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Business Plan Lauren Clark Fall 2011 LXFM 501 Table of Contents Executive Summary Financial Plan pg 2 pg 22 Management & Organization Plan for Further Action pg 2 pg 25 Introduction of New Products Conclusion pg 5 pg 26 The Market Works Cited pg 12 pg 27 Marketing Plan pg 18 1 Executive Summary Tory Burch is an attainable, luxury lifestyle brand defined by classic American sportswear with an eclectic sensibility. Since the founding of Tory Burch the company has been known as a lifestyle brand. In recent years the brand has expanded from just offering women’s clothing and shoes. In order to continue this expansion, Tory Burch should introduce home décor such as decorative pillows, picture frames, and coffee table books. The home furnishings industry, specifically small home décor, has increased in profitability in recent years and many other fashion companies have expanded into this industry so it’s proven to be successful. By integrating the new product line into the current retail space and marketing plan, it could be a successful venture for the company. Management & Organization Company Description Tory Burch had always been interested in fashion and created her first collection in 2004. Her husband, Chris Burch, financed most of the project. Tory opened her first boutique in 2004 in the Nolita neighborhood of New York City. Because of her social status in New York City, celebrities, fashion columnists, and important people within the fashion industry attended her store opening. The collection was launched as a lifestyle concept with several categories including ready-to-wear, shoes, handbags, and jewelry. Wholesale was also launched in 2004 exclusively with Bergdorf Goodman and Scoop (About Tory Burch). In 2005, Tory was on Oprah as the “next big thing in fashion” and the next day toryburch.com received 8 million hits and recognition skyrocketed (About Tory Burch). Tory was awarded the Fashion Group International Rising Star Award for Best New Retail Concept in 2005 (About Tory Burch). Tory was recognized for going against the new trend of minimal retail design. Her stores have bright colors, vintage chandeliers, and big comfortable couches. Tory wanted customers to feel like they were entering her living room, not a boutique. In 2006, the signature Reva ballerina flat was introduced. The flat is named after Tory’s good luck charm and style icon – her mother Reva (About Tory Burch). International distribution began in 2006 with retailer Harvey Nichols in London and Dubai. After only three years in the industry, Tory became a member of the CFDA in 2007. Tory was awarded the Ace Award for Accessory Brand Launch of the Year by the Accessories Council of Excellence due in part to the Reva flat (About Tory Burch). Just one year after becoming a member of the CFDA, Tory was honored with the Accessory Designer of the Year Award in 2008. Tory also opened a showroom in Milan in 2008 and continued to open stores throughout the U.S. (About Tory Burch). Tory launched the Tory Burch Foundation in 2009 to help other female entrepreneurs through providing economic opportunities to American women through microfinance. Tory further expanded internationally by opening a store in Asia in 2009 and more stores in Europe in 2010. In July 2010, Tory launched a full denim collection (About Tory Burch). Management Team Tory Burch, LLC designs and manufactures clothing and accessories for women. Tory Burch is the founder and creative director. Tory’s ex-husband, Chris Burch, helped finance the company in the beginning and still holds stake in the company. Chris Burch has been rumored to be looking to sell part or his entire stake (Tory Burch, LLC). 2 Within Tory Burch, LLC is the Tory Burch Foundation. Tory launched this non-profit organization in 2009, which provides economic opportunity to women and their families in the U.S. (Tory Burch Foundation). The foundation helps women access financial tools, which improve their lives. Because Tory is a working parent and an entrepreneur, she wants to economically empower women. Legal Entity & Ownership Tory Burch is a privately held company that was incorporated in 2003. Tory Burch is the founder and creative director. Other key executives include Brigitte Kleine, President; Reepal Shah, Chief Financial Officer; and Robert Isen, President of Business Development and Chief Legal Officer. Tory Burch’s ex-husband, Chris Burch, also holds stake in the company and still sits on the Board of Directors. Infrastructure Tory Burch, Tory Burch currently only offers clothing LLC and accessories for women and girls. The Tory Burch Clothing & Home Tory Burch Foundation is underneath Tory Burch, LLC. With the Accessories Decor Foundation new proposed product line, it will be separated from the clothing and accessories but still held beneath Decorative Women Tory Burch, LLC. pillows The new home décor line will be based in the Picture same Tory