John Smedley: Market Expansion

J O H N

S M E D

L E Y

A N D R E A D E L L A M A T T I A

N0567112

Fashion Brand Marketing

Word Count : 2749

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2509

2205

03 18

02 15

14

2612

Introduction

Company History

MarketPosition

ProductCategory

Socks: A Trend

ProductProposal

TargetMarket

WhyBuy?

TheProduct

Competitors

Price

Place

T A B L E O

F C O

N T E N

T S 41

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27 Promotion

TheLaunch

S.W.O.T

Conclusion

Image List, References, Bibliography

I N T R O D U C T I O N

The purpose of this report is to show potential growth within John Smedleys product range in the accessories market. The brand has an exciting opportunity to expand their range into the ever growing sock market for their female consumers. This expansion will allow the company to broaden their range whist giving them a specific diversification.

The following report is an expansion proposal for the John Smedley brand for their female consumers. This will include how the brand will promote and market this new accessories line and how these tactics will allow for perceived added value to their customers. This report will also show examples of promotional campaigns and marketing strategies the brand will use to allow for their customers to gain knowledge about the new range, but to also boost sales and generate an overall greater annual turnover.

C O M P A N Y H I S T O R Y

John Smedley is a brand that puts heritage into all that they do. Starting 230 years ago in 1784 by John Smedley and Peter Nightingale, The two men constructed a spinning mill factory in Derbyshire, United Kingdom that, to this day, still acts as the main factory for the brand. As years went on, the business was passed down through the Smedley family who still owns the company. The brand is known for its hand finished, fine-gauge knitwear in luxury materials. The company continues to keep with its family culture and values just as they were in 1784.

Why So Special?

The John Smedley brand diversifies themselves from their competitors because of their long history and expertise in the knitwear industry. With 230 years of experience behind them, their products are always of highest quality and inspected for perfection during the production phases.

The company also prides themselves on their merchandise being hand finished. All trims, tags, labels, and packaging are done by hand in the brands mill in Derbyshire following a thorough quality inspection by one of their quality control experts.

The visual aesthetic of the John Smedley brand is simple, elegant, and classic. The brand has never been one to stray too far away from their beloved classic styles and turn to more fashionable looks. Made In Britian is a huge selling point for John Smedley customers. Each of their hand finished products are hand-stitched with a Made In Britain tag. According to Mr Benjamin Seidler, We like to think of a piece of John Smedley knitwear as a little piece of England: at once idyllic and forward thinking, quietly luxurious but colourful when it wants to be, and possessing a history rich with tradition (Mr. Porter, 2012).

John Smedleys biggest diversification is their Royal Warrant from the Queen which states appointed into the place and quality of manufacturer of fine knitwear (Insider Media Limited, 2013). This shows customers that not only is the brand an expert in knitwear, hand finished, and made in Britain, but it is of extremely high quality. 02

M A R K E T P O S I T I O N

John Smedley is located in the upper-middle market bracket. In other words, It is described as affordable luxury. The company markets to women, men, and recently started a childrens line. The brand has a large product range that includes classic styles include cardigans, sweaters, underwear, pullovers, slipovers, and dresses but have a full range including skirts, coats, capes, shirts, trousers, shorts, jackets, and care products. These products have a range of prices starting at 49.00 and run through to 499.00.

The brand sells both nationally and internationally. The majority of their sales are based from their e-commerce site although they do sell through their one retail shop location which is located on 24 Brooke Street in London England. E-commerce is the fastest growing retail market in Europe (Center for Retail Research, 2015). In 2014, consumers in Europe spent 132.05 billion using e-commerce websites and in the same year the United Kingdom alone spent 44.97 billion. Fig 3.1 shows the breakdown of Europes spending. The UK online spending is estimated to rise by 16.2% with 52.52 billion in 2015. Additionally, they sell through high end department/chain stores like Harrods in England and Bergdorf Goodman in the United States of America. The company ships from their online site internationally including countries such as Andorra, Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Guernsey, Hong Kong, India, Ireland, Italy, Japan, Jersey, Kazakhstan, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Russia, South Korea, Spain, Sweden, Switzerland, Taiwan, Ukraine, United Kingdom, and the United States.

