From Haute Couture to Street Fashion - Essay Example

From Haute Couture to Fashion Street --- Prajakta Kanegaonkar Fashion industry is the sixth largest industry across the globe. The dynamics of this industry have mesmerized and will continue to do so for the people who belong to this world of creativity. Even for those who are not the direct participants in this industry it continues to play a part in their everyday lives. High end fashion is by definition that world of fashion where the labels are absent, the style is missing but still it can provide for the appetite of the people who want to look fashionable, trendy and above all stylish. Considering and studying the possibility of a collaboration between this world of fashion and the diametrically opposite world of brands and labels is the basis of this study. The target segment for this collaboration would be the college going and early jobbers in the population. The brand is termed as ‘IQ’ which literally means intelligence quotient, choice of today’s woman. The brand represents the value of respect to today’s woman of substance and also looks at educating a younger segment in the process in terms of style more than the volatility of fashion. This crowd can be converted into a loyal market base over a period of time for both the brands. The study concludes to believe the feasibility of such collaboration and the recommendation is definitely go ahead as both stand to benefit from each other considerably. Introduction Fashion evolves in itself and that too every 10 years then the question arises is that why does it need the support of effective marketing? The objective of this paper is to not only analyze the brand names but to tap the potential market of high end fashion stores by associating it with the label, the customer would like to buy. Hence we are consulting various perspectives of marketing in fashion industry especially the necessity of such collaboration between a high end fashion store and a designer label. Let us consider the perspectives of marketing in fashion industry in detail: 1. Fashion industry works on the imaginations and creativity of the creators. For a commoner in the society the desire to look good and acceptable by the surrounding society becomes a need which is regulated by the resources that are available. Marketing sets a trend to follow by all means and the second part concentrates on the individual’s own desires to be acceptable. 2. Promotion focuses on making the customer understand the company, its policies, objectives and values. For ex: If an organization is into designer diamonds ornaments, the brand should clearly state so. Every aspect of marketing mix should take this into consideration. The prices quoted, the designs of the ornaments, the packaging, and the customization of the ornaments, all these come under scrutiny while communicating the brand. If the company wants to portray its image in a certain way, then effective, clear and penetrating promotional strategies need to be prepared. 3. Fashion today also caters to every section and segment of the society. In such situation only marketing can help finding and reaching new segments and establishing the connection with the consumers. Considering this scenario let us have a look at the new brand that is created in the following pages. Creating and understanding various perspectives of the Brand Brand: IQ Theme: Fashion for the intelligent at a price you would love to pay Collaboration: Alexander McQueen and River Island Alexander McQueen popularly known as the most favorite “creative bad boy” of fashion coming together with a high end fashion street store like River Island is great going greater for the fashion lovers. Let us have a look at the strengths of these two to understand the collaboration in a better way: Alexander McQueen has won the many awards and accolades for the vibrant and youthful designs he makes. He is more known for classic cuts and patterns, vibrant and radiant palette of colors and theatrical shows. He heavily draws inspiration from life and refuses to follow any set norms of fashion industry or for that matter society. His designs are known for their punk modernity displayed. At the same time they can not be altogether discounted by putting them aside as too modern. They also follow the traditional lines in designing and are a beautiful blend of tradition and modernity. His clothes and designs appeal to everyone who have keen eye on fashion. And has huge fan following. He is a brand in himself. The buyer of his clothes not only purchases the garment but also the value he has created with it. River Island is a store which assures wearability of clothes along with style and that too in affordable prices. High end fashion is not distortion of fashion. There will always be a traditional line of difference between people who attend the shows and buy the labels and a huge crowd which wants to look stylish, chic and still afford to pay for the clothes they buy. For all such people the high end stores serve a great purpose. To understand the basic difference we also need to understand the financials of it. People who visit the McQueen outlet or store are working women. They are independent, earning and closely guard their independence. They have their own style and like to make their own choices. They are extremely brand and fashion conscious. They would buy McQueen label for the value it provides. On the contrary crowd which visits the River Island outlet is the one who has either parental support in terms of allowances or youngsters who have just started earning. The income they earn would not support buying of an highly expensive label but the desire to look good can be satisfied with purchase from an outlet such as River Island outlet , where it is not a cheap buy as well as the fashion becomes affordable. Considering these mindsets Alexander McQueen and River Island can come together to cater to a younger crowd who go to colleges and are early jobbers. The styles of his garments are very youthful, the colors used are very vibrant and the cuts are extremely elegant. Additionally his collection from the ramp is most often directly wearable. He himself thinks that fashion should last long and his garment should be such that it could be handed down from a mother to her daughter. He in term speaks about fashion being a long lasting thing rather than something that change with every 6 months. River Island proves to be an ideal outlet to promote this concept. Creating a style is different than creating fashion. Some things do not change even in a highly volatile fashion industry. For ex: Little Black Dress created by Coco Chanel. Similarly when Alexander McQueen and River Island come together a more permanent style is created rather than ever changing fashion. With this objective in mind both these fashion segments can come together and establish a series of product to cater to a younger female customers. Market segment to be considered for the brand: 1. Gender Segment: Female: Females are more conscious towards looking stylish, chic and good. They are also the ones who do not hesitate to spend money on a quality garment if it appeals to their taste and choice. Additionally they can identify with the rebellious styles and intelligence behind McQueen’s design. 