to see further expansion of the business on a global level, in terms of generating digital experiences and furthering international expansion and the opening of stores (see SWOT). Furthering product development and market development will seek the approval from a much larger consumer base, although Saint Laurent will need to ensure brand identity isn’t damaged by doing so. Thus in order for the brands strategies to succeed, a continuous analysis of the internal and external environment should be demonstrated, making sure the brand remains current and valid.

Appendix

1. YSL before rebranding and History

Founded in 1961 by Yves Saint Laurent, the Parisian fashion house is recognised worldwide as one of the most famous fashion houses to date. Ultimately the brand operated as a ‘Haute Couture’ house, until 1966 when Yves Saint Laurent became the first couture designer to create a ready-to-wear collection ‘Saint Laurent Rive Guache.’ Since then the YSL brand has been renowned for its “groundbreaking styles, iconic culture and artistic references,” (Kering, 2012) diversifying itself from any other luxury brand.

Originally YSL was renowned for its simple elegance and luxurious feminine structures, expressing purity and a powerful assertive women. Silhouettes were loosely fitted, however bold and sheek, a cross between masculine and feminine, oozing glamour and affluence. “A looser, more forgiving silhouette that moved with the wearer, rather than constricting or contorting it with girdles.” (Voguepedia)

2. Production is divided between Italy and France, where Saint Laurent own a historic workshop manufacturing ready-to-wear garments. As of 2012 the design studio was relocated to Los Angeles.

3. Hedi Slimane’s strategic ‘retrobranding’ method has presented many risks for the brand.RISK It’s impact on the brandConsumer disinterest Hedi’s decision to target a younger consumer

designing edgier garments corresponding with the new ‘rock and roll’ image, may provoke a disinterest from the target consumer, who may fail to click with the brand. Additionally the targeted ‘youthful’ consumer is now aged between 25-35, therefore a cause for concern may be that some simply cannot afford such expensively priced products.

Loss of core customer “Alienating YSL’s current core customer is a clear risk” (BOF, 2012)Upset was caused amongst the previous consumer (who ranged from ages 35-50), remarking on how the new image was ‘boring’, ‘confusing’, ‘too Chanel-esque’, ‘ridiculously stupid’, ‘senseless’ and ‘disrespectful to Yves’. (Mail Online, 2012) The style, fit and overall brand personality of the new ready-to-wear collection doesn’t correspond with the typical older consumer, thus are limited in what they can now buy. This poses a threat to the brand, who may lose consumer loyalty which has been built on by years of trust. The Saint Laurent brand currently faces confusion when it comes to the rebranding strategy and how it’s been perceived. They have failed to fully follow through on the decision to rebrand, with communication levels lacking conviction. The fact that certain product categories (bags, shoes and beauty) and social networks (Facebook and Twitter) still embody the YSL logo, demonstrates a lack in coherency. If this isn’t addressed overtime then Saint Laurent will begin to see a decline in brand equity, thus generating a loss in sales and consequently profit.

Loss of brand heritage Hedi Slimane is at risk of jeopardising the au-thentic brand heritage of the former YSL brand. The introduction of a younger consumer and the removal of the YSL iconic logo instantly goes against the previous brand routes, whilst introducing a ready-to-wear collection that critics and former YSL core customers deem as discourteous to the brands tradition.

Loss of core customer “It’s like bad Topshop!” (Cowles, 2013)“the collection seemed to stray from the house’s heritage, given that the prospective customer may be too young to remember (or care) what the so-called ‘codes of the house’ are.”(BOF, 2012)“the collection was a sucker punch to sophistication; a jab at the very meaning of luxury, a humorless impersonation of cool” (Givhan, 2013)In Slimane’s defence he has tried to ‘revolutionize’ the brand, and bring it back to its core routes “Slimane said he was drawing inspiration from 1966, when the ready-to-wear line was launched as Saint Laurent Rive Gauche”, (The Guardian, 2012) whilst also showing signs of designing garments like Yves Saint Laurent back in the 60’s era “a pink fur coat in Mr. Sli-mane’s show seemed a nod to a famous fox coat design of the early 1970s called the ‘chubby.’”(Cowles, 2013)He is also bringing back Saint Laurent to its rock and roll heritage that dates back to the 1970’s.

Reduced sales, slow growth and adverse financial affect

With the above risks causing potential concern for the Saint Laurent brand, the financial position will automatically receive an adverse effect. Reduced sales due to consumer dissatisfaction and disengagement with the brand will ultimately hinder revenue, thus decrease profits and stunt growth. To overcome potential threats Saint Laurent need to communicate their rebranding strategy with conviction and consistency.

