Posted: February 17th, 2022

Consultancy Report on Global Fashion Industry and Business

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Consultancy Report on Global Fashion Industry and Business

(Name of the company: Bottega Veneta)

 

Contents

Trend Briefing. 3

Market Overview.. 5

Competitor Analysis. 5

Consumer profile. 6

Product Mix. 6

Consumer mix. 7

Communication channel 7

Launch plan. 8

Recommendations. 9

References. 9

 

 

 

Trend Briefing

Bottega Venetta is a well-known company in Vicenza, Italy. The company was set up in 1966 by Renzo Zengiaro and Michele Taddei. Since the launching period, the company has been setting the trend globally—the company deals in the most expensive fashionwear. Today it provides ready-to-wear outfits for both men and women. During the initial stage of the business, the company has set the trend in giving high-quality leather goods, and the use of the brand was its unique braiding technique called intrecciato (Brancusi et al., 2022). This brand is also available in online shopping portals, like- Bergdorf Goodman, Neiman Marcus, etc. The trend-setting products of this company are- Mist lamb dress made of lambskin, and it gives comfort in all seasons. Another top listed product of this brand is the hobo bag made of intrecciato woven leather. This bag is long-lasting yet fashionable and spacious enough to carry many things. Another is flat sandals in crisscross style made of Italian leather that provides immense comfort. The products are costly but worth buying as it is long-lasting and trendy (Runfola et al., 2022).

 

Picture- 1: Hobo Leather Bag

Source: (Runfola et al., 2022)

 

Picture- 2: Flipflops

Source: (Runfola et al., 2022)

 

Picture- 3: Lamb dress

Source: (Runfola et al., 2022)

 

Market Overview

According to Daniel Lee, the director of this company, the brand has got an extensive outreach due to its unique design and top-quality branding. The brand has gained immense popularity globally as the brand provides the most luxurious items. In 2021, the latest report showed that the brand had doubled sales in its segments of leather items and dresses. Moreover, another famous brand, Gucci, has been triggered as it decreased its sales by 5% compared to Bottega Veneta (Romańczuk et al., 2022). According to the latest report, the brand has a hike of 20% in its revenue by December 2021. Lee has added in his latest speech that he wants to have a revolutionary change in the fashion industry by launching the newest designing ready-to-wear outfits. It will help set up a history for the brand in the fashion arena.

The latest padded bags with golden chain have become the trendiest product of the brand that is 47% premium in style compared to the leather bags of the other brands. The bag is labeled as the cassette model of the brand. Thus, the quality of the products makes the brand quite luxurious (Baumgarten, 2022).

 

Picture- 2: The brand value of Bottega Veneta from 2018 to 2021

Source: (Romańczuk et al., 2022)

Competitor Analysis

The brand is coined when anyone wants to buy a luxurious item. Various other brands are also intending towards luxury things in the market. Like- Gucci, Balenciaga, Saint Laurent, etc. Among them, Gucci is the most famous one threatening the positioning of Bottega Veneta. According to the latest financial analysis, Gucci is giving tough competition to Bottega Veneta. The revenue of Gucci has been packed up by 10.9% among the 60% of other luxurious companies. Still, in terms of the social marketing status, like- Instagram and the different front line sections, Bottega Veneta has increased its popularity due to its latest fashionable designing outfits and long-lasting leather items (Baumgarten, 2022). Due to the immense success in the new venture, Lee has received four awards consistently in different sections at the London Fashion week prize ceremony. Moreover, due to the inventions of square toes and Lido type of shoes, the brand has got a different level of fan-base in the market. Thus, while looking at the present scenario, the brand has earned the topmost position in the regions of London and has defeated the other brands that are following the same industry (Romańczuk et al., 2022).

Consumer profile

Every business should invest energy and resources into making buyer profiles of its ideal customers. Purchaser profiles license them to describe and depict these market segments. A customer shape defines a customer, or many customers, due to their characteristics in like way. “Italian plan named “Bottega Veneta” has seen a surge of client interest under its new imaginative bearing (Uanhoro et al., 2020).” It likes excess, security, and comfort. This client wants to feel exceptional and refined, consequently the brand’s hand-made plans. During the second from last quarter, the brand’s breakout results from a blend of new creative heading, stalwart care, and online media conversation.

