The millennial generation growing up in the “shared economy” environment is no stranger to the leasing industry, and leasing luxury goods is also a reasonable choice for consumers. This is also a hot topic at the Women’s Wear Daily retail 2030 forum in New York on April 3, with participating luxury rental companies Rebag and Rent the Runway discussing how they Voucher Codes should prepare for the future of luxury rentals. When asked if the two companies have plans to expand in China, they all said they still focus on gaining a bigger market share in the United States.
Charles Gorra, founder and CEO of Rebag, said that China is the largest luxury goods supplier and the second largest product market, but fakes are a constant concern for them. Maureen Sullivan, chief operating officer of Rent the Runway, which acquired Ma Yun Investment last year to develop the Asian market, said that the company has set up a number of focus groups and found that many Chinese millennials expressed their current brand type on the platform. Certainly, but she feels that the specific implementation of the product has yet to be resolved.
Have these two companies in the North American market experienced the huge potential market in China? Chinese consumers have bought nearly a third of global luxury goods, but their enthusiasm for consumption will translate into leasing Interest? If consumers rent luxury goods, will they still buy them?
Surprisingly, there are many players in China's local fashion rental industry. Since 2014, companies such as Yi Er San, Xing Dong and Ms Paris have emerged, and most of them have been strongly supported by venture capital. But they have not locked in the market, and many consumers complain about false advertising, delays in delivery, or dirty clothes. That being said, Chinese consumers are interested in leasing luxury goods, even those with the ability to pay. According to the data from the Star Cave, their rental population overlaps with luxury buyers. More than 40% of their 10,000 users are already serious luxury buyers, and their luxury consumption exceeds 200,000 RMB per year, 25% of which are white-collar workers with monthly salary between 10,000 and 20,000.
Whether you like it or not, luxury leasing has become a global sport. We conclude why luxury leasing will resonate with the millennial generation of China for four reasons:
Debt owner
Many reports show that even though many Chinese millennials are heavily in debt, they are still willing to spend money on luxury goods. According to a survey by HSBC, the debt-to-income ratio of China's post-90s generation (born in 1990 and 1995) reached an incredible 1,850%. Although as an only child, these people are financially supported by their parents, but spending their money at such a rate may soon be exhausted. Coupled with the slowdown in China's local economy, many luxury consumers may soon tighten their belts and learn to be more realistic. For buyers with limited budgets, luxury leasing will be a wise choice.
2. Experiential consumption
Many of the consumers we interviewed used the term “experience” to describe their rental experience. Lena Xu, 27, works at a creative agency in Beijing, highlighting her experience of browsing hundreds of rental options online. "I have a lot of choices at once," she said. “The ability to constantly change and enrich my wardrobe is a very powerful experience.” In fact, this massive selection is the most attractive for first-time luxury rental users. As chief operating officer of Rent the Runway, Maureen Sullivan described their service as "an extension of the customer's wardrobe", and they have access to the company's entire inventory in the cloud. Millennials like to be able to change their appearance multiple times without paying attention to price tags, which makes them feel free.
3. Self satisfaction
At a deeper level, the motives of China's millennial generation of luxury goods are different from their predecessors: they avoid showing off wealth, but luxury consumption is the way they achieve their goals. This attitude actually changes the “lease” to some extent. a sense of cheapness. Sarah Liu, who works for a marketing and public relations firm in Shanghai, says she often needs to dress up to meet her clients, and renting luxury bags is a cheaper option to meet these requirements. She added that she would not spend money directly on luxury bags and would prefer to consume high-end skin care products.
4. Green generation
Leasing is not only good for their financial situation - it is also about making ethical choices. Fashion is one of the most wasteful industries today, and Millennials have begun to question whether they should solve environmental problems by constantly buying new clothes. In the end, renting luxury goods is about reusing fashion, another way for millennials to feel good.
2019年4月16日星期二
2019年4月1日星期一
Foot Locker Five-Year Plan: Experience Overselling Selling Online Infiltration in Asian Markets
After a brief stagnation in 2017, Foot Locker, the world's largest sports retailer, rebounded strongly in 2018, not only total revenue increased by 2.8% compared with 2017 to 2.27 billion US dollars, exceeding analysts' expectations, and still based on the original business. Upgrades have opened up more new business partnerships.
