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Jung Ha-Brookshire of the Department of Textile and Apparel Management at the University of Missouri for Chicos FAS, Incorporated.
May 15, 2013 Mr. David F. Dyer President and Chief Executive Officer, Director Chicos FAS, Inc. 11215 Metro Parkway Fort Myers, FL 33966 Dear Mr. Dyer, As requested by our Professor Dr. Ha-Brookshire, we have prepared a business plan for you introducing a new sustainable sportswear brand into the Chicos FAS family. This business proposal is an informative guide into our complete thought process for the planning of Firefly. The following business plan includes the following subsections: 1. Introduction 2. Situation Analysis 3. New Product Line Launch Strategy 4. Marketing Strategy 5. References 6. Appendices 7. Resumes Through our extensive research and analysis, we have determined that pursuing the missing gap of sustainable womens contemporary sportswear in the market. The addition of Firefly to the Chicos FAS family will allow Firefly to reach an already loyal customer base and bring in new customers who care about the environment and sustainable clothing. Thank you for giving us the opportunity to present you with our business plan. We appreciate your time and consideration and truly believe that Firefly is exactly what Chicos FAS needs in order to broaden the customer base and increase revenue. If you have any comments or concerns regarding the document, please do not hesitate to contact us at ktfurrie@gmail.com Thank you again for your time. Sincerely, Katherine Furrie On behalf of Firefly
The purpose of this report is to address the issue at hand: there is no brand that is meeting the needs womens sustainable contemporary sportswear so this is an area that Chicos FAS could add to their already diverse family. The brand of FIREFLY would offer a different assortment of merchandise through its being sustainable but would also blend nicely with the Chicos customer base. The FIREFLY fall collection will offer simple, effortless, and classic silhouettes that can be stand alone pieces that she can add to her wardrobe or outfits that she can mix and match universally with other items that she has bought from FIREFLY. II. Part One: Situation Analysis
Currently there are no sustainable brands or companies that are within the moderate price range and give the customer great quality that goes hand in hand with the pricing. After examining the market, we found significant competitors in the womens contemporary sportswear market such as Banana Republic, Ann Taylor, and Eileen Fisher. These companies are all within different price ranges but share the commonality of selling womens contemporary sportswear. However, we found that only Eileen Fisher offers sustainable clothing line in addition to her other lines. Through bringing FIREFLY to fruition, it allows Chicos to enter a new market within womens contemporary sportswear.
III.
Chicos FAS has the opportunity to cement their position as a market leader within the realm of womens contemporary sportswear. The niche market of companies being sustainable and selling sustainable merchandise is slowly on the rise and if Chicos FAS takes action now they can cement their place as one of the first and top brands to carry out a fully sustainable brand. We have identified our target consumers as follows: the Working Women, the Working Women with Family, Single Working Women with Family, and the Retired Women. Being mindful of each type of women for each of them are unique in their lifestyles, personalities, and values. Due to our extensive research in branding, FIREFLY has put a lot of thought into the design elements such as our logo, and tagline. Also the concept of how FIREFLYS line would allow Chicos a similar and diverse market tapping into the customer base who buy sustainable merchandise.
IV.
Finally, the business plan ensures the complete and successful implementation of FIREFLY into all aspects of the Chicos FAS family. In order to fulfill this vision, FIREFLY will implement various social media avenues to catch the eye of their customers and future customers and incite their interest. Things such as the FIREFLY blog, e-commerce site, mobile app, and use of Facebook will all play an important role of successfully launching the marketing segment of FIREFLY. The layout of the FIREFLY store will create both an accessible and pleasant
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shopping experience not just for the women shopping, but their children or spouses who come along and wait while she shops. To ensure customer loyalty and retention, FIREFLY has proposed service tactics for before, during, and after the sale, along with several Public Relation activities such as donating and planting a tree in America with the purchase of Plant a Tree with Style bag. FIREFLY will also have special event nights where we will donate twenty percent of all sales to the national charity Dress for Success.
V.
Overall Recommendations
Through extensive research of the womens contemporary sportswear apparel industry, it has been determined that it is essential to provide a premium service and bring about an all new brand that will launch Chicos FAS to a whole new level within the industry. It is about trying to meet the needs of many without losing the benefits they expect and want with the price. With Chicos FAS bringing FIREFLY into the family it will allow Chicos FAS to become one of the leading companies that offer sustainable brands.
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Table of Contents Page LETTER OF TRANSMITTAL.......................................................................................................ii EXECUTIVE SUMMARY....iii LIST OF TABLES..v LIST OF FIGURESvi INTRODUCTION....viii
Section
Part I: Situational Analysis Business Objective...2 Market Segmentation...2 Competitor Analysis6 Banana Republic..6 Ann Taylor.12 Eileen Fisher..17 SWOT Analysis for Banana Republic...22 SWOT Analysis for Ann Taylor....23 SWOT Analysis for Eileen Fisher.24 GAP Analysis25 Summary of Situation Analysis.27 Part II: New Product Line Launch Strategy Business Objective.29 New Product Line Value Proposition....29 Brand Owner..30 Target Consumer38 Branding Strategy..46 Value Chain Strategy.52 Summary of New Product Launch Strategies55 Part III: Marketing Strategy Business Objective.57 Product Strategy.57 Multi-Channel Strategy..67 Merchandising and Pricing Strategy..72 Promotion / Communication Strategy...78 Service92 Implementation Plan / Controls.97 Budget Statement103 Summary of Marketing Strategies...104
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List of Tables Part I: Situational Analysis Table 1.1 - Banana Republic SWOT Analysis Table 1.2 - Ann Taylor SWOT Analysis Table 1.3 - Eileen Fisher SWOT Analysis Table 1.4 - Price vs. Quality GAP Analysis Table 1.5 - Age vs. Price GAP Analysis Part II: New Product Line Launch Strategy Table 2.1 - Annual Growth for Chicos Table 2.2 - Global Sourcing Map Part III: Marketing Strategy Table 3.1 - FIREFLYS Project Sales per Square Foot Information Table 3.2 - FIREFLYS Projected Annual Sales Table 3.3 - FIREFLYS Markup Strategy Table 3.4 - FIREFLYS Markdown Strategy Table 3.5 - FIREFLY Merchandise Plan Table 3.6 - FIREFLY Alterations Price List Table 3.7 - FIREFLY Rollout Schedule Table 3.8 - FIREFLY Human Resources Management Strategies Table 3.9 - FIREFLY Corporate Salaries Table 3.10 - FIREFLY Corporate Employee Benefits Table 3.11 - FIREFLYS Budget Statement For Year 1
List of Figures Part I: Situational Analysis Figure 1.1 - Banana Republic Brand Logo Figure 1.2 - Banana Republic Brand Image Figure 1.3 - Banana Republic Store Front Figure 1.4 - Banana Republic Interior and Atmosphere Figure 1.5 - Banana Republic Customer Review Figure 1.6 - Ann Taylor Brand Logo Figure 1.7 - Ann Taylor Brand Image Figure 1.8 - Ann Taylor Store Front Figure 1.9 - Ann Taylor Interior and Atmosphere Figure 1.10 - Ann Taylor Customer Review Figure 1.11 - Eileen Fisher Brand Logo Figure 1.12 -Eileen Fisher Brand Image Figure 1.13 - Eileen Fisher Store Front Figure 1.14 - Eileen Fisher Interior and Atmosphere Figure 1.15 - Eileen Fisher Customer Review
Part II: New Product Line Launch Strategy Figure 2.1 - Chicos FAS Inc. Brand Logo Figure 2.2 - Shows All Of The Brands Under Chicos FAS Figure 2.3 - Chicos FAS Officers Figure 2.4 - Displays Current Product Offerings Figure 2.5 - Travelers Collection Starter Kit Figure 2.6 - Chicos Black Label Figure 2.7 - Oprah Winfrey Figure 2.8 - Business Wear Figure 2.9 - Julia Roberts With Family Figure 2.10 - Parents With Graduate Figure 2.11 - Demi Moore With Daughter Figure 2.12 - Single Mother With Daughter Figure 2.13 - Diane Keaton As Retired Women Figure 2.14 - Women Gardening Figure 2.15 - FIREFLY Brand Name Figure 2.16 - FIREFLY Tagline Figure 2.17 - FIREFLY Brand Logo Figure 2.18 - FIREFLY Electronic Storyboard Figure 2.29 - FIREFLY Brand Image
Part III: Marketing Strategy Report Figure 3.1 - FIREFLY Flats and costing
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Figure 3.2 - FIREFLY Flats and Costing Figures 3.3 - FIREFLY Flats and Costing Figures 3.4 - FIREFLY Flats Figures 3.5 - FIREFLY Shopping Bag Figures 3.6 - FIREFLY Tote Bag Figures 3.7 - FIREFLY Clothing Tag Figures 3.8 - Romeo and Juliet Eco-Friendly Infinity Scarf from Storiarts Etsy Store Figures 3.9 - Eco-Friendly Infinity Scarf from MiniRuin Etsy Store Figures 3.10 - Eco-Friendly Jewelry from Illuminista Etsy Store Figure 3.11 - Marsilia Yeungs Obi Belt Etsy Store Figure 3.12 - FIREFLY Store Layout Figure 3.13 - FIREFLY Store Layout Figure 3.14 - FIREFLY Store Layout Figures 3.15 - FIREFLY E-Commerce Site Figures 3.16 - FIREFLY Mobile App Figures 3.17 - FIREFLY Promotion Figures 3.18 - FIREFLY Promotion Figures 3.19 - FIREFLY Sneak Peak Email Blast Figures 3.20 - FIREFLY Advertisement Figures 3.21 - FIREFLY Advertisement Figures 3.22 - Dress for Success Logo Figures 3.23 - Facebook Promotion for Dress for Success Figures 3.24 - Amour Vert Eco-Fashion Manufacturer Figures 3.25 - FIREFLY Eco Shopping Bag Figures 3.26 - FIREFLY and Amour Vert Promotion Figures 3.27 - FIREFLY Blog Figures 3.28 - FIREFLY Facebook Like Page Figures 3.29 - FIREFLY Pinterest Page Figures 3.30 - FIREFLY Mobile App Figures 3.31 - FIREFLY Loyalty Card Figures 3.32 - FIREFLY Thank You Email
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Introduction This business plan introduces FIREFLY a womens contemporary sportswear company to the Chicos FAS family. The following document consists of these parts: Part I: Situational Analysis Part II: New Product Line Launch Strategy Part III: Marketing Strategy Report References Appendices
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Business Objective
When creating a new brand or emerging into a new market, considerable research and analysis must be completed in order to understand the existing state of the Womens Contemporary Sportswear Market. After conducting some research, it has been discovered that there are three major brands that dominate that market. In this section, their current business practices and offerings will be analyzed, as well as locating a possible entrance for a new brand into the existing competitor mix. This proposal will include a Market Segmentation Overview, Competitor Analysis, SWOT Analysis, GAP Analysis, Summary of Situation Analysis, and References.
