Identification of Core Consumer for an International Fashion Retailer
Consumer Insights on the Fabric Market and a Fabric and Apparel Brand for an Investment Firm
About the Client
A leading global investment firm wanted to evaluate investment in a suiting fabric brand. For this, they wanted to gain consumer insights about their preferences with respect to the overall market as well as the brand concerned
Core objective was to evaluate the brand for investment, and validate the assumptions on which the investment theory is based. Key strategic questions included:
- What are the consumer’s product preferences wrt fabric and RTW vs. RTS? In which direction is the market moving?
- What is the perceptions about the brand among consumersas well as in the trade channel? What is the growth potential of the brand?
- How do consumer view and compare the brand relative to its key competitors? What is their recall for different brands and how do they rank/rate them?
- What are the opportunities for brand extension into adjacent categories? Can other brands in the portfolio be restored to their former strength?
- Detailed consumer research, which included Quantitative research covering ~1000 consumers across 7 cities; In-depth interviews of ~60 core customers of the relevant brand; 6 FGDs with ~8 respondent per FGD, to answer the following questions::
- Profile of consumers and their Influencers/drivers
- Consumption pattern and buying behavior
- Preference for a certain fabric. Preference for RTW vs. RTS
- Where do they buy the suiting fabric from: EBOs, MBOs etc.?Where do they get the fabric stitched?
- Perceptions & ranking of brands on various parameters
- Client brand recall and perceptions. How does it fare vis-à-vis other brands?
- Would they continue to buy suiting or would they like to switch to RTW?
- Brand extension possibilities? Awareness/ Recall about portfolio brands?
- Visitedbrand and competitor outlets to gather information on offerings, product range, service levels, ambience, staff, pricing etc. Based on this, the brand’s stores were assessed vis-à-vis key competitor’s stores on various critical and hygiene parameters
- Met key channel intermediaries including agents, wholesaler and retailers to understand:
- Trade perceptions about the brand and performance vis-à-vis competitors
- Potential for growth and opportunities for brand extension
- Reason for decline of the other brands in its portfolio
- Assessed the opinion of the leading brands in the segment on the overall industry trend and growth prospects as well the client brands ability to grow topline and maintain margins, its challenges and opportunities going forward, extending product categories and services, etc.
- Identified possible avenues of growth such as channel expansion (offline and online presence), product range expansion, more frequent design updates or brand extension into related categories