MajorDangerWaterBuffalo9
Based on the below, please help to form a competitive analysis for…
Based on the below, please help to form a competitive analysis for this (made up) business in the luxury market:
Success and Wealth
Company Description and Vision
Company Description/ Business Concept
S&W (Success & Wealth) exemplifies new luxury. Better for the planet, and better for our customers, our accessories and shoes are most sustainably sourced, made, and produced. The Food and Agriculture Organization “estimates that around 3.8 billion cows and other bovine animals are used in leather production each year- around one animal for every two people on the planet” (Common Objective). Over 63% of luxury products are made with leather, and products from other bovine animals, and S&W is the solution to this issue. Our brand uses natural alternatives to leather for our luxury goods. These include cork fabric from Mediterranean Cork Oak trees, bark fiber reinforced with polymers, and leather substitutes derived from pineapple, grapes, mushrooms, and seaweed. Our production centers are fully equipped to flawlessly execute this process for the overall production of safer, more sustainable goods while having a lower carbon footprint than any other luxury brand. 100% of our products will be made in areas where these trees and fruits grow naturally, and everything will be shipped and distributed with a small donation from our customers on every order to sustain carbon-neutral international shipping and manufacturing.
Mission Statement, Vision, Values
S&W values the environment and a better future for generations to come. As the climate crisis gets increasingly intense, we are doing our part to ensure cleaner production in the fashion industry. We believe that consumers have the right to know what goes into the making of their favorite goods, and we are a brand that will always be open and honest with our customers about the making of our luxury goods. We pride ourselves in limiting our environmental impact so that our inspiring customers will have a better future for themselves, their friends,’ and their families, success, and wealth.
Overview of Product, Retail and Business Opportunity
S&W prides itself in being an aspirational and empowering brand, but we do that by selling sunglasses, handbags, and shoes. Our sunglasses have the option to have an interesting feature to actual help people who struggle with color blindness! This is just an option of course, but people will be able to see in color while looking stylish with the matching pieces to go with it. There is also the option to not have the technology in your sunglasses if you are just wanting a new look!
Competitive Advantage, Company Keys to Success
Although the luxury market typically has a higher age range for their demographic, we are bringing luxury goods to younger demographics in a way nobody has done before. Our sustainable practices and cleaner, more fair production will offer luxury goods to the new, independent generation of women who strive for luxury, but care heavily for the environment. Our goods are to be made with fully sustainable and eco-friendly textiles, something no brand has successfully dared before. Part of our goal is to also be inclusive and to further expand the definition of inclusivity in the industry. While some may ask, “how more inclusive can accessories get?,” we have the answer. We plan to include a category on our website that is specifically meant for color deficient sunglasses. These sunglasses will have special lenses for those who are color deficient while also adding a sense of style and quality. We want to use our quality to provide a frustration free product that you feel proud to wear.
Company Story, Structure, History, Location
S&W is derived from a need for women to have an aspirational brand that encompasses everything that they have worked so hard for. Our brand is here to show appreciation for the dreamers and the ones that believed in themselves when nobody else did. The founders of this brand, Josephine Meinardus, Sarah Thieman, Milena Hernandez, and Destiny Niemeier, are all strong and capable women that wanted a brand that inspires us to work harder while also appreciating us for what we have already accomplished. This brand is built on women’s empowerment, knowing what we want, and expecting only the best when it comes to what we wear and carry.
S&W is located in the heart of New York City. Being an inspirational aspirational brand there is no other place that seems fit besides the concrete jungle that every dreamer has thought about at least once. New York City is the epicenter of luxury in the United States and will forever be the place of dreamers. Los Angeles is on their way to being the next dreamer destination and S&W plans to have a second location in Los Angeles eventually, but wants the flagship to be in the one and only New York City.
