Launching a Brand takes Passion, Trust & Commitment
Situation
Fashion designer Tamara Mellon wished to launch a complete lifestyle brand comprising shoes, handbags, and an apparel collection in a nine-month time period, an undertaking unheard of in the fashion industry. Hiring design talent, merchandisers, manufacturing, technical expertise, and financial support had all been put on hold due to legal documents not getting signed in a timely manner. While there were numerous conversations about launching only shoes, or shoes and handbags (Tamara was the cofounder of Jimmy Choo shoes), Tamara was insistent on launching the full collection including apparel.
Strategy and Execution
Given the abbreviated timeline that Tamara and the board had agreed on, there were many matters to deal with from legal entities (trademark and other IP issues), setting up offices overseas, establishing relationships with factories, hiring talent, designing the product and building out an aggressive marketing and PR launch
· Analyzed the competitive landscape and the challenges and opportunities presented
· Constructed a unique, competitive business model differentiated from the rest of the market
· Implemented calendars, processes, and timelines based on product category
· Created a revenue strategy with the US comprising about 50%,
and the rest coming from the European, Asian, Russian, and Middle Eastern markets
· Devised marketing strategies that were customer-centric and built with the customer life cycle in mind:
generating brand awareness, leading to consideration, trial, satisfaction, and finally loyalty
· In the pre-launch phase the focus was on building brand awareness
· Established budgets for all areas: design, marketing, talent acquisition, supply chain, office space
(US and abroad), and all the other areas of the business
Results
· Shipped $4 million at wholesale in nine months through various channels, which was $2 million above plan
· Managed expenses effectively so that expenditures were $400,000 less than plan (5.9 million vs. 6.3 million planned)
· Improved quality (produced in Italy vs. competitors in Asia) with lower price points as compared to designer competitors such as Jimmy Choo, Gucci and Manolo
· Provided a strong price/quality proposition with apparel featuring high quality fabrics sourced in Italy
· Presented a more dynamic point of view than other entry price point designers focusing on apparel and adding shoes and accessories as an afterthought