With the brand expanding nationally and internationally, they have a positive customer following. Their biggest following currently resides in Japan. The brand has just celebrated their 100th year of doing business with Japan in 2013. When John Smedley got their Royal Warrant from the Queen that states appointed into the place and quality of manufacturer of fine knitwear (Insider Media Limited, 2013), their exports were expected to grow in Japan. Ian MacLean, Managing Director at John Smedley, says They thought it would be a very good story for their market, particularly because they have a stronger womenswear business in the country than menswear. The brand is known there in quite a lot of depth so this additional stamp of approval is going to be looked at by quite a lot of people; it wont go unmissed (Insider Media Limited, 2013).

P O S I T I O N I N G M A P

Fig 3.1

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P R O D U C T C A T E G O R Y

The following is a proposed expansive into John Smedleys current existing accessories line. This will expand the product line into socks and will be promoted and marketing to their female consumers aged 30 50 (Generation X).

Marketing and promotion is largely used by all retailers/brands that plan to succeed. This allows for the brand to be directly related to their target audience by using marketing tactics that stimulate emotions such as fun, fantasy, and an abundance of feelings. This, in return, motivates people to buy whether the product depends on their human survival needs or not.

In 1943, Abraham Maslow devised a hierarchy of needs Fig 4.2 that outlined human motivational needs based on a set of motivation systems unrelated to rewards or unconscious desires (McLeod, 2007). The hierarchy is set out to be in a strict sequence starting with the lowest level (Business Dictionary, 2015). Products and merchandise fall into at least one of the 5 stages of Maslows theory and when marketers or promoters are planning their strategy and tactics, knowing which level of Maslows their product extends to allows them to devise a campaign that relates to their target audience (I.E fun, fantasy, or feelings).

The John Smedley sock expansion core product would fall under Maslows level 1, Physiological Needs which includes oxygen, food, water, shelter, sleep, and clothing. The actual and augmented sock product would fall under Maslows level 4, Self-Esteem which includes confidence, achievement, respect of others, and the need to be a unique individual. This is the level that will be used to help build a marketing campaign for the John Smedley sock expansion.

M A S L O W S

Fig 4.2 - Maslows Hierarchy of Needs

(Research History, 2012)

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V A L S

Marketers also use VALs framework as part of their strategy to promote their products. VALs is a specific set of psychological traits and key demographics that drive consumer behaviour (VALS, 2015). There are 8 types of mind-sets that are based on consumer resources and their motivation. This will determine how a person will express himself or herself in the marketplace as a consumer (VALS, 2015). Fig 4.3 outlines these 8 mind-sets. The John Smedley consumers are categorized as Achievers and Experiencers.

Achievers

Are active in the marketplace because image is extremely important to them. Achievers would prefer prestige products because they love to show off to their friends and family. They do, however, have very busy lives and because of this they shop online using e-commerce websites. Some of the achievers favourite things include material possessions and success.

Experiencers

Spend a large section of their working income on entertainment, socializing and on their clothing. These consumers love to look good and own all up and coming new products. Some of the experiencers favourite things include being established and the ability to purchase.

V A L S

Fig 4.3 - VALS Types (Strategic Business Insights, 2009)

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S O C K S : A T R E N D ?

According to the data company, The NPD, the sock industry is booming. From August of 2013 to August 2014, this sector was grown into a $5.6 billion business. From 2012 to 2013, the industry grew 8% and 5% from 2011-2012 (Cole, 2014).

Although the sock industry is continuously growing, it was men who made this fashion statement before women. 73% of men wear socks everyday compared to only 41% of women who do. With the womens sock market starting to take off, Marshal Cohen, chief industry analyst at NPD, says Higher priced socks have become the new normal for men, whereas the womens market seems to be a missed opportunity, an uncommon situation for the saturated womens retail market to face. Retailers and manufacturers should find ways to reinvigorate this category for women by setting a new fashion statement, one that treats socks as an accessory, something special, and not a basic commodity. If women will wear shorts with tights in colder weather and boots during warmer seasons, they will find more room for socks in their wardrobes.

