“Exclusivity is about creating something unique that matches your customer's identity and tastes.”
“57% of women agree that seeing too many people wearing the same brand makes it less exclusive” (Mintel, 2015).
Accessibility and exclusivity are two vital elements within the luxury market; some would argue that exclusivity takes precedence over accessibility. My dissertation explored whether both accessibility and exclusivity can coexist within the luxury market. Multiple pieces of primary research including a consumer survey, a focus group and interviews with industry experts led to the conclusion that the two elements can and do already coexist in some cases.
Whilst investigating the notion of accessibility, it was recognised that some individuals believe that Michael Kors has become susceptible to an overly accessible brand image over the last few years. Such an image could be seen to affect the brand’s reputation, and consequently total revenues.
Michael Kors became the focus of my Final Major Project (FMP), with great scope to introduce a customisation service that has the potential to bring some exclusivity to the brand. “40% [of millennials] want to participate in the co-creation of products” (Millennial Marketing, 2016). The increasing popularity and demand for co-creation and the facilitation of this by some leading luxury brands made the development of such a service imperative.
‘Custom Kors Studio’ has been developed to allow a limited number of customers to experience an exclusive service with the brand, in their London Flagship Store. The brand’s most profitable category, accessories is the focus of the service. The proposed launch date is October 1st 2018, lasting for 6 months; targeting peak gifting seasons. An interface has been developed to facilitate the service, as well as the visualisation of the instore space where the service will be carried out.
My Buying and Merchandising (BM) project has also been showcased on this page as I am aiming to pursue a career in Merchandising. Within all of the projects displayed, my research, analytical and numerical skills come to the forefront. I have produced detailed critical paths for the BM project and gained an insight into some of the responsibilities expected within Merchandising. As part of my FMP I also produced a cash flow forecast, a budget breakdown, calculated cost prices based on selling prices, and more. Such tasks within my university projects have clarified my suitability for a career in Merchandising.