Burberry is popular especially among the younger demographic. Its market position is so established that the company was able to receive contemporary design collection of the year award. The luxury brand is considered contemporary as well as classic. The CEO once remarked that they had reached a playing field as some of the greats. This meant that the brand was widely known already. The goal is to maintain the cachet and currency of the brand across its customers while expanding distribution and entry of new product categories. The brand recognized the presence of other brands hence they focused on a particular bracket and a particular price point.
Many years had been spent redirecting things. By things, we mean everything from revamping the company’s product line to overhauling the company’s distribution strategy. The result of this was the brand was considered one of the leading luxury brands across the world. Sales reflected the popularity with revenues growing from $225million to almost $600 million. The shares have been steered to another level. The recognition of the brand with celebrities saw the brand popularity goes up. The brand’s original designs and uncompromising quality gave the brand global recognition. The brand as a result, increasingly became a symbol of durability and luxury.
The goal was to make the brand great from a global perspective. The expertise of the CEO has been a major contributing feature to the company’s success. The CEO’s goal was to transform the brand form a tired outerwear manufacturer into a stylish, innovative and inspirational luxury lifestyle brand. Their success was also realized because of the team that made the top management. The team comprised of people who knew what the customers wanted, who knew what it took to succeed in a retail environment and what price points people wanted as well as where the gaps were. The presence of other brands hence they focused on producing a brand that represented accessible luxury. This shows how the team has managed to elevate the brand’s status.
Burberry’s customer base and the target customer in general
The brand’s aim was to attract younger customers while retaining their customer base. The reason for this is that young people influence each other in buying new products in the market. In addition, their competition in attaining status quo associated with the famous people drives them to associate with such brands. The company did a survey of the market to identify gaps. They then discovered that the best way to attract customers were through producing accessible luxury. The target customers are women, men as well as the younger customer. The accessories collection targeted customers from different lifestyles including royalties.
Availability of another brand
Another brand that makes considerable revenues from women and men’s wear as Burberry does is Gucci. The brand is the biggest selling Italian brand. It is recognized worldwide and many people desire to be identified with them. Its distinctive lines have made its products among the most recognized and most frequently copied around the world. Their target customers seem to be fashionable, affluent, hip, middle and upper class, thirty and above individuals who like to invest in fashion. Their products range of menswear, women wear, children wear, and accessories. The customers have been noted to be more loyal and often they have a collection of the brand.