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- 1. “…an enviable reputation built on 90 years of exclusivity, quality, craftsmanship, and fashion authority…” gr oup 12 al an chen r ebecca l oo l i am coat es pet er w l l et t i angel t se
- 2. com pany over vi ew st r at egy i dent i f i cat i on obj ect i ves m anagem ent di ver si f i cat i on sour ces of com i t i ve advant age pet i ndust r y anal ysi s t ar get cust om s er com i t or s pet porter’s f i ve f or ces i ssues gl obal r ecessi on uni nspi r ed r unw ay i nef f i ci ent cust om r el at i onshi p er agenda managem ent (cr m ) r ecom endat i ons m r ecessi on-pr oof cl assi c l ooks concept ual i zed pi eces f or new col l ect i ons new i nf or m i on shar i ng cr m syst em at i m em at i on pl ent st r at egy i dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 3. 1920s 1980s 1990s 1950s 2008 st r at egy i dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 4. gucci gr oup: st r at egi c obj ect i ves #1 to ensure revenue and profitability growth of the group #2 to assign a specific role to each brand of the group so as to maintain consistency st r at egy i dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 5. Rober t Pol et A exi s B l abeau K en Lom do ar bar Gucci G oup r CEO CO O VP H an um Resour ces M m a Vi gl ezi o i m VP G obal l C m cat i ons om uni CEO CEO CEO CEO CEO CEO CEO st St r at egy I dent i f i cat i on i com C pet i t i ve Advant ages om advant i ndust r y I i I ssues r ecom endat i ons R m i pl ent I m em at i on
- 6. f r eedom w t hi n t he i f r am or k ew “t ake a cr eat i ve per son: you need t o set them free. but you also tell them, ‘do whatever you want, as long as you respect the brand’s dna, the clients, the market and the budget.” m m a vi gl ezi o, vp com uni cat i ons i m m st r at egy i dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 7. di ver si f i cat i on moder at e l evel of gucci br and makes up l ess di ver si f i cat i on t han 70% of gr oss r evenue r el at ed l i nked l i m t ed l i nks bet w i een st r uct ur e i ndi vi dual br ands val ue t hr ough oper at i onal r el at edness econom es of scope i cor por at e r el at edness st r at egy i dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 8. sour ces of com i t i ve advant age pet st r ong br and equi t y st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 9. sour ces of com i t i ve advant age pet i nf l uent i al desi gner s and i mpeccabl e cr af t sm anshi p st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 10. sour ces of com i t i ve advant age pet gucci group promotes sharing of knowledge among its various brands, capitalizing on specific expertise cost synergies are generated through centralized administration, sourcing, inventory delivery systems, increased bargaining power br oad di ver si f i ed br and por t f ol i o st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 11. sour ces of com i t i ve advant age pet f ashi on goods and accessor i es ar e m nl y ai sol d i n di r ect l y- oper at ed st or es w ch hi ar e desi gned accor di ng t o a speci f i c concept f or each br and, ensur i ng consi st ency i n t er m s of pr oduct di spl ay and ser vi ce qual i t y ar ound t he w l d. or cont r ol l ed di st r i but i on net w k or st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 12. t ar get cust om s w t hy, hi gh st at us, er eal f ashi on consci ous cust om s such as er cel ebr i t i es, af f l uent i ndi vi dual s, and busi ness peopl e st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 13. com i t or s pet ar m ani bul gar i bur ber r y f er r agamo her mes l uxot t i ca l vmh chanel pr ada r i chemont l uxur y tod’s st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 14. subst i t ut suppl i er buyer s es s •i m t ant por •m gi nal l y wealthy ar i nput s ar e customers could i nt egr at ed “trade down” t o •m e l oyal t o or (desi gn, m d-hi gh f ashi on i t r ends t han m anuf act ur i ng) br ands such as speci f i c •ot her i nput s coach, hugo boss, br ands ar e et c. •hi gh l evel of com odi t i es m •m or i t y of aj pow er (r aw cust om s st i l l er m er i al s) at w t hy enough eal •l ow l evel of •f ai r l y l ow power pow er porters five forces st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 15. pot ent i al com i t i ve r i val r y pet ent r ant s • very di f f i cul t t o becom a hi gh e f ashi on br and •t akes m any year s •qui t e com i t i ve pet t o devel op am ong l uxur y cr edi bi l i t y and br ands val ue •consum s l oyal t o er •ver y m ni m i al t r ends, not br ands t hr eat •si gni f i cant t hr eat porters five forces st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 16. pr obl em one gucci’s pr oj ect ed gr ow h r at e t f al l i ng f or t he f i r st t i m af t er e 4 year s of const ant gr ow h t cr edi t cr i si s st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 17. pr obl em t wo “many of the suits in the show…could easily hit the shelves of zara and h&m months before they get to gucci's boutiques. at first glance, there was nothing much about…that would make them stand out from fast-fashion imitators.” [wall street journal] uni nspi r ed r unway st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 18. pr obl em t hr ee • “the shopping experience has reached saturation in luxury. There are too many new stores and brands. If people don't like the experience they can go somewhere else or buy online." -cheryl mead • current system is limited • there is limited sharing of customer information between stores within the brand i nef f i ci ent cust om r el at i onshi p er m anagem ent st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 19. recommendation one: back to basics “w hen t i m get t ough, peopl e w es ant t hi ngs t hat ar e r eal and l ast i ng. bl ack i s cer t ai nl y r ef l ect i ve of t hat . I t 's what you can bank on, and i t 's t he m ost el egant col or .” nar ci so r odr i guez W ch t he Vi deo! at st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 20. creativity devel opm ent t r i angl e merchandising product development st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 21. Conceptual Runway Pieces recommendation two: conceptual runway pieces st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 22. for the less fashion-conscious out there…. st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 23. recommendation three: • only ask for basic information at first purchase • sales associates will then be able to add additional information to the customer profile through interaction with customer • adding to profile will be part of sales associate’s job and their name will be assigned to each update they write customer relationship management database st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 24. sharing across brands • front-end sharing – not recommended • it may ruin the individuality of the different brands and the customer perception that the brands are not owned by the same company st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 25. Implementation polet meets giannini to develop crm system discuss tailored crm implementation recession- system hire it consultants •training proof to find suitable •modification of collections supplier for crm employee incentives system new marketing collections team begins introduce more released revamping conceptualized campaign runway designs next three months three months to one year one year and beyond st r at egy I dent i f i cat i on com i t i ve advant ages pet i ndust r y i ssues r ecom endat i ons m i m em at i on pl ent
- 26. les questions?
