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Retail Management, Michael Kors

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Retail Management project choosing a selected store of our choice and analysing it in order to propose new ideas to better it so that it can compete alongside it's competitors

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Retail Management, Michael Kors

  1. 1. Rachael McGowan Level 5 Fashion Marke6ng Retail Management
  2. 2. TABLE OF CONTENTS 1. MICHAEL KORS 4. BRAND DNA 6. DISTRIBUTION 7. TARGET DEMOGRAPHIC 8. COMPETITORS 2. ONLINE PRESENCE 12. SOCIAL MEDIA 13. MICHAELKORS.COM 14. DESTINATIONKORS.COM 3. MILAN STORES 23. VIA DELLA SPIGA 24. CORSO VITTORIO EMANUELE 25. A COMPARISON 4. CORSO VITTORIO EMANUELE 28. ABOUT THE STORE 29. SWOT ANALYSIS 31. RETAIL MIX 32. PROPOSALS 5. RETAIL STRATEGY 34. RESEARCH 36. OVERVIEW 37. THE CONCEPT 10. BUSINESS GOALS 6. EXECUTIVE SUMMARY 7. REFERENCES 49. BIBLIOGRAPHY 51. LIST OF ILLUSTRATIONS 20. SUMMARY 47. EXECUTIVE SUMMARY 2
  3. 3. 1. MICHAEL KORS BRAND DNA DISTRIBUTION TARGET DEMOGRAPHIC COMPETITORS BUSINESS GOALS
  4. 4. DNA Michael Kors luxury collec6on and MICHAEL Michael Kors accessible luxury collec6on. The Michael Kors collec6on was first launched in 1981 reflec6ng the pinnacle of luxury which is carried throughout most of retail stores as well as luxury department stores. The MICHAEL Michael Kors collec6on was launched in 2004 a_er iden6fying the opportunity to capitalize on the brands exis6ng strengths and the significant demands for accessible luxury goods, it is also targeted at a younger demographic who “appreciate luxury goods but aren’t rich yet”. He has also won mul6ple awards such as CFDA Women’s Fashion Designer of the Year (1999), the CFDA Men’s Fashion Designer of the Year (2003), the ACE Accessory Designer of the Year (2006) and the CFDA Life6me Achievement Award (2010) (phx.corporate: 2014) 4
  5. 5. Michael Kors is recognized as one of America's pre-­‐ eminent designers for luxury sportswear and accessories. The company's heritage is rooted in producing polished, sleek, sophis6cated American sportswear with a jet-­‐set aktude. Michael Kors operates a network of retail stores in premiere loca6ons throughout the world, with flagship bou6ques located in New York, Beverly Hills, Chicago, London, and Milan. Michael Kors also stocks in a number of Luxury fashion department stores with a combined figure of 489 loca6ons worldwide. (phx.corporate: 2014) Vogue.co.uk : 2014 5
  6. 6. MichaelKors.com : 2014 DISTRIBUTION Michael Kors is stocked in 521 stores globally therefore giving it the advantage of amainability. The appeal of Michael Kors is a result of there distribu6on methods, they have opted for a direct approach therefore allowing all of their stores and concessions to be completely controlled by them, therefore allowing them to have full access to what they sell where and when and in what colours and styles. This direct approach is something that a lot of luxury retailers use in order for them to have complete control over their company. (MichaelKors.com: 2014) 6
  7. 7. TARGET DEMOGRAPHIC 82% of Michael Kors audience are Female 36% of Michael Kors Audience are aged between 26-­‐35 Sta6s6cs show that Michael Kors audience’s top three interests are Fashion, Art and Music Sta6s6cs via PeekAnaly6cs : 2014 These sta6s6cs show that the core audience for Michael Kors are female and the majority of these are young. Whilst Michael Kors is a luxury company they can also be considered as affordable and amainable which is one of the main reasons as to why they’re audience is a younger consumer. It also states their core interests of Fashion, Art and Music which is something that Michael Kors should consider within the delivery of their products and stores. 7
  8. 8. COMPETITORS Here you can see the anaylsis of the compe6tors. Burberry is the compe6tor with a higher price point, therefore you can see how their prices range, the same applies for them with customer interac6on and also store as they are very technological based aswell as modern keeping in line with their ever growing customer. In comparison to this we have Michael Kors who exceed in certain areas such as product but fall behind slightly when it comes to environment (in terms of store) and also store (in terms of appeal) – these two aspects are sec6ons that Michael Kors could work on in a way to represent their target customer to it’s best poten6al 8