Recently, Foot Locker officially announced that the company's vision has been upgraded from “becoming the world's leading sportswear retailer” to “inspiring enthusiasm and self-expression” and “creating an unparalleled experience for consumers” and opening new A five-year plan.
According to industry media Footwear News, Foot Locker CEO Dick Johnson recently said at the investor conference that the company has realigned its five-year plan, which was established in 2015, to set four current development goals for the company - to enhance the consumer experience. Invest in long-term growth of business, increase productivity and fully mobilize talent.
Johnson explained how the company can “improve the consumer experience.” “We want to mobilize the objects that consumers like and admire, whether they are artists, athletes or opinion leaders. We also need to integrate localized elements in physical stores and online platforms. Work with local partners and organizations to better serve the community."
Foot Locker previously opened a new Power Stores store in Liverpool, England, which is a case study of the company's consumer experience.
“(Power Stores) will showcase different styles, including interior and exterior design with local features, local supply chain and marketing team, and local branded products,” said Jack Jacobs, CEO of Foot Locker North America. Si said to investors, “Every Power Stores will open up a space for women and children to provide shoes and accessories. In the store's exclusive event space, there will be game equipment such as Xbox, hair styling services, and regular events. Community activities." According to Foot Locker, the company hopes to open 200 Power Stores stores worldwide in the next five years.
In the digital business, Johnson said the company is focusing on leveraging data analytics and technology to mobilize consumer engagement, sharing and interaction on all of Foot Locker's online platforms.
To achieve this goal, the company is also launching a new FLX membership program in the near future, a common initiative to open up Fool Locker's eight retail brand platforms, including Foot Locker, Champs and Eastbay.
Foot Locker's CMO Jed Berg said: "FLX will connect with our ecosystems, driving consumers to earn points on all platforms and unifying them at the central redemption center."
It is understood that consumers in this redemption center can participate in and enjoy product special activities, brand gift vouchers, donation services and free mail and other preferential items. FLX has been piloted in the Dutch Foot Locker and Foot Locker Netherlands.
In order to drive the long-term growth of the business, Foot Locker said it will expand the company's business development in Asia by enhancing the consumer experience.
“Asian consumers have very distinctive online consumption characteristics. The growing middle class in the region needs more online content. They interact with brands very much on Instagram, WeChat, Facebook, Twitter and other Dacoz Coupons social media. They are very active. The information brought by social media has inspired their demand for quality, innovative sports products and culture,” said Lewis Philippe Kimbell, CEO of Foot Locker Asia Pacific.
In the new stage of development, Foot Locker not only pays attention to the upgrade of its own company, but also puts a lot of energy into external cooperation.
In the past few months, in order to balance the impact of partners on the company's business, and also to enhance the uniqueness of the products sold by Foot Locker, the company began to cooperate with more types of companies and institutions - $12.5 million led the children's clothing company Rockets of Awesome C-round financing; a strategic investment of $100 million for GOAT Group; Pensole for $2 million investment in sneaker design school; $3 million for Super Heroic, a children's lifestyle brand; and Carbon 38, a high-end women's sportswear startup in Los Angeles Two investments of 15 million and 10 million US dollars.
“The purpose of all our investments is to build a platform for empowerment and innovation that allows all of our sports enthusiasts, sneakers, women, children and creatives to participate,” said Jed Jacobs to the company. Investors say, “Our cooperation with our new partners not only strengthens the connection between the points, but also gives us valuable data that can be used to produce quality products and content.
In order to better manage the cooperation between the company and external brands, Foot Locker recently announced their Greenhouse, an innovative incubation program.
CMO Berg explains: “Greenhouse is a development platform to build and nurture new relationships, projects, brands and ideas, and to focus on the value of these results in the future, not just for immediate use.” This is independent of Foot Locker. The entity is like a creative studio, combining the unique characteristics of the company and the investment object to deliver new ideas to the organization.
Foot Locker is slowly turning from a large retail organization that sells goods to a platform for products, services and content that is packaged and packaged, and hopes that such a transformation will bring higher profits to the company.
The company recently announced that it will pursue a single-digit Coupons for Shoes growth in the company's annual profit over the next five years. The pre-earnings revenue will maintain a low double-digit growth, and the store's annual revenue per square foot will reach $525 to $575.
