hnnhcronin The challenge facing many long standing luxury fashion houses is how to keep their wealthy adult clientele while drawing in the younger generation of shoppers–a challenge that requires a strong digital strategy and social media presence. Because many teenagers and young adults have not yet accumulated the wealth necessary to purchase a majority of the product offerings of designer brands, companies have had to design and produce some “starter products”, or accessories that while still expensive, are more affordable to younger consumers in order to hook these individuals onto the brand.
The trouble with introducing less expensive products, however, is that in some scenarios, it can taint the prestigious image of certain brands, causing the products to seem less exclusive, and as a result, less desirable by all demographics. Luxury brand companies walk a fine line of “starter kit accessories” to their true line of luxury goods.
Despite such difficulties, the Italian luxury sportswear brand Moncler, known for their down jackets retailing for thousands of dollars, has successfully segmented its market into three distinct categories: the city-dwelling millennials, women looking for a coat for a special occasion, and the more adventurously-minded consumers. This segmentation and disciplined strategy Moncler Genius consists of dropping new products more than twice a year. Millennials fast-fashion consciousness, in a sense, forces Moncler to drop monthly product releases in order to keep the millennials engaged.
Moncler debuted this concept at Milan Fashion week in February of 2018. The show consisted of eight sections, each representing one of the new monthly product releases. Each section was designed by a different designer and carried a particular theme and clear vision of the coats’ intended audience. For example, Valentino’s Pierpaolo Piccioli created simple, nylon jackets in all different cuts, styles, and colors targeted towards a customer who values versatility and holds the desire for a jacket that can be worn for various occasions. Italian designer Simone Rocha’s segment was very feminine in design, making use of ruffles, embroidery, and floral patterns in order to attract a very different kind of customer. Another impressive contribution to the collection came from Japanese streetwear designer Hiroshi Fujiwara, who injected bright colors and youthful, athletic designs into the collection in order to appeal to the streetwear-crazed younger generation.
Employing different designers, all with distinct areas of expertise, allows Moncler to expand its target market without losing sight of the very specific needs of each generation of shoppers. Moncler Genius brings together some of fashion’s most ingenious designers of the times, and the results were well received. Each designer took their own twist on the classic Moncler coat, taking into consideration the origins of the company when designing the collections. The Chinese market has responded particularly well to the adoption of quicker product turnover rather than the classic Fall/Winter show and Spring/Summer show model of releasing new items. If Moncler continues to master this strategy, the brand’s already impressive sales should continue to expand.
Moncler’s success in the social media age can also be seen through its’ Instagram profile. With 1.5 million followers, the company affirms its desire to emphasize the uniqueness of its products and how it aligns with the unique needs and likes of the consumers. Preceding the release of Moncler Genius, Moncler promoted the concept on social media channels in order to excite their followers about the brand. As of now, online sales only account for about 8% of the brand’s total sales, which is why Moncler has been so heavily focusing on digital strategy and e-commerce. Strategies targeting millennials are expected to yield significant results for Moncler.
