Fashion Brand Extension Marketing Strategy
Competition in the fashion industry is becoming tougher with new domestic and international brands entering the market. As such, gaining as much profit as possible and enlarging the clientele are the most dominant objectives for the retailers to pursue. It is a well known fact that fashion retailer from different region and different classes employ Fashion Brand Extension Strategy to achieve these goals. For example, Ralph Lauren, a US designer brand, has developed various products from apparels to accessories and home furnishing. The brand also introduces a new line to target another market segment by launching new brands like ‘Rugby’ which target the youngsters aged from 16 to 25 years (www.raplhlauren.com). In India, Allen Solly, a fashion …show more content…
The conventional wisdom underlying the implementation of brand extension is that it can increase the likelihood of trial and purchase of consumer. Since it is expensive to introduce a new product or a new brand, market failure rate of the new product is usually high (Aaker and Keller 1990). It is not surprising that marketers seek ways to reduce the introduction cost and improve the likelihood of a successful launch. Therefore, brand extension has become a popular method to reach these goals. 1.2 Research …show more content…
Fashion brands attract diverse market segments and thus it is necessary for us to study the consumer attitudes towards the Fashion Brand Extensions strategys. In addition, this research focuses on launching product for children in the age group of 0-14 years, because India has the world’s largest child poulation. According to Census 2011, 31.1% of the population in India is in the age group 0 to 14 years, which is approximately 1/3rd of the total population. This is a huge age group that can be targeted by the brands. Furthermore, Indian children footwear segment is highly frangmented and domiated by the unorganized sector, infact close to 95% of the category is unorganized (ASSOCHAM 2012). The branded children footwear segment has a big card to play as Indian children footwear segment is one of the fastest growing segment in India with the expected growth rate of 25% annually (ASSOCHAM 2012). Therefore, this target group should not be neglected in researching purchase demand for them and shoping attitude of parents. The biggest
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