This benefits the John Smedley brand because of the missed opportunity by other retailers. By the brand expanding their accessories line into socks at this point, they could potentially be a key player as their competitors have not yet met the customers wants and needs.

P R O D U C T P R O P O S A L

Womens Socks 2015

Socks use to be just a piece of clothing that protected your feet from the cold. Now with the new sock trend rising, this new wardrobe accessory is a must have in every womans closet. From adding bold colours and patterns to a colour neutral outfit, or to wearing them with heels, socks are the trend to take your look from plain and boring, to fun and colourful.

Socks Category

The new socks line will be an expansion of the accessories category that already exists within the John Smedley brand. These socks will be available for purchase in the companys free standing store in London, their e-commerce site, and through the retailers who carry John Smedley products across the world.

P O S I T I O N I N G S T A T E M E N T

For every woman who is trying to add a little colour to their typical everyday outfits, John Smedley is now offering variety of bold and unique merino wool socks that are produced with the same quality and assurance as all of our beloved classic pieces to enhance your everyday essentials.

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T A R G E T M A R K E T

The John Smedley womens consumer is broken down into three customer segments. The first segment being between the ages of 25-30, the second being 30-45, and the third being 50-65. This new accessories expansion will focus on the customer ages 30-50 which is considered generation X.

Meet Gemma

Meet Gemma. She is 32 years old. Gemma enjoys exclusivity and hand crafted items when it comes to her clothing. Her friends and family describe her style as simplistic, sophisticated, and timeless. . Although her image is not everything to her, She is willing to spend the money to look as good as she feels.

John Smedley offers Gemma an extensive selection of handmade knitwear that she can easily take from working woman to a night out. With a broad range of styles and colours, John Smedley is Gemmas favourite place to shop.

B R E A K D O W N

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W H Y B U Y ?

At John Smedley, the brands core identity is based on quality and craftsmanship. The companys materials are of high quality and of prestige ranking. All of this will be continued throughout the expansion.

As stated previously, there is a missed opportunity in the womens wear accessories market that John Smedley aims to fill. The expansion is ideal for the brand because of their historical knowledge and expertise around knitwear products and their love for bright colours and patterns. With the brand aiming to fill this hole in the market, the company will address the consumers need that they are asking for. These socks will allow for individualism by the wearers and add uniqueness to their style.

John Smedley will seek to be one of the first companies in the market to make high quality wool socks for actual product (fashion statement, Maslows # 4) rather than the core product (functionality, Maslows level 1).

T H E P R O D U C T

The John Smedley socks are designed with the same patterns and colours as their beloved classic looks throughout their ranges.

T H E D E S I G N

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C O M P E T I TO R S

As stated previously, John Smedley competitors are Missoni and Paul Smith. In the accessories (sock) sector, the brands direct competitors are Paul Smith and Happy Socks while their indirect competitor is Missoni.

P A U L S M I T H

Direct Competitor #1

Paul Smith Paul Smith is one of John Smedleys biggest competitors in the marketplace along with the biggest in their accessories sector. Paul Smith designs are comparable to the new product designs of John Smdleys with their bold colours and stripped designs. John Smedley has an advantage over Paul Smith as thee material of their socks are not as luxurious and there are not multiple sizes for consumers to choose from. Fig 10.1 shows a product by Paul Smith that is a similar design to the new John Smedley line.

Fig 10.1

H A P P Y S O C K S

Direct Competitor #2

Happy Socks Happy Socks is one of John Smedleys direct competitors in their new addition to the socks market. This brand specializes in fashion socks of all types. They use bold colours and multiple different designs to appeal to a large target audience. John Smedley has an advantage over Happy Socks because of their quality of materials and the sizing. Although Happy Socks does have 2 different sizes for customers, John Smedley will extend their sizing further to reach more consumers. Fig 10.2 shows a product by Happy Socks that is a similar design to the new John Smedley line.

