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As a fashion designer of global repute, Tom Fords popularity has been enhanced by his unique designs in fragrances, luxury clothing, cosmetics, and accessories. The Tom Brand collection was created in April 2005, approximately one year after he had made a dramatic departure from Gucci. Once he had embarked on his new venture, Domenico De Sole, the former Chief Executive Officer of Gucci, joined Tom Ford, who was now the President of his own company, as its chairman. Shortly, Ford would announce the formation of a partnership between his company and Marcolin. The latter is a player in the eyewear sector, where it is the global leader (Ford n. d., par. 5). The new partnership enables Marcolin to manufacture as well as distribute sunglasses and optical; frames using the Tom Ford brand. In November 2006, Tom Ford launched a fragrance beauty collection, at the time regarded as a stand alone. At the same time, Tom Ford launched a signature fragrance that as labelled, Tom Ford Black Orchid. The Voile De Fleur was later on launched. An agreement between Ermengildo group and Tom Ford in February 2006 resulted in the former manufacturing and distributing ready to wear luxury clothing for men (Hicklin n. d., par. 6). The new collection carried the Tom Ford label. It is important to note that during his helm at both Yves Saint Laurent and Gucci as the creative director, the mens collection was produced by In Zegna. The first ever Tom Ford store in New York was 0pened in 2007. Shortly, Tom Ford issued an announcement to achieve a targeted strategy on global expansion that was to commence with the opening of four identified stores in London, Hawaii, Milan, and Los Angeles.
Current products
Tom Ford offers several products online and in stores. There is the Tom Ford menswear, which is the exclusive mens wear collection. Prices range from $ 500 to $ 20000 for a single item. The Eyewear collection is an exclusive sunglass offered worldwide. These can be found online, at designated Tom Ford stores or franchised stores (Anonymous 2008, par. 2). Tom Ford sunglasses are one of the most popular sunglasses, drawing inspiration from the 70s and 80s. Tom Fords Beauty range of products includes several product lines, such as Tom Ford for men, Tom Ford Extreme, Black Orchid, Voile De Fleur, White Patchouli, Private Blend and gray Vetiver. All of these ranges of products can be found at department stores, online or at Tom Ford stores.
Target Market
The target market for Tom Fords beauty products is the urban, sophisticated, 28 to 75 years old (Ford 2007, par. 3). These are individuals who not only appreciate detail, quality and cut, but are also ready and willing to pay for it. These are the individuals who can afford to wear tailor-made clothes, or dress at the most priced clothing outlets. According to Tom Ford, fashion from the point of view of a man, entails classic, conservative and at times, chic clothing. His decision to plunge into men fashion industry was a reaction to something maybe I helped create or was certainly a part of&and that was constantly changing and evolving trends that started leading me to feel quite empty (Ford 2007, par. 3). Tom Ford further asserts that he always strives to ensure that the very clothes that he wears are of sound quality. This, way, Ford reckons, I want to feel and understand why things are costing what they are. It isnt for everyone; its dressing a certain limited part of the population, but we do want to then service the population and satisfy all their dressing needs (Ford 2007, par. 3).
Current brand Strategies
With the high level of competition that now characterises the business climate of today, it becomes quite challenging for a potential entrepreneur to stand out amid this competition. A good pointer to this is the increasing number of sales pitches and offers that are featured daily on either TV Shows, magazines, or even the internet. The impression one gets from this trend is that amidst the intense competition in the market, businesses are on the lookout for effective and novel ways through which they can enhance the strategy of their brands in the market. Researching the current brand of Tom Ford can we find several examples of succesful a brand strategy, which makes them stand out from their competitors. The most importantn thing for Tom Ford is bringing brand experience when the customers are interact with the company, whether It be with the products and services or the people in the company (Ferla 2006 par. 6). It supposed to be a special moment for the customer to buy a high quality product. Looking at the long-term success Tom Ford has always been concerned with the expansion of his stores all over the world. As the first step towards the globalisation of his brand, the company revealed that it had entered into a contract with various wholesale partners and franchisees around the world. The move would effectively help the brand penetrate more market in various global cities.
