New product development Varvatos
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Continuing his alliance with brand Converse, world's famous fashion designer John Varvatos brings his own sense of contemporary fashion to the table focusing on the John Varvatos For Converse Men Suiting, so now the company will be able to propose the all star converse men suit line with John Varvatos's super cool design.
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New product development Varvatos
- 2. Presentation Overview History/Introduction Goals, mission/statement Audience Brand/Product strategy Costs Approval/Customer Reactions Presentation
- 3. Company History John Varvatos was born in Michigan He joined Polo Ralph Lauren in 1983 In 1990 was appointed head of menswear design of Calvin Klein In 2000 launched his debut collection In 2010 released an exclusive line of men’s tailored suits and accessories called John Varvatos One for Converse
- 4. Mission/Vision Statement JVO seeks to create urban elegance through suiting it provides a choice between edgy and classic gives menswear a more punk and rock-n-roll appeal. This brand will focus on sleek styled suits with an urban edge. JVO wants to be the “go-to” of men’s suiting.
- 5. Product Core Strategy Assessing competitors Weekly meetings discussing progress, problems and ideas Dedication to customer loyalty and service All teams have effective leaders (sales, design, administrative)
- 6. Target Market Young professional males Ranging in age from 18-35 Fashion-minded individuals
- 7. Brand Marketing Strategy Strong marketing campaign: “Rock the suit” o o o Celebrity endorsement deals Mass media advertising (internet, TV , print) Biyearly sample sales and events • Training sessions and staff meetings • Provide exceptional customer service and a 60-day return policy • On site tailoring
- 8. Brand & Product Line Objectives Firm objectives o o Lifestyle brand o o Continuing successful alliance of Converse & Varvatos Developing consumer-connected and innovative products Aspirational and Inspirational Balance high margin and brand premium Luxury apparel and accessories collection for men o o Appeal to a younger consumer Products for upscale department and specialty stores
- 9. SWOT Analysis Strengths Uniqueness Product development Quality Cost effectiveness Weaknesses Reliance on 1/3 party manufacturer Price range high for casual trend Opportunities Brand image “People” Running facilities Financing Threats Counterfeit products Intense competition Fashion influences Macroeconomic conditions
- 10. Consumer Market Analysis Strategic Business Unit The John Varvatos For Converse Men Suit line part of the “contemporary Brands” SBU, with the potential to achieve higher long-term revenue and profit growth than our other businesses. • The chart above presents the revenues and profits per SBU from 2007 to 2009.
- 11. Consumer Market Analysis Secondary data Demographics o o o o 48 % male in metropolitan areas 53% single and 60% lives alone 45% in management, professional positions 3.5% earn a high income Psychographic o o o o o o o o o o Single male Age: 28-44 Likes snowboarding Drives an Audi A4 Watches independent film channel Reads the economist Uses Expedia.com Life stage is mid to executive level Likes going to trendy bars Likes working out Lives in trendy apartments Store locations General Characteristics Male Age: 25-44 years One race Householder living alone Social characteristics Education: Bachelor's degree Marital status: Single (never married, widowed, and divorced men) Economic Characteristics Employed Management, professional, and related occupations Professional, scientific, management, administrative, and waste management services Manufacturing Household income: $100,000$149,000 Household income: $150,000$199,999 Household income: $200,000 or more New York Las Vegas SFrancisco 10012 89169 94108 50.1% 45.6% 96.8% 75.0% 55.9% 34.1% 94.6% 70.2% 48.7% 35.1% 97.5% 38.6% 64.6% 15.1% 33.9% 53.4% 34.2% 41.6% 67.4% 58.8% 56.0% 65.8% 14.5% 44.1% 19.1% 5.2% 8.7% 2.6% 18.6% 9.4% 13.7% 3.6% 6.8% 5.3% 8.8% 1.8% 1.4% 3.5% 3.8%
- 12. Analyzing Competitors D&G (Dolce & Gabbana) o o Same urban chic within the price point range D&G offers many types of clothing Gucci o o Price point of their suits Stronger label • Clothing from China and India • Product mix: t-shirts, handbags, suits, jackets, ties, jeans, swim, shirts • Price range for suits: over $2,000 dollars