4. Brand Identity Prism

Kapefer (1992) identified the Brand Identity Prism as a way of “capturing the complexity of brand identity and the concepts behind it.” (Posner, 2011, p149) He articulates the importance of assessing the internal and external attributes of a brand to ensure they are appealing to the target consumer and maintain competitive advantage.

YVES SAINT LAURENT : before the rebranding strategy

BRAND PHYSIQUE

BRAND PERSONALITY

BRAND CULTURE

CUSTOMERSELF IMAGE

CUSTOMERSELF REFLECTED IMAGE

RELATIONSHIP

SAINT LAURENT : after the rebranding strategy

BRAND PHYSIQUE

BRAND PERSONALITY

BRAND CULTURE

CUSTOMERSELF IMAGE

CUSTOMERSELF REFLECTED IMAGE

RELATIONSHIP

•Les Smoking dinner jacket•YSL iconic logo•Tailoring •Contemporary style

•Sexy•Glamorous•Affluent•Sheek•Elegant•Seductive

•Parisian•French routes•Feminine with a hint of masculinity

•Independent•Strong•Glamorous•Classic•Sensual

•Elegance•Sophistication •Utilitarian sheek •Audacity

•Strong independent women•Exclusivity through Haute Couture •Undeniable quality•‘Beatnik’ look

•Tailoring•Simplistic logo• Les Smoking dinner jacket•Grungy

•Youthful•Glamour•Luxury•Edgy•Sexy•Sheek chic•Punk

•Parisian•French routes•Feminine with a hint of masculinity

•Self assured•Edgy•Successful•Cool•Young•LA effortless•Freedom•Modernity

•Youthful rock and Roll•Confident•Prestigious

•Music related•Exclusivity •Undeniable quality•Hand made

5. Further Analysis on 4p’sPRODUCT Tom ford once stated the product as the ‘key’ tangible offered by a brand (Jackson and Shaw). It is ultimately the crucial path in the success of a retailer, thus must be positioned appropriately and affectively to ensure optimum sales and consumer satisfaction. Saint Laurent are positioned firmly in the luxury market (see perceptual map), primarily due to their exquisite French heritage of exclusivity, high brand quality and immense brand equity (see brand). “Luxury brands typically have a heritage that goes back many decades and to the turn of the twentieth century.” (Jackson and Shaw, 2009, p91) Producing high quality, fashionable products is vital in the success of Saint Laurent, whilst also creating a sense of belonging and lifestyle for their consumer base (see percept map). With their recent rebranding strategy focused on a much more ‘rock and roll’ image, the ready-to-wear collection has seen an instant change from 2011-present. Gone are the elegant, sophisticated and additionally much longer hemmed garments, with edgy, rocky and a hint of grunge in replacement.

In terms of the product portfolio, Saint Laurent infuse ready-to-wear for both men and women, whilst also offering a separate YSL beauty and fragrance website, owned by L’Oréal. The beauty category for the brand will rely on sales through aspirational customers form those of a mass market, whilst the ready-to-wear clothing, accessories and handbags will depend on sales mainly from the affluent. Early this year Hedi Slimane created a ‘permenant’ collection offered to consumers all year round. The collection includes classic, key items “Le Smoking, a leopard print coat, a duffle bag, crepe de chine blouses in black and white, a motorcycle jacket” (Farmer, 2013). The purpose behind the collection was to celebrate the opening of the Avenue Montaigne flagship store in Paris, whilst also retaining accessible core products that maintain yearly value and constant customer purchase. The creation of Saint Laurent’s permanent collection marks the

‘classic vocabulary’ (Sowray, 2013) of the SLP wardrobe, additionally seek-ing a key sales and profitability driver for the brand.

PLACEPlace is a key factor in the survival for Saint Laurent, also measuring how successful their rebranding identity is. As part of Saint Laurent’s strategic approach to globalise the brand and establish it’s revolutionized image, the opening of flagship stores has been developed in order to communicate the adaption of the new store concept. With sales growth in emerging markets increasing (20.8%) (Kering, 2013), an indication for the future determines the favourable effect the new image and store concept is having on a global level. The transition phase has however seen a meek 6.6% increase for retail sales in directly operated stores for the second quarter of 2013. This has however come as an approach to prioritise wholesalers with product option, rather then directly run stores.

