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Question of the day: Does the world need another brand?
Coach, the empire representing affordable luxury seems to think so. In what appears as a tall order, the man himself behind the brand, Creative Director, Reed Krakoff, is making things personal. From the full concept development, down to the brand’s name, his own, Reed Krakoff is pushing full force to make the fashion world embrace the new line. Treated as a separate entity yet fully funded by Coach, (deeming it essentially as its own competitor) the plans for the Reed Krakoff brand includes product offerings in women’s ready-to-wear, jeweler, handbags, and shoes.
The strategy? Sell Americana! The line, as Mr. Krakoff describes it will feature price points for its r-t-w from $495 to $1,195, and has emphasized the esthetic as an eclectic mix of “softness with American utilitarianism.” Handbags will retail from $ 695 to $ 1, 295. There is also mention that the stand alone brand projects 10 initial free standing stores (US, Japan, Hong Kong) and more long term goals include markets in men, home, and fragrance.
And despite Krakoff's wizardry touch (since joining the company in 1996, sales have, according to WWD increased 6-fold) the real doubt lies both in the volatility of the market, and the oversaturation of luxury brands.
If fashion and consumer spending can become more of a patriotic symbol: a strategy Mr. Krakoff seems to want to utilize – than he could have a chance after all. However, right now that could seem like a far stretch. His price points represent an upper middle class demographic (the ones deemed far worse hit by the financial/mortgage storm) but the upswing of things could lie in the product differentiation (point of view) and investment in global expansion.
It will be interesting to see if America will support the new American brand, (like the Clair McCardell days!) or if Reed Krakoff will do better at selling “America” to our long lost neighbors.
Nevertheless, despite all the reasons not to, Coach is using the recession as an opportunity to think long term, and capitalize on a dream that could be a powerful voice for fashion, in the years to come.
St. John, like a lot of other luxury apparel brands is trying to combat the less than stellar performance of the economy, by going back to the drawing board, and reminiscing about better days.
St. John's is just one of the many who are embracing “heritage” as an opportunity to cash in, relate to customers, and create a more significant tie between brand values and the end consumer.
But this has not been the first step in St. John’s effort, to revive the brand. First, it was Angelina Jolie as its campaign muse, (which posed as a huge disconnect between the brand and her image), than came the fall launch of the “SoCa” concept, a spin off line of casual wear, that had a free standing store in Costa Mesa, Calf.
Today however, is a new day.
It seems as though St. John's. Is putting a side all the typical “hip tricks” and is going back to basics. The company describes in WWD, about the newly gained customer insight- its customers are buying more conservatively, and as a result, want “classic inestment pieces, with a modern flare.”
The modern part, can be categorized under the St. John Yellow Label, priced at 30 percent lower than its ready-to-wear, and featuring a sporty and cool vibe complementing the traditional St. John collection.
And it appears that for the 47 year old retailer , the customer is always on the mind. Other opportunities for St. John will include a basics program of all black pieces in a new fabric offering, as well as more special offerings.
Bravo to St. John who is an example of a luxury brand focusing on the consumer instead of relying on global expansion as a means to be profitable. St. John’s is forcefully implementing their approach by focusing on quality product and value, celebrating the customer, and her love affair for the brand’s clothes.
Mac Cosmetics, owned by Estee Lauder Cos. Inc., confirmed in WWD today that it has joined forces with Milk Studios to create a sponsored show venue for New York Fashion Week (scheduled September 10-17). The space, known formally as Milk Studios’ Photography is located at 450 West 15th street in downtown New York City.
In this bold move made by MAC, it’s clear that the competition for gathering and hosting the shows for the nations hottest designers just got tougher, thanks to the new alternative location, other than the tents at Bryant Park.
MAC, with its MILK Studio collaboration, has truly capitalized on the economic climate, frugality of fashion houses, and a shift in presentation styles, that many designers are taking. With this new venture, the most noted benefits are financial; MAC and MILK gives out the space for free, apposing to the traditional Bryant Park venue that runs from $26,000 to $50,000. And it seems like all the cool kids are doing it! Alexander Wang, Adam Lippes, Vena Cava, Band of Outsiders and Peter Som, are just a few feeling the downtown vibes, and gearing up to show their Spring/Summer 2010 collections at MILK.
For Demsey, the President of Estee Lauder (the parent company to Mac) the goal is to create an environment that will foster more creative capabilities. The strategic approach for MAC has taken a 360 turn from its 5 year sponsorship stint with IMG at the Bryant Park Tents, into a new direction that the company describes as “ an integrated support of fashion and makeup artistry” providing MAC with a more active role with the designers and their presentations.
All in all, this move will provide more brand control and exposure for the multimillion-dollar make up company and on its own terms. This news comes at a time, when fashion week at Bryant Park has come under siege as being “tired.” As a result of designers looking to add a lot more jolt to their business (go big or go home!), MAC's collaborative effort will be refreshing for the fashion community and for commerce in general. At a time, where fashion has taken a rough hit, MAC and MILK studios are representing the new American spirit-that creativity and ingenuity are essential in achieving economic prosperity.
Now only 48 days until New York Fashion Week…
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