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Intimate Apparel Category The Traditional Family Brand TEAM HANES Andrea Brown Megan Gill Courtney Scott Johnique Smith Table of Contents Executive Summary͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙.4 Situation Analysis SWOT Analysis͙͙͙͙͙͙͙͙͙͙..͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙..͙.5 Price Point͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙..6 The Competition͙͙͙͙͙͙͙͙͙͙͙͙͙..͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙7-8 Industry & Category Analysis͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙....͙͙͙͙͙͙͙͙͙͙͙͙͙9-11 Market Analysis͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙..12-22 Target Analysis͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙..23-28 Problems and Opportunity Summary͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙.......29 Key Problems & Insights͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙30-37 Marketing Communications Objectives͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙..38-41 Marketing Strategies & Rationale͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙..42-48 Advertising, Media & Promotional Tools͙͙͙͙͙..͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙.49-65 Campaign Evaluation͙͙͙͙͙.....͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙.66-69 Budget͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙.70-73 Campaign Conclusion͙͙͙͙͙͙..͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙74 Appendix͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙..͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙75 Research͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙..76-80 References͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙͙.͙͙͙͙͙͙͙͙͙͙͙͙..͙͙͙..81-84 2 Executive Summary: Hanes is the leading manufacturer of intimate apparel, coined the term, ͞apparel essentials.͟ Within this highly competitive sector, Hanes must act now to a capture burgeoning segment of the U.S. market before its competitors. Hanes is the ͞go-to brand͟ for many of its Latino customers, yet has lacked consideration for the booming Latino market that demonstrates rapidly rising buying power, as well as strong loyalties to trusted family brands. Univision is the leading Spanish-language media company in the United States. By utilizing Univision͛s television, Internet and mobile platforms, this aggressive media campaign will solidify the relationship between Latina Women and Hanes. Hanes will take advantage of additional opportunities for revitalizing the brand with new consumers in mind through Univision. The message: Hanes is the traditional, comfort, family brand that can be found in every home, every community, and is the brand of choice among Hispanic families that are living the ͞American Dream͟ yet rooted in their rich Latino heritage. Simple advertising imagery will depict Latino families and culture, along with celebrity spokespersons who appear often on Univision media. Creative promotions with retail partners will be used to engage and motivate Latino customers. Following the recommendations in this campaign will put Hanes on track to increase Hanes underwear sales by 8% from July 2012 to July 2013. 3 Situation Analysis SWOT : Strengths: Hanes is over 100 years old and well established Hanes is the largest seller of apparel essentials in the U.S. Hanes can be found in 8 out of 10 American households Hanes is in 85% of U.S. households that have purchased in 12-months Held the # 1 spot for the 6 consecutive years ¶03 ± ¶09 Was #1 for 5 consecutive years in Women¶s Wear Daily Top 100 Brands Weaknesses: Hanes does not currently market to the rapidly growing Hispanic population in the U.S Brands needs be rejuvenated to appeal to a younger demographic Hanes is vulnerable to any influx of changes in their customers or store dynamics Opportunities: Market to the rapidly growing U.S. Hispanic population with increasing disposable income. Hispanic women gave a highest awareness rating to Hanes and Hanes Her Way (Hall, 2005) Hispanic women gave a highest awareness rating to Hanes and Hanes Her Way (Hall, 2005) Hanes previously targeted Hispanics before the separation with Sara Lee Threats: Highly competitive and rapidly evolving market, so must make sure to keep up with the competition Hanes¶ older image. Current economic conditions may impact demand for Hanes products Sales could be reduced if retailers devote less selling space to apparel products Must manage inventory effectively to meet customer demands so that margins don¶t lower 5 Source: Hanesbrands Inc., 2010 Price Point Hanes boys͛ Classic Briefs, white, 6-pack, $11.50 on Hanes.com. Fruit of the Loom boys͛ 6-pack, white, briefs, $10 list price on Amazon.com. Jockey boys͛ Classic Briefs, white, 3 pack, $12 on Jockey.com. 6 Competition: Fruit of the Loom, Inc. Underwear made under the BVD, Fruit of the Loom, and Lofteez names Active wear, casual wear, and children's underwear sold under names such as Russell, Funpals, Fungals, and Underoos (which feature licensed characters). Boasts the largest market share for branded men's and boy's underwear Sold primarily in North America through discount and mass merchandisers the likes of Wal-Mart and Target, as well as to department stores, wholesale clubs, and screen printers. Partnered with Telemundo for 2010 Miss Universe Pageant (HispanicAd.com, 2010). 