  9. 9. BUSINESS GOALS In its last reported quarter, Michael Kors' management team said that it had a few goals for the end of 2013. First of all, it was looking for a strong showing from its watches over the holidays. That's good news for Kors investors as well as Fossil (NASDAQ: FOSL) investors. Fossil has been the exclusive licensee for Michael Kors' watches since 2004, and the jewelry licensee since 2010. With Kors' watches making up more than 10% of all of Fossil's revenue, this product's success over the holidays will mean a lot to both companies. The second priority for the end of 2013 was to increase the sale of small leather goods. The company is hoping to increase those sales to eventually represent 10% to 15% of retail store sales. That's a plan to keep customers coming through the door, which should hopefully keep comparable-­‐store sales high as well. Last quarter, comp sales increased 45%. Due to this, investors should expect that year-­‐over-­‐year comp sales will have tapered off at the end of the year. Management was expec6ng mid-­‐20% growth for the end of 2013, due to the fact that the company posted such huge growth the year before. As a result, the earnings release that comes out next week will likely show more subdued growth. (Business Goal’s taken from Marder via Fools.com: 2013) Also they want to create a coherent brand concept on all level from online to instore by using their key factors of innova6on which can be perceived online through the website and Des6na6on Kors (Business Goals taken from Fools.com – Michael Kors Holdings LTD: 2014) 9
  10. 10. 2. ONLINE PRESENCE SOCIAL MEDIA MICHAELKORS.COM DESTINATIONKORS.COM SUMMARY
  11. 11. SOCIAL MEDIA Facebook: 2014 Twitter: 2014 Instagram: 2014 Here you can find detailed their current social media sta6s6cs, as you can see they have a huge following for their online social presence genera6ng an even wider awareness. This idea of crea6ng an online persona helps them to generate ‘hits’ without sales and s6ll therefore crea6ng a wider brand knowledge. Due to their large following on these websites it enables them to interact and engage with their fans, therefore this is something which they can promote or perhaps translate within their stores. 11
  12. 12. Michaelkors.com: 2014 MICHAELKORS.COM MichaelKors.com showcases the passion and the inspira6on behind the brand as well as offering notes which they have 6tles ‘Michaels Notes’ making it seem more personal. Their website integrates the interests of their consumers through the likes of Art and Music and 6es in their key styles as well as integra6ng their e-­‐commerce site. Their online presence is one of their strongest factors as it appeals to a younger audience and brings in a more playful aspect which can’t be seen or isn’t displayed as well as it should be in stores. 12
  13. 13. DESTINATIONKORS.COM DestinationKors.com: 2014 Des6na6on Kors acts as a type of blog and inspira6on hotspot for the company. It allows the customer to understand the behind the scenes roles of the brands aswell as update them on new projects or engage them with their traveling and campaigns. This is a great way for them to truly understand more informa6on about the brand without having to search through other sources. It also connects the brand to the customer and vice-­‐versa. 13
  14. 14. DestinationKors.com: 2014 Fame Frame focuses on celebrity style involving the Michael Kors brand, it allows customers to gain inspira6on from the different celebrity spokng’s so that they can understand how certain items can be styled. It also allows them to look at their inspira6ons making the brand again more relatable to them and creates the idea of being able to achieve this celebrity style or look. 14
  15. 15. DestinationKors.com: 2014 Travel Diary focuses informing their customers about the various ci6es and des6na6ons which have inspired them throughout the journey to the collec6on looking at various different loca6ons and also the different findings of the loca6on. It en6ces the customer and allows them to believe that they too were on the trip exploring the different loca6ons. 15
  16. 16. DestinationKors.com: 2014 The runway sec6on of their site breaks down the different aspects of the collec6on from close up detailing to back stage informa6on. It adds quotes from Michael Kors about the inspira6on allowing you to understand his thought process throughout the en6re journey, from start to finish. This is a perfect way for customers to engage and interact with the brand on a much deeper level. 16
  17. 17. DestinationKors.com: 2014 Michael’s channel is an area specific to the inspira6on of the man behind the brand. It focuses on the key factors and must haves for the season which he has picked out especially, whether that’s an ad-­‐campaign, a video or even a specific item, it is personalised each season so hat his customer knows more about him. It allows him to truly share his feelings on the season which is deeply appreciated by his fans. 17
  18. 18. DestinationKors.com: 2014 #WATCHHUNGERSTOP This sec6on is one of the core and most important sec6ons of des6na6on kors. Watch Hunger Stop is a collec6on that has been designed to aid those in need, it focuses on a collec6on of watches and each watch bought is enough to fund 100 meals. This kind of charity work and depth is something that truly resonates with customers and allows them to emo6onally get involved with a brand. 18