MARKET SEGMENTATION
Introduction
When analyzing the market for Womens Contemporary Sportswear, it is apparent that there is a significant gap in the sustainable sportswear market that has the potential to be filled. The market for sustainable clothing is rather limited, and there are few included in the higher price point of a Contemporary clothing line. This section will include the following findings: the General Definition of Womens Contemporary Sportswear, the Economic Impact of this Industry, the Industry Structure, the Industry Trends, and the Market Force Analysis for Contemporary Sportswear.
surplus. The U.S. womens wear industry was affected severely by the economic crisis in 2008. With higher unemployment rates, people had less disposable income and had to cut back on clothing. In 2009, the industry fell nearly 5%. Thankfully, the industry had a 0.5% growth in 2010 and continued to grow in 2011("Women's Clothing Industry: Market," n.d.). By 2014, China is predicted to become the global leader in the womens wear market, exceeding 72.4 billion ("Women's Clothing Industry: Market," n.d.). Overall, consumer confidence is rising and people are beginning to buy clothes again. More specifically, in the womens contemporary sportswear market, ecommerce and online sales are gaining in popularity over the store experience ("More Female Baby Boomers," 2010). Many of the shoppers in this market have a surplus of time and money to spend; yet do not wish to deal with the hassle that can be found in a store. Therefore, they are making their purchases online. This is a change in a market that had largely been focused on the in-store experience. Because of this, stores selling contemporary sportswear are refining and updating their websites to include more product descriptions, videos of the garment being worn, and better photographs with zoom abilities. To this end, they are once again giving the customer the power to have a pleasant experience both in their brick and mortar stores, as well as online.
Industry Structure
The industry structure for womens contemporary sustainable clothing is very small. There are very few companies such as Eileen Fisher and J.Jill that are found in this specific industry. Since this industry is quite limited, there are only 386 businesses that make up womens contemporary sportswear (NAICS, 2008). However, this industry has a big chance to grow. Womens contemporary sportswear with a sustainable focus is a small, yet fragmented industry, for all the firms are small in size and there are not that many of them (Jain, 2002).
Industry Trends
Research has shown that vendors are still price focused. The industry took a major impact between 2008-2009 with the economic downfall and housing crisis. Due to those two factors, women had less disposable income to spend on clothing ("reportlinker.com," 2012). The economy has since gone up; therefore, women now have the flexibility in their budgets to spend more on apparel. This indicates that an economic shift is occurring towards spending more on higher priced clothing with the disposable income that consumers now have more of ("reportlinker.com," 2012). The industry is also shifting towards purchasing more sustainable goods and also shopping small. Research reflects that consumers are becoming more inclined to purchase from a specialty store or a local boutique over a department store ("reportlinker.com," 2012). Both sustainability and spending money locally reflect a social shift fueled by consumer preferences to shop smart and shop small. There has also been a lifestyle shift in the industry towards marketing women of ages 40 and older. Many of these women are empty nesters, which increases their discretionary spending by 10% (AIO, 2012). As an industry, the focus is on these women because they enjoy indulgences and are focusing on spending locally as well as buying stable products (AIO, 2012). 3
This industry is facing technological shifts with the rise of ecommerce and online shopping within the womens clothing industry. More women shoppers are going online and becoming savvier with making purchases (AIO, 2012). This means that the industry must cater towards these shoppers as they are becoming more tech-friendly and have more buying power online. Retailers should ensure that their online sites are user-friendly for newer users and make the whole process very quick and simple. These buyers are influenced by their child to purchase smart phones and shop online, which means that online sales in this industry will also be rising because of that.
The buyer volume will be large in comparison to suppliers, with a large say in the price and quality of the goods. Since customers will be high in volume as compared to suppliers and retailers, they will have the majority in say and will be very influential in the persuasion of a company to listen to their needs and wants. Because of this majority, it would behoove competitors to anticipate customers demands and listen to them when necessary. Customers also have an easy ability to switch between products, which indicates that competitors have to work harder to retain those customers. Bargaining Power of Suppliers The suppliers that sustainable-minded companies will work with will have a strong positioning style because they are selling a unique product, with there only being a few other suppliers to choose from in the United States. These companies could go outside of the United States, however this can ruin the image of them being sustainable, for there are suppliers in the United States that they could use but chose not to. Rivalry Among Existing Competitors Top competitors are Ann Taylor, Eileen Fisher, and Banana Republic. Each of these companies are very large in size and have seen growth over the past years. There is little diversity that exists between the competitors. Each of these competitors products, are of high quality, ranging from narrow product choices to a wider selection. Competitors products are at higher price points, with the ages ranging from 25-60. High customer loyalty exists between brands; however, customers are willing to switch between brands, since it is so easily done. Exit barriers will be any existing contract with the suppliers that will be broken, otherwise exiting is relatively easy.
Conclusion
Differentiation in the Womens Contemporary Sportswear Market is the key to success, as determined by Porters Five Forces Model and Market Force Analysis. This market is a higher barrier to entry, with other main competitors to battle with. While there are significant threats within the industry, there are also opportunities for success. Therefore, a new entrant into the Contemporary Sportswear market with a strongly differentiated product, a loyal following, and high quality will have no problem finding success.
COMPETITOR ANALYSIS
Based on the understanding of the Contemporary Womens Sportswear market and the Market Force Analysis, there are three major retailers and brands that a new contemporary brand would face competition from: Banana Republic, Ann Taylor, and Eileen Fisher. When analyzing the competition, it is important to note their target age market, their price point, and their quality when evaluating them. This section provides information about each brand and their respective brand identity.
Figure 1.1 Banana Republic Brand Logo Mel and Patricia Ziegler founded Banana Republic Travel and Safari Clothing in 1978. (House, 2012) Originally, Mel Ziegler was in search of the perfect jacket to suit him on his worldly adventures, but found none that worked for him. So, he decided to create his own. From this, Mel and his wife began creating outdoor and safari clothing, housed in a fun store environment. They soon created a name for themselves and were bought out by Gap, Inc. in 1983 (House, 2012). Gap took over the business aspects, while the Zieglers used their creative vision to make their stores unique. Since the Gap acquisition, their product offerings have expanded to house wares, personal items like perfume and cologne, and footwear (International Directory of Company Histories, 1999). Their target consumer includes white-collar young professionals exceeding the age of 25 who make more than $100,000 annually (International Directory of Company Histories, 1999). Reaching the end of 1983, there were five Banana Republic stores that grossed $10 million. However, as safari-themed apparel began to become more and more unpopular, the company had to reinvent themselves. Eventually, the stores became more streamlined, the safariesque clothing was dropped and more casual, yet classy wear was developed. By the 1990s the Travel and Safari Clothing name was removed, the store interior became much more streamlined and became known for their urban lifestyle clothing (Banana Republic Inc. History, 2000). By this time, sales had skyrocketed and Banana Republic expanded to 162 doors generating $300 million in sales (Banana Republic Inc. History, 2000). Now, with over 620 stores, in North America, Europe and Asia, Banana Republic saw just over $2.6 billion dollars in revenue last year (Banana Republic, LLC Company Profile, 2013). 6
Brand Message
The message that Banana Republic sends to their customers is that they dedicate the company to providing customers with versatile clothing that can be worn from desk to dinner (Our Brands - Banana Republic)
Product Offerings
The product offerings in Banana Republic stores range from clothing to handbags, and jewelry to eyewear. Much of the clothing is business attire or business casual, with a lot of structured blazers and silky blouses.
Store Atmosphere
The atmosphere of the store provides a calm and high end shopping experience for the customer. The interior design of the storefronts consists of lots of sleek metal fixtures with wooden accents. Another aspect of the design of Banana Republic locations is that the design and architecture of each store reflects the look and feel of their distinctive communities (Banana Republic Inc. Company). The minimalist decor of the interior of Banana Republic adds to the luxurious brand image of the company and matches the fashionable basics design of the product lines. The store associates are knowledgeable and offer great customer service.
Brand Architecture
The brands within Gap Inc. each contribute to a specific segment of the brand architecture. These brands include Gap, Banana Republic, Old Navy, Piperlime, and Athleta. On a matrix of Younger, Middle, and Older age groups versus Upscale, Average, and Budget pricing points, these brands all fall in a different category (Gap Inc. 2011 Annual). -Gap: Average price point, Younger and Middle age groups -Banana Republic: Upscale price point, Middle and Older age groups -Old Navy: Budget price point, Younger and Middle age groups -Piperlime: all price points and all age groups -Athleta: Upscale price point, Middle age group
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Figure 1.6 Ann Taylor Brand Logo Ann Taylor is a well-known American specialty retailer for the professional woman. They are infamous for their quality suits, separates, dresses, shoes, and accessories with a polished classic look. Robert Liebeskind founded the original Ann Taylor store in New Haven, Connecticut. The name Ann Taylor was chosen to represent the target consumer, there was never an actual Ann Taylor. The companys classic look became popular soon after the grand opening, and they started opening more shops in eastern college towns such as Boston, Providence, and Georgetown. In the late 1970s, Liebeskind sold his stores to Garfinckel, Brooks Brothers, Miller Rhodes Corporation. With the change in management, Ann Taylor stores began to spread quickly (Julie, 2013). At this time, the company began working with European, upscale designers. This led to the conclusion that loyal Ann Taylor customers were willing to pay more for a sophisticated, unique look, but not as likely to pay the prices found in designer boutiques. This also concluded that by carrying a select few designer labels and brands, they had less competition and more pricing flexibility. As a part of Garfinckels, in 1981 Ann Taylor was bought by Allied Stores Corporation and soon became the most profitable group of the Allied retailers (Julie, 2013). By 1991, Ann Taylor spread from the East Coast, to Jackson, Mississippi, generating profits from 58 outlets and 176 stores (Julie, 2013). Looking to make more revenue, Brooks decided to get Ann Taylor involved in the stock market. The company sold seven million shares for $26 per share, making the stores planned expansions possible (Julie, 2013). The end of the 1990s was spent expanding the Ann Taylor LOFT idea, which was prominent and profitable for the company (Julie, 2013). In the year 2000, Ann Taylor invested into retail shopping online, making it easier to reach out to the consumers and provide excellent customer service (Julie, 2013). The company capitalized on attracting career professional workingwomen. The company has recently celebrated its 50th anniversary, and continues to grow, featuring its fashion icons from the past in order to sustain the classical Ann Taylor look from the 90s, while keeping its modern design (Ann Taylor stores corporation history, 2005).
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Brand Message
The message this sends to the target consumers of Ann Taylor stores is one the exudes highquality clothing for professional women in todays working world who still want to dress in a fashionable sense.
Product
Ann Taylor provides product offerings in apparel, shoes, accessories, and even wedding and bridal items. The apparel items all exude a very clean and sophisticated look, while still finding a balance between timeless classics and fashion-forward trends (Julie, 2013).
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Store Atmosphere
The atmosphere inside of an Ann Taylor store corresponds with the product offerings inside. The interior of the store is very bright, white, and clean, providing a polished look that is very classic and professional. The feel of the store is very calm and the customer service inside is very helpful to the customers.
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Brand Architecture
Ann Inc. is composed of two different brands: Ann Taylor and LOFT. These brands both target a different market segment and allow Ann Inc. to reach consumers of various ages and incomes. On a matrix of Younger, Middle, and Older ages versus Upscale, Average, and Budget price points, here is where the brands of Ann Inc. fall in their brand architecture. -Ann Taylor: Upscale price point, Middle and Older age groups -LOFT: Average price point, Younger and Middle age groups
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Figure 1.11 Eileen Fisher Brand Logo Eileen Fisher was founded in 1984(International directory of company histories, 2004). Eileen Fisher specializes in making womens loose-fitting, business casual clothing that scarcely changes from year to year. The companys style has been categorized as sophisticated suburban, their neutral colors make it simple to mix and match the different styles. The companys mission is to inspire women to celebrate who they are. They demonstrate simplicity, beauty, comfort, ease, function, well-being and versatility. The target market is women aged 3555 (International directory of company histories, 2004). Eileen Fishers career in designing clothes took off in 1984 at the New York Fashion and Boutique Show (International directory of company histories, 2004). She made four articles of clothing: a vest, a boxy top, a sleeveless blouse, and a pair of flowing crop pants. She collected $3000 worth of orders, and turned that into $40,000 after making the new apparel (International directory of company histories, 2004). Fishers business strategy of taking things one step at a time had revenues reaching $1.3 million in 1988 (International directory of company histories, 2004). She then expanded her company by selling to Marshall Field, Saks Fifth Avenue, and Nordstrom, along with owning three of her own stores in Manhattan and one in Chicago. In 1993 sales advanced to about $25 million dollars, with the company maintaining its simple, flowing separates made of silk, linen, rayon, cotton, and various knits (International directory of company histories, 2004). In 1995 Eileen Fisher went global, boosting sales up to over $50 million dollars, when about 750,000 units were shipped (International directory of company histories, 2004). At this point she was running 28 in-store shops. In the spring of 1998 she came out with a higher-priced bridge line (International directory of company histories, 2004). The items ranged from about $100-$400, consisting of cashmeres and silks. In 1999 she moved her entire line into the higher-priced bridge line, which was wholesaling between $38-$188 (International directory of company histories, 2004). After moving her line to the higher price point, Eileens sales have increased 11%, to about $143 million dollars (International directory of company histories, 2004). She continues to sell the same items at similar prices to this day and remains successful (International directory of company histories, 2004).