Notes de l'éditeur
- IntroCompany History Agenda
- [Consider splitting each point onto separate slide and have full-slide backdrop image to tell story of Gucci’s history]*Transition* Polet brought to Gucci a new management mentality with a focus on business and profitability.
- In 1921, Guccio Gucci founded a leather goods and small luggage store in Florence, ItalyThe soul of Gucci is in the Made in Italy label. Florentine culture, Tuscan craftmanship,1950s, became a symbol of modern luxury by internationally expanding, opening its new stores in Milan and New York – under leadership of sons1980’s first runway show and became public limited companyUnder the leadership of Ford and De Sole, Gucci transformed into a not only a fashion sensation, but the European Company of the Year in 1998. It also went into a strategic alliance with retail glomeratePinault-Printemps-Redoute (PPR) and became a multibrand companyIn 2004, PPR took Gucci Group private and appointed Robert Polet as the new CEO – FridaGiannini Became the creative director of Gucci Gucci Group is committed to expanding its share in the fast-growing markets of Asia, where it recorded a 16.1% growth in 2005. At the end of the year 2005, 217 of its 426 directly-operated stores were located in this area. Over the next two years, 50% of the new Gucci Group store openings will take place in Asia
- Gucci Group’s strategy is based on three main objectives: ensuring revenue growth and profitability at Gucci Group, refocusing on the Gucci brand and assigning a specific task to each brand within the portfolio. The latter point strengthens the coherence of the multi-brand strategy.
- In order to implement its strategy, Gucci Group has overhauled its organisational structure. The Group has granted substantial autonomy, within specifi c guidelines, to the CEOs of the various brands who are now in charge of design, merchandising and all aspects of the operating and fi nancial results of their respective brands.Regarding the supply chain, Gucci Group takes care to guarantee exceptional product quality. To achieve this, it selects the very best materials and exercises very strict controls over production, whether in-house or by outside partners. Prototype development and the entire manufacturing process are monitored constantly for quality control. In addition, Gucci Group is making its supply chain more fl exiblein order to rotate its collections and replenish stocks faster during the season. The group also keeps a watchful eye on practices by the main competitors in luxury goods and other industries in order to stay on top in terms of supply chainPolet left the organizational structure of Gucci Group unchangedEach brand had its own CEO and operated independently, and Polet headed a lean central structure at the top that performed the back-office functions such as strategy, HR, finance, and communicationsBrands under the Group included:Gucci, flagship brand – Florence Heritage, Tuscan CraftsmanshipBottegaVeneta: classic leather goodsYSL: French high-fashion houseBalenciaga: urban fashion – “master of of us all” -Boucheron: JewellerySergio Rossi: Shoes and leather goodsAlexandre McQueen: Modern fashion – avantegardeStella McCartney: Environmentally and PETA friendlyBedat&Co: Swiss watchesTo manage all these brands, Polet uses a strategy called “Freedom within the Framework”
- The strategy of Freedom within the Framework involves encouraging each brand to act independently to take charge of its own profitability and creative direction, so long as they do not betray the brand’s DNAThis DNA refers to the individual brand’s identityIn the Gucci Group’s portfolio of brands, each one targets a fairly specific niche of the high-end fashion market so that as a whole, the Group can satisfy the entire fashion needs of their target customer baseHence, adhering to DNA serves 2 key purposes:1. Making sure that the brand stays true to its customer base2. Allows Group to carefully manage cannibilization between brands
- - Gucci Group’s organizational structure and Freedom within the Framework strategy falls under a Moderate Level of diversification with a Related Linked structure
- Gucci continues to focus on strengthening the values upon which its enviable reputation has been founded for its almost 90-year history: exclusivity, quality, made in Italy, Italian craftsmanship, and fashion authority. Setting it apart from its competitors, Gucci is able to claim a unique duality in its brand positioning pairing modernity and heritage, innovation and craftsmanship, trendsetting and sophistication. 3rd most valuable luxury brand-7.45 billion dollars after LVMH and Hermes (According to Millward Brown Optimor’s 2011 BrandZ study)Best selling Italian Brand Labelin the world (Gucci itself)Celebrities choose Gucci too – Brad Pitt, Christian Bale, Jessica Alba – A-list Made in Italy – exclusivity - and only sold through Gucci’s directly owned stores, lady gaga