  19. 19. SUMMARY From this we can gather that Des6na6on Kors is a huge area for Michael Kors. It is a plasorm which allows them to interact fully with their customer sharing interests of fashion, music and travel. These aspect appeal most to the customer due to the concept of being able to invest yourself within beau6ful imagery. As a customer you want to feel like you are a huge part of the full process and feel that the brand is communica6ng all aspects of this with you. Des6na6on Kors appeals mostly towards a fashion enthusiast yet it has aspect on it, such as travel, that can appeal to a wider customer – it focuses on not just the fashion pictures but also the core informa6on that the customer would want to know about shows and inspira6ons and therefore allows them to understand the process of the collec6ons from season to season. Aswell as part of the Des6na6on Kors sec6on you also have all the informa6on about the #WatchHungerStop which is an aspect of their brand which they have publicised throughout their main website. This kind of brand interac6on is something which consumers want to be included in and by displaying all the informa6on needed on this sec6on of their website it allows them to make an informed decision. Also #WatchHungerStop is an area which has allowed the to broaden the range of watches which they offer again adding an extra appeal to the cause. 19
  20. 20. 3. MILAN STORES VIA DELLA SPIGA CORSO VITTORIO EMANUELE A COMPARISON
  21. 21. MichaelKors.com: 2014 21
  22. 22. VIA DELLA SPIGA Via Della Spiga is the loca6on of one of the two stores situated in Milan. This store is tucked away behind the busy shopping area of Montenapleone, located within the golden square. The surrounding shops are Dolce & Gabbana and Tiffany & Co. with Prada, Hermes and Fendi just around the corner. This is prime loca6on for this store as it is surrounded by designer shops and amracts the right type of customer to the area. However that being said it also could be classed as a flaw due to the fact the shops surrounding are of a high price point therefore the store could get overlooked in comparison to these. Inside the store you have handbags and accessories on the first floor as you walk in with stairs following going downstairs to women’s clothing and shoes as well as addi6onal handbags. The store layout is small yet clean so that all products are gekng properly displayed without anything being cramped. The staff within the store are very polite offering water and coffee upon entry and allowing you to browse the shop whilst offering their assistance and opinions when needed. They also are very comfor6ng to the clients needs offering to source bags from different loca6ons or offering to ring up and put a bag on hold from the other Michael Kors stores and concessions within Milan. Overall the staff within this store are very amen6ve making the experience pleasurable and enjoyable giving the customer an excellent first impression and making them therefore want to go back 6me and 6me again. The loca6on of the store is beau6ful as it isn’t busy and creates the perfect atmosphere for shopping and also browsing. Within the store the staff don’t pressure you to feel like you have to buy something as well as not judging the client if they may not fit the specific criteria of the brand, all people are welcome within the store. 22
  23. 23. CORSO VITTORIO EMANUELE This store differs drama6cally in comparison to Via Della Spiga. The store is located just behind Duomo and therfore is surrounded by some of the largest number of tourists in comparison to Via Della Spiga. The streets outside are crowded and cramped with tourist traffic perhaps corrup6ng the en6re shopping experience. Once entering the store you are greeted by a security guard and this is then where the gree6ng stops, unlike at Via Della Spiga where you are treated to feel welcome, here you are treated to feel as if you aren’t unless you fit their specific criteria. The staff in addi6on to this do not go above and beyond their roles in order to sa6sfy their customer but merely stand around in groups and chat amongst themselves allowing the customer to aimlessly peruse. The store is considered as their flagship store yet there isn’t any key differences between the store layout and design at Corso Vimorio Emanuele and Via Della Spiga. Both stores have two floors, the layout being almost iden6cal in terms of product placement. The key difference in terms of display is that they feature rails for their most popular bag. Displayed cramped on a rail this style resembles the way that high street shops would display their bags. The store is only a small store and doesn’t offer a lot of space yet they have a lot of merchandise on display making it difficult to focus properly on the products as you end up feeling bombarded by products, colours and sizes. The shelving is also cramped with bags stacked behind bags therefore harnessing the view of the product. Overall this store doesn’t have any dis6nct differences in order for it to gain the worth 6tle of Flagship store. The store only opening in 2013 therefore allowing it 6me to work out any kinks in the process and allow them to clean the store up slightly however overall the store was a disappointment considering it’s loca6on and the surroundings. 23