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Brand Message
The message Eileen Fisher brings to the consumers is beautifully simple clothing designed to move with real life (One Design Culture, 2012). The brand stands for timeless clothing with clean lines, sensual fabrics, and simple shapes that can be worn in a variety of different ways for a long time.
Product
The product offerings in Eileen Fisher are very simple and basic. The classic looks of the items range from simple blazers to classic sweaters, but all of the apparel in the line exudes the high quality and sensual fabrics that are expected with the Eileen Fisher brand. The product offerings also include shoes and accessories. Within the design collections, Eileen Fisher also offers an Eco Collection, which is mostly composed of classic sweaters in timeless colors. The Eileen Fisher brand is sold in both high-end department stores and Eileen Fisher specialty stores.
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Store Atmosphere
The atmospheres of both kinds of locations for the brand provide a luxurious environment in which the clothing takes center stage, and the customer service-oriented salespeople provide a high-end shopping experience for the customers.
Brand Architecture
Eileen Fisher is the only brand under the name. Based on the brand architecture matrix of Upscale, Average, Budget price points against Older, Middle, and Younger age groups, Eileen Fisher falls in the Upscale price point and Older age group.
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Conclusion
Eileen Fisher is a good example of a sustainable brand. The brand is recognizing all the different ways to be sustainable and they are taking action. The brand is using sustainable fabrics such as cotton as well as designing different programs inside of their brand that make their products sustainable. Eileen Fisher as a brand is more expensive and because they are so sustainable the colors and patterns used are limited.
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SWOT ANALYSIS
Banana Republic
Strength: Strong financial services. Acknowledged market Cost advantages. Weakness: Too narrow a product line.
Threat: Growing bargaining power of customers or suppliers. Entry of lower cost foreign competitors.
Table 1.1 - Banana Republic SWOT Analysis Banana Republic is a well-known and well-shopped brand. Its strengths lay in the strong financial services that allow them to try new collections that tie in with popular culture. The singular weakness they face comes from their basic lines that offer too narrow of a product line. Banana Republic has the opportunity to have a faster market growth and to have more favorable demographic changes. This means that Banana Republic is able to market to people in urban areas, while still gaining business from people who are not located in urban areas. The threat that they face is the entry of lower cost foreign competitors that have the same offerings, but at a cheaper price point. Therefore, growing the bargaining power of the customer or suppliers. Customers like to feel like they are getting a deal when they shop.
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Ann Taylor
Strengths: Strong and loyal customer base. Strong financial resources. Better manufacturing capacity. Weakness: Missing some key skills or competencies. Lacking managerial depth and talent Viewed as not the best quality.
Table 1.2 - Ann Taylor SWOT Analysis Ann Taylors strengths lie in their strong and loyal customer base, having strong financial resources and better manufacturing capacity. Their weaknesses are a big problem for the brand for they are missing some key skills or competencies. One main weakness is their lack of managerial depth and talent. Several customers have complained about their less than satisfactory treatment in the store. Another weakness that their brand faces is several negative reviews where they are not viewed as having the best quality and/or silhouettes. An opportunity that they could use for their benefit is the changing buyer needs and/or tastes. The threats that Ann Taylor faces are that their adverse demographic changes, such as getting rid of things that set them apart and not letting their customer base know that they are changing their target market.
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Eileen Fisher
Strength: Ahead on experience curve. Strong financial services. Acknowledged market. Weakness: Higher overall unit costs relative to key competitors.
Opportunity: Unmet needs in the marketplace. Identified need for related products.
Table 1.3 - Eileen Fisher SWOT analysis Eileen Fisher has many strengths, for one they have the experience on having an eco-friendly collection that consumers seem to enjoy. They have the overall experience compared to the other companies we have discussed thus far. They have the opportunity to expand their offering and meet other needs that are in the marketplace that would mesh with what they already offer to their customers. Their only weakness is that they have higher overall costs due to being a semiluxury brand. Then there is always the threat of another economic downturn, which would lead to a large decrease in customers shopping at this brand.
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GAP ANALYSIS
Shown below are two Market Segmentation Maps, which help visualize a gap in the market for this brand. Included in this analysis are graphs for Age vs. Price and Quality vs. Price comparison. First, in the Price vs. Quality Map, it is established that there is a gap between Eileen Fisher and Banana Republic in which could be filled by a new brand.
Table 1.4 - Price vs. Quality Gap Analysis Second, in the Age vs. Quality Map, it is found that the gap is located on the line that straddles between younger and older, while still high in price.
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Business Objectives
In order to achieve the objective of making sustainability stylish and pragmatic, it is necessary to focus not just on the sustainable side but also focus on the target customers needs and wants. This section includes analyses of the new product line value proposition, the brand owner, target consumers, branding strategy, and value chain strategy. Through implementing these objectives, FIREFLY plans to make sure to recognize the customers needs and make sure that we are true to this brand.
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BRAND OWNER
Introduction
In this section, the retailer who would carry the line will be identified. Included in this, the history of this company, their size, their product offerings, their position and image in the market, their performance, and how our line would make this retailer better off will be explained.
It has been decided that the retailer that would be ideal to carry FIREFLY would be Chicos FAS, Inc.
Brief History
This well-known womens retail company was established in Sanibel Island, Florida in 1983. A couple, Marvin and Helene Gralnick, founded the company under the name Chicos Folk Art Specialties (Chicos FAS, Inc. History, 2012). They sold Mexican folk art, with cotton sweaters being their only apparel merchandise sold at that time. After soon realizing that their clothing was in high demand, they decided to primarily sell apparel and opened a new store in Captiva in 1985 that housed Chicos brand apparel only (Chicos FAS, Inc. History, 2012). Only a year later, they opened up a franchise to a Minnesota woman. Over the years, they kept franchising in order to expand their company, designing apparel for their Chicos in house line and making a name for themselves in the womens sportswear market. In 1990, they shortened the name to Chicos FAS, Inc (Chicos FAS, Inc. History, 2012). By 1992, Marvin Gralnick was CEO, Jeff Zwick was President, and Chicos had over 60 stores (Chicos FAS, Inc. History, 2012). Only one short year later, they went public on the NASDAQ. By this time, the Gralnicks were receiving a sizeable income and had thoughts about retirement. They decided to leave the company. Without them, the company lost its vision and began to fail. In 1994, after Jeff Zwick retired, the Gralnicks returned to fix the company they built from the ground. A new president, Melissa Payner, was hired and she helped to turn the company around. They also began to turn their franchises back into Chicos owned stores, so they had more control over the quality and store appeal. Melissa Payner left the company in 1997 and Marvin Gralnick took over as CEO and president (Chicos FAS, Inc. History, 2012). With the Gralnicks running things again, they returned to their roots and focused on serving their best target market: aging baby boomers. With the
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utilization of the 0-1-2-3 sizing, high attention to the customer experience in the store, and showing appreciation to their customers by offering a discount after spending $500 in the store, the store became wildly successful yet again and began its climb. With their huge success, they moved from the NASDAQ to the New York Stock Exchange as CHS. This was a strong indicator of their success and their ability to grow despite tough economic environments and other womens retailers failing. The CFO Charles Kleman was quoted in 2001 as saying that the Chicos shopper was going to spend on apparel whether the stocks are up or down, since the last thing she will give up is her looks (Funding universe, 2012) acquired White House Black Market in 2003, and then established the brand Soma in 2004, and Boston Proper was the most recently acquired in 2011 (Chicos FAS, Inc. History, 2012).
Demographics
Currently, there are 600 Chicos retail stores, with 100 outlets; 402 White House Black Market Stores, with 45 outlets; and 206 Soma Intimates stores, with 16 outlet stores (Chicos, 2013). Each of these stores maintain a storefront, a catalog, and an e-commerce website. The stores are located in the United States as well as Puerto Rico and the U.S. Virgin Islands (Chicos FAS, 2013). They plan on testing stores for the Boston Proper Brand this year. They are headquartered in Fort Myers, Florida, not far from where the company began its origin. Chicos FAS employs 4,950 people, which is a rather low number compared to other larger retailers (Macroaxis, 2013). The figure below shows the positions and names of the officers of Chicos FAS.
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Product Offerings
At Chicos stores across the country, a shopper will find fashion conscious; yet figure flattering and comfortable garments (Chicos FAS, 2013). Their products give the one-of-a-kind appeal and are more eclectic in nature. They offer womens apparel, accessories, and jewelry. Within apparel, Chicos makes jackets, tops, pants and jeans, skirts and dresses, Garments are designed specifically to fit their shoppers lifestyle by utilizing special design techniques and fabrics to work with womens bodies and need for flexibility. Their sizing is very unique in that it is on a 00 (XS, Size 4-6), 1(S, Size 8-10), 2 (M, Size 12-14), 3 (L, Size 14-16), 4 (XL, Size) scale for their clothing (Chicos, 2013). This also includes half sizes. A size scale such as this provides simplicity, while also making women feel better about the size they wear. Most of the garments tend to cover up the arms, conceal the tummy area, while highlighting the legs, which can often be a womans favorite body part.
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Innovative product offerings can be seen in their Travelers line, in which garments are wrinkle-free, to enable worry-free packing and easy wear while on vacation (Chicos FAS, 2013).
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Chicos also offers a Black Label line, where the price point is higher than their normal goods and has a focus on clean, modern lines, but with a playful sensibility.
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Market Image
Chicos has been around for 30 years and their image and presence in the market has only strengthened over time, due to their innovations in design and willingness to change. They have a large following due to their ability to accommodate larger sizes, flattering clothing, unique tastes, and attentive salespeople. The demographic that shops in these stores loves being assisted in compiling outfits and deciding what flatters them, so good sales people is essential for success as Chicos. Customers find the sales ladies nonjudgmental and honest with them about fit, which they feel is a digression from other retailers in the market. Therefore, they have a positive appeal to women of a larger and older demographic. Within younger female shoppers, however, they have a slightly old appeal. To these younger shoppers, they are looking to show off their figure with tight, revealing clothing. This is not Chicos appeal, so they are often turned off by it. However, with the creation of the Travelers collection, Chicos is able to retain those potentially lost younger clientele. Since the garments can be balled up in the bottom of your suitcase, but still be wrinkle free is great for young travelers looking for basics that they can wear and go. Young women also find the attentive sales ladies as one of Chicos more positive points. FIREFLY will provide a sustainable benefit to Chicos, which is something that consumers are now thinking more about and is a hot topic among retail companies. Aiming towards sustainability and eco-friendliness is a strategy for success, since consumers will be more cognizant of the life cycle of their garment and companies will be forced to respond to their demands. Chicos is considered a highly innovative brand that was recognized in 2006 by the National Retail Federation as the U.S. Retail Industry Innovator of the Year (Farfan, 2013). This would be an advantage, since they would be more likely to adopt a sustainable brand like FIREFLY in order to stay on the cutting edge of innovation.