- FridaGiannini – in 2007, ranked as 53 most influential people in the world, Alexander McQueen, Stella McCartney, BalenciagaHiring talented designers Creative and unique ability to use materials –crocodile skin , python leatherTuscan craftsmanship , everything is made in italyand its incomparable craftsmanship capabilities,Regarding the supply chain, Gucci Group takes care to guarantee exceptional product quality. To achieve this, it selects the very best materials and exercises very strict controls over production, whether in-house or by outside partners. Prototype development and the entire manufacturing process are monitored constantly for quality contro
- Gucci Group designs, manufactures and markets high-end luxury goods items, including ready-to-wear, leather goods, shoes, watches, jewellery, ties and scarves, fragrances, cosmetics and skincare products. The extensive product range is one of the Group’s greatest strengths. It is a source of organic growth and one of the main criteria for the acquisition policy conducted between 1999 and 2001.As a multi-brand group, Gucci Group has promoted the sharing of knowledge among its various brands, capitalizing on the specifi c expertise. The Gucci brand, which has a long-standing reputation in fashion, leather goods and accessories, has shared its in-depth knowledge with the other brands of the Group to successfully build the Group market share in the luxury goods industry. Gucci Group Watches manufactures its products in Switzerland and markets Gucci, BEDAT & CO and Boucheron timepieces worldwide. Lastly, YSL Beauté creates, manufacturesand distributes fragrances and cosmetics for Yves Saint Laurent, as well as fragrances for Boucheron, Alexander McQueen and Stella McCartneyAbility to target niche segments within luxury goods marketLow cannibalization across brands because of the unique image and product positioning of each one.Instead, cost synergies are generated through centralized administration, sourcing, inventory delivery systems, increased bargaining powerFreedom within the framework – empowers designers and managers of each brand to be accountable for not only innovation and creativity, but profitability as wellDiversification , freedom within framework, and decentralization all together makes it hard for other competitors to duplicate
- Management of brands and brand image is tightly controlled through the distribution network. The carefully controlled development of an integrated distribution network with a sound geographical basis has been a key strategic focus for Gucci Group. Fashion goods and accessories are mainly sold in directly-operated stores which are designed according to a specifi c concept for each brand, ensuring consistency in terms of product display and service quality around the world. The 426 directly-operated stores generated 54% of Gucci Group revenue in 2005. - global network -exclusivityGucci Group’s products are also distributed through a selected number of exclusive franchise stores, duty-free boutiques, department and specialty stores. The Gucci Group Watches activity markets its products directly through jewellery stores on most major markets, or through third parties. YSL Beauté focuses on locations which correspond best to its product prestigious image, marketing its products through subsidiaries in upscale perfume shops, department stores and duty-free boutiques.Tight relationships
- Target CustomerWealthy, high status, fashion conscious customers such as celebrities, affluent individuals, and business people
- COMPETITORS:ArmaniBulgariBurberryFerragamoHermesLuxotticaLVMHCHANELPradaRichemont LuxuryTod’s
- Liam’s Slides:Porter’s Five Forces· Buyerso More loyal to trends than specific brandso High level of power· Supplierso Important inputs are integrated (design, manufacturing)o Other inputs are commodities (raw materials)o Low level of power· Substituteso Marginally wealthy customers could “trade down” to mid-high fashion brands such as Coach, Hugo Boss, etc.o Majority of customers still wealthy enougho Fairly low power
- Liam’s Slides: Potential Entrantso Very difficult to become a high fashion brando Takes many years to develop credibility and valueo Very minimal threat· Competitive Rivalryo Quite competitive among luxury brandso Consumers loyal to trends, not brandso Significant threat
- -focus on classic pieces (little black dress) and wardrobe staples-try to convince customers a handbag isn’t just an accessory but an investment
- Vera Wang’s f/w 12 presentation considered the potential for sheerness to transform garments from a purely functional nature to a far more conceptual one. When a sheer vest and skirt are worn over a vivid tangerine bandeau and cycling shorts, are the latter foundation garments or are the former distant cousins of the veil? What garments are meant to be revealed, and what garments are meant to be concealed? Wang’s translucent layers deliberately left these questions unanswered, stimulating a dynamic “conversation” among pieces. In addition Wang, introduced two new pant proportions (a flare and a narrow winter-short) that worked to supply just the correct amount of wearability to this assortment.
- Show cases the designer’s skill