  24. 24. vs Pros Staff are a lot friendlier and a lot more willing to help with products and service Just off Montenapoleone so could generate a higher end of customer and consumer Cons Limited Stock Not a lot of brand history or concept iden6ty Pros Popular and tourist loca6on A good sized store without being too over whelming Cons Staff didn’t seem willing to help or offer alterna6ves for products. Welcomed when you first enter but staff were stood about talking rather than helping customers. MICHAEL KORS MILAN SPIGA Via Della Spiga 8, Milan, 20121 P: 39.027.634.1381 MICHAEL KORS MILAN EMANUELE Corso Vittorio Emanuele Angolo Via Galleria San Carlo Milan, 20122 P: 39.027.341.378 24
  25. 25. 4. CORSO VITTORIO EMANUELE ABOUT THE STORE SWOT ANALYSIS RETAIL MIX PROPOSALS
  26. 26. MarieClaire.it: 2013
  27. 27. ABOUT THE STORE The store opened in 2013, the second Michael Kors store to open in Milan. This store was taken to stand as the flagship store due to it’s prime loca6on and high tourism traffic that it will generate. The store is surrounding by not only history and and beau6ful architecture of the city but also the golden square, Milan’s main shopping district. The reason than I have chose to create a new retail strategy for this store is due to the fact that it doesn’t have any dis6nct features that make it more appeal than the store on Via Della Spiga which is in a quieter area and located just minutes away from the centre. Due to it being a flagship store it should have an aspect to it that the other stores don’t, it should draw in the customer and appeal to them more than what it currently does, Due to the fact that it has only been open since 2013 means that it could s6ll be undergoing changes making this the perfect opportunity to adapt certain aspects of the store so that it can evolve and grow in order to benefit not only the brand of Michael Kors but also the customer. 27
  28. 28. STRENGTHS Products ranging from €40-­‐€10,000 is reflected clearly by their broad customer base. Heavy focus on accessories as they are their key sellers, this is showcased on the first floor as you walk in, amrac6ng amen6on as your walk by. Prime loca6on just behind Duomo which amracts a lot of tourists. WEAKNESSES The store itself doesn’t showcase well where the brand is at at the moment or the future, it offers a brand which doesn’t relate to that of Michael Kors. Staff also weren’t as helpful as the staff in Via Della Spiga, just a short 5 minute walk from this loca6on. A small selec6on of product with a heavy focus on bags, clothing is then downstairs with no amen6on in terms of staff or showcasing this. ! ! Unadonna.it : 2013 28
  29. 29. OPPERTUNITIES Development of atmosphere within the shop, there audience is interested in art & music also so this could be brought into the store experience like how it has been integrated on to their online world. They could showcase adver6sements & lookbooks as well as new ar6sts & musicians making the shop more interac6ve with the consumer THREATS Threat of Via Della Spiga store as the staff is much more welcoming and helpful and only a short walk away. In comparison to the likes of Burberry who have a focus on art & music they don’t offer much insight like they do on their website and are falling behind in terms of promo6on for this. Small screens used to showcase runway show but in a poor quality, again the likes of Burberry have a much bemer atmosphere for this Rachael McGowan: 2014
  30. 30. RETAIL MIX The pricing within this store is no more than what the product would be anywhere else, it combines both Michael Kors and MICHAEL Michael Kors giving both luxury and accesbility which 6es in the brand ethos and DNA. The product focuses mainly on their leather goods and jewellery with fewer items of clothing in comparison which is something that could be considered or showcased more. The Loca6on is key as it just behind Duomo offering a lot of tourist traffic so in order to generate more people into the store they could consider higher forms of promo6on or maybe even more cap6va6ng displays to draw in the audience. The product is displayed clearly and enabling you to view everything however it isn’t set out with the new stock to the front etc ad also the classic styles rather than being displayed on shelves are displayed on a hanging rack which makes them appear cheaper. Promo6on of the brand can be seen throughout the city with a lot of billboard adver6sements as well as magazine and newspaper however this isn’t specific to this store MichaelKors.com: 2014 30