- 13. Competition Gucci Prada Calvin Klein Collection Polo Ralph Lauren Giorgio Armani Helmut Lang Marc Jacobs Paul Smith Richard Chai Burberry Possum
- 14. Suppliers Hand-made Italian fabrics Fabrics and cloth supplied from Italy and France Buttons, pins and accessories will be shipped from Asian countries
- 15. Product Development Brainstorming of possible opportunities o o o o o Involve sales people, design team, employees Attend trade and fashion shows Produce storyboards Search for repetitive patterns and fabrics Follow the competitors
- 16. Concept Development & Testing Research on copyright laws and patents Develop a logistics plan ( pricing, target market) Computer aided design to visualize the idea Possible consumer reactions Test the concept by handing out samples
- 17. Launch of Product Advertising and marketing campaigns Data sheets, line sheets Promotions and events to get the word out Analyzing path of product
- 18. Design Thinking Process Classic menswear in a very modern way o o • express the sleeker mod-inspired edge of Converse spirit the fit is clean but not too conforming message is “you can be classic and clean cut but still rock in’” A suit is always appropriate—even worn out of the office o o • definitive male uniform in the modern world society more casual but still casual-chic message is “the suits will never die ” New, exciting entrants into the men's suit market o Tom Ford, Hickey Freeman, Dior Homme, Browne
- 19. Communicating the Product Strategy The John Varvatos look is one which is inspired by edginess and rock n’ roll The new Men’s Suit collection will be designed with the Converse customer in mind Provides a more stylish and sleek look The brand will focus on classic style with an urban edge
- 20. The Theme
- 21. Layout Design Fabrics will consist of : Silk Tweed Wool Cotton Polyester Desired Colors in Suiting
- 22. Estimated Costs Bus Driver Jacket $1195 Button up $165-$198 Tee $88-$300 Dress Pant starting from $165
- 23. Product Risks Losing the classic customer o John Varvatose faces the possibility of losing its tailored and classic customer base. This customer may not be drawn to the rock-n-roll meets punk (Converse) look. Pricing o The customer who shops at converse may think that the price point is too high; This opposed to a Zara or Top Shop apparel store pricing might be steep.
- 24. Uniqueness and Value The John Varvatos brand for Converse not only adds a stylish edge, but gives the target consumer a chance to express himself in more ways than one o Versatile looks: able to dress up or dress down The quality of the clothing is well worth the price. The tailored garments adds prestige to the brand giving a competitive edge to the name.
- 25. Product Line Structure Product Line Template basic design elements will remain the same for Fall/Winter and Spring/Summer. Fabric and color swatches will change accordingly to the newest, most innovative styles. Core and Carryover Products: basic styles: Suit jacket, Pant, and button-up shirt will remain as core/staple products. Carryover: fashion-forward garments.
- 26. Design and Product Review Storyboard are graphics organizers to display our line, a pictorial representation of our proposed clothing design in full color, along with technical renderings of each garment. A summary of our suit line collection’s inspiration and theme to help us remain focused and consistent as our line develop. As follows: Clothes in our designs on a flat working figure (a line of superrelaxed silhouettes that had both masculine appeal and rocker glam). Swatches of our fabrics (all the fabrics used) Color palettes (all the colors that are used in our designs) Any trims used Photographs of our garments
- 27. Storyboard
- 28. Customer Reaction Storyboard allied with our garments. Heavily invest on core products – caution on fashion forward line. Sales package: computer graphics, price book, samples, swatch cards, garment samples and catalogue. Pricing: fabric + trims + direct/indirect costs + position in competitive matrix = our final price to retail : $900, and MSRP: $2000
- 29. Approval Minimum established by total dollar quantity throughout the whole product line. Pattern makers interpret design team sketch, followed by sample maker to sew. Creation of prototype to present product line on review meeting design evaluated as design concept to be presented to design team and company’s executive followed by, once approved, submit line sheet to create garment samples sales representative to use at trade shows and market weeks.
