Complete summary of the lectures:
- Introduction (strategy)
- Burberry
- Prada
- Theory I
- Theory 2: Evolution of strategic models in fashion
- Theory 3: Theoretical frameworks
- Theory 4: Diesel Case
- Theory 5: AI and fashion marketing
LECTURE 1 - INTRODUCTION
STRATEGY:
- Plan of action, to make it succeed.
- Long term
- Being a few steps ahead. (Thinking ahead. This is where all the action happens)
→ Strategy is not the consequence of planning, but the opposite: its starting point. -
Henry Mintzberg.
Example: Amazon laying off hundreds of employees at its HQ:
- To due with the fact that they changed their logistics.
- Important lesson for strategy. (It is about the idea that, they did it in order to move
further.)
- To make their operations go smoother in comparison to their competitors.
- Amazon bough robots in 2012, but it took 9 years to actually start it.
(Magic Mike) Michael Porter on strategy: (Youtube video - Leaders in London)
Strategy - what kind of position we will achieve, what is going to be our position in the
end of the day?
What makes it different from many other things? Competitive advantage = the A
game = you want to win a game.
→ The cumulative steps over time It is a variety of steps you take in order to succeed.
- It is about the end game. Long-time perspective. To get competitive advantage.
- Its accumulative way of approaching things in order to get somewhere.
Strategy is often misused to generally describe all manner of business activity, STRATEGY
IS NOT:
- Plan of action.
- Design
- Managerial targets.
- Foreign expansion.
- Loyalty reduction initiatives.
TOP DOWN - 2 Pyramids:
Top of the pyramids: the strategy part → The WHY → long term planning 5-10 years.
Middle part: Tactical → steps you need to go somewhere. → yearly basis. → WHAT
Bottom part: Operational → day to day stuff. → operational things that happens as a
consequence of the tactical & strategy level. → HOW
Difference between tactical & operations:
,Operational → short term planning.
Tactical → mid term planning.
Strategy → Long term planning.
You need to know the WHY and WHAT in order to know HOW you need to do it.
Strategy starts at the very top.
“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise
before defeat” - Sun Tzu
Comparison ZARA vs American Apparel:
- Zara is fast fashion. American Apparel is basics.
- From a strategic point of view, Zara is doing good business, responds very quickly to
the changes in the market. American Apparel got driven of the cliff. Moreover, they
operated in the similar market as ZARA but they never used a strategy. Production in
LA was used as a marketing trick but in the end it never happen.
- Both vertically integrated companies.
Example SEARS:
- Declared near bankrupt January 2019.
- What happened that it went from successful to bankrupt?
- in 2006 Eddie Lampert wanted to bring it back to online.
- In six 6 years, 2.000 stores shut down. Because having so many shops and
online is too hard to operate.
- It appeared that shopping online didn’t work.
“However beautiful the strategy, you should occasionally look at the results” - Winston
Churchill.
CASE STUDIES:
How do design, branding and management feed into strategic decision-making?
EXPLORING STRATEGY:
Focus on concepts & theories.
- What relevant theories and models are out there?
- How can we apply them to a fashion context?
Industry insights; guest lectures:
- Oger
- SADOQ
- BURBERRY:
, LECTURE 2 - BURBERRY CASE STUDY
Burberry: (Repositioning Strategies)
- What are the concepts and ideas you associated with the Burberry name and
product?
Digital integration, doing it differently than other brands. They were one of the first that
started digital world in fashion.
Riccardo Tisci; collaborations with streetwear brands.
Burberry is considered a leading luxury brand.
1998: Almost bankrupt. → strategic failure = they had to come up with another strategic
plan.
Two narratives that each tell a very different story of strategic management.
- Slow growth
- Success
Memory lane:
1856 founded by Thomas Burberry. Was into fabrics, development, interested in qualities of
fabrics, functionality .
Reputation based on development of gabardine: tear-resistant, waterproof & breathable
fabric.
Suited to military needs, Burberry designed an army raincoat that quickly became part of
British officers’ standard uniform. → relatively big client.
Thomas was a product guy, not a fashion guy.
While supplying military services, Burberry continued to improve the coat’s design and set
up retail business.
1891: first London store.
1909: first international store in Paris.
1926 Thomas died. Burberry started growing slowly. The son took over.
Tinseltown Glam:
During 1940s and 50s, trench coat became associated with Hollywood film stars.
Popularised by the likes of Audrey Hepburn, Humphrey Bogart and Car.
The trenchcoat turned into a fashion item, worn by movies stars (influencing the market).
Expansion:
1955 Burberry was acquired by GUS conglomerate (Great Universal Stores), they had
bigger plans. They wanted to expand the brand outside the British market.
→ Indirectly, the company started penetrating internationals markets by supplying stockists
in NY, Buenos Aires and Montevideo.
→ In Japan, tartan check became a status symbol.
Going global:
Global expansion primarily based on licensing and distribution agreements to broaden
product range.
In the first instance, this approach helped the brand’s international growth in the USA, Asia,
South America.
In Asia, licensing started running rampant across multiple categories.
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