In 1941, the Manhattan garment industrial zones in the edge of the roof of a nondescript brown building a large, Coach, founder of Miles and Lillian. Yasuo couple (Miles & Lilian Cahn) found a baseball glove leather is getting longer useful for soft characteristics, and to the characteristics of the leather products used in the other, and then founded the Coach brand. Coach leather and durable characteristics of a good by consumers like the United States. In the mid-1990s, when, Coach has become the first brand in the U.S. market, around 1995, its turnover reached 500 million U.S. dollars.
90's of last century, professional women's clothing styles changed, fashionable, casual style of gradually replacing the traditional stiff serious suits, briefcase also began to replace old-fashioned fashion handbags. It was at this time, the mainstream brands from Europe, such as LV, Gucci all have entered the U.S. market, the luxury fashion brand design, bright colors, and should continue to launch new season.
With the changing times and increased competition, Coach's performance began to stagnate. 'Business Week' has commented: 'Coach, durable, but the conservative and rigid, is a popular brand is exiting.' Survival crisis prompted Coach bent on change, took office in 1995, Liu, chairman and CEO. Frankfurt (Lew Frankfort), determination to make up for change.
In 1996, designer Red. Carats Markov (Reed Krakoff) joined the Coach, as the implementation of product design and visual creative director, leading Coach completed a series of impressive product innovation. In order to better display their products to consumers, carat Markov also strongly modified the design of the Coach outlet store and display rules. Until 2000, Coach of the store looks like a library, carat Markov into the store's main colors, white, house with a larger, brighter display space, but also through the window of the street to see Coach introduction of new products.
At the same time, in order to meet the new Arrival month, Coach will store all of the world headquarters of the requirements under a unified way to adjust the placing of products, mix and match the new style handbag accessories
, such as scarves, purse, and even the music store also need to be replaced simultaneously.
Coach of the design team in 2001 launched the first letter of the brand identity of the double C C for the printing, the first time ever using a ten-color printing as a double-C, so that consumers can clearly feel, Coach is no longer a color boring only the production of 'mother bag' brand. Since then, this is known as Coach handbags Signature Series logo as a Coach of the most popular design, sales remained high, accounting for its overall turnover by 60%.In 2000, the Coach and revitalize the NYSE listing, Coach began to introduce more fashionable line of accessories, including shoes, belts, sunglasses, etc. This also means that Coach bag manufacturing company in transition from a fashion brand for the sale of business .
Coach has maintained a superior quality, durable and strong, qualify as a luxury brand's conditions, but compared to the traditional European luxury brand, Coach, the average price of less than half of them. With a unique consumer insights, Coach cut spending to upgrade standards of the prevailing winds of the emerging consumer trends, therefore, Coach presents a clear and impressive brand positioning: 'luxury at your fingertips.'
Boston Consulting Group's marketing expert Michael. Silverstein after a global consumer research found that the traditional indicators of market segments such as the purchasing power of the rational, risk awareness, culture and life habits, has been difficult to clearly describe the consumer preference for the. Because more and more consumers are willing to spend more in certain categories of money in exchange for better products or services and are willing to so frugal in some areas in order to save money in some other category in the purchase of more high-end products. Fashion is becoming one of the high consumption category, more and more women prefer to live frugally to buy the gorgeous expensive handbag.
The trend of polarization in the consumer under the consumer is no longer a top luxury privilege of the wealthy. While the European luxury brands in the world have staged a high price for the advertised brand positioning, but compared with low-cost positioning not only did not let Coach dust high-end brand image, but as Coach of the competitive advantage. Consumer demand for both luxury, but also do not have much disposable income people who, Coach just hit the upgrade of their desire for consumer demand, which allows Coach to attract a wider range of consumers.
In the U.S. market, LV lock and other European luxury brands in the overall income of household income the top 3% of consumers, while the Coach is able to expand the scope of potential customers to the family income in the first 20% of the customers. Strong in the luxury consumer in Japan, Coach has been referred to as 'brand Starter Pack' or 'the first brand package.'
So precisely targeted at an emerging market demand, coupled with a competitive business model, so that Coach since 2000, income from the initial increase of 5 billion U.S. dollars to 32 billion U.S. dollars. And even if the economic crisis in 2008 under the impact of lower gross profit margin brand, the luxury goods industry can still profit from the world's highest proportion of brands.
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