I needed this, I need this. Having learned the poster trick in the previous room, I click on some artwork above the mantle at the center of the room and watch a very romantic menswear montage. My favorite find is a charcoal cashmere ribbed sweater with chocolate suede elbow patches. Just an absolutely ridiculous piece of luxury menswear but just wearable enough that I could totally imagine myself in it, in the socially distanced now.
What a feat. Created By GQ For. Room 3: The Cabled Cashmere Level. Room 4: Discover Register for free Already a member? More information. Supplementary notes. Other statistics on the topic. Advertising Instagram: number of followers of popular luxury brands Profit from additional features with an Employee Account.
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Store profitability and inventory management: Another challenge that Ralph Lauren faces is store profitability and inventory management. This has had an effect on its bottom-line. As such, new management has expressed that it has plans to close about 50 high end stores to improve store profitability and reduce inventory as most of the inventory was subject to heavy discounting.
Given that customer insights are the holy grail of modern business, the more companies know about their customers, the better they can innovate and compete.
One very good example of a company that has successfully leveraged its customer research capabilities to improve inventory management is Zara. This has allowed them to accurately supply fashion that resonates with customers in almost perfect quantities, resulting in the discounting of a very small proportion of its products, approximately half compared to its competitors — a very impressive feat.
Similarly, Ralph Lauren needs to also do the same and consider how it is using its customer intelligence capabilities to anticipate demand more accurately and respond with optimum levels of supply. As the main competitive advantage for the company is the founder himself, life after the founder is a hard topic for both the founder and company to discuss.
Ralph Lauren himself has a net worth of USD 5. With regard to corporate governance, as the brand continues into a new chapter, the search for a new CEO has ended. However, due to differences in opinion over direction, Stefan Larsson departed from the company in May In a bid to make Ralph Lauren a leaner company, the company has recently eliminated layers of management through restructuring.
For instance, the office of the chairman has been eliminated and the duties have been absorbed. It is expected that this will help improve efficiency within the organization, hence leading to greater profitability. Another growing challenge that Ralph Lauren may face is to be able to appeal to a new generation of consumers.
To sustain the brand appeal to consumers who are now more digital savvy and have higher expectations in the 21st century, there are a few important issues that Ralph Lauren needs to tackle in the next years.
The need for product line optimization has already been recognised. As part of the most recent restructuring exercise, a decision has been taken to reduce the number of lines the brand produces. Ralph Lauren has plans to venture into the accessories space, which includes handbags and small leather goods to leverage its brand equity and also hedge the brand against the strong headwinds running through the global fashion industry.
A great example of a luxury fashion brand that has leveraged its strong brand equity and ventured into multiple product categories is Giorgio Armani. By leveraging its expert knowledge of the fashion and luxury industry, Armani has been able to come up with winning concepts in other product lines that include cosmetics, watches, jewellery and eye wear. Instead of blindly experimenting with product categories, Ralph Lauren should conduct an expertise and capability check, which will help it identify the categories where it can extend the brand and showcase expertise and deliver using existing operational capabilities.
Innovation: As Peter Drucker said, innovation and marketing are the only two functions of any organization. Irrespective of how committed employees are or how competent top management is, unless the company connects with the customer, success will always be elusive.
Top management needs to constantly evaluate their strategic decisions in the context of customer feedback and how the customers can help the company in co-creating value. Innovation is therefore a key factor that will strongly influence the future of the Ralph Lauren brand. David Lauren seems to be doing the right things, with the brand witnessing some groundbreaking innovations under his leadership, in the areas of product development, customer experience and stakeholder engagement.
On the product front, Ralph Lauren has introduced the Ricky Bag with Light, which features a discreet rechargeable battery that powers an internal LED light in the bag to help locate personal items. A USB port in the bag also helps to charge mobile devices. In terms of customer experience, Ralph Lauren has launched interactive fitting rooms with full-sized touchscreen mirrors at the Polo Flagship store in New York, creating a seamless digital in-store experience and enhancing the overall customer experience.
Customers can now adjust the lighting and language, and select clothes, colour options and sizes just by tapping on the mirror. They can also view suggested pieces, ask for a sales associate, or pay on the spot. Moving forward, Ralph Lauren needs to also recognize that each innovation has as relatively short lifespan. Mobile commerce: Being the first luxury brand to set foot into e-commerce, it seems strange that the brand has not offered a mobile shopping platform yet. Currently, it operates two e-commerce sites in the US and eight sites internationally.
Different forms of market analysis strongly point towards a scenario wherein spends on mobile commerce will overtake desktop based ecommerce in the next 3 years. With the deluge of investments that fashion companies have planned in the mobile commerce space, Ralph Lauren needs to quickly make mobile shopping not only an effortless experience but also a delightful one.
A sustainable approach to business: In recent years, sustainability in business has become a hot topic. Although social and environmental efforts may not be a key factor for consumers to choose a particular brand, not having societal considerations while doing business could be a reason for consumers to avoid the brand. Ralph Lauren understands this, evident from its numerous corporate social responsibility efforts.
The Pink Pony sub-brand was a global campaign to show support for breast cancer victims. In order to be at the leading edge of its industry, it is essential that Ralph Lauren continues its corporate social responsibility work. Reacting to consumer sentiment and trends: With the internet and social media, consumers have never had greater power in influencing brands than before. Today, consumer sentiment plays a greater role in advertising and brand communication than ever before.
Consumers are able to and are forthcoming in expressing their views on issues in the fashion industry, including body image and feminism. It is common for brands in the fashion industry to use slim models and retouch fashion images which often leads to unrealistic depictions of the female body. This has sparked a global outcry, with consumers questioning the impact these images have on impressionable youth, causing them to experience issues with body image and self-esteem.
Brands who engage in such unethical practices are punished with consumer boycott and law enforcers. Being in this industry, Ralph Lauren needs to be careful with its brand communication and advertising practices, and be aware of what their customers like or do not like. The Ralph Lauren brand was set up from the start to be all about the American lifestyle. From the designs of its apparels and accessories, to the dining experience offered in its restaurants, the Ralph Lauren brand stands as a symbol of America — an amazing feat for a brand that has only been around for 50 years.
Building and sustaining a personality that is relevant and one that resonates with the customer base is one of the most difficult aspects of building a strong brand. Ralph Lauren, with its presence in diverse markets, a very wide brand portfolio, and interactions with diverse set of customers, manages to hold up well to this challenge of building a relevant and resonant brand personality.
The future looks steady but not smooth sailing. Although the brand equity is strong, customer attitudes towards fashion and especially apparel have changed significantly. The definition of luxury has changed. Ralph Lauren will not be immune to these structural changes.
Ralph Lauren himself has been an iconic leader and flag bearer of the brand right from its inception. This has led to frictions with his top management, which is exemplified in the departure of the last CEO.
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