Fig 10.2

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M I S S O N I

Indirect Competitor

Missoni Although Missoni is not a direct competitor of John Smedleys new expansion to socks, the brand is still considered an indirect competitor. Both brands have similar products in their knitwear collections and both have a prestige name in the marketplace. If Missoni did however, decide to extend their accessories line to socks, the brand would move to a direct competitor alongside Pau Smith and Happy Socks.

P O S I T I O N I N G M A P

The above positioning map shows John Smedleys current positioning against their direct competitors (Paul Smith & Happy Socks) based on price and differentiation of the products (quality, design, sizes, etc.). Although John Smedleys competitors are lower on the price scale, John Smedley has a diversification that none of the competitors have which is the quality of the materials, more available sizing, and classic designs that the consumer is searching for. 24

P R I C E

The John Smedley sock accessory expansion will be priced at30.00 - 50.00. With the designs being what the consumers are asking for, the fabric being of high quality, and the brand name promoting this product, the price is of great value. The price also stays within the John Smedleys price points of their typical accessories which will make the consumer more willing to purchase.

P L A C E

John Smedley sock expansion will be available for purchase in their brick and mortar shop on Brooke street in London, in their retail distributers location, and on the company e-commerce site. By using multi-channel marketing, consumers will have the ability to choose which method is of most convenience to them. This in return will allow for a boost of sales if consumers are able to interact with the products in more than one retail space.

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P R O M O T I O N

The promotional tactics that will be used through the launch of the new John Smedley sock expansion will be a webpage design poster, a leaflet that will be sent out to all prior customers who have previously purchased from John Smedleys e-commerce site, and a promotional look book of the new sock designs that will be available for purchase. This launch will also be heavily promoted through John Smedleys social media profiles (Facebook, Twitter, and Instagram).

T A G L I N E

Wait until you see my socks!

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T H E L A U N C H

The launch of John Smedleys new sock addition will start 2 months prior to the date of availability. This will allow for extra time for consumers to be educated on the launch and build excitement. The following is a timeline outlining dates and times of promotional tactics that will be used during the launch.

W E B P A G E D E S I G N

WAIT UNTIL YOU SEE MY SOCKS!ON SALE AUGUST 1ST 2015

John Smedley is thrilled to present the new expansion into the womens

accessory category: SOCKS!

Upgrade your outfit and add a little colour with our new merino wool knitted socks. With over 20 new designs in our beloved bright and fun colours, there is sure to be a pair

to suit your personality.

to find a retailer near you, please use our store locator page

30

T H E L E F T L E T

ON SALE AUGUST 1ST 2015

WAIT UNTIL YOU SEE MY SOCKS!

USE THIS CODE DURING CHECKOUT TO RECEIVE YOUR 10% OFF : 0000

10 %O F F

W I T H Y O U R O N L I N E P U R C H A SE

T H E L E F T L E T

John Smedley is thrilled to present the new expansion into the womens accessory category:

S O C K S !

Upgrade your outfit and add a little colour with our new merino wool knitted socks.

With over 20 new designs in our beloved bright and fun colours there is sure to be a pair to suit

your personality.

32

T H E L O O K B O O K

John Smedley is thrilled to present the new expansion into the womens

accessory category: SOCKS!

Upgrade your outfit and add a little colour with our new merino wool knitted socks. With over 20 new designs in our beloved bright and fun colours, there is sure to be a pair to suit your personality.

WAIT UNTIL YOUSEE MY

ON SALE AUGUST 1ST 2015S O C K S !


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S . W . O . T

C O N C L U S I O N

With John Smedley being an expert in knitwear allows them to make an easy transition into the sock market. Exploring the growing market sector of socks gives the brand an opportunity to be a key competitor in the new market along with a rise in their overall yearly turnover.

Throughout this report, there is detailed outlines with visual references for promotional and marketing activities that the John Smedley brand can utilize throughout their launch into the sock category.

John Smedley is a luxury knitwear retailer that has been in the business for over 230 years with expertise and passion for their sector. The brand has this opportunity to expand their product category into socks for their female customer base ages 30 to 50. These customers are looking for colourful and fun socks to let their personality shine with their everyday ensembles. With John Smedley breaking into this market segment, they will ultimately be filling a void in the womens sock market that can both direct and indirect competitors have missed. With John Smedley being an expert in knitwear allows them to make an easy transition into the wool sock market. Exploring the growing market sector of socks gives the brand an opportunity to be a key competitor.