Recently, Foot Locker officially announced that the company's vision has been upgraded from “becoming the world's leading sportswear retailer” to “inspiring enthusiasm and self-expression” and “creating an unparalleled experience for consumers” and opening new A five-year plan.
According to industry media Footwear News, Foot Locker CEO Dick Johnson recently said at the investor conference that the company has realigned its five-year plan, which was established in 2015, to set four current development goals for the company - to enhance the consumer experience. Invest in long-term growth of business, increase productivity and fully mobilize talent.
Johnson explained how the company can “improve the consumer experience.” “We want to mobilize the objects that consumers like and admire, whether they are artists, athletes or opinion leaders. We also need to integrate localized elements in physical stores and online platforms. Work with local partners and organizations to better serve the community."
Foot Locker previously opened a new Power Stores store in Liverpool, England, which is a case study of the company's consumer experience.
“(Power Stores) will showcase different styles, including interior and exterior design with local features, local supply chain and marketing team, and local branded products,” said Jack Jacobs, CEO of Foot Locker North America. Si said to investors, “Every Power Stores will open up a space for women and children to provide shoes and accessories. In the store's exclusive event space, there will be game equipment such as Xbox, hair styling services, and regular events. Community activities." According to Foot Locker, the company hopes to open 200 Power Stores stores worldwide in the next five years.
In the digital business, Johnson said the company is focusing on leveraging data analytics and technology to mobilize consumer engagement, sharing and interaction on all of Foot Locker's online platforms.
To achieve this goal, the company is also launching a new FLX membership program in the near future, a common initiative to open up Fool Locker's eight retail brand platforms, including Foot Locker, Champs and Eastbay.
Foot Locker's CMO Jed Berg said: "FLX will connect with our ecosystems, driving consumers to earn points on all platforms and unifying them at the central redemption center."
It is understood that consumers in this redemption center can participate in and enjoy product special activities, brand gift vouchers, donation services and free mail and other preferential items. FLX has been piloted in the Dutch Foot Locker and Foot Locker Netherlands.
In order to drive the long-term growth of the business, Foot Locker said it will expand the company's business development in Asia by enhancing the consumer experience.
“Asian consumers have very distinctive online consumption characteristics. The growing middle class in the region needs more online content. They interact with brands very much on Instagram, WeChat, Facebook, Twitter and other Dacoz Coupons social media. They are very active. The information brought by social media has inspired their demand for quality, innovative sports products and culture,” said Lewis Philippe Kimbell, CEO of Foot Locker Asia Pacific.
In the new stage of development, Foot Locker not only pays attention to the upgrade of its own company, but also puts a lot of energy into external cooperation.
In the past few months, in order to balance the impact of partners on the company's business, and also to enhance the uniqueness of the products sold by Foot Locker, the company began to cooperate with more types of companies and institutions - $12.5 million led the children's clothing company Rockets of Awesome C-round financing; a strategic investment of $100 million for GOAT Group; Pensole for $2 million investment in sneaker design school; $3 million for Super Heroic, a children's lifestyle brand; and Carbon 38, a high-end women's sportswear startup in Los Angeles Two investments of 15 million and 10 million US dollars.
“The purpose of all our investments is to build a platform for empowerment and innovation that allows all of our sports enthusiasts, sneakers, women, children and creatives to participate,” said Jed Jacobs to the company. Investors say, “Our cooperation with our new partners not only strengthens the connection between the points, but also gives us valuable data that can be used to produce quality products and content.
In order to better manage the cooperation between the company and external brands, Foot Locker recently announced their Greenhouse, an innovative incubation program.
CMO Berg explains: “Greenhouse is a development platform to build and nurture new relationships, projects, brands and ideas, and to focus on the value of these results in the future, not just for immediate use.” This is independent of Foot Locker. The entity is like a creative studio, combining the unique characteristics of the company and the investment object to deliver new ideas to the organization.
Foot Locker is slowly turning from a large retail organization that sells goods to a platform for products, services and content that is packaged and packaged, and hopes that such a transformation will bring higher profits to the company.
The company recently announced that it will pursue a single-digit Coupons for Shoes growth in the company's annual profit over the next five years. The pre-earnings revenue will maintain a low double-digit growth, and the store's annual revenue per square foot will reach $525 to $575.
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