Product Mix

The product is a Bottega Veneta Stealth Luxury Marketing mix (Cabigiosu, 2020). The prominent characteristics of the thing by Bottega Veneta Stealth Luxury are;

1) Bottega Veneta Stealth Luxury stays aware of the phenomenon of things

2) High thing quality is stayed aware of by adding regard during different periods of the value chain

3) Bottega Veneta Stealth Luxury gets crude parts from strong and trusted suppliers in a manner of speaking

4) These crude parts are taken care of carefully stayed aware of conditions to stay aware of the tremendous and solid nature of the things

5) High-quality assurance and transport moreover outfits Bottega Veneta Stealth Luxury with a specific advantage

Consumer mix

The current market contains many arrangements agents, all advancing practically identical things, and clients keep moving from store-to-store wheeling and dealing. At last, the costs fall, the business people anticipate a suffering relationship with the buyer (DiAsio, 2019). There is an addition in how much people’s money and media have changed their lifestyle. Despite purchasers spending more, sponsors think it is challenging to stay aware of or increase their wallet share due to globalization and savage challenges.

Regardless, productive things contact the customer deep down. A sensible appreciation of customer cerebrum research is principal for associations to help themselves watch out.

Communication channel

These days, buyers are online like never before, which infers that right now is the chance for Bottega Veneta to hone their electronic trades—going past traditional email elevating to accept more modern channels that purchasers use, such as video visits and online media. Responsibility and openness are fundamental (Fritze et al., 2021); if their style, apparel, or embellishments brand does not involve new instruments for talking with their customers, they are logically missing a critical open door. The five now and again underutilized correspondence channels their picture should attract customers.

Brands need to meet purchasers where they at this point, are

1) Textbook message

2) Webchat

3) One-On-One Video Calls

4) Sociable Media

5) Digital courses

Launch plan

The takeover of observed Italian excess house Bottega Veneta is the stuff of both business and creative dreams. Despite its legacy, Bottega had seen a surprisingly long time of falling arrangements, and inviting on Lee was one piece of exchanging those fortunes (Jajpura et al., 2020). Master alluded to a 55.1% improvement in markdown account orders, showing that buyers were putting much trust in the fortified Bottega assortment.

 

Regardless, they have hoped to manufacture a vigorous and ready-to-wear grouping starting all along. It feels like it starts, similar to building a fantasy and brand. That is their fundamental fixation.”

Without a doubt, they can see this association has begun, as the dress has fostered its part of a collection by five rate centers from the latest a half year.

Recommendations

Scarcely any ventures anticipate that associations should stay as light-footed and on their toes as the overall clothing business (Xie, 2021). At a measured level, the fast thought of style anticipates that associations should jump on designs promptly, never embracing the speedy ally methodology. That without anyone else gives the attire business a clever plan of troubles.

Today, regardless, various components are mixing the pot. Clothing clients need to see a level of originality in their things and the entire shopping experience. In like manner, the clothing business has a part of the world’s most rapidly creating associations. A few humbler on the web and disengaged members start at the speed of light, quickly conveying their flag to an overall scale.

 

References

Brancusi, L., The Procrustean fitting of trademarks under the requirements of clear and precise subject‐matter in the EU trademark law—A case of position marks. The Journal of World Intellectual Property.

Runfola, A., Milanesi, M. and Guercini, S., 2022. The Internationalization of Luxury Fashion. In Internationalization of Luxury Fashion Firms (pp. 39-70). Palgrave Macmillan, Cham.

Sysko-Romańczuk, S., Bachnik, K. and Kurek, M., 2022. 15 Growth drivers of digital marketplaces. Sustainable International Business Models in a Digitally Transforming World, p.17.

Baumgarten, B.A., 2022. One Too Many Sticks for the Trademark Bundle? The Unintended Consequences of Luxury Brands’ Push for a Post-First Sale Authentication Right. Loyola of Los Angeles Entertainment Law Review, 42(2), p.111.

Morabito, V., 2022. Digital Entrepreneurship: Management, Systems, and Practice. Cambridge University Press.

Cabigiosu, A., 2020. An Overview of the Luxury Fashion Industry. Digitalization in the Luxury Fashion Industry, pp.9-31.

Asia, S., 2019. Fashion Has No Function: Diminishing the Functionality Bar to Trademark Protection in the Fashion Industry. Miss. CL Rev., 38, p.28.

Holmqvist, J., Wirtz, J. and Fritze, M.P., 2021. Digital Luxury Services: Tradition versus Innovation in Luxury Fashion. In Services Marketing: People Technology Strategy (pp. 550-552).

Jestratijevic, I., Rudd, N.A. and Uanhoro, J., 2020. Transparency of sustainability disclosures among luxury and mass-market fashion brands. Journal of Global Fashion Marketing, 11(2), pp.99-116.

Nayak, R., Nguyen, L.V.T., Panwar, T., and Jajpura, L., 2020. Sustainable technologies and processes adapted by fashion brands. In Sustainable Technologies for Fashion and Textiles (pp. 233-248). Woodhead Publishing.

Xie, Z., 2021. Minimalism has been a critical trend of the fashion industry in recent years.

 

 

 

 

 

 

 

 

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