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Recent Performance
Sales for Chicos FAS has been steadily increasing over time, as is shown in the figure below.
By adding the sustainable brand FIREFLY to Chicos FAS, the company will be expanding their clientele to cater to those consumers who are more conscious of their environmental footprint. Along with adding a more sustainable consumer, FIREFLY will attract current customers of Chicos FAS brands, therefore expanding revenues with current customers along with attracting new ones.
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Conclusion
In this section, extensive research was done on Chicos FAS, as the potential brand owner for FIREFLY. In doing so, greater light was shone on their company history, demographics, position in the existing brand mix, image in the market, performance, and their long term and short-term goals. All of these things will help in determining Chicos eligibility as owner of FIREFLY.
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TARGET CONSUMER
Introduction
FIREFLY will target older successful women and provide them with classic, sophisticated contemporary clothing that can be transformed from day to night. In order to satisfy each exceptional women, FIREFLY used different famous celebrities for inspiration and target consumers were segmented into the following categories: Working women, working women with family, single working women with family, and retired women. With this, FIREFLY has been made to fit womens wants and needs based on their personal lifestyles.
Figure 2.7 - Oprah Winfrey (JennerJahnReport, n.d.) The big secret in life is that there is no big secret. Whatever your goal, you can get there if you're willing to work.-Oprah
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Similar to Oprah, the workingwoman has dedicated all her time to her career. Claire is 41 years old and works in finance. After graduating from the University of Virginia, Claire moved to New York City. With her busy schedule she does not have much time for dating. She makes around $85,000 a year after taxes. Claire believes that to have the best, you must be the best. Claire is very in tune with technology, and you can always find her with her blackberry glued to her ear. When she has time, Claire enjoys running and going to Broadway plays. Working such long hours, Claire likes clothes that can go from day to night. Shopping is something she does not have a lot of time for so she trys to stick to basic items that can be interchanged. FIREFLY fits Claire perfectly. Claire is young and although she has a very busy career she still likes to go out when she has the chance. FIREFLY fits Claires needs because the brand is interchangeable from day to night. Claire can look professional at work and then go straight out to happy hour and still feel comfortable and stylish. When Claire does shop, she usually will go to boutiques or major department stores such as Nordstrom. Claire has made a name for herself in the workplace and she does not plan on stopping anytime soon. 3 Must- Haves Claire the Working Woman Needs: 1) Day Planner to help organize her meetings 2) Blackberry to make business calls 3) Flexible hours because she works a lot
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Figure 2.9- Julia Roberts with Family (Vipphoto, n.d.) I'm just an ordinary person who has an extraordinary job.-Julia Roberts
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The workingwoman with a family are working a part-time or full-time job and makes $65,000 after taxes. She has a four-year college degree and is successful in the office and at home. She knows that in order to provide for her family she has to work. The working mom is a pro at juggling her career and her household. Above is a picture of Shannon and her family. Shannon is 48, and lives in Kansas City with her husband and son. She is a hospital director and a loving mother and wife. Shannon and her husband recently just celebrated their son Jacks graduation from college. Shannon spends about 10 hours a week doing household chores such as laundry, cooking and cleaning. When Shannon has time off she likes to spend it with her husband. The two enjoy wine tasting and history. When Shannon gets alone time she likes to watch Dancing With the Stars and read the latest popular book. Shannon is very in tune with social media and has a Facebook. Shannon also has an iPad and an iPhone. Shannon wants the best for her son so she works very hard to give him the life he deserves. Having a family, Shannon is more aware of the clothing she buys. Before she had a family, Shannon would buy all the latest fads. Now with a family, Shannon only buys clothing that are versatile and long lasting. Having a family and a career, Shannon has to attend many different kinds of events. FIREFLY is a perfect brand for Shannon, because it is affordable for her and basic. From meetings to her sons graduation, FIREFLY will provide many different looks for Shannon without having to buy a ton of different clothing. 3 Must Haves Shannon the Working Woman With a Family Needs: 1) Skype so she can Skype her son that is at college 2) IPhone so she can be in contact with her job and family 3) Cookbook to make nice family meal with
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Figure 2.11 - Demi Moore with Daughter (hollywood5, n.d.) I had worked my whole life. Until I became a mother, that's the only way I measured my value. Demi Moore
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The single workingwoman with a family is a full time parent as well as a full time employee. The single workingwoman is the only provider for the family and takes on many responsibilities. Ann is 42 years old and is a full time lawyer. Ann and her 15year-old daughter Stephanie live in Houston, Texas where Ann is a Lawyer. Ann makes about $100,000 a year after taxes. Ann has to give 100% at the office in order to provide for her daughter. Ann also has to give 100% at home because she is the only parent helping raise Stephanie. Ann attended a four-year college in Texas and later went to law school at UT. On her spare time Ann likes to ride bikes with her daughter, train for marathons, and bake. Ann enjoys shows like CSI and Desperate Housewives. Ann wants to give her daughter everything including a college education, so she is very aware of her spending. Ann is a very busy woman and needs clothing that she can wear all day and into the night. Many times Ann leaves work to go see her daughters volleyball games so she likes to have clothes that are fitting for work and play. Ann likes to dress nice especially when she is entertaining a client, but she will only spend a certain amount on clothing because she has to raise her daughter alone. Since Ann is on a budget, FIREFLY is an ideal brand for her because she can get many looks out of just a few outfits. The clothing at FIREFLY are made to mix and match allowing the buyer to get several looks out of just a few pieces. FIREFLY is a perfect brand for Ann because she will look professional and stylish in her price range. 3 Must Haves Ann the Single Working Woman with Family Needs: 1) iPhone for work and her daughter 2) A budget because she is the only source of income for her and her daughter 3) Parenting magazine to read about how to balance a career and a child alone
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Figure 2.13 - Diane Keaton as Retired Woman (beauty.about, n.d.) A sense of freedom is something that, happily, comes with age and life experience. - Diane Keaton
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Figure 2.14 - Woman Gardening (superstock, n.d.) The retired woman is a woman who now has the time to stop and smell the roses. The retired woman was once a hard workingwoman who had success in her career. This picture is a picture of a woman named Sandra. Sandra was born and raised in Chicago, Illinois, where she attended nursing school and became a nurse. Sandra got married and had three kids and raised her family in a suburb of Chicago. Sandra had a very comfortable life making around $75,000 as a nurse. Sandra worked for 47 years before her and her husband decided to retire. Sandra now lives in Tampa Florida with her husband and two dogs. Sandra enjoys gardening and taking long walks with her husband. Sandra supports several different charities such as St. Jude, Mercy Home, and many more. With all these charities that her and her husband support, Sandra has to attend many luncheons. FIREFLY is a great brand for Sandra because it is Professional but also stylish. Just because Sandra is old, she does not want to dress that way. FIREFLY will keep Sandra looking young and fresh. Sandra also has five little grandchildren who she gets to only see a few times a year because they live in Chicago. Sandra and her husband no longer support their own children, so they have a very flexible income. Sandra likes to shop and will spend her money on clothing. Being older, Sandra likes simple clothing that is not too flashy. She also likes to spend her money on her grandchildren. Being retired, Sandra likes to relax and enjoy the little things in life. 3 Must Haves Sandra a Retired Woman Needs: 1) Gardening tools to garden 2) Skype to talk to her grandchildren in Chicago 3) Comfortable shoes to take long walks in Conclusion FIREFLY is a brand that is universal to all different kinds of women. The line fits every womans unique lifestyle. It is a versatile line and women who are on the run can wear this brand from day to night. FIREFLY will make every woman shine and feel special.
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BRANDING STRATEGY
Introduction
In this section, the branding strategy for FIREFLY will be explained. Stories of the merchandise line through storyboards, brand name, logo, tagline, and image to show the purpose and theme of the brand FIREFLY will be included. FIREFLYs branding effort will not only benefit Chicos FASs overall business, but also benefit the target consumers.
Brand Name
The brand name FIREFLY was selected because it represents the specific brand image through one simple, yet straightforward word. FIREFLY is simple to remember and evokes an image of luminosity in ones personality, appearance, and clothing.
Brand Tagline
The tagline Light Up Every Room, Every Moment, Every Person also represents the versatility that FIREFLY has to offer as a brand. This tagline if simple yet effective, because it implies that by wearing the brand, she will be fashionable at any event in her life, and she will turn heads while doing so.
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Brand Logo
The goal of FIREFLY is to keep the logo as simple as possible to maintain a high-end and sophisticated image, suitable for the older target consumers. However, FIREFLY differentiates by changing the color of the logo with the seasons, so that the consumer can be aware as from which season the item is from. This would be done on the tags on the garment as well as seen on the e-commerce website and in-store.
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Storyboard
FIREFLY is a brand that was inspired by versatility. The main branding benefit that FIREFLY has to offer is a fashionable look that is appropriate from the office to happy hour. FIREFLY is designed for the busy career woman of today who needs to look polished and classy at multiple occasions in her day-to-day life. The color palette provides the target consumer with a fashionable twist to a very classic design in which she can build upon her existing wardrobe, or mix-and-match the entire line to always look fabulous at any occasion life my throw her way.
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Brand Image/Theme
This image below (Figure 2.20) represents the image portrayed through FIREFLYs branding strategy. FIREFLY is a contemporary sportswear collection that is versatile, fashionable, yet classic and sophisticated for the businesswomen of today. The main image and message that FIREFLY wants to get across is that it is possible to be stylish at any occasion in todays fast-paced world with one product line that can take you from day to night, or wherever else life may lead you. FIREFLY understands the needs of the super-woman of today, along with the needs of all women who just want to look good wherever they need to be.
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VALUE STATEMENT
Impact on the environment FIREFLY is ethically conscious regarding the environmental impact. FIREFLY strives to ensure that the most minimal mark as possible is left on the environment. This is because FIREFLY understands the responsibility they have to leave the earth a better place for humanity. Customer Comes First FIREFLYs customers are valued as important and it is of the greatest priority to ensure they have a positive and memorable experience. Integrity FIREFLY expects that all employees and vendors are 100% honest in order for the brand to succeed. High Standards FIREFLY believes in high standards. Everyone deserves the best no matter who they are. Empowerment FIREFLY makes sure that not only employees are empowered, but also the customers. It is important to make sure that the FIREFLY brand makes them feel powerful and in control of their life. FIREFLY is a company that is not just thinking about the bottom line, but is determined to leave the earth a better place. FIREFLY focuses on the impact of the decisions that are made and how to make better ones to leave behind something good for mankind.
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Benefit of Consumer
The branding strategy for FIREFLY is to show the versatility and ease that the merchandise has to offer the busy lifestyles of the career woman of today. Today, women have so many obligations in their daily lives; they need a wardrobe that can take them from A.M to P.M with ease. FIREFLYs brand image of versatility will be portrayed by showing a woman multitasking many activities in her daily life, while looking fashionable and appropriate for the occasion wearing FIREFLY clothing.
Conclusion
FIREFLY intends to differentiate its brand from competitors through the versatility aspect of the product line. The target consumer lives a busy and professional life, and needs a wardrobe to carry her through the demands of her chaotic life. This branding strategy will communicate the message FIREFLY needs to convey in order to attract the right target market for the brand to be successful.
