Shoe Buying Strategy for Bottega Veneta
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Made for a marketing class at SCAD Atlanta in the fall of 2020
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Shoe Buying Strategy for Bottega Veneta
- 1. BUYING STRATEGY PRESENTATION Marina Duarte Saadia Prof. Grace Kim FASM 245
- 2. OVERVIEW COMPANY OVERVIEW AND STRATEGY: Core Mission History Size of Business Number of on-line and offline stores Pricing Strategy Target Customer COMPANY’S COMPETITIVE ADVANTAGE Competitors SWOT Analysis AREA OF BUSINESS Buying Selection Percentage of Total Business TRENDS Macro Micro
- 3. CORE mission Inspired by Italian culture with a global outlook, the House is defined by a distinctly refined attitude. The House embraces a core philosophy of style, innovation and luxury, applied to a full offer for women, men and home. Discretion, quality, timeless design and craftmanship
- 4. HISTORY • Bottega Veneta translated as ‘Venetian shop • Established by Michele Taddei and Renzo Zengiaro • Founded in Vicenza, Italy in 1966 • In 2000 Moltedo hired British designer Giles Deacon to invigorate the fading brand • in 2001 Bottega Veneta was bought by the Gucci Group – Kering Group • in 2006 the company opened its own school, Scuola della Pelletteriamost famous item developed by the brand is the bag Cabat • Bags created with intessiato technique are still the signature of the brand.- takes at least two days to make • The company introduced the notion demi-couture • Now Bottega Veneta produces jewelry, furniture, eyewear and home fragrance • After Tomas Maier, in 2018: Daniel Lee as the new designer revives the brand as something completely new and exclusive
- 5. Business size Bottega Veneta’s Revenue in 2016 totaled 1,173 billons of euros 2nd most profitable of the kering group CEO: BARTOlomeu rongone Market segment: premium 2,900 employees Global revenue share of Bottega Veneta in 2019, by product category
- 6. Brand value* of Bottega Veneta from 1st quarter to 4th quarter 2018 (in million euros)
- 7. Number of stores Number of directly operated Bottega Veneta stores worldwide from 2013 to 2019, by region251 boutiques in 43 countries owned by Bottega Veneta, and their products are distributed across Europe, Asia, Australia, South America, and North America. “In September 2013, Bottega Veneta unveiled its first "Maison," within a historical building on Milan's Via Sant'Andrea. The 11,448 square-foot boutique is the first to house all of the brand's products, including its leather goods, men's and women's ready-to-wear, shoes, fine jewelry, eyewear, fragrance, luggage, furniture and home collections”
- 9. Pricing strategy • The pricing varies from 68 euros to 70,000 euros • Shoes and accessories start at 400 euros • Bags start at 1,400 euros • Seasonal sales can take up to 50% off • Customization is an option, but it can make prices multiply • Furniture and jewelry have the highest prices • Prices are competitive with similar brands • Fair pricing if quality, craftmanship and market are taken into consideration Luxury premium pricing strategy
- 10. TARGET CUSTOMER • High class men and women • Ages 20-50’s • Consumers focused on elegance and modernity • People open to changes • Early adaptors • Discreet • Value high quality products • Value craftmanship • Classic • Admire pieces that are only recognized by certain people
- 11. Competitor I SIMILLARITIES • Price range • Leather Goods • Pret-a-porter, couture and accessories • Target Market is extremely similar • Part of the Kering group • Quality of products • Craftmanship DIFFERENCES • Beauty product line • Use of public figure for advertisements • Known for its founder • Prices can be a bit lower • Use of a consistent brand image
- 12. SIMILLARITIES • Price range • Leather Goods • Pret-a-porter, couture and accessories • Target Market is extremely similar • Part of the Kering group • Quality of products • Craftmanship DIFFERENCES • Just launched the beauty product line • Use of public figure for advertisements • Known for its founder • Prices can be a bit lower • Use of a consistent brand image • Focus on generation Z and millennials • Investing in street style and diversity Competitor II
- 13. Competitor III SIMILLARITIES • Price range • Leather Goods • Pret-a-porter, couture and accessories • Target Market is extremely similar • Part of the Kering group • Quality of products • Craftmanship DIFFERENCES • Strong in beauty and skincare • Strong designer presence • Known for its founder • Prices can be a bit higher • Use of a consistent brand image • Focus on logomania • Known for the creation of the “new look”- very strong in the 60’s
- 14. Swot analysis Strengths • Known leather goods products • Great craftmanship • Unique technique • Growth rate • Profitable • Worldwide brand recognition • Innovation • Well prepared employees • Fresh designs Weaknesses • Dependent on leather goods • Recent change of designer • Completely new aesthetic • Easily copied designs • Unique shapes • Not as strong online presence • No beauty line Opportunities • Continuous expansion • Growth in emerging countries • Popularity among markets in the luxury industry • New vision and aesthetic • Popularity with public figures Threats • Strong competitors • Competitive market • Knock offs • Pressure against the use of amount of leather • Entry of new names in the market • Completely revolutionary new designer
- 15. Area of Business Shoes (8% of total revenue = 138,4 millions of euros)
- 17. Trends Macro Micro • Sustainability • Fashion Technology • Innovation • Rise of K-pop influence • Popularity of nostalgia • Vintage style • COVID – 19 • Luxury Market sales decrease • Industry is paused • Asian market in shock • Europe completely shut down • Vintage trends • 90’s and 2000’s • Minimalism • Quality and craftmanship • Nostalgia • Quilting • Statement pieces • Shoulder bags • Squared shaped toes shoes • Gold color for metal details • Solid colors
- 18. 6 Month buying plan
- 19. February product assortment The products that we believe will sell the most are the Almond Boots and the BV Spiral Sandals because these items are basic, come in neutral colors and are timeless which means that can be worn for a long time and won't be affected by new market trends.