- 30. Marketing Presentation Fashion/Market Week: tradeshows during market week in NY and Los Angeles, February and September. Online Communication: social networking (interaction customers/brand) + stimulate awareness + customers to follow latest news + build the brand through affiliated programs and email marketing + search engine optimization + e-commerce. Sales: attract clientele through tradeshows and road force. 5 sales rep in the east coast + 5 in the west coast, working strictly on commission of 12 %.
Editor's Notes
- {"11":"Business Goals and Objectives\nConsumer Market Analysis\nSecondary Data\nAnalyzing Demographics\n","28":"We will use our storyboard allied with our garments as a presentation piece to show our product line to retail customers. As we know that retail buyers may be reluctant to buy innovative designs unless they have seem similar garments by competitors, and we also are new in the market, we will heavily invest on selling our core garments (so as basic colours and fabrics) as priority, and our fashion forward products are going to be introduced with more caution until we are well know in the market. \nOur design team will create a sales package to enable sales representatives to sell our product line. Our sales package will include computer graphics, a price book, samples, swatch cards, garment samples, and a catalogue. Our designers will be responsible for calculating first cost for each garment in the product line and then providing it to the merchandise and forecasters department. \nWe need to think about the garments cost structure as we select our fabrics and trims. Furthermore, calculation of direct cost and indirect cost for each garment sample is taken into consideration. Our position among our competitors also counts once pricing our products. According to the competitive matrix, our product is positioned among brands that offer good quality and affordable prices, such as Brooks Brothers, Ralph Lauren black Label, Isaia, Thom Browne, Gucci and D&G. Our price to retailers will be $900 and our MSRP will be of $2000.\n","12":"Business Goals and Objectives\nAnalyzing Competitors\n","29":"Setting up minimum purchases is important once we consider fabric utilization. Usually minimums can be agreed to be done by size scale, size and color, or total dollar quantity, but in order to reduce confusions, we are going to keep a similar minimum established by total dollar quantity throughout the whole product line. \n","18":"Design Thinking/Process\nDescribe Connection Between Strategy and Product Design\nDescribe How the New Product/Service Addresses a Market Need\nUse of Forecasts and Primary Research to Support Needs Analysis\nSources of Information (primary and secondary)\n","30":"We will display its products at tradeshows both in New York and Los Angeles for market weeks in February and September. A stand both in Colterie tradeshow in New York and DNA in Los Angeles will cost $15,000 for 3 days of presentation. Tradeshow are very important since it represents a foot tracking of 400/500 potential customers per time.\nWeb 2.0 and utilizing Social networking such as Twitter and Facebook:\nA blog will be created in order to allow customers interact with the brand. Virtual social communication is used to stimulate awareness by creating discussions about the product and allowing customers to leave comments and feedback about the brand, their experience and any suggestions moving forward for the next collection. We will also be creating a Facebook page and Twittter account, in order for consumers to follow the latest news. This will include people who are using our product lines, news on events, and so on.\nAdditionally, our website will exist to build the brand through affiliated programs and email marketing, which will help us interact with our customers and their wants and needs. Search engines optimization updated will guarantee the easy access to our virtual way of living. \nWe will be online e-Commerce to sell our merchandise. This will add another way of distribution and bring in more sales. Many of our competitors use this tactic to boost revenue in-house and promote brand awareness. This also allows our client to deal directly with our brand, rather than a company, store, or boutique.\nAs sales strategy, we will have as main goal attracting the clientele through trade shows and by representative sales people directly at the retail stores. For the first year in operation, the internal staff and 10 sales representatives will represent the brand. Five sales rep is going to be based in New York and represent the East Coast and the other five will be based in Los Angeles, representing the West Coast. Both are going to work strictly on commission, which will be 12% of total order sales, once orders are shipped completely.\n","8":"Business Goals and Objectives\nBrand and Product Line Objectives\n","9":"Business Goals and Objectives\nBrand and Product Line Objectives\n","26":"Furthermore, our product line template includes all company information, seasonal colours, fabrications, and prints. Using these templates we can save time and reduce potential omissions among multiple storyboards and line sheets. \n","10":"Business Goals and Objectives\nConsumer Market Analysis\n"}