6. Motivations for buying luxury goods for self by, by gender as of September 2011

As a treat/indulgence

For quality/craftsmanship

As a reward

Advanced technical features

For the extra features

To look good/impress others

To set myself apart from others

Keep up with latest design trends

To fit in with others

% internet users aged 16+ who have bought luxury goods

7. Luxury Statistics from Mintel

•”It is consumers at both ends of the age spectrum who associate luxury brands with exclusivity, with 63% of under-25s and 62% of over-55s appreciating that these items have unique, usually copyrighted, designs that cannot be reproduced by competitors. C2 consumers (63%) and people living in the Inner and Greater London area (62%) are also most likely to think that high-end items are exclusive” (Mintel, 2011)•”Under-35s (the core consumers of luxury items), men and C2s are most willing to pay the full retail price for luxury brands because they think their superior quality and features make the high price tags justifiable” (Mintel, 2011)

8. Further Financial analysis

2012:2012 posed as a successful year for Saint Laurent, with revenue (473 million) and recurring operating income (65million) up from previous years. This may have been benefited from the increase in store exposure, with 6 stores added between Japan and other Emerging countries (83 to 89). Sales were mainly generated from the brands ‘leather goods’ (with 44% revenue) and shoes (with 23% revenue), with ready-to-wear representing a mere 19% of the brands overall revenue. This was partially down to the rebranding strategy, where desirability for the brand had not yet been fully communicated. The region bringing in the most revenue for the brand was Western Europe (40%) and also North America (with 23%). In terms of retained profitability, Saint Laurent have been in negative numbers since before 2008. As retained profit is seen as the most beneficial means of finance (for the long term) Saint Laurent are indicating signs of possible bankruptcy, due to its long-term recurring loses. This has however been taken into consideration, which is reason for the rebranding strategy change. Although, Gross profit at the end of 2012 was plus 5,083,000, it had however decreased from the previous year, however cost of sales must be taken into consideration

(2011: 6,903,000 to 2012: 8,743,000) where an increase from the previous year indicates the funding for their revolutionized image. It was however optimistic to see turnover at its highest in the last 4 years (13,826,000 compared to 2011 12,759,000), signifying the successful consumer response in the rebranded image.

2013:The first half of 2013 report indicates a further successful response to Hedi’s rebranded image. With revenue at 255.3 million in the first half, compared to 223.5 million in the same period the previous year, highlighting a +14.2% increase. Furthermore recurring operating income showed positivity with a +10.1% increase up from the previous year. Growth was highlighted at 35.9%, representing the overall increased appeal towards the brand. Sales were all up in targeted countries, with growth in emerging markets representing 20.8%, whilst also seeing revenue increase 24.3% in the United Arab Emirates. Sales growth for ready-to-wear has improved significantly, along with leather goods making up two-thirds of the total sales figure. With gross operating investments reaching €30million it is clear to see the extent to which Saint Laurent want this rebranding image to work, which has been reinforced in the opening of another 15 stores (39 of which are now in emerging countries).

Financially speaking Saint Laurent are showing signs of progression and sustainable growth throughout their targeted regions. With sales and revenue up in the first half of 2013, compared to the same position last year, it will be extremely interesting to see if this continual development is consistent. Their rebranding approach has definitely benefited them for the better with positive indications spurring from all angles of the business.

9. Ageing consumer

“The human population is ageing at a truly stunning pace. Within 35 years, there will be more people alive older than 60 than there are people younger than 15. By the 2050s, well over one-third of the adult populations of Spain, Germany, Japan, Italy, and Russia will be older than 60. For the rest of the 21st century, the fastest-growing consumer group in the world will be people over the age of 60.” (ATKearny, 2013)

10. Further look at Saint Laurent’s Competition

DIRECT competing brand

Analysis

Balmain From it’s French historic routes to it’s latest ‘glam rock’ AW 13/14 collection, Balmain is certainly a contender SLP need to recognise. Structured shoulders, innovative suit designs and an overall edgy brand appeal competes largely with the Saint Laurent’s similar brand attributes. “It’s a bit brash, bold and big,” (Vogue, 2013) says leading fashion magazine Vogue, key words used to describe Saint Laurent’s current lifestyle image.

Burberry Garment aesthetics may not be entirely like the rock and roll Saint Laurent brand (although Saint Laurent retail an extremely similar trench coat), Burberry is a contender in terms of the lifestyle offered to its consumer. Campaigns offer a cool, edgy, youthful lifestyle, whilst involving music as a key brand value (much like Saint Laurent’s recent rock and roll music campaign.) The lifestyle offered by Burberry contends largely with Saint Laurent as both brands propose functional luxury, whilst using the same notorious model ‘Cara Delavigne’.

Versace/Versace Versus

Versace have recently introduced there ‘Versus’ collection, offered to younger consumers combining an edgy, rebellious look. Rock and Roll music is a heavily integrated factor, with aes-thetics involving leather, studs, shorter hemlines and grunge biker boots targeted at 20-35 year olds. With prices dramatically less in comparison to Saint Laurent, the brand will need to ensure communication dominates their similar targeted consumers.