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Chicos will take on the marketing and sales role in the value chain. They will then pass their marketing idea along to FIREFLY. FIREFLY will design the garments and then pass it back to Chicos marketing department along with any other needed information about the design. Chicos will use business analysts to complete any extra research needed for the testing of sustainability within the products. After the research is complete, it will then be passed back to the designers at FIREFLY to overview the plan. After reaching a decision the plan is sent to the manufacturing plant in Palo, Alto, California (a sustainable manufacturing plant that does all of its work in the United States), which will include the raw materials needed for the garments (Amour Vert, 2013). The finished garments are then moved to the finished goods warehouse and put into inventory orders (Global Logistics, 2013). At the inventory warehouse FIREFLY will perform tests on garments, to ensure the sustainability of them. After the computer inventory system is updated, the product is available for sales/shipment to FIREFLY retail locations (based on request to make sure the stores are never overstocked) (Global Logistics, 2013). This will be the best solution for the garments because there will be less administration costs, with the ability to focus on other business activities, limited investment, flexibility, and less information to obtain. FIREFLY has chosen to only use a sustainable manufacturing plant in order to ensure that the products are 100% sustainable. This is also the best method for the company because this minimizes transportation and plant costs by only using one last-stop warehouse for inventory and shipment purposes.
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What makes up FIREFLYS quality is the fabric, fabric treatment, garment design, trimmings, and finishings. FIREFLYS apparel quality will feature physical, performance, and price. Aesthetic performance is easily judged by just looking at the garment. Style, color, and fit are some of the most common reasons consumers buy an apparel product so it is very important that it meets all three of those points. Consumer satisfaction is important to FIREFLY that is why quality assurance is a top priority. To make sure that FIREFLY is meeting customers expectations, on our website consumers can look and write reviews about the products. FIREFLY will have a competitive advantage by receiving customer feedback. For all of FIREFLYS fabric used, they will have specific standards and specifications to meet the expected quality of the brand. When establishing FIREFLYS standards and specifications, they will be balanced between aesthetic and functional performance. FIREFLY will communicate with suppliers about the performance of the raw materials that will be used when purchasing fabrics and findings. To also assure quality, fabric will be tested before making a purchase. Fabric quality will be assessed at all stages of the apparel production. FIREFLY puts quality control as a top priority. 53
FIREFLY sets an example for safe work conditions. It is very important to FIREFLY to have safe working conditions. FIREFLY is made in San Francisco California, and pays its factory workers $18 an hour. FIREFLY treats its factory workers with respect and makes sure that they have the best of the best work conditions. Each factory worker will receive full benefits including health. The factory work conditions will be clean, organized, and safe.
Conclusion
By only focusing on these steps to produce the garments FIREFLY will be cutting costs and saving time. FIREFLY apparel will be 100% sustainable due to the manufactures under the agreement, which also will save FIREFLY time and money in the long run. It is the best way to produce the products and maintain high-end quality garments, while working with trustworthy business partners.
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Business Objectives
In order to achieve the objective of optimizing profit levels, creating a loyal customer base, and becoming a well-known sustainable brand, executable and effective implementation strategies are necessary. This section includes analysis of product strategy, place strategy, merchandising and pricing strategy, as well as promotion strategy and service.
PRODUCT STRATEGY
Introduction
Being a sustainable company, FIREFLY is very involved in the product and wants to make the whole process from start (concept) to finish (customers leaving the store with their purchases) a sustainable one. FIREFLY will offer the options of both a normal shopping bag to put a customers purchase in or a sustainable one that we have made for them to continue to use on future shopping excursions. The products will feature clean, sleek lines, which will also be present through the brick and mortar stores, online store, marketing strategies, and packaging. FIREFLY will sell accessories and jewelry from local vendors in each of the store locations.
Merchandise Assortments
In FIREFLY stores you can find two different styles of pants in three different colors. These will include a statement color, black, and khaki. For shirts, there will be four different styles in short sleeve, long sleeve, and three quarter length. Colors FIREFLY will offer for the tops are red wine, tan, clover green, and mustard as well as black and white. For skirts the collection will have four different styles available in tan, navy, clover green, red wine, and black. For jackets FIREFLY will offer one in clover green and print, and one in navy and tan as well as black and white.
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Benefits
This outfit is a great one for any womens wardrobe. It can transition from day to night with ease, so with her busy schedule she wont have to worry about fitting in time to change clothes before a dinner out with family. The jacket has a tailored fit to give the silhouette of the jacket a professional look but it could also worn on the weekend when she goes to the mall with her daughter. The pants can be either dressed up or dressed down for they are universal.
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Benefits
This skirt is very different from other pencil skirts. It has micro-suede panels on the side to give the skirt more dimension and allows it to stand out in your wardrobe and when you wear it out. The jacket has a fitted silhouette and it is trimmed with a print down the front and at the cuffs. It has ruching at the front to make the jacket more flattering for all body types. It is an all around great jacket to make you stand out from the crowd at any business meeting that you are attending.
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Benefits
This is one of our most universal outfits in this Fall Collection. You can dress it up with a jacket and heels or keep it just as it is and add some flats for a casual day with the family. This top could stay paired with the sunburst pants or with a pair of jeans. These pants could also be carried into the winter and just be worn with a sweater instead. This entire outfit is one of FIREFLYS must have staple outfits for all of our customers wardrobes.
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Packaging
Being a sustainable company, FIREFLY understands that product packaging is a very important aspect of the business model. To promote sustainable practices to the target customers, FIREFLY is going to use shopping bags made out of recycled paper, and they will be very simple to appear minimal and sustainable. Also, no tissue paper or any other wrapping or decorative materials are going to be used. Also, FIREFLY is going to actually sell reusable tote bags for $10, or if the customer spends over $250 that purchase, they will receive that tote bag as a free gift, as well as donating a tree. The customers will be inclined to choose the reusable tote bag option because each time they bring it back to use each time they return, they will receive 5% off of their entire purchase that day. These tote bags will not only bring in extra income for FIREFLY, but they will also save the company money in buying regular shopping bags, along with helping save the environment as well.
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Figure 3.7 - FIREFLY Clothing Tag The tags will be made from recycled paper and will be placed strategically on the garment. FIREFLY will include as much as possible on the one tag, since the use of multiple tags on a garment goes against the companys sustainable values.
Product Benefits
FIREFLYs products will get shoppers from work to dinner to drinks with ease. Product versatility is the main benefit FIREFLY wants to provide for the customers. The entire product line is capable of being appropriate for work, while also suitable for her after-hours activities. This will benefit the consumer, since the collection will provide them with a complete wardrobe for their everyday lives. FIREFLY products will be very comfortable and wash-and-wear friendly. FIREFLY wants the garments to be go-to pieces that customers will always reach for in their closet. They will be practical, yet still look fashionable and figure flattering. Also, since the products are made from sustainable materials, they will provide a social benefit to more environmentally conscious customers.
Product Features
Clean lines with flattering silhouettes define FIREFLYs line. FIREFLY aims to provide outfits that are able to be mixed and matched in order to be suitable for any occasion and for multiple wears. Each of the garments are simple designs with embellishments used to create a unique piece. Buttons and piping are used to create embellishment, as well as strategic draping across the bodice to create a flattering bodyline. Also FIREFLY will use contrast stitching that will be in a metallic shade to help make the garment unique and give it a more luxe feeling.
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Product Quality
FIREFLY aspires to make its garments as high of a quality as possible for the price charged to customers. The pieces will be made from the highest quality sustainable materials; therefore will require a higher selling price. FIREFLY is a company that is targeting a better target market so they expect that they should be getting their moneys worth. All of the products will be made in the United States, therefore there is a higher quality associated with each of the pieces.
Accessories
FIREFLY will also sell accessories, which will include belts, scarves, and regional jewelry that will be sourced from within the community and throughout that particular region. By bringing in and selling regional products FIREFLY is interacting with the region that the stores will be based in. By supporting local communities and highlighting works of local designers, FIREFLY allows more people to have access to their products, which in turn helps the designer get more recognition for their work. This will make each location unique and the purchaser will feel more special upon buying this item. In the flagship stores, jewelry from designers in every region will be highlighted and sold. Since the items will be from ranging designers, they will not necessarily be the same every season or year. We will utilize Etsy in order to locate a local jewelry designer and scarf and belt maker. This will create a sort of exclusivity with the accessories we sell, as well as supporting the local community. All of the accessories we sell will be made from eco friendly materials. For example, the scarves are made from recycled polyester and the jewelry from recycled household items and stones.
Figure 3.8 Romeo and Juliet Eco-Friendly Infinity Scarf from Storiarts Etsy Store
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Figure 3.9 Eco Friendly Infinity Scarf from MiniRuin Etsy Store
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Summary
FIREFLYs products are simple, yet made very well using sustainable fabrics and manufacturing through a sustainable process. Jewelry from regional artists will be showcased in their local store as a way to be a part of the community and to include unique items in each location. FIREFLY will have packaging that is unique in that customers will be offered a reusable sack for $10.00 with any purchase, or if they spend over $150 they will get it for free. This gives them an incentive to come back and shop at FIREFLY if they bring back the reusable sack as well. FIREFLY wants to make products that are helpful to the environment and that the customer feels like they are making a difference in the environment.
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MULTI-CHANNEL STRATEGY
Introduction
FIREFLY will have both a brick-and-mortar store along with an ecommerce site. There will not be a lot of brick-and-mortar stores, but they will be built strategically throughout the United States to make sure that as many customers in the target market as possible are reached. The ecommerce site will be up to date with all the current items that are in stores, and also have online-only merchandise that will be offered on the site. It will also allow customers who do not live near a FIREFLY location to still be able to shop virtually. FIREFLY plans to have a common theme of whites and golds along with clean sleek lines that will be shown in all avenues that customers shop at.
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rack as to not overpower the customer with too much merchandise on the rack, causing them to not be able to really look at the items. FIREFLY will have much more of the merchandise in the back rooms and bring it out to the front of the store as needed. Additionally, FIREFLY plans on having community events, like gardening classes, yoga classes, and special visitors once per month in the stores, with a private shopping party with discount afterwards. There will also be a patio outside all of the stores especially dedicated to these kinds of events.
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E-Commerce Site
FIREFLYs online site will be very clean and sleek like the respecting brick and mortar stores. The color scheme will remain whites and golds throughout the site. The basic layout of our site will have a menu bar across the top underneath our brand name and tagline. Then on the front page there will be a large picture beneath the menu bar that will change, displaying three different cover page promotions. When a customer clicks on a garment that they like, they will be shown a short video featuring a model wearing the garment, so they can see how it really fits. After the video finishes, the customers will then be directed to the page that shows the garment and lists all the things that they would need to know regarding purchases. Then at the bottom of this page, there will be three suggested items to complete the look of the item they are viewing. Reviews of each item will be beneath the photo and product description. This would not only help the customer with the purchase, but also help FIREFLY in providing exceptional products for the customers.
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Mobile App
Figure 3.16 - FIREFLY Mobile App Smartphones are becoming the most popular accessory that you can have, so creating an app for FIREFLY is absolutely necessary to stay current with the times. On the app interface, we will include store locations and hours, ability to shop online, view promotions, outfit ideas, catalogs, and gift cards. This would also be the main way that people would access their Fireflyer member account to keep track of the money theyve spent so far with the store and how far they are to reaching their next level. They can keep the rewards information in the app so in case they do not have access to their card, they can still receive the benefits.
Summary
As a company with both stores and a website, it is important to diligently keep all of our online sites updated with all the current information and products. The FIREFLY blog and e-commerce website will be interactive so the customers can feel involved with the company and also allow them to leave reviews and make suggestions. The store image and atmosphere will carryover over to all of our online sites. Each store will be the same, which allows the customers to feel at home and know where they are going no matter the store they are shopping in, while still maintaining a boutique feel. By having a cohesive image and feel throughout all of our stores and online it allows our customers to have a sense of familiarity and feel like they are being welcomed back warmly as an old friend.