  31. 31. PROPOSAL To create a much more atmospheric experience involving art and music To showcase inspira6ons and portray their brand personality Have a wider focus on the Ready to Wear collec6ons and their clothing rather than sole focusing on their leather goods and jewelry Staff should have more presence and brand knowledge as well as more informa6on regarding stock and new products Staff could be more amen6ve A separa6on of Michael Kors and MICHAEL Michael Kors Have some look books present in store to showcase new collec6ons and to keep it in with the season rather than just having a reoccurring ‘look’ each season Use visual merchandising to demonstrate interests of art and music as well as new RTW collec6ons MichaelKors.com: 2014 31
  32. 32. 5. RETAIL STRATEGY RESEARCH OVERVIEW THE CONCEPT
  33. 33. MCQ FLAGSHIP STORE, DOVER STREET, LONDON The McQ flagship store bursts with innova6on and modernity. The store features an interac6ve table which allows customers to search, see and share past McQ shows and catwalk looks, or control the imposing video wall in the store's entrance. Floor-­‐ length mirrors include inbuilt cameras -­‐ enabling customers to take pictures of themselves trying on clothes, which they can then email to their friends. It is a three-­‐storey bou6que featuring both men's and women's wear pieces -­‐ with some of the most spectacular designs from the brand’s London Fashion Week show debut on display. The store focuses on an emphasis on texture and luxury to create the perfect shopping environment. This store encapsulates the innova6on of the brand and features new aspects to engage the customer. (Vogue: 2012) Vogue.co.uk : 2012 33
  34. 34. BURBERRY FLAGSHIP STORE, REGENT STREET, LONDON The Burberry Flagship store combines the label's physical and digital achievements. Designed to reflect its website, the impressive 44,000 square-­‐foot space is divided into rooms that mirror sec6ons from its online counterpart -­‐ such as Bespoke, Acous6c and Experiences. Burberry use the flagship as an events and innova6on hub, as well as the ul6mate shopping des6na6on, with a huge screen where they live stream their catwalk shows and use is as a permanent stage -­‐ on which Burberry's pick of the best music talent will perform one-­‐off gigs. (Vogue: 2012) The store acts as a museum for the brand, it focuses on the display of the product and how the customers percieve this product. It is the perfect display of their online store and the innova6on that is represented within this. Vogue.co.uk : 2012 34
  35. 35. OVERVIEW To further the development of the Michael Kors flagship I want to incorporate some of the core aspects of their website so that customer interac6on and engagement can be generated. I want to focus on the concept of the ‘Des6na6onKors’ sec6on so that they can establish a strong brand presence and con6nuity. As it stands now their stores do not correlate with their online website and this is something which can break up a brand. A strong iden6ty needs to be perused on all plasorms which it currently is not. By focusing on showcasing their online presence in store it will amract new customers and allow them to interact fully with each other. I want to do this by involving the concept of an interac6ve screen that will feature the ‘Des6na6onKors’ aesthe6c with some of their core feature, this will allow customers to come into the store and interact and engage with the brand without having to worry about the brand pushing them into buying something. It will display consumer interest and hopefully generate a much more coherent environment. In addi6on to this staff will be fully knowledgeable on all aspects of the brand and the website/Des6na6onKors so that they can offer their full services to the customer when needed. They will be able to help the customer when needed and excel within their field. 35
  36. 36. THE FLOOR PLAN For my concept I want to open up the floor allowing it to a much clearer space. As it stands now the floor is over crowded and focuses a lot on heavy merchandise display. I want to create a space which allows each bag to be showcased properly therefore I have added more shelving display units on the outsides so they the center areas can be a lot more open and easier to navigate. I have also added a projec6on screen at the back of the stores which will be directly in front of you when you walk in. The key difference is going to be the stairs, at the moment they are tucked away and hardly no6ceable crea6ng the assump6on that there is just one floor. By crea6ng wider stairs and actually focusing them so that they’re ver6cal it allows them to be a lot more no6ceable. Within the stairs, mid way down, will be clothing displays so that they signify what is downstairs. This concept will amract more people within the store due to the display on the screens and the wider, more open space.