7 Competition: Jockey International, Inc. Makes men's, women's, and children's underwear and loungewear. Sold through thousands of department and specialty stores such as Bloomingdales and JC Penny. Privately owned company, 130 years old. Has not launched any significant campaigns geared specifically to the Hispanic market. Additional competition: Department store brands. (Hoovers, 2010) 8 Apparel Manufacturing Industry & Intimate Apparel Category Analysis 9 The Hanes Numbers: Hanesbrand, Inc. is in the Apparel Manufacturing Industry and is the Category leader in the Intimate Apparel Category. According to Hoover͛s Online is the category leader with 4,326.71M in sales and a gross profit margin of 32.52%. Hanes saw $4.3 billion sales in 2010, up 11.1 percent from $3.9 billion in 2009. (Hoovers, 2011) 2010 sales were slightly higher than 2008 sales of $4.25 billion. (Hoovers, 2011) Hanesbrands anticipates 2% to 4% annual net sales growth in 2011 and beyond. (Business Wire, 2010) 10 The Hanes Numbers: Innerwear segment sales increased 12 percent in the fourth quarter and 10 percent for the year. Male underwear full-year sales were up 19 percent, in part on the strength of product innovation such as Hanes Lay Flat Collar T-shirts and Hanes Comfortsoft waistband briefs and boxers. Outerwear segment sales increased 20 percent for the year with across- the-board strength in retail active wear (Champion), retail casual wear (Just My Size) and wholesale casual wear (Hanes). (Hall, 2011) 11 Market Analysis 12 Apparel Essentials Market : Highly competitive and rapidly evolving Price, brand name recognition, product quality, selection, service and purchasing convenience play roles in purchasing decisions Women͛s intimate apparel weathering the storm. Slow, steady growth after discouraging 2008 (Aarkstore, 2008). Online sales growing in women͛ market (Aarkstore, 2008). 13 Apparel Essentials Market : Hanes has a well-established relationships with the largest apparel retailers in the world (Hanesbrands Inc., 2010, p. 6). 2010 ʹ Hanes strikes deal with Dollar General to carry Hanes underwear basics. (Pediatrics Week, 2010) 2009 No. 1 Wal-Mart : Sales exceeded $1 billion (27 percent of total sales). Target: 17 percent of total sales Kohl͛s: 7 percent of total sales (Hanesbrands, 2010) 14 Trends: Innerwear as outerwear for teens. Plus-size lingerie still going strong Strong Growth in Sustainable Apparel Through 2012 Intelligent Fabrics Despite recent growth, luxury segment slowing. Younger women want style. Older Women Want Comfort and Value Price is Important to Women of All Ages and income levels. Good corporate citizens reap rewards among women buyers. Department Stores Still No. 1 Choice for Women One-Third of Women Shop at Department Stores (Aarkstore, 2008) 15 U.S. Hispanic Market 50.5 million Hispanics (U.S. Census, 2010) 16.3% of U.S. population Projected to reach 132,8 million by 2050 or 30 percent of U.S. population (Westlund, 2009) Consumer Attitudes Nation͛s largest minority Rely heavily on social networks High cultural sensitivity More positive toward advertising and marketing Identify with prestigious ͞search͟ brands. 16 Spanish Language Media Hispanic TV homes up 2.3 percent to 12.9 million. (Total U.S. TV homes up only .3 percent) (Westlund, 2009). Persons age 2 and older in Hispanic TV homes grew 2.4 percent to 44.3 million (Westlund, 2009). Watch TV as a group with family and friends (Korzenny, 2006) 17 Shopping Habits A family event. (Karolefski, 2007) Want an enjoyable shopping experience in a store that has large shelves and is easy to navigate. Are in no hurry to get in and out. (Arreaga, 2009) Less likely to shop at discount or close-out stores. (Kelly, 2008) More likely to know which brands of products they are going to buy before shopping. (Arreaga, 2009) May be influenced by in-store price reductions and in-store ads. (Arreaga, 2009) Less likely to ask questions in store about items related to personal matters. (Karolefski, 2007) 18 Innerwear Attitudes Of the more than $10.8 million invested in the U.S. Hispanic market by makers of bras, lingerie and underwear, nearly $9.4 million of it was attributable to two brands controlled by Berkshire Hathaway - Fruit of the Loom and Vassarette (Hispanic Market Weekly, 2007). 19 Hispanic Growth In 2010: 33.3 million Hispanics ages 18+, a 45% increase from 2000 50,478 million Hispanics compared to 35,306 million in 2000, a growth of 43% The number of Hispanic children grew 39% since 2000, and adults grew 45% (U.S. Census, 2010) 20 Latino Lifestyle trends 20-39 Maintaining strong family and cultural ties, while taking advantage
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