2. Age Segment: Female: 18 – 25 years: They are young, vibrant and have the desire to look good all the time. They will absolutely want to go for a branded garment if they can afford to buy it. The garments could range from college wear to formal wear which is funky, trendy and yet classic. 4 Ps of marketing for the new Brand: 1. Product: The product should have the trademark of Alexander McQueen style and signature. His garments are flowing, elegant and have excellent cuts. Additionally he doesn’t shy away from experimenting which is a significant characteristic of the segment the collaboration intends to target. Also one need to consider that the age we are targeting is rebellious in nature and likes to make intelligent choices. This is also an excellent opportunity to create a dedicated fan following while educating the segment at this primary stage. Hence the brand image should concentrate on the factors as mentioned. 2. Place: River Island has 248 stores including 12 superstores. This makes the new brand extremely accessible and available. Additionally the McQueen outlets can also have a range specifically put up for this segment. 3. Price: Price is the prime consideration for this segment. The consideration for pricing is based on the concept of affordable fashion. 4. Promotion: For this particular segment the promotion could be done through the medium of college. Various road shows, college shows and youth festivals could have banners and sponsorships. There could also be runway shows for showcasing the range. Accessories and shoes could come with half price along with the garments. Schemes of this type could be advertised rigorously. When we design the marketing mix for this collaboration, then emphasis needs to be given on price and product, which hold the mass appeal. What does the Logo stand for? IQ represents for ‘I” taken from River Island and the signature ‘Q’ of Alexander McQueen. The colors chosen are black, white and hues of blue. Both the brands have black as their basic color. Hence the rim of the ‘Q’ is colored black. As per Indian philosophy all the colors merge into the divine white hence the basic color of ‘Q’ is white. The ‘I’ represents for an island. The blues that are used to color the ‘I’ represent the sky and the water. Both the elements generate the maximum colors possible in the universe. It is said that both the elements are used by the divinity to paint the world, hence all colors generate through them. The combination of ‘I’ and ‘Q’ also makes the acronym ‘IQ’ for Intelligent Quotient which is also the brand name. The logo represents respect for the independent woman of today who loves to love with her heart but when it comes to her decision and choices likes to go by the intelligence she has. Clothes with style and elegance is not a matter of looking good but she truly believes that there is much more substance to her than merely looking good. Conclusion As the store visit report indicates, the collaboration between a high street fashion store and designer having class as well as mass appeal seems a highly practical suggestion. The segment to be targeted is the one who strives to create its own identity and wants to be treated as intelligent equals. Hence the opportunity of reaching the masses through a well established chain of stores and with a brand especially created to appeal makes a good marketing mix in itself. Recommendation: A trial run of few exclusive designer garments can be put up at the Oxford street outlet by River Island. Initially these could be made available till the stock lasts keeping the inventory low. Later after analyzing the trends of demand the inventory could be stocked. Steadily these could also be made available in other outlets of River Island. The runway show also needs to be done in order to primarily advertise to the target segment that such a brand is launched. There could also be initial discounts on garments and a couple of free accessories to go with it. As this brand especially appeals to the female segment the value for money should be highlighted in the promotion. Alexander McQueen’s value addition needs to be highlighted in the promotions all the more. Both the collaborators can definitely go ahead with this idea. Illustration of the Logo Appendix (Kindly attach the retail visit document here) References: 1. http://fashionablymarketing.me/2009/08/marketing-is-not-a-drive-by-shooting/Post by Maria Ogneva, Director of Community 2. Chp.3 The Buying Cycle and Chp.8 Buying for Own Label Fashion Multiples, Fashion Buying, 2nd Edition, Helen Goworek, Senior Lecturer, Nottingham Trent University, 3. Chp. 1 Importance of Marketing, Philip Kotler, Kevin Keller, Abraham Koshy, Mithileshwar Jha, 13th ed, Pearson Education, Prentice Hall 4. http://fashionablymarketing.me/2009/12/year-in-review-our-best-fashion-marketing-posts-in-2009 5. http://www.alexandermcqueen.com/int/en/corporate/experience_03.aspx 6. http://www.fragrancex.com/products/_bid_Alexander--Mcqueen-am-cid_perfume-am-lid_A__brand_history.html 7. High Fashion Faces a Redefining Moment , By Cathy Horyn Published: September 10, 2009 - http://www.nytimes.com/2009/09/11/style/11fashion.html 8. http://womenshistory.about.com/od/chanelcoco/a/coco_chanel.htm 9. Ingrid Sischy (1998-06-08). "Coco Chanel". TIME 100 - The Most Important People of the Century 10. Part 1: The Production of Fashion Chapter 1: The Rise of the Designer Chapter 2: Making Clothes Chapter 3: Innovating Change Part 2: The Promotion of Fashion Chapter 4: Disseminating Desire Chapter 5: Fashion on the Page Chapter 7: Shopping for Style, Fashion, Christopher Breward May 2003,Oxford University Press 11. Chp. 2 Leadership of creativity, Big Ideas, Jonne Ceserani, Kogan Page, UK Read More