  37. 37. Here is a quick sketch of what the floor will look like, as you can see the shelving surrounding the edge with the screen at the back taking up a large majority of the wall in order for it to amract amen6on. At the front of the store we also have the interac6ve screen, this will combine their online presences and allow them to interact with the customers this way and display their inspira6ons etc.
  38. 38. INTERACTIVE TABLE 38
  39. 39. INTERACTIVE TABLE 39
  40. 40. INTERACTIVE TABLE The interac6ve table within the store will allow Michael Kors to bring in their online presences and integrate it with their store experience. They have such a strong presence through this and engage the customers from all aspects of their collec6on as well as informing them on the whole thought process. By bringing something like this in store it captures the customers and creates a space which allows the consumer to learn more about the brand. The store as it stands now is a cold environment making customers feel perhaps uncomfortable to go in and look at the store even if they are a big fan of the designer. Something like this allows the store to truly invite in the customer, it says that they want people to learn about the brand and experience the concept and ideas of the brand without the pressure of buying something or the feeling of not belonging. The main features will be the Runway, Fame Frame, Travel Diary and #WatchHungerStop. This will allow the customer to engage and review the most recent collec6ons, inspira6ons and travel as well as informing the customer in store about their collabora6on in order help world hunger. These aspects are what the customer will look for the most within their brand, engagement and interac6on being at the top of the spectrum. By crea6ng something which combines them all it will heavily reflect their customer needs and values. The table will be used as basis to browse with the op6on to open this wider on a bigger screen which will be opposite where they will be able to see informa6on and view clearly the runway s6lls and close up details. 40
  41. 41. INTERACTIVE TABLE 41
  42. 42. WALL PROJECTION Here you can see a mock up of what the interac6ve screen will look like. The reason for including this screen is because it enables the visuals to get projected properly within the store, the choice to use the screen will be op6onal however when used, as seen, it will focus heavily on visuals and small text snippets. This will engage the audience as well as bring amen6on towards the store from passers by and hopefully amract them into the store and bring more customers through the doors of the store. As it stands now, from experience, there has always been limited amounts of customers actually within the store. With them being an interna6onal brand you’d think that they would generate more traffic however there is nothing within the store that par6cularly stands out so by crea6ng something like this and pukng it in the front it will engage exis6ng and poten6al customers into the store. 42
  43. 43. SCREEN SHOWCASING FASHION SHOW Here is the downstairs area of the store, this is the area which has very few adjustments. The floor at the moment is open and allows the customer to clearly and precisely browse through the selec6on of stock with an addi6onal sea6ng area or a ‘lounge’ area in the middle. The only adjustment here is to add the same style of screen on the wall at the back which will showcase the recent fashion show and interviews behind the scenes so that both floors offer the same con6nuity. 43
  44. 44. RETAIL STAFF In order to generate a coherent brand strategy the retail staff within the store must be able to have a wide knowledge on all aspects of the store. The will have training sessions with the new interac6ve table and screen so that they are fully aware on how to properly use the equipment. Also the management of the store will have weekly mee6ngs that will inform them on any new products or features that are being integrated within the store which will then be translated to the rest of the retail team to again form a coherent and strong rela6onship amongst the worked.. This is so that they are aware about the