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Table 3.2 - FIREFLYS Projected Annual Sales In Figure 3.11, sales per class is analyzed based on the percentage of that category we will sell. FIREFLY will have four apparel categories: Blazers/Jackets, Blouses, Skirts, Pants. The accessories categories will be Jewelry, Scarves and Belts. Sales were projected to be higher for blouses and skirts, since customers will buy several different options of those items to pair with pants and blazers. The pants and blazers will be higher ticket items that our customers will only buy a few times a year, therefore, yielding a lower percentage sales per class. FIREFLY anticipates selling jewelry highest out of the accessories, since shoppers often look to complete an outfit with a necklace or earrings.
Pricing Strategy
FIREFLY determined that a prestige pricing strategy would work best for the company due to a few factors. FIREFLY is priced at the premium level, since it is a high quality brand that wants to maintain that image. Being of a fairly high price point, this is the best strategy for FIREFLY since they will be lowering the prices of the merchandise at the ends of each Spring/Summer and Fall/Winter for sales. Additionally, since FIREFLY is an environmentally conscious brand, that entails that a premium price can be charged for our goods, since they are more time consuming to produce, are made from sustainable fabrics, and are manufactured by workers who are paid a fair wage.
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Markup Strategy
Table 3.3 - FIREFLYS Markup Strategy In determining FIREFLYs markup strategy, they first looked to the markup procedure that Chicos FAS follows, since they want their markup to be as similar as possible. In doing so, FIREFLY took their first price by the given markup of 56% to determine their Initial Markup. This means that the remainder will be the cost of the garment to make, also known as the cost of goods sold percentage from the annual report.
Markdown Strategy
Table 3.4 - FIREFLYS Markdown Strategy To maintain their exclusive image and higher price point, FIREFLY has decided to only have markdowns two times a year, at the end of each set of seasons. FIREFLY chose their first permanent markdown price to be a percentage of 30% off the full retail value. Two weeks after the initial clearance has begun, any remaining merchandise will be given a hard permanent markdown of 70% off full retail value. 70% off is as low as Firefly will go in any markdowns, because this is the lowest they can go without losing significant amounts of money on the merchandise.
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Table 3.5 - FIREFLYS Merchandise Plan Planning FIREFLYS inventory and reductions for the first year of business is critical to ensure that correct purchases are made each month. Since FIREFLY is a new brand, they decided to keep their average Stock-to-Sales ratio at a modest rate of 1.09 that is, averaging around 9% more stock on hand than projected sales for the month. This number gives FIREFLY a reasonable amount of extra stock, should sales be greater than they had planned, but it also is conservative enough that should sales be less, there should not be too much leftover inventory. FIREFLY found their total inventory for the year by multiplying our first year sales plan of $63,000,000 by our Stock-to-Sales ratio of 1.09 to get the total of $68,575,500.
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To plan FIREFLYS total reductions for the year, they first allotted each month a projected reduction percentage, which varied depending on events such as Black Friday, the holiday season, and other end of season sales at FIREFLY. They then took each planned reduction percentage for the given month and multiplied it by the projected sales of that month to find the projected reductions. To find the total projected reductions for the first year of business, FIREFLY added up the reduction amounts of all 12 months to conclude to a total of $5,443,200 in reductions.
Summary
Maximizing profit for the first couple of years is a must in order for our company to survive. FIREFLY doesnt believe that it will be too hard for they are fulfilling a need within the market that they believe that customers will flock to. In the first year, they expect to make 20% of our parent companys sales. We plan to do this through our high low pricing strategy that is the same as Chicos and also having a larger layout, which will also accommodate activities for the community.
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Promotion/Communication Strategy
Introduction
Promotion is a really important to FIREFLY. Its not just about promoting the company to their customers and potential customers; it is about making a personal connection with her. It is about becoming a part of her routine, so she doesnt even think about any other store when it comes to shopping for herself. FIREFLYs promotion, advertising, and public relations are going to continue to be simple and elegant just like the stores and online sites. The theme of the company will be showcased in all the things that we do.
Promotion
FIREFLY will have sales at the end of Fall/Winter and Spring/Summer, which means that there will be two sales every year. When doing promotions and signage in the store they will use chalkboard for signs with chalk markers. This gives the signs a unique feel to the store. The labels that FIREFLY has chosen to place on the garments and attached to the accessories will have changing ink colors as the seasons change. By doing this, it becomes easier for the associates to be able to tell what is sale and what is not during the sales and also allowing the customer to know at a later date the season that their garment is to be worn during when they are searching through their wardrobes. We will also include special promotions for our loyal customers, also known as Fireflyers. They will receive a special discount on items throughout the store.
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Advertising Strategy
FIREFLY has an advertising strategy that is going to touch on many different points to reach our target consumer. The first aspect of our strategy is going to include a specific ad campaign featured in magazines that are most read by our target consumer, such as O Magazine, More Magazine, Good Housekeeping, and Glamour. The ad campaigns are going to be simple and to the point, so the focus is on the clothing. The second aspect of our advertising strategy is our informative emails. Those women who are already enrolled in Chicos email list will receive a sneak-peek email blast informing the current customers about FIREFLY before the brand initially launches. This will create interest and buzz before the store even hosts its grand opening. After the initial launch of FIREFLY, customers can enroll onto FIREFLYS email lists and will be informed regarding any future promotions, new collections, and special events. Another benefit of the emails is that customers can get their receipts sent to them via email, thus retaining FIREFLYS sustainability platform.
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Figure 3.19 - FIREFLY Sneak Peek Email Blast The third aspect of advertising is FIREFLYs own lifestyle blog, which will feature a newsletter. The blog will be updated a few times a week, and those who are enrolled for the email list will be automatically enrolled in the blog/newsletter list. Also FIREFLY will have an e-commerce shopping site, which will be another venue where customers will be able to shop. The site will display ads for all the new merchandise.
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Public Relations
The Public Relation strategy that FIREFLY will use is that they will donate to a major nationwide charity and donate 20% of net sales to it at the end of each fiscal year. The charity FIREFLY will be donating to is Dress for Success. Dress For Success is an organization that empowers underprivileged women who are entering the workforce for the first time. Dress For Success helps each woman dress the part for their interview as well as helps them prepare for it. FIREFLY believes that this would be a great charity to support because it is bettering women in the work force and it is also related to fashion. FIREFLY will also plan on working with Dress for Success and plan on hosting events that will represent them on a specific night. Twenty percent of each persons purchase would go to that charity on that night only. Through working with this charity, FIREFLY will give back not just to the community, but also to the country. Being a charitable organization is another important aspect of FIREFLYS sustainable image. Secondly, FIREFLY will partner with our manufacturer, Amour Vert, on a tree donation program. They have a program where they donate a tree with the purchase of a t-shirt. FIREFLY plans on donating a tree when one of our tote bags is purchased for $50 or for free when a customer makes a purchase of $250 or more.
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Secondly, FIREFLY will partner with our manufacturer, Amour Vert, on a tree donation program. They have a program where they donate a tree with the purchase of a t-shirt. FIREFLY plans on donating a tree when one of our tote bags is purchased for $50 or for free when a customer makes a purchase of $250 or more.
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Direct Marketing
Direct marketing will be email blasts, a blog that features FIREFLYs newsletter, and a Facebook page. The newsletter will be updated once a week and will show up on the blog, but updates will also be sent to customers who subscribe through the emails. During the checkout process FIREFLY associates will ask if they would like to register their email in order to get emailed their receipt, along with the option of receiving the newsletter via that email address as well. Customers can also sign up for the newsletter on the blog and on the website. They will simply be asked to give an email address.
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Blog
Figure 3.27 - FIREFLY Blog FIREFLYs blog is just one of the ways to can keep our customers up-to-date with all that is going on within the company. It will be a way that they can find out about secret shopping events and brand new products that we will release. It will also be a way that they can connect with others who love the brand but also talk with some who works for the company, if they have any questions or concerns. It is also a place where they can place suggestions or improvements that they believe that we should make to our products, stores, or employees. Also on the main page there will be listings of events by city. FIREFLY will also have a monthly newsletter. This venue is just another way for customers to talk with FIREFLY workers and with other customers and stay up to date on all that FIREFLY is doing.
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Figure 3.28 - Firefly Facebook Like Page By using Facebook, customers can Like FIREFLY, and spread brand awareness to their friends. On the Facebook page, FIREFLY can post albums of the new collections so those who Like the pages and others can view the clothing. Also, when they Like the page, they will receive FIREFLYS status updates. In these status updates, FIREFLY will post statuses about promotions, new collections, special events, and sustainability awareness. By using social media, customers can also communicate with each other on the Facebook wall and be more knowledgeable on what is going on at FIREFLY.
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Figure 3.29 - FIREFLY Pinterest Page Pinterest is no longer solely for recipes and decorating ideas, women are now doing online shopping from their favorite retailers on the site as well. Since Pinterest directly forwards to FIREFLYs website, this enables potential shoppers to easily find an item that is carried on the website and make a purchase. Since FIREFLY is a lifestyle brand, other things that are of interest to our target market will be pinned in order to establish interest with the broader market and expand brand following.
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Mobile App
Figure 3.30 - FIREFLY Mobile App Smartphones are becoming the most popular accessory that you can have, so creating an app for FIREFLY is absolutely necessary to stay current with the times. On the app interface, we will include store locations and hours, ability to shop online, view promotions, outfit ideas, catalogs, and gift cards. This would also be the main way that people would access their Fireflyer member account to keep track of the money theyve spent so far with the store and how far they are to reaching their next level. They can keep the rewards information in the app so in case they do not have access to their card, they can still receive the benefits.
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Personal Selling
Personal Selling is another way that FIREFLY will reach customers whether they are current customers or newly converted ones. Sales associates will be the main ones doing the personal testimony. They will help the customer from the start to the end of their customers experience, making sure that all of their needs are being met. Sales associates will go through training to learn specifically how to create and foster long lasting relationships with customers and how to get them what they need. FIREFLY will employ women who are of our target market, since this will make the women shopping feel more comfortable in stores and more likely to heed their advice. Also people who work with corporate will also give their personal testimony when wearing the products in their daily life by letting people know where they got their clothes if asked.
Summary
FIREFLYs main goal is to make sure that we reach all customers and market to them in a way that it feels like the ad is just for them. FIREFLY plans on working within local communities and giving back to them and also Dress For Success. The plan is to market to customers not just through magazine ads but also through social media such as Facebook and the blog and newsletter. All types of promotion and advertisement will carry the same themes that are carried out in both the stores and online presence.
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SERVICE
Introduction
When you come to FIREFLY, you know you will be treated right. The main goal is to have each customer treated as an old friend. Salespeople will be paid on a salary with a small percentage commission based. They will utilize personal selling tactics and will focus on the customer from the moment they walk in the door. FIREFLY will hire women who are of the target age demographic (40-55+) and who represent the simple, yet refined aesthetic. They will be kind, friendly, and willing to help, not pushy and overly complimentary.
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Customer reinforcement
FIREFLY is going to offer a customer loyalty program to all customers called Fireflyers. At the point of sale, the sales associates will pitch the benefits of joining the rewards program to their customers. This rewards program includes two different tiers. The first tier, Fireflyers, provides the members with benefits of previewing new collections through email catalogs and being the first customers to know about new collections, sales, and offers. After the customers spend $500 they are now a Preferred Fireflyer. Those falling under this tier receive many new benefits, including 5% off every new purchase, birthday rewards, double discount events, private sales, and invitations to special parties and events. FIREFLY based this rewards program off the Chicos Passport Program. This program will be tiered per year. Customers will also be sent a Thank You email after their first purchase with FIREFLY. This email will graciously thank the customer for their purchase, and let them know their business was appreciated. It will also further inform them the benefits of the Fireflyers rewards program, in case they chose not to enroll in the store at the point of purchase.
