In this day and age, online shopping has become a popular form of shopping. In this article, they discuss whether or not shopping in store is dead or not. Online shopping is easy for everyone that has a cell phone or computer. It can be done anywhere at any time. I know I tend to do my online shopping at 3 AM, which causes me to have no need to go to the mall during the day.
I think shopping in the store will remain a constant, but it is definitely not as prominent as it used to be. Online shopping is just so much more convenient. Look at it this way: online shopping can be done whenever you want, whether it’s at 11 AM or 3 AM you can order stuff online at your convenience. Online shopping also allows you to have access to almost any store from the comfort from behind your screen. Overall online shopping is just a convenience factor. It is much easier to shop on your own time rather than take a good chunk of time out of your day to go to the mall to shop.
Online shopping does have some cons though. There are shipping costs and the fact that your item ordered won’t fit or it may come looking different than the picture. In my opinion, I believe that online shopping is putting a damper on in-person shopping. But only to an extent. I think that in-store shopping will never truly die, but it may take the back seat for a little while.
In this article, Jordan Valinsky discusses the possible purchase of the Versace brand by Michael Kors. This comes as a shock to many people because of how popular the Italian brand is.
Michael Kors is purchasing Versace for around $2 billion. This was surprising for some considering Versace is such an expensive brand. But when we think about it a little bit more, the market for Versace is smaller because of how expensive it is. Whole Foods, for example, has a larger market because it has items anyone can afford, but Versace sells a simple tube top, a “corset top” as they name it, for $775. I don’t know about you, but I definitely do not have $775 to spend on a top.
Why did Michael Kors decide to buy Versace? They snatched up one of the last independent standing Italian brands in order to try and build an empire that will rival major European brands. My other question is: Will the look of Versace change after Michael Kors buys it? Michael Kors has a more athletic look compared to Versace’s sexy look. But I hope they keep the names and not change the entire look of the brand.
This article talks about the statement London makes by making London fashion week completely real animal fur-free. The use of animal fur in fashion has been a popular staple for many years now, but animal cruelty is a hot topic around the world. Brands like Burberry and Gucci have decided to use all fake fur in order to listen to animal rights activists. Gucci even brings up the point that real fur is just not as in anymore.
The drop of real fur in London fur has improved the fashion market. More and more people want to support the end to animal cruelty. Deciding to listen to buyers views was a smart move on Britain’s part. The article states that “The women’s clothing market grew by 3.2 percent to £28.4 billion ($37.26 billion) last year in Britain, according to market research firm Mintel, and sales are forecast to increase to £33.5 billion in 2022.” This increase is great for the fashion business and should be an example for the United States.
Great Britain is not the only place moving towards animal rights. California recently passed a law banning any makeup that has been tested on animals. This was a bold move, especially for a state who has such a large population of makeup consumers. This makes me wonder what the next move for makeup companies that DO test on animals will be. Will they become cruelty-free? Will they make friends out of animals? I am eager to see what California may have started here in the United States.
In this article, N.R. Kleinfield discusses how Piaget watches sell so much even though they are super expensive. He interviewed Gerry Grinberg, creator of the Piaget watches, and asked how they market to buyers. Basically, Grinberg explains how sales have gone up because young people now want to buy these name brands. He claims that their marketing audience used to be 45 years old and up and now it is 45 years old and under. This is not only true for watches, but I believe this type of market is seen nationwide. Selling to those who have a bottomless wallet is the way to up the sales of these name brand items.
Young people love to buy name brands in today’s world. It seems to make them think they look cooler or richer than everyone else. While I wish I could afford a real Gucci belt, I would never actually spend $400 on something that I will only wear a handful of times. The business of high-end fashion targets the affluent market because they are most likely to spend loads of money on small items, like a watch or a belt. In my opinion, it is smart to market to the wealthy; more profit will be made by selling the higher priced items to the rich. It is smart because they will spend the money on it and the item will not need to be marked down or put on sale.
Overall I think that this is the way to go if you are a big fashion business. They should up those sales and target the affluent shoppers. But I do think these name brand items are ridiculously priced; I can go buy a watch at Walmart for $10 and it will tell me the time the same way a Piaget watch will, but for much cheaper. The fashion industry is growing and the high-end spectrum of fashion has a growing customer market. Young people have more money now and love to show it off. therefore these companies need to get their name out there. I think they need to sponsor famous people and sell to the famous in order to spread their brand’s name. This is just a thought, but it is a way to become known. Businesses need to make themselves known.