inspira6ons and can therefore confiden6ally sell the product to the customer. In addi6on to this the staff will also form a stronger rela6onship with their customers in order to build trust for the store and the brand. They will offer a range of addi6onal services, similar to the retail staff within Via Della Spiga, and will therefore create a nicer and more invi6ng environment for their customers. By offering the new interac6ve screen it will bring in new customers and therefore they must treat each customer in the same respecsul way offering help if and when it is needed and also allowing the customer to breathe within the shopping environment. They will also promote the core inspira6ons of the brand when promo6ng the product so that their enthusiasm will make the customers feel more inclined to buy from the store of revisit the store. 44
  45. 45. 6. EXECUTIVE SUMMARY
  46. 46. EXECUTIVE SUMMARY By crea6ng a coherent brand strategy on all plasorms it allows the company to maintain a strong DNA and a strong rela6onship with their customer. This will enable more customers to purchase and become loyal to the brand as they understand exactly where it is that the brand is coming from on all aspects. The problem within the store on Corso Vimorio Emanuele is that it doesn’t offer any addi6onal services to any of the other stores on concessions within Milan. It is a flagship store yet it doesn’t stand out against the stores and therefore it is unclear to customers that it is of this status. The examples used earlier of Alexander McQueen and Burberry are two key stores that offer addi6onal services and experiences within the store to interact and engage their customer. This is something that Michael Kor’s needs to consider within the stores so that it draws in the customer and creates a las6ng experience. As it stands now all of the stores for Michael Kors are of a similar layout therefore none of the flagship stores actually are of a high standard or experience. This is something that needs to be changed so that they allow customers to interact more with the brand, star6ng with Corso Vimorio Emanuele. The concept of the interac6ve screen will create a higher buzz surrounding the store en6cing the audience and appealing a lot more to the customer. The customer service in addi6on will again help to build trust within the brand and a bemer interac6on within the store. The retail staff are the only way to fully translate the brand iden6ty therefore without this they are le_ with minimal assets le_. The staff need to fully act in the way that will generate respect from the customers as the customers are the key to success. This level of interac6on and appeal will create a las6ng impression on the customer making them want to come back to the store and build a rela6onship with the brand. The unique appeal of this also is that no other stores surrounding or within Milan have this same appeal therefore crea6ng a higher standard for themselves. 46
  47. 47. 7. REFERENCES BIBLIOGRAPHY LIST OF ILLUSTRATIONS
  48. 48. BIBLIOGRAPHY BUSINESSWIRE, (2013). Research and Markets: Michael Kors Holdings Case Study: How to Design a Winning Growth Strategy | Business Wire. [online] Businesswire.com. Available at: hmp://www.businesswire.com/news/home/20130304005694/en/ Research-­‐Markets-­‐Michael-­‐Kors-­‐Holdings-­‐Case-­‐Study#.U7IIYI2Sw2J [Accessed 19 May. 2014]. Carr, T. (2014). Michael Kors value proposiAon, physical market presence defined sales success -­‐ Luxury Daily -­‐ Commerce. [online] Luxurydaily.com. Available at: hmp://www.luxurydaily.com/michael-­‐kors-­‐value-­‐proposi6on-­‐physical-­‐market-­‐ presence-­‐defined-­‐sales-­‐success/ [Accessed 10 May. 2014]. Dana, R. (2005). Who Are Michael Kors' Women?. [online] New York Observer. Available at: hmp://observer.com/2005/06/ who-­‐is-­‐michael-­‐kors-­‐woman/ [Accessed 18 Jun. 2014]. Des6na6on Kors, (2014). Store Locator. [online] Available at: hmp://www.des6na6onkors.com/stores [Accessed 24 Jun. 2014]. Des6na6onKors.com, (2014). DesAnaAon Kors. [online] Des6na6on Kors. Available at: hmp://www.des6na6onkors.com/ [Accessed 19 Jun. 2014]. Des6na6onKors.com, (2014). DesAnaAon Kors. [online] Des6na6on Kors. Available at: hmp://www.des6na6onkors.com/? category=Fame%20Frame [Accessed 19 Jun. 2014]. Des6na6onKors.com, (2014). DesAnaAon Kors. [online] Des6na6on Kors. Available at: hmp://www.des6na6onkors.com/? category=Travel%20Diary [Accessed 19 Jun. 2014]. Des6na6onKors.com, (2014). DesAnaAon Kors. [online] Des6na6on Kors. Available at: hmp://www.des6na6onkors.com/? category=Runway [Accessed 19 Jun. 2014]. Des6na6onKors.com, (2014). Watch Hunger Stop. [online] Des6na6on Kors. Available at: hmp://www.des6na6onkors.com/ watch-­‐hunger-­‐stop [Accessed 19 Jun. 2014]. 48
