As the fashion industry evolves, many brands are searching for new ways to grow in sales and success. Michael Kors, a popular fashion and accessories brand, is hoping to learn from established companies, such as Coach, and replicate their growth playbook. Can Michael Kors duplicate the same success that Coach has seen over the years? Vogue Business investigates.
1. Can Michael Kors Reclaim its Luxury Luster?
Michael Kors has been on the leading edge of the fashion industry since 1981, its signature style of classic luxury ruggedly chic clothing, handbags, jewelry, and accessories favored by Americans and Europeans alike. But after decades of success, it is now facing an uphill battle to reclaim its former luxury luster.
The brand suffered a dramatic market share decline in 2016 and subsequent years, as trends have shifted to more niche luxury brands. Therein lies the challenge for Michael Kors: reinvent itself in the ever-changing landscape of luxury fashion, while staying true to its roots. To do this, the company has relied heavily on celebrity endorsements, reintroducing classic styles, and rolling out new designs that showcase the brand’s identity.
- Celebrity Endorsements: Michael Kors has partnered with industry A-listers like Selena Gomez, Ashley Graham and Zendaya in groundbreaking campaigns. By leveraging the star power of these celebrities, the company has managed to spread the word about the brand’s message, reaching a wider audience and increasing overall exposure.
- Classic Styles: Michael Kors has also had success by re-introducing classic items that have stood the test of time. After producing modern interpretations of its most popular pieces, the public has responded positively, increasing sales as people fall in love with the brand again.
- New Designs: Another key element to revitalizing the brand has been rolling out new designs. By adding fresh twists to the signature classic designs, the company can attract both new and existing customers, expanding the brand’s overall appeal.
2. Coach’s Growth Playbook: What Can Michael Kors Learn?
As with any powerhouse fashion designer, Michael Kors has an incredibly successful career. He is renowned for his eye-catching designs and high-end fashion garments. As one of the most influential style icons of the modern era, Kors has become a name to be reckoned with in the fashion industry. But, there’s always room for improvement, and for Kors that means leveraging a Coach’s Growth Playbook to ensure his success.
Kors has achieved much success, but unprecedented growth requires taking calculated risks. Updating designs periodically, streaming exclusive online shows, or even changing the geographic landscape of the runway shows may add variance to the brand that will draw attention. Being the pack leader of fashion’s trends requires being bold and innovative. Kors must think beyond typical retail marketing strategies and take a holistic approach to brand development, including culture, technology, and creativity. An approach like this could expand the reach of his fashion empire to new and existing markets.
- Take calculated risks
- Be bold and innovative
- Engage in holistic brand development
- Expand reach with new and existing markets
3. Implementing Strategies for Successful (Re)Launch
Having the right strategies is a cornerstone of any successful (re)launch. Despite the appeal of the shiny new product or service, without the right strategies in place, the project is likely to flounder. Here are a few key principles to help ensure success:
- Focus on Customer Needs: Before launching, be sure to research your target customers to understand their needs and tailor your products or services accordingly.
- Be Flexible and Adaptable: The digital landscape is ever-evolving, so be prepared to adjust your strategies to remain competitive.
- Manage Resources Wisely: Make sure to plan ahead and take into account financial, operational, and personnel resources when launching your project.
The task of launching something correctly can seem daunting. But with proper planning and a clear strategy, you can ensure a successful (re)launch. By following the principles outlined above and thinking outside the box, you can begin to maximize the potential of your product or service.
4. Michael Kors’ Road to Reclaiming its Luxury Heritage
Michael Kors had to weave its way back to reclaiming its luxury heritage in the industry. It had to cover some major ground to get back to the same level it was once at. Here’s how the fashion label went about it:
- Reconnecting To The Luxury Consumer – With its competitors beating the label to the race by accessing digital consumers, Michael Kors was quick to follow its lead. It staged several strategic campaigns to ensure that shoppers are able to discover and buy pieces within their specific luxury bracket and on their terms.
- Leveraging Influencer Partnerships – Michael Kors made sure to establish itself in the influencer space for both local and global recognition. It became easier for the label to pinpoint its target market, drive engagement and drive sales up.
These days, the iconic designer label is back to reclaim its once esteemed place in the realms of luxury fashion, setting trends and turning heads in the fashion world. Michael Kors had to take innovative measures to bring its vision to life and set itself apart.
Michael Kors is leaving no stone unturned as it attempts to follow Coach’s growth playbook. As the brand’s ambitions become clearer, it will be interesting to watch the progress in the coming months. No matter what happens, one thing is clear: a new leader is quietly emerging in the luxury fashion world. For now, Michael Kors has hit the ground running and its true potential remains to be seen.