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Summary
Service is one of FIREFLYs top priorities. If customers do not receive excellent service, then what reason do they really have to come back and shop with us? FIREFLY plans on making sure that customers are provided with a loyalty program that allows our customers to understand that FIREFLY values and appreciates their business. FIREFLY aspires for customers to be vocal about whether they shop in the stores or online. As a company, FIREFLY wants to meet the customers needs and also listen to them and make changes as needed in order to make sure that they have an outstanding experience shopping.
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IMPLEMENTATION PLAN/CONTROLS
Introduction
All companies have short and long term goals and we will be no different. FIREFLYs goals will define the company and are what will allow us to succeed in the market and with our customers. The rollout schedule will maximize the planning in making sure that the goods will get to the stores on time and that once in the stores hit the floor or our online market on time as well. We will have taken into account all the small things that could cause problems in getting the merchandise in stores and to the customer on time.
Long-Term Goals
FIREFLYs long-term goals are to drive success and profits, continue customer satisfaction through brand transparency, build loyal customer relationships, and maintain and enhance profits, as well as continuing to build the company. FIREFLY will continue to build up the company by keeping up with marketing such as staying on the major social media trends. FIREFLY will use promotions in our preferred program to boost customer loyalty and foster customer relationships. FIREFLY will continue to build customer relationships by always putting them first and meeting their needs. Overall, one of FIREFLYs main long-term goals is to be known as a sustainable line every season.
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Rollout Schedule
Table 3.7 - FIREFLY Rollout Schedule For product development, May-July 2013 was selected because FIREFLY decided three months was sufficient amount of time to develop the line. FIREFLYs sample production will occur in the early part of 2014, enabling the product to be shipped to stores by July 2014. This would provide ample time for a Grand Opening in August of 2014. Re-stock will occur in OctoberNovember in order to ensure enough stock for the holiday season. Marketing will start in October to provide enough time and money to get FIREFLYs name out there. Social media will launch in the beginning of 2014, to create a buzz and excitement about the new brand and get people talking about FIREFLY.
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Director
FIREFLY is a publicly owned brand by Chicos FAS. Under the brand the most important person overseeing all operations will be the brand director. The brand director will be in charge of all matters pertaining to FIREFLY. Under the brand director, there will be four main top positions. These four positions include the sales and marketing manager, product development manager, head designer, and the merchandise planner. All four of these positions will oversee a specific department of FIREFLY.
Product Development
Firefly has a Product Development Manager that oversees sustainable control, and sourcing control. FIREFLY prides itself on being a sustainable brand, so it is important to have a sustainable control specialist, and a sourcing control specialist. FIREFLYS sustainable control specialist will make sure that our products are being sustainable. The sourcing control specialist will make sure that FIREFLY is making the right sourcing decisions that live up to FIREFLYS sustainable standards.
Head Designer
The Head Designer for FIREFLY will be a full time position, and oversees the Assistant Designer and the Brand Image Manager. The main responsibilities of the Head Designer are to direct and oversee all designs under production by the design department. Further responsibilities include forming and maintaining strong relationships with the vendors and ensuring that they provide the correct quality expected by FIREFLY. The Head Designer also needs to stay on top of current and forecasted trends in design, to ensure that the correct design elements are present. Merchandising Planner 101
Merchandise Planner
The Merchandising Planner will be a full time position at FIREFLY, and will oversee the Merchandising Specialist, along with the rest of the merchandising department. They are responsible for planning merchandise assortments, allocation, and showcasing new collections to buyers. Further responsibilities include
Summary
Having goals and plans are important. It allows FIREFLY to check up on its progress and makes sure that the company stays on track. Also, goals push FIREFLY to succeed as quickly and successfully as possible, with as few mistakes as possible. By implementing the human resource management strategies this should allow FIREFLY to have the best not just in stores, but also in the corporate offices. By having clear lines of where all of the positions lead and what positions are beneath the titles, we will be able to have a staff that is strong in their department which will be carried out throughout the company and create a strong brand. All the small things that FIREFLY does make sure that it will have a strong base to stand on and to improve on making it a continuously growing company.
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BUDGET STATEMENT
Introduction
A necessity for every company, FIREFLYS budget statement outlines the Total sales, Cost of goods sold, our Gross margin and our Income before taxes.
Table 3.11 - FIREFLYS Budget Statement For Year 1 In determining the budget, FIREFLY used total net sales from the Merchandise Plans, which is 20% of Chicos total sales of $2,196,360,000, which turns out to be $49,500,000. From Chicos 2011 Annual Report, FIREFLY determined that Cost of Goods Sold equates to 44.2% and Gross Margin takes up the remainder with 55.8% of net sales, resulting in the numbers $21,879,000 (COGS) and $27,671,000 (Gross Margin). The number $12,567,000 as an operating expense was taken from Chicos FAS 2011 Annual report as 45.5% of the net sales. From there, they took the Gross Margin less the Operating Expense to determine the Income before taxes, which totaled to be $4,635,000.
Summary
As you can see, it would behoove Chicos FAS to take on FIREFLY under their ownership, due to the amount of income it will earn in the first year of business. Also, since FIREFLY is a new brand under the umbrella of a successful company that has seen growing profits in the past several years, it can be expected that profits will also grow incrementally over time.
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there, along with the customers to love shopping. FIREFLY plans on making sure that from the time the customer walks in the door, to after they have completed the sale and left the store they still have phenomenal customer service. FIREFLY will have a rewards card so that loyal customers can build up points and also be a part of getting extra deals off of promotions. The implementation plan and control strategy is carefully planned to ensure that FIREFLY stays on schedule with the rollout plans. FIREFLY has allowed time in these schedules to allow for any unforeseen events, however, hopefully there are none since the manufacturer is based in California. This also shows the entire hierarchy of our company and all the positions that we have. As any company knows, having a well-determined budget is the key to success as well as creating profit. FIREFLY has utilized information from the parent company Chico FASs Annual Report to determine the percentage for the cost of goods sold as well as the gross margin percentage. With this information and projected sales, FIREFLY is able to determine the calculated income before taxes.
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Appendencies
Projected $XXX in Sales for the First Year by Merchandise Category, Sales per Square Feet, and Class (Kunz p. 243: Table 7.1)
Total Accessories
30%
$ $
31,500,000 13,500,000
$ 100%
13,500,000 $45,000,000
100 600
Sales/SQF Class Category $ 500 $ 50,000 Blazers/Jackets $ 75,000 Blouses $ 75,000 Skirts $ 50,000 Pants $ 250,000 $ 50,000 Jewelry Scarves Belts $ 50,000 $ 300,000
% sales by Class 17% 33% 33% 17% 100% 50% 20% 30% 100% 200% $ $ $ $ $ $ $ $ $ $
$ Sales by Class 5,355,000 10,395,000 10,395,000 5,355,000 31,500,000 6,750,000 2,700,000 4,050,000 13,500,000 45,000,000
Merchandise Budget Related to a Merchandising Calandar with a 52-Week Selling Period Beginning July 2014
Dynamic, forecast-based Merchandise Budget Category: Apparel Total Sales $31,500,000 1 yr plan (%) 200% 1 yr plan ($) $63,000,000 Inventory Beginning of Month 1st Yr Plan Stock-to-Sales Ratio 1st yr plan Reductions
$68,638,500
$1,764,000
$2,772,000
$3,090,150
$3,402,000
$3,118,500
$3,528,000
$2,381,400
$1,638,000
$3,433,500
$3,433,500
$3,061,800
$2,696,400
$34,319,250
1.09
1.12
1.10
1.09
1.08
1.10
1.12
1.08
1.04
1.09
1.09
1.08
1.07
1.09
100% $5,443,200
5.00% $78,750
5.00% $126,000
5.00% $141,750
7.00% $220,500
13.00% $368,550
15.00% $472,500
5.00% $110,250
5.00% $78,750
5.00% $157,500
7.00% $220,500
13.00% $368,550
15.00% $378,000
$2,721,600
Planned Purchase 1st yr plan On Order 1st Year On order at retail On order at cost Open-to-Buy next Year Open-to-buy at retail Open-to-buy at cost Average First Price Number of Units to Sell
$133,553,700
$2,661,750
$2,964,150
$3,288,600
$3,087,000
$3,613,050
$2,475,900
$1,571,850
$3,449,250
$3,307,500
$2,998,800
$2,838,150
$34,520,850
$66,776,850
$74,522,965 $59,030,735
$1,485,257 $1,176,494
$1,653,996 $1,310,154
$1,835,039 $1,453,561
$1,722,546 $1,364,454
$2,016,082 $1,596,968
$1,381,552 $1,094,348
$877,092 $694,758
$1,924,682 $1,524,569
$1,845,585 $1,461,915
$1,673,330 $1,325,470
$1,583,688 $1,254,462
$19,262,634 $15,258,216
$37,261,482 $29,515,368
$1,176,494 $1,485,257
$1,310,154 $1,653,996
$1,453,561 $1,835,039
$1,364,454 $1,722,546
$1,596,968 $2,016,082
$1,094,348 $1,381,552
$694,758 $877,092
$1,524,569 $1,924,682
$1,461,915 $1,845,585
$1,325,470 $1,673,330
$1,254,462 $1,583,688
$15,258,216 $19,262,634
$29,515,368 $37,261,482
Merchandise Budget Related to a Merchandising Calandar with a 52-Week Selling Period Beginning July 2014 (Kunz, p. 272-273: Table 7.14) Dynamic, forecast-based Merchandise Budget Category: Apparel Total July August September October November December January February March April May June Total Sales $13,500,000 1 yr plan (%) 210% 5% 8% 9% 10% 9% 10% 7% 10% 10% 10% 9% 8% 105% 1 yr plan ($) $ 28,350,000 $ 675,000 $ 1,080,000 $ 1,215,000 $ 1,350,000 $ 1,215,000 $ 1,350,000 $ 945,000 $ 1,350,000 $ 1,350,000 $ 1,350,000 $ 1,215,000 $ 1,080,000 $ 14,175,000 Inventory Beginning of Month 1st Yr Plan Stock-to-Sales Ratio 1st yr plan Reductions
$30,793,500
$756,000
$1,188,000
$1,324,350
$1,444,500
$1,336,500
$1,512,000
$1,020,600
$1,404,000
$1,471,500
$1,471,500
$1,312,200
$1,155,600
$15,396,750
1.09
1.12
1.10
1.09
1.07
1.10
1.12
1.08
1.04
1.09
1.09
1.08
1.07
$3,098,250
5% $33,750
5% $54,000
5% $60,750
5% $67,500
25% $303,750
25% $337,500
5% $47,250
5% $67,500
5% $67,500
5% $67,500
25% $303,750
25% $270,000
140% $1,417,500
Planned Purchase 1st yr plan On Order 1st Year On order at retail On order at cost Open-to-Buy next Year Open-to-buy at retail Open-to-buy at cost Average First Price Number of Units to Sell
$46,089,000
$1,140,750
$1,270,350
$1,395,900
$1,309,500
$1,694,250
$1,196,100
$1,375,650
$1,485,000
$1,417,500
$1,258,200
$1,362,150
$15,591,150
$15,592,500
$34,034,094 $ $26,958,906 $
636,539 504,212
$ $
708,855 561,495
$ $
778,912 616,988
$ $
730,701 578,799
$ $
945,392 748,859
$ $
667,424 528,676
$ $
767,613 608,037
$ $
828,630 656,370
$ $
790,965 626,535
$ $
702,076 556,124
$ $
760,080 602,070
$ 8,699,862 $ 6,891,288
$ $
17,017,047 13,479,453
636,539 504,212
$ $
708,855 561,495
$ $
778,912 616,988
$ $
730,701 578,799
$ $
945,392 748,859
$ $
667,424 528,676
$ $
767,613 608,037
$ $
828,630 656,370
$ $
790,965 626,535
$ $
702,076 556,124
$ $
760,080 602,070
$ 8,699,862 $ 6,891,288
$ $
17,017,047 13,479,453
Prestige Pricing Strategy or??? (Kunz p. 230-231: Table 6.12) %PermM $Clear Price $ClearPrice D #1 $IMU $PermMD #1 #1 %PermMD #2 $PermMD#2 #2 $ 60.68 30% $ 32.63 $ 76.13 70% $ 76.13 $ 32.63 $ 72.54 30% $ 39.00 $ 91.00 70% $ 91.00 $ 39.00
$Retail Price $MC %MC $ 108.75 $ 48.07 44% $ 130.00 $ 57.46 44%
Total net sales Cost of goods sold Gross margin (GM) Operating expense Income before taxes
$ $ $ $ $
CAROLINE L. MUELLER
3364
Whitsetts
Fork
Road
Wildwood,
MO
63038
314-363-1556
caroline.mueller.7@gmail.com
www.4infashion.wordpress.com
EDUCATION
University
of
Missouri;
Columbia,
Missouri
Graduation
Date:
May
2013
Bachelor
of
Science
in
Human
Environmental
Sciences
Major
in
Textile
and
Apparel
Management;
Apparel
Marketing
and
Merchandising
Track
Minor:
Business
Deans
List
at
University
of
Arizona
&
University
of
Missouri
Fall
of
2009,
2010,
and
2012
Maintained
3.0
or
better
GPA
Summer 2012
Worked in groups, problem solving, and presenting a final group project. Learned about international business and marketing tactics. Gained understanding of international business when visiting Spanish Companies such as Pikolinos, Mustang Shoe, OHIM, FEMPA, and Bali Hotel.