  49. 49. BIBLIOGRAPHY Fools.com, (2014). Michael Kors Holdings Stock Quote KORS | The Motley Fool. [online] Fool.com. Available at: hmp:// www.fool.com/quote/nyse/michael-­‐kors-­‐holdings/kors [Accessed 30 Jun. 2014]. Gula6, N. (2014). Coach -­‐ Understanding Consumer Demographics Is CriAcal. [online] Seekingalpha.com. Available at: hmp:// seekingalpha.com/ar6cle/1956311-­‐coach-­‐understanding-­‐consumer-­‐demographics-­‐is-­‐cri6cal [Accessed 7 Jun. 2014]. Lutz, A. (2013). Michael Kors Just Beat Every Other Fashion Brand. [online] Business Insider. Available at: hmp:// www.businessinsider.com/michael-­‐kors-­‐is-­‐most-­‐searched-­‐for-­‐brand-­‐2013-­‐2 [Accessed 14 May. 2014]. Marder, A. (2014). What to Expect From Michael Kors (KORS). [online] Fool.com. Available at: hmp://www.fool.com/inves6ng/ general/2013/02/06/what-­‐to-­‐expect-­‐from-­‐michael-­‐kors.aspx [Accessed 30 Jun. 2014]. Michael Kors Holdings Ltd. (2012). 1st ed. [ebook] New York: UO Investment Group. Available at: hmp:// uoinvestmentgroup.org/wp-­‐content/uploads/2012/11/KORS-­‐FINAL-­‐REPORT-­‐11-­‐13.pdf [Accessed 18 Jun. 2014]. PeekAnaly6cs, (2012). Michael Kors. 1st ed. [ebook] New York: Peek Analy6cs. Available at: hmp://online.wsj.com/public/ resources/documents/PeekAnaly6csmichaelkors2012.pdf [Accessed 10 Jun. 2014]. phx.corporate, (2014). Michael Kors -­‐ Corporate Profile. [online] Phx.corporate-­‐ir.net. Available at: hmp://phx.corporate-­‐ir.net/ phoenix.zhtml?c=235654&p=irol-­‐homeprofile [Accessed 30 Jun. 2014]. Vogue, (2012). Burberry Opens Regent Street Flagship. [online] Vogue UK. Available at: hmp://www.vogue.co.uk/news/ 2012/09/13/burberry-­‐regent-­‐street-­‐flagship-­‐opens [Accessed 28 Jun. 2014]. Vogue, (2012). McQ Autumn/Winter 2012-­‐13 Ready-­‐To-­‐Wear. [online] Vogue UK. Available at: hmp://www.vogue.co.uk/ fashion/autumn-­‐winter-­‐2012/ready-­‐to-­‐wear/mcq/full-­‐length-­‐photos/gallery/1 [Accessed 27 Jun. 2014]. 49
  50. 50. LIST OF ILLUSTRATIONS CLCorpora6on.com, (2014). InteracAve Table. [image] Available at: hmp://www.clcorpora6on.com/en/photo-­‐gallerie/interac6vity/the-­‐ interac6ve-­‐table [Accessed 28 Jun. 2014]. Michael Kors, (2014). Michael Kors Instagram -­‐ BTS. [image] Available at: hmp://instagram.com/p/o9Mk3VnLnY/?modal=true [Accessed 30 Jun. 2014]. Michael Kors, (2014). Michael Kors Instagram -­‐ Mag. [image] Available at: hmp://instagram.com/p/ppNl-­‐bHLiI/?modal=true [Accessed 30 Jun. 2014]. Michael Kors, (2014). Michael Kor's Instagram -­‐ Purses. [image] Available at: hmp://instagram.com/p/pyvd9-­‐HLsB/?modal=true [Accessed 30 Jun. 2014]. Michael Kors, (2014). Michael Kors Instagram -­‐ Watch. [image] Available at: hmp://instagram.com/p/pUvQJfHLjG/?modal=true [Accessed 30 Jun. 2014]. MichaelKors.com, (2014). Angelina Jolie in MK. [image] Available at: hmp://www.des6na6onkors.com/blog/angelina-­‐jolie-­‐3 [Accessed 30 Jun. 2014]. MichaelKors.com, (2014). Nicole Kidman in MK. [image] Available at: hmp://www.des6na6onkors.com/blog/nicole-­‐kidman [Accessed 30 Jun. 2014]. Vogue.co.uk, (2012). Burberry Flagship Store Regent Street. [image] Available at: hmp://www.vogue.co.uk/news/2012/09/13/burberry-­‐ regent-­‐street-­‐flagship-­‐opens/gallery/843884 [Accessed 28 Jun. 2014]. Vogue.co.uk, (2012). MCQ flagship store. [image] Available at: hmp://www.vogue.co.uk/fashion/autumn-­‐winter-­‐2012/ready-­‐to-­‐wear/ mcq/full-­‐length-­‐photos/gallery/1 [Accessed 30 Jun. 2014]. Vogue.it, (2014). Michael Kors Store, Milano. [image] Available at: hmp://images.vogue.it/imgs/galleries/shopping/opening/ 020656/3-­‐3406629_0x440.jpg [Accessed 23 Jun. 2014]. 50

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