The CEO decided that there was a niche for the brand between other labels such as Gucci, Armani in apparel, Coach, and Polo Ralph Lauren. They therefore had to establish its market position by focusing on a particular bracket and a particular price point. They knew they did not want to be at the cutting edge of the fashion industry. They knew that they did not want to just be classic since other brands were already being classic. They wanted to represent accessible luxury. They were separated from other brands by their functionality. Their products were functional as well as aspirational. They did a survey of the market to identify the gaps. They also figured out their need to position themselves while remaining true to their core values.
Case notes of Bravo’s elevation of the company
The success of the brand was elevated by the experience of the CEO. They had a goal to transform the brand from a tired outerwear manufacturer to a stylish, innovative and aspirational luxury lifestyle brand. The team that made up the management was highly qualified and had experience. The selection was based on people who knew where the gaps were, who knew what it took to succeed in a retail environment, who knew what price points people wanted and who knew what the customers wanted. They spent so much time redirecting things. This means that they had to redirect everything from revamping the company’s product line to overhauling the company’s distribution strategy. The result of the redirection was the fact that the brand was considered as the leading luxury brand across the world. They had a goal to maintain cachet and currency of the brand while expanding distribution and entering new product categories. This shows how the company was elevated to success.
Burberry’s customer base and its target customers
The customer base that has been established by the brand is wide. Its products range from women wear for men wear as well as accessories. The target customers now are the youth or the younger people. Dressing the youth is challenging as their needs are changing by the day. The company is therefore doing a research to be able to predict their needs and hence manufacture products that fits their tastes and preferences. The brand is widely recognized even in royalty. The inclusion of celebrities and the use of the products by celebrities has been a great boost to the brand. The brand is now widely recognized and especially because their products are accessible. Its customer base is established across the world.
Burberry’s competitor brand is a Giorgio Armani Company that is an international Italian fashion house. It designs, manufactures, markets, distributes and retails its products and accessories. The brand is synonymous with high fashion. The name is highly prestigious in the fashion industry. It is a high-end label that specializes in women and men’s ready-to-wear, perfumes, glasses and cosmetics. The company has realized wide recognition around the world. It has ventured into other fields such as hotels and resorts and cosmetics. The target customers are men, women as well as children. The brand includes a collection of women and men’s apparel. Its key success factors include the distinctive products it has and the involvement in other ventures. It is also involved in quality cheap fashion.