Short Term and Long-Term Goals
Short Term: S&W plans to move quickly after launching. We are starting in luxury handbags, sunglasses, and shoes. We plan to toss ourselves into the women’s ready to wear luxury market. We plan to be able to have an entire outfit for any woman that walks through our doors! Eventually we plan to be in women’s and men’s ready to wear, but for short term goals we plan to be a part of the women’s luxury ready to wear sector of the market first.
Long Term: Once S&W is an established brand, we plan to sell our patented equipment and machinery to other luxury brands in order to spread our own sustainable practices and reduce the negative environmental impact of fashion throughout the industry. We pride ourselves in our clean practices and are committed to share them and make a positive impact on the fashion industry overall. We also plan to expand into men’s accessories as well as ready to wear eventually. While keeping in mind our sustainable initiatives and the values that our customer will hold us to.
The Product(s) or Service(s)
Description of Products and Services
S&W has a clear vision for the fashion luxury market. We intend to allow our products to enhance the confidence that is already within. While we plan to eventually grow further and further into all luxury accessories, we decided to first focus on specific categories such as sunglasses, wallets, small handbags, and footwear. We want our business to be true to its word and the definition of inclusivity does not solely pertain to size range. Our first product that we will be producing will be color deficient sunglasses. These sunglasses range from $200.00 to $600.00 from other private labels and retailers and, while they are becoming more available to consumers, are still a rare find. They are also typically a regular black frame square shape simple silhouette. Here at S&W we will have our signature sleek sunglasses put those common shades to rest. Considering the fact that there are different types of color deficiencies, some people can only see certain hues, we plan to collaborate with the core creators of this marvelous lens, Enchroma. This collaboration allows our brand to become known to a part of our target market which would already be established with Enchroma. A service we plan to provide with this product would of coarse be a warranty plan and a face fit test similar to Warby Parkers’ fit test. This test will allow our customers to virtually find the best frame size for their face shape. A common business trend seen in the upcoming years will be innovation. While in the 2000 era where people sought freedom in color and silhouette, now and moving forward in 2021 we can see the need for wearable technology, key word Wearable. Wearable has found a new definition besides functionality; it now involves style and aesthetic. We plan to bring stylish wearable technology and innovation into S&W with a few unique and sustainable materials such as Pintex which is made from pineapples and has a soft leather-like feel and look. S&W is here to transform words into new and improved actions, we aim to redefine success & wealth.
Unique Competitive Points of Difference
S&W intends to redefine the words success and wealth. We plan to achieve this through our sleek, crisp, and clean products that will revolve around innovative ways to be all-inclusive. Most of the time, when we hear the word “inclusivity” in the fashion industry we tend to automatically think of size. Well, because we focus on accessories we go beyond comfort and style. We transform the perspective of wearable technology so that you do not see a cliché, rather, you see a luxurious accessory that holds power and strength.
Unique Branding and Benefits
As previously stated, we will be partnering with the creators of the color deficient lens, Enchroma. This will build a relationship between us and a part of our target market that is perhaps already looking for something a little more stylish, something more than a pair of glasses they must wear, they want something they Want to wear. Both brands plan to add a small ad section of each brand to their website to allow customers easy access shopping.
Proposed Assortment, 6- and 12-month plan
For the first three months we plan to focus on our sunglasses with Enchroma, as well as our small wallet collection. Then within the next three months we expect our funding to increase 25% from our start with $10,000. This will allow us to begin our handbag collection. Then within the next twelve months we will start an exclusive footwear collection that focuses on luxury sneakers.
Customer Service Promise
We plan to mainly source domestically however, our specialty materials will be sourced globally. We can promise the effort and time we spend on ensuring that each supplier will be ethically sustainable as well as environmentally sustainable. We will be using unique materials such as Pintex which is made with pineapple skin and we will be prioritizing the safety of each product made with these materials. We can guarantee a free two-year warranty with each pair of sunglasses and every handbag or wallet as well as, a free 30 day return with proof of purchase. And our final promise to our customers is customer satisfaction.
Thank you!