- 20. March product assortment Our major product for the month will be the Bloc Boots since the weather in March is still cold and oranges are the trend of the moment. From the selection above is the most basic item and it has a classic look to it which means it won't be directly affected with the new trends. The second is our famous flat Padded Sandal that comes in multiple colors and still has that classic and modern look.
- 21. April product assortment Having the BV Curve Sandals as our biggest bet for the month is due to the fact that is one of our bestsellers in the shoe section and it is an item that has a very well known bottega look. It has also been a success with public figures during the Fashion Weeks in Europe.
- 22. May product assortment For the second consecutive month we are having the BV Curve Sandal as the main item but this time with a twist and a metal detail. The item also comes in neutral colors and it has the signature Bottega Veneta leather design look. We are also investing in the Padded Bloc Pumps which is our newest launch and it has a basic structure with the Bottega touch.
- 23. JUNE product assortment Bottega Venetta sneakers are mainly famous for men section and June would be the month to promote the women sneakers. The black sneakers are our biggest bet since it is a neutral color and it is made of a resistant material that can be worn for a long time. I
- 24. JULY product assortment July is summer and nothing fits summer better than flat sandals and our biggest bet is the BV Lido Flat Sandals which comes in various colors and it has the known Bottega Veneta leather design.
- 25. Marketing Plan:
- 26. Marketing Schedule: February: Vintage is the new trend Week 1 Week 2 Week 3 Week 4 Magazine Cover and Article about how the Vintage is back and how bottega is promoting that +launch of new monthly collection on Instagram and twitter posts Live on Social Media with Daniel Lee and a BOF representative + new ad campaigns Launch of the new season displays and partnership with Instagram profile @newbottega Event with fashion influencer Chiara Ferragni and Twitter week
- 27. Marketing Schedule: March: Sunset Boulevard Week 1 Week 2 Week 3 Week 4 Facebook Week with Influencer Aimee Song + Launch of the new promotion (shoes + perfumes) Instagram week focused on landscapes with Bottega’s products #bottegaparadise – best 50 pictures will be posted on bottega’s Instagram stories Meditation virtual class + Article on Bazaar Vitual tour of the Bottega Headquarters + workshop of how to take pictures with the right light
- 28. Marketing Schedule: April: 90’s Week 1 Week 2 Week 3 Week 4 Free online access to 90’s movies like Clueless and 10 things I hate about you + Instagram surveys on the assortment for the month Article on Vogue + Event with Leonie Hanne Daniel Lee takes over brands Instagram profile for the week and gives daily tips on how to make your bottega item look like 90’s Conversation with Vogue Italy styling director on Youtube
- 29. Marketing Schedule: MAY: Contemporary Art Week 1 Week 2 Week 3 Week 4 Instagram Live with contemporary artist Wei Wei and how art has to do with fashion + Facebook posts about products assortment of the month Vanity Fair Cover + Twitter week Limited edition Boxes for selected footwear items designed by contemporary artist Takashi Murakami Facebook Contemporary art week: posts about the best contemporary museums in the world
- 30. Marketing Schedule: June: Touristing in Milan Week 1 Week 2 Week 3 Week 4 Facebook post on the must visit places in Milan + #Bvmilan for pictures in the city with Bottega items Instagram Live with Singer Andrea Bocelli + Article on Elle Virtual tour of the atelier on Youtube for VIP clients Daniel Lee responds questions from costumer on Instagram Live and gives talk about his favorite places in Milan
- 31. Week 1 Week 2 Week 3 Week 4 Virtual tour with Daniel Lee in. vineyard in Sicily on Youtube #Sicilianbottega on Instagram and the best picture on the beach will be posted on bottega’s profile + will win a perfume Artist in Milan store will be painting item with lemons and other things that are characteristic of Sicily Facebook Sicily week with tips from the region and places must be visited Marketing Schedule: JUly: Sicily Memories