John Smedley will allow for their customers to purchase their new line through a multi-channel marketing with access to purchasing online and in-store with their own brick-and-mortar retail shop and their department partners. This allows for customers to select the choice that best suits their needs.

As seen previously, the launch will start 2 months prior to the products being for purchase starting on June 1st. The promotional tactics will evidently allow for customers to be knowledgeable about the up and coming products but will also allow for personalization due to the leaflets being mailed straight to the consumers. The look book will allow for browsing in store and also at home, and the webpage will allow for customers to be reminded whilst visiting the companies e-commerce site.

In conclusion, this expansion will allow for John Smedley to explore new possibilities, extend their customer reach, and collectively have an overall higher yearly turnover rate. This expansion will bring John Smedley to the top of their competitors list and allow for differentiation.

I M A G E L I S T

Fig 1.1 - Happy Socks. (2015). Womens Socks & Tights. Available: http://www.happysocks.com/uk/women-1/. Last accessed March 30th 2015.

Fig 1.2 - Smedley, J. (2012). Womens SS12 Capsule Collection. Available: https://www.pinterest.com/pin/204773114277321293/. Last accessed March 30th 2015.

Fig 1.3 - Smedley, J. (2012). SS12 Capsule Collection. Available: https://www.pinterest.com/pin/204773114277332479/. Last accessed March 30th 2015.

Introduction

Fig 2.1 - Smedley, J. (2012). The Best Natural Fibers. Available: https://www.pinterest.com/pin/204773114277332423/. Last accessed March 30th 2015.

Product Category

Fig 4.1 - Smedley, J. (2012). John Smedley Knitwear made in England.Available: https://www.pinterest.com/pin/204773114277315520/. Last accessed March 30th 2015.

Fig 4.2 Anon. (2012). Maslows Hierarchy of Needs. Available: http://www.researchhistory.org/2012/06/16/maslows-hierarchy-of-needs/. Last accessed March 30th 2015.

Fig 4.3 - Anon. (2009). VALS Types. Available: http://www.strategicbusinessinsights.com/vals/ustypes.shtml. Last accessed March 30th 2015.

Socks: A Trend?

Fig 5.1 - Lange, M. (2015). New Socks & Old Patterns. Available: https://www.pinterest.com/pin/451556300113569381/. Last accessed March 30th 2015.

Fig 5.2 - Gill, S. (2015). Not On The High Street. Available: https://www.pinterest.com/pin/320670435941751450/. Last accessed March 30th 2015.

Product ProposalFig 6.1 - Anon. (2014). Hand Knit Socks. Available: https://www.pinterest.com/pin/81557443225383217/. Last accessed March 30th 2015.

Meet Gemma

Fig 7.1 - Smedley, J. (2012). SS12 Capsule Collection. Available: https://www.pinterest.com/pin/204773114277332477/. Last accessed March 30th 2015.

Why Buy



The Product


Fig 9.2 9.11 - Happy Socks. (2015). Womens Socks & Tights. Available: http://www.happysocks.com/uk/women-1/. Last accessed March 30th 2015.

Competitors

Fig 10.1 - Smith, P. (2015). Womens Socks. Available: http://www.paulsmith.co.uk/uk-en/shop/womens/accessories/socks/women-s-indigo-check-stripe-socks.html. Last accessed March 30th 2015.


Fig 10.3 - Missoni. (2015). Knitwear. Available: https://www.pinterest.com/pin/329325791476510388/. Last accessed March 30th 2015.

Images In Promotional Designs

Happy Socks. (2015). Womens Socks & Tights. Available: http://www.happysocks.com/uk/women-1/. Last accessed March 30th 2015.

S.W.O.T

Fig 11.1 - Smedley, J. (2012). John Smedley Mill. Available: https://www.pinterest.com/pin/204773114277315415/. Last accessed March 30th 2015.


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Documents

John Smedley: Market Expansion