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Young Versace Moriah LutzTveite LXFM 730 Project 2

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Page 1: Young&Versace · ExecutiveSummary & YoungVersaceisabrandnewline’fromItalianluxury company,’Versace,’offeringclothingfor’children’ages0 ,12.’ d Z o ] v Á ] o o } u Á

Young  Versace  Moriah  Lutz-­‐Tveite  LXFM  730  Project  2  

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Executive  Summary  Young  Versace  is  a  brand  new  line  from  Italian  luxury  company,  Versace,  offering  clothing  for  children  ages  0-­‐12.  

Stella  McCartney  Kids,  Little  Marc  Jacobs,  and  Lanvin  Petite.  The  line  recently  released  its  first  ad  campaign  featuring  Cindy  

     

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Brand  Description  Versace  is  a  privately  owned  Italian  fashion  house  founded  in  1978  by  Gianni  Versace.  

 Versace  currently  offers  ready  to  wear  items  for  both  men  and  women  in  addition  to  a  couture  collection  (Atelier),  a  home  collection,  fragrances,  and  accessories.  

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Recent  Runway      

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Product  Description  Young  Versace  offers  fashion  items  for  infants  through  12  year  olds.  Clothing  is  more  whimsical  than  standard  Versace  fare.      

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Marketing  Objectives  The  marketing  objectives  for  Young  Versace  should  be:  

To  promote  awareness  for  the  new  product  line.  Help  set  apart  the  product  line  from  competitors  in  the  mind  of  the  consumer.  Stay  true  to  the  Versace  aesthetic.  Support  continued    success  of  the  Versace  brand  as  an  Italian  luxury  company.    

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Market  and  Competitor  Analysis  .  

Competitors  include:  Lanvin  Petite  

Pop  up  store  in  December  2011.  Similar  stage  of  development  to  Young  Versace  

Roger  Vivier  Jeune  Fille    K shoes  coming  in  March  2012.  Not  big  competitor  because  will  offer  no  clothing.  

Stella  McCartney  Kids  Launched  in  November  2010.  Successful  and  respected  line.  

Little  Marc  Jacobs    For  newborn-­‐age  12.  Also  a  successful  line  as  part  of  the  Marc  Jacobs  empire.  

 

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Competitors      

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Competitors    

Page 10: Young&Versace · ExecutiveSummary & YoungVersaceisabrandnewline’fromItalianluxury company,’Versace,’offeringclothingfor’children’ages0 ,12.’ d Z o ] v Á ] o o } u Á

Competitors  Lanvin  Petite  

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Competitors    

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Product  Positioning  and  Target  Market  

Young  Versace  will  position  itself  amongst  its  previously    

lines;  however,  Young  Versace  will  be  significantly  more    

The  target  will  be  parents  of  children  ages  0-­‐12  who  care  highly  about  fashion  and  want  the  very  best  for  their  children.  Children  of  celebrities  like  Suri  Cruise  and  the  Beckham  children  will  be  prime  targets  for  Young  Versace.      

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Unique  Selling  Proposition  Young  Versace:  A  little  glamour  for  your  little  one.    

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Pricing  Strategy  The  prices  of  the  first  Young  Versace  collection  range  from  

 Most  of  the  items  range  between  £50.00  and  £100.00  and  include  t-­‐shirts,  bodysuits,  and  skirts.  This  pricing  strategy  places  Young  Versace  on  the  same  level  as  Stella  McCartney  Kids  and  other  luxury  kids  clothing  companies.  This  strategy  positions  Young  Versace  above  widely  distributed  

item  under  $50.  

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Distribution  Strategy  Currently  not  offered  on  the  Versace  e-­‐commerce  site.  Young  Versace  opened  its  first  retail  boutique  in  Milan  in  December  2011.  Currently  distributing  the  Spring/Summer  2012  Collection  

(England)    and  Lavish  Kids  (New  Jersey).  Young  Versace  has  yet  to  take  advantage  of  distribution  in  luxury  department  stores  like  Bergdorf  Goodman.    

Page 16: Young&Versace · ExecutiveSummary & YoungVersaceisabrandnewline’fromItalianluxury company,’Versace,’offeringclothingfor’children’ages0 ,12.’ d Z o ] v Á ] o o } u Á

Marketing  Strategy  

daughter.    This  ad  has  caused  quite  the  buzz  in  both  the  fashion  community  and  internet  blogosphere.    Some  find  the  ad  to  be  too  provocative  or  old;  however,  Versace  has  long  been  famous  for  creating  overtly  glamorous  and  sexy  ads.    Opening  of  the  Milan  boutique  has  also  helped  market  the  new  line.  

 

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Media  Plan  The  media  plan  for  Young  Versace  has  not  seemed  to  truly  take  shape  yet.  However,  Versace  has  heavily  promoted  its  new  line  through  its  Twitter  account  and  its  Very  Versace  page.    The  plan  also  seems  to  favor  creating  buzz  on  the  internet  rather  than  spending  a  great  deal  to  purchase  print  or  other  kinds  of  advertisements.    

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Results  and  Success  Factors  Young  Versace  has  yet  to  see  real  results  since  they  just  launched  their  first  collection.  The  success  of  the  line  will  depend  on  the  following:  

Ability  to  create  brand  awareness.  Creating  partnerships  with  desirable  distributors  such  as  Bergdorf  Goodman,  Barneys,  and  Neiman  Marcus.  Creating  products  that  balance  practicality  with  fantasy  since  

   

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Current  Status  and  Recommendations  

Currently,  Young  Versace  is  a  very  young  brand  that  is  just  beginning  to  sell  its  merchandise  through  select  boutiques.  I  would  recommend  that  the  brand  seek  to  expand  distribution  to  luxury  department  stores.  I  also  would  recommend  the  brand  continue  to  create  slightly  controversial  advertisements  to  create  buzz.  While  some  may  be  offended,  the  target  customer  will  be  intrigued  by  the  uniqueness  of  the  brand  and  the  glamour  it  has  to  offer  their  child.  I  would  recommend  Young  Versace  to  keep  its  current  pricing  strategy  as  it  places  the  line  in  good  company  with  other  

 


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