Alexander Wang Alexander Wang’s latest SS 13/14 collection provides consumers with shorter hemlines and edgier wardrobe choices in terms of cropped tees, boxer shorts and buttoned up shirts. Collections always provide a sense of masculinity mixed with femininity, much like Saint Laurent’s designs. The lifestyle offered by the brand evokes an edgy city girl with a hint of retro rock.

Indirect competing brand

Analysis

Rag and Bone Rag and Bone’s identity very much corresponds with their British routes, emphasising on British heritage and classic tailoring with an edgy, yet modest New York aesthetic. The tailoring aspect offers modern suits for both male and females, creating competition for the Saint Laurent brand. The garments are timeless and simplistic, focusing on signature colours of black and white, corresponding with the brands urban appeal, much like Saint Laurent.

The Kooples The Kooples offer premium priced products located in the upper market. The heritage behind the brand provides consumers with quality embellished suits, something Saint Laurent are famous for. The Kooples have been recognised as ‘indirect’ competition, due to the pricing strategies and positioning of the brand within the market, as they don’t offer luxurious products.

11. The Product Life Cycle (Posner, 2011, p91)

As a result of financial difficulties in November 1999, Yves Saint Laurent was bought for $1bn by the Gucci group. The acquisition of YSL for the group was vital to ensure sustained financial success for YSL, whilst also permitting the brands to remain competitive in terms of the LVMH group. Within the same year the French multinational holding company, Kering Group, acquired full control of the Gucci Group, thus obtaining ownership of the YSL brand. In comparison to the other brands part of Kering’s portfolio, slowed sales and growth figures over the course of 2009-2011 illustrated foreseeable decline for the YSL brand, thus indicating the laggard stage.

Yves Saint Laurent were situated in the maturity stage of the PLC, where it’s current market positioning was saturated. Garment designs and inspirations were becoming dated and the renown brand was beginning to lose its appeal.

Since the appointment of creative director, Hedi Slimane, Saint Laurent have seen a shift in positioning on the PLC within the past 2 years. With 2013 symbolising a year of investment (encouraging the brand’s exclusivity, online distribution and communications) growth has been especially apparent, marking future change (Kering, 2013).

The Saint Laurent brand is currently situated in the growth stage of its cycle, where revolutionized strategic approaches have increased consumption and overall desire for the brand has strengthened. This is evident in the companies financial report with increased revenue and recurring operating income generated in 2012, with further confirmation of the revenue generated in the first half of 2013, 255.3 million (up 14.2% from the previous year). The second quarter of 2013 also provided “a clear demonstration of brands appeal, with growth coming in at 35.9%.” (Kering, 2013)

Ideally Saint Laurent should continue to grow. Expenditure needs to continuously be spent on advertising and ensuring the targeted customer is engaged, which should be completed with various methods of communication. By completing this successfully Saint Laurent will achieve competitive advantage over rivals and increase the brands overall equity.

12. Luxury Sector continued

Over the years the luxury market has seen slow growth, which has come as a result of the global economic crisis (PR WEB, 2013). This has however changed more recently due to the global financial turnaround and the decreased levels of inflation. With this comes augmented consumer confidence, thus consumer spending. The desire for luxury apparel has increased sufficiently over the years, even from those who aren’t wealthy and deemed ‘middle class’ (Bain & Company, 2013). The aspirational values that come from ownership of a luxury item have the power to create immense custom for the luxury market.

The desire for luxury goods has seen an increase due to high street stores losing their appeal, where in-store service and experience provided by the high street has weakened. The experience offered by the luxury sector however has strengthened greatly, with digital methods of communication becoming more effective and in-store experience benefiting brand appeal by adding value.

The luxury market has also benefited from emerging markets, such as the Asian Pacific, China and Brazil (Wang, 2013) where increased sales and consumption has led to increased growth. By developing luxury markets overseas, the luxury sector will continue to expand and thrive on international custom.

Tourism has been a vital tool in the growth of the luxury market (Bain & Company, 2013). UK tourism has increased a significant amount due to the price of luxury goods being increasingly cheaper (20/30%) for international shoppers (China and South East Asia). “Visitors from overseas spent £8.72bn in Britain in the six months to June, up 11% compared to the same period last year.” (SKY NEWS, 2013). The Chinese account for the highest spend on the luxury market and are said to spend 3 times more compared to any other na-tionality. “In the next five years, China’s luxury consumption is forecasted to increase to $14.6 billion , and become the largest consumer market for luxury goods” (Galloway and Mullen, 2013).

It’s vital luxury brands continue to target these overseas markets in order to sustain and develop growth, especially in terms of the emerging BRIC economies. The innovation and diversification for luxury brands is also vital in pursuing custom on a global level, ensuring goods are easily accessible and future growth economies are targeted.

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