Created posts and articles about current trends and forecasting and gained just under 20,000 views. Selected to present in front of the Textile and Apparel Management Advisory Board in March 2012.
EMPLOYMENT
EXPERIENCE
Intern,
Cottonseed
Apparel
in
Glen
Arbor,
Michigan
Summer
2011
Hands
on
learning
in
buying,
merchandising,
and
consulting
with
companies
and
buyer
markets.
Updated
and
expanded
the
company
policies
and
procedures
based
on
best
practices
research.
Requested
by
management
to
organize,
remerchandise
and
create
window
displays
and
in-store
displays
Retail
Sales
Associate,
Cottonseed
Apparel;
Glen
Arbor,
Michigan
2007
present
Assigned
duties,
created
projects
for
other
employees
and
took
the
initiative
to
do
things
without
being
asked.
Recognized
for
my
efforts
by
owners
and
received
an
Asst.
Manager
title
and
a
raise
and
bonus.
Katherine Furrie
Ktfurrie@gmail.com 217-891-2416
OBJECTIVE
To pursue a career in fashion merchandising or fashion buying. To initially obtain an entry-level position in the retail/fashion industry within buying area or visual merchandising, or other creative or merchandising functions.
University of Missouri Bachelor of Science, Human and Environmental Sciences Anticipated May, 2013 Major: Textile and Apparel Management Track: Apparel Merchandising and Marketing Minor: Business Association of Textile and Apparel Management, Member of the Fundraising Committee, 2012 2013 Target presentation o Developed and presented a case study and plan to Target regarding ways to improve their sales in the electronics department as part of Retail Marketing class assignment. Kohls Leadership Conference geared towards Minorities in Business February, 2013 American International University, London Spring 2012 Studied in London earning credits in fashion courses and visiting various fashion museums, companies, merchandise marts, etc. Organized AIU spring fashion event (internship like project) wrote press releases, found sponsors, coordinated model castings, worked with a PR company, and assisted at photo shoots. Fashion Study Tour, New York City May 2011 Studied design and marketing including on-site visits to premier fashion companies and organizations: Coach, Doneger Buying Office, Victorias Secret, Juicy Couture Baby, Chaus Inc., Cotton Inc., Hampshire Group, and Womens Wear Daily.
EDUCATION
PROFESSIONAL EXPERIENCE
Victorias Secret, Springfield, IL Customer Service Associate November 2012 Present Ensure a positive customer experience in the stores and drive customer sales and satisfaction. Promote the brand and inspire brand loyalty. Product Sales Associate November 2011 November 2012 Managed inventory management, product placement and replenishment, and cash wrap. Blogger, fashionsheartbeat.wordpress.com January 2011 Present Created and write regular blog entries on Kate Middleton, Duchess of Cambridges, impact on fashion. Have a large following from North America and Europe. Miss L Toe Boots, Springfield, IL January 2007 May 2011 Owner/Designer Created and produced a line of Christmas stockings styled as high-heeled boots. Developed website and maintained online business. Produced enough revenue to pay for first most of year out-of-state college tuition. Quality Assessments Mystery Shoppers, Springfield, IL August 2005 Present Business Analyst Assist with daily operations, accounting, marketing and management of family-owned, national mystery shopping business. Skills Summary Understanding and expertise in business development and operations, QuickBooks Accounting, Microsoft Outlook, Excel, Word, PowerPoint, Marketing & Sales Management, Twitter, Facebook, Wordpress.
EDUCATION
University
of
Missouri,
Columbia,
Missouri
Bachelor
of
Science
in
Human
Environmental
Sciences
Major:
Textile
and
Apparel
Management
Track:
Apparel
Marketing
and
Merchandising
Minor:
Business
Anticipated
Graduation
Date:
May
2013
Cumulative
GPA:
3.0/4.0,
GPA
in
Major:
3.3/4.0
Deans
List
Spring
2010,
Deans
Honor
Roll
Fall
2012
WORK
EXPERIENCE
Sales
Consultant,
Contemporary
Sportswear
Start
Date:
May
2013
Saks
Fifth
Avenue,
Frontenac,
Missouri
Holiday
Sales
Consultant,
Contemporary
Sportswear
November
2012
January
2013
Saks
Fifth
Avenue,
Frontenac,
Missouri
Asked
to
assist
in
rearranging
and
re-merchandising
the
sales
floor
Provide
clients
with
customer
service
locating
desired
items
and
style
complete
outfits
Build
enduring
client
relationships
Submit
and
fulfill
client
orders
through
the
Saks
Locator
System
Bartender/Server
November
2011
May
2012
University
Club
of
MU,
Columbia,
Missouri
Appointed
to
head
Bistro
bartender
and
asked
to
train
new
bartenders
Managed
and
recorded
inventory
behind
bar
and
in
liquor
storage
room
Invented
new
drink
specials
each
week
Read
contracts
for
banquet
parties
and
set
up
rooms
accordingly
Sales
Associate
October
2010
January
2013
Express,
Des
Peres,
Missouri
Acknowledged
as
a
top
associate
by
management
Asked
to
assist
in
preparing
floor
sets
with
new
merchandise
and
clearance
sales
Requested
to
supervise
and
manage
fitting
rooms
while
adding
on
to
complete
and
style
looks
Assist
customers
with
clothing
request
and
coordinate
outfits
for
customers
in
need
Hostess
June
2008
August
2011
Red
Robin
Gourmet
Burgers,
Des
Peres,
Missouri
Requested
to
lead
other
hostesses
in
controlling
wait
list
and
floor
charts
Learned
to
operate
successfully
in
a
high-stress
environment
Jessica Williams
EDUCATION University of Missouri Bachelor of Science in Human Environmental Sciences Major: Textile and Apparel Management, Apparel Marketing and Merchandising Minor: Business Anticipated Graduation: May 2013 GPA: 3.5/4.0 Deans List 4/6 semesters St. Charles Community College Associates of Arts Degree; May 2010 Deans List 4/4 semesters EXPERIENCE Brand Ambassador Team Enterprises; Columbia, Missouri, September 2011- Present Major Brands; Columbia, Missouri, May 2011- September 2011 Inspira Marketing Group; Columbia, Missouri, September 2010- May 2011 o Promoted to team leader due to brand knowledge, leadership skills, and event efficiencies o Lead teams of three to execute promotional events with minimal supervision o Received a yearly bonus based on performance and trustworthiness o Selected by management to assist and discuss operating procedures with the Inspira Internal Audit Executives o Communicate product information to generate sales opportunities and to build consumer preference of the represented brand o Create and maintain positive relationships with business partners o Maintain proficient knowledge about the represented product Customer Service Associate Renaud Spirit Center; St. Louis, Missouri, May 2007 August 2010 o Provided safe working environment through knowledge of First Aid, CPR, and lifeguarding skills o Lead lifeguard team and communicated best practices before, after, and during each shift ACTIVITIES & VOLUNTEER Marketing Forum, Member, September 2011-Present Junior Achievement, Volunteer, January 2010 May 2010 o Planned and executed career-focused activities for roughly 30 elementary students o Provided 15 hours of volunteer service creating a positive learning environment focused on skills recognition and personal development English Language Learners, Student Teacher, January 2010 May 2010 o Assisted for 15 hours middle school students with homework assignments while teaching fundamentals of the English language TECHNICAL SKILLS Proficient knowledge in Adobe Photoshop, Illustrator, InDesign, and Motif Studio
PAIGE CODILIS
7657 Forest Hill Rd Burr Ridge, IL,60527 Phone: 630-862-1972 E-Mail:Paigecodilis@gmail.com
Education
UNIVERSITY OF MISSOURI, COLUMBIA, MO, 2009-2013 Bachelor of Science in Human Environmental Sciences Major: Textile and Apparel Management; Minor: Business Emphasis in Marketing and Merchandising UNIVERSITY OF VIRGINIA, SEMESTER AT SEA PROGRAM, Spring 2012 Semester long study abroad program. Circum navigating the world, visiting 13 countries in 105 days. Bahamas, Dominica, Brazil, Ghana, South Africa, Mauritius, India, Singapore, Vietnam, Cambodia, Hong Kong, China, and Japan.
Extracurricular Experience
Delta Gamma Anchor Splash Benefiting Service for Sight P PLANNING COMMITTEE Oversaw a team of 15 individuals coordination and planning of event. Raised a total of $15,000 with over 380 participants Delta Gamma Director of Spirit EXECUTIVE DIRECTOR OF PLANNING COMMITTEE Managed over 200 women students and 150 men students during The University of Missouris 100th year homecoming (placing 3rd out of 17 houses). Managed over 200 women students and 200 men students in Greek week (placing first out of 20 houses. The best Delta Gamma has ever placed in Greek Week). University of Missouri College Republicans VOLUNTEER AND ACTIVIST Encourage college students to vote by passing out flyers. Increased the youth vote in Columbia by 5%. Inform students on what both candidates believe in. Big Brother, Big Sister Program VOLUNTEER A positive influence and role model for children that are less fortunate. Participate in events around the community with my little at least once a week. September 2009September20012 May 2011- November2011
August 2012-Present
Work Experience
Wes Gordon Designs, New York, New York WES GORDONS PERSONAL ASSISTANT/ INTERN Started as an intern then was personally asked by Wes Gordon to be his assistant. Created and presented trend boards in meetings where I learned how to communicate with buyers. Managed fabrics and worked with foreign factories where I learned how to negotiate with work with different companies. Oversaw garment detail specifications June 2010- August 2010