Contract Marketing Consulting Project
TORY BURCH
Problem Statement
Project Objective
Role
Is it possible to expand to the Gen Z market? If so, what are some ways we will be able to target them?
Finding innovative marketing strategies in the middle-high end fashion industry.
Develop an actionable framework on how to expand to the Gen Z demographic and why they would be successful.
Project Manager
6
1
Proposed marketing strategies
In 3 areas of improvement for Gen Z expansion
Happy client
Forwarded strategies to client’s boss
Company Research
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Age: 25-45
Customer Preference: Age-appropriate, Body-appropriate, fashionable, On-trend
Collection Style: Elegant color, Classic, Simple, and basic, Suitable for many occasions
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Customer Engagement: Website blog posts, Email newsletters, Visual storytelling
In-person Experience: Omnichannel approach to retailing, Seamless shopping experiences across all channels.
“O.P.E.N.”: Open-demand, personal, engaged, taking the customer on a journey
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Loyalty Program MUSE: 3 Tiers, Points to redeem rewards and experiences with participating stores
Reward Program: Doesn’t have a rewards program, Customers can sign up for the newsletter for coupon codes, discounts, and the latest offers
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Currently main revenue streams: retail stores, ecommerce, multi-brand retailers, and wholesale licensing
Looking to expand worldwide: 80% of revenue is from the US and 20% international
Competitor Analysis
Ralph Lauren: Highest in quality and price. They have a wide range of prices, given that they prioritize clothing
Tory Burch: falls slightly below Ralph Lauren in terms of price and quality, with its slightly lower perception of quality largely due to the brand’s laidback boho style as opposed to Ralph Lauren’s preppy aesthetic
Marc Jacobs: close to Tory Burch in terms of both price and quality but has struggled to maintain its true luxury status in recent years.
Coach, Kate Spade, and Michael Kors: fall very similarly to each other in terms of quality and price.
Industry Trends
Season Trends
The current 2023 winter trends include bold outerwear, red, dark denims, corporate-inspired outfits, anti-logo designs, baggy pants, and shearling on coats. The Fall/Winter collection successfully incorporates all the current designer trends.
Sustainability
Tory Burch is exploring sustainable practices, ethical sourcing, and incorporating eco-friendly materials and production methods in its designs to cater to the growing eco-conscious consumer base
Digitization
Exploring avenues for digital collaborations and experiences, potentially integrating virtual reality or augmented reality in its marketing strategies and product offerings to engage with Gen Z consumers and adapt to evolving digital fashion trends.
Case Studies
SELECTED STRATEGIES
Social Media and Technology Strategy
Tory Burch's current social media and technology strategy, which is a key way to how they engage with their digital audience.
Email Marketing: Tory Burch harnesses the power of direct communication through their meticulously curated newsletter emails.
Omnichannel: Demonstrates Tory Burch’s commitment to a cohesive brand experience by marketing across multiple platforms like marketing online and in-store to deliver a uniform message
Product Line and Design
The current Tory Burch products are targeted for women ages 24-45 and incorporate pops of vibrant colors and patterns, alongside neutrals, floral patterns, and gold metals.
The clothing is predominantly semi-formal and elegant.
The current issues we’ve found are that the products are adapted from the runway doesn’t appeal towards Gen Z in terms of price - range.
Affordability
Tory Burch, positioned within the mid-tier luxury market, is often compared to brands like Michael Kors, Kate Spade, or Coach, offering luxury items at relatively more accessible price points. When compared with top-tier luxury brands such as Gucci or Hermès, Tory Burch appears significantly more affordable, appealing to consumers seeking a taste of luxury without the exorbitant price tags.
Despite its more accessible pricing within the luxury sphere, for Gen Z consumers, even brands like Tory Burch might be considered premium or aspirational, especially given the prevalent influence of fast fashion.