Burch headquarters. The line will be Girls separated from clothing, accessories, and the frames foundation but will be integrated in the current company structure by being created and designed by Coffee table books Tory Burch. Current Company Structure All items within the Tory Burch company are produced and sold as Tory Burch. There are no separate lines or brands under the company. Because of this, there is much room for growth for Tory Burch. Tory Burch is still a relatively young company, so hasn’t expanded much since the founding but should start to expand now because they have the capital and recognition from their current company structure. Expanding when still a young company allows brands to introduce themselves to new industries before they become “stuck” in their original industry. It’s hard for older companies to explore new industries and areas because they have such a strong brand image and it’s nearly impossible to change the public’s perception of the brand. Tory Burch currently sells clothing and shoes for girls but only limited pieces. If she chooses to further expand this line, it might be beneficial to separate it into its own line. Tory also just announced her plans to produce her own fragrance. This is her first venture into beauty so if it proves successful, beauty could become another line within Tory Burch, LLC. Tory Burch currently sells though Tory Burch boutiques throughout the world. There are 41 stores within the U.S. and 13 international stores. Tory Burch also sells through the Tory Burch website and outlet stores. On top of the company’s direct to consumers retail strategies, Tory Burch wholesales to 450 department and specialty stores across the world. 3 Current Brand Positioning The Tory Burch company has branded itself as an attainable, luxury lifestyle brand defined by classic American sportswear with an eclectic sensibility. The brand embodies the personal style and spirit of Tory Burch, a New York City socialite. Before Tory Burch created her fashion company, there was a gap in the market for a sophisticated American aesthetic with stylish yet wearable clothing at an accessible price point. Tory Burch has securely positioned herself in the fashion market by offering a lifestyle brand with a clear image and aesthetic. Her stores, website, clothing, and Tory’s personal lifestyle all reflect the company as a whole and give customers a clear and steady image to gauge the brand by. Customers view the company as high fashion yet are able to afford her products so they find it accessible unlike other high fashion brands. Current Products Offered Women Children Clothing Accessories Clothing Shoes A further breakdown of Tory Tunics Handbags Sweaters Ballet flats Burch offerings includes tunics, tops, dresses, skirts, sweaters, jackets and outwear, denim, pants, shorts, and Tops Shoes Dresses swimwear for women. Accessories include handbags, shoes, jewelry, and Denim Jewelry Tops small leather accessories like wallets, card cases, and cosmetic bags. Small leather Bottoms Tory Burch offers sweaters, goods dresses, tunics, tops, and ballet flats for Hats & girls. Dresses scarves Outerwear Belts Swim Current Target Market Tory Burch is an accessible luxury brand with reasonable price points so her brand is accessible to a wide range of customers. The Tory customer is middle to high income, affluent, educated, and lives in urban areas. Originally, the brand started out with a customer being between the age of 30 and 45. Now, it’s expanded in both directions to include women aged between 20 and 60. Younger customers come into Tory Burch for the footwear, especially the Reva ballerina flat (Tory Burch Transcript). Older customers wear the more classic Tory pieces, such as tunics and cardigans. The customers in the younger age range are young professionals who are just starting out in their careers. They live in urban areas with jobs in both creative industries and more traditional industries, for example accounting or law. These customers are not yet married and don’t have as much of a disposable income as the older customers. They buy only a few pieces that are more reasonably priced and that can be worn many different ways. The biggest category of Tory’s target market is baby boomers who are mothers. These women typically have disposable income to spend on clothing and enjoy buying new pieces seasonally. The customer wants easy and comfortable clothing that they can wear running errands with their children or out to dinner with their husband and a group of friends. 4 Tory’s customers are interested in fashion and new trends but aren’t necessarily trend- driven. The customer likes an influence of the trend in her clothing but doesn’t want to be dressed for trends and recycle her wardrobe every season when the new trends come out. One of the reasons Tory Burch has become such a successful brand is because of their wide reach.
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