The mens line will become avaliable through strategic partners such as Lane Crawford Joyce Group in Asia, Mercury in Russia, Harrods in London, The Neimen Marcus Group in the US and Villa Moda and UAE Trading in the Middel East. The plan is to open 100 freestanding Tom Ford stores and a score of shop-in within 10 years. They have opened flagship store in Milan as well franchised stores in Moscow, Zurich, Saint Moritz, Hong Kong, Kuwait, Dubai and Qatar. Tom Ford has particular big plans for the Far East (Dubaichronicle.com 2008, par. 8). Together with Partner Lane Crawford Joyce Group, Ford plans to open at least 87 franchised stores over the next 10 years, in countries that include Japan, China, Hong Kong Taiwan, Singapor, Indonesia, Malaysia, and Australia. For a business to be succesful in the Far East requires more stores. This will demand that Tom Ford increases the number of stores in this region, even as other businesses struggle as a result of the recession.
Identifying the main brand strategies, Tom Ford has always been concentrating of a differentiation strategy, meaning that value is provided to customers through unique products. Since differentiation of products satisfies customers unique preferences, Tom Ford can charge premium prices for his differentiated products. Product innovation and developing product features that costumers value rather than on maintaining the lowest competitive price. Tom Ford has always been focusing on quality and exceptional services to their customers, achieving customer loyalty which means that customers will be less sensitive to price. Through meaningful differentiation, Tom Ford develops products that are considered unique and exclusive. The uniqueness may insulate the company from their completive rivalry and reduce customers sensitivity to satisfy customers preferences in ways that no competitors can, Tom Ford also are able to charge higher prices, because of there are no comparable product alternative.
Tom Ford advertisements are reaching direct towards men revolving around the idea of man dressing in a certain way and behaving in another way. This is now the expectation for the Tom Ford Advertisment that screams Menswear. Most of his Advertising campaigns can be quite provoking for the media all over the world. One Example is an advert from a 2007 perfume campaign that shocked fashion followers with its over the top sexuality. The new spring/summer 2008 campaign goes even further. Shot by photographer Terry Rucardson, the new campaign features male and frmale models partaking in nude massages, ironing and sunbathing. Even further are more nudity features couples in the act of sex itself, as fellow models looks at them. According to Tom Ford I wanted to create a product that I felt there was a real niche in the market for. When I left Gucci, I thought, What am I going to wear? (Tomford.nl n.d., par. 11). Tom Ford further confides that at one time, he attempted to find suitable suits amongst the various collections on offer by competing brands, to no avail. He found out that their quality was wanting, were extremely trendy, or the fabric had flaws. This is what prompted Tom Ford to enlist the services of a tailor in London whenever he wanted a suit. He further sought to design a mens clothing line that would be a departure from what was being offered by the competition because according to him, this is something I dont think men have had (Tomford.nl, par. 12).
Website
The growing collection of selected products from Tom Fords Website is diverse. For example, it boats of the Black Orchid fragrance that has been manufactured by Estee Lauder. There is aloes the Marcolin Group produced eyewear line, amongst others. Also on offer for purchase from the website, is a production by ErmenegildoZegna that boats of latest taste and preference in terms of menswear. There is always an online launching of the latest Tom Ford collection on an annual basis. A similar ritual is repeated globally in all the stores that carries the Tom Ford flag. Also available online is the beauty range of products. Moreover, Fords biography has also been posted on his website, so that his fans and clients may get to know more about the designer. Tom Ford is a firm believer in the power of internet as a marketing too. According to him, I think it is important to always address and use the primary media of ones time and we all have to face the fact that there is no more powerful, media than the internet (Tomford.com 2006, par. 6).
Macro and Micro Environment
After a period of more than two years during which the macroeconomics of different nations have been hit hard by the recession, even consumers of luxury items are now hard-pressed to purchase the items they revere the most. Indeed, deepening economic slowdown has become a hot topic for the luxury marekters. However, according to Cori Galpern, the worldwide marketing and advertising director for Tom Ford International, Targeting the New Luxury Consumers in a Flat World: Identifying Oppertunities for Growth in a Global Luxury Market (Anonymous 2008, par. 2 ). A number of economic experts assert that a majority of the firms are quite optimistic of a positive rate of growth in a few years time. Other firms are also optimistic gibing a foothold in such emerging economies as Russia, China, Brazil, and India.
The success of the global expansion strategy that Tom Ford has adopted has been enhanced by several agreements that wholesale partners and franchises have signed. Strategy partnership is the tool of choice for creating awareness about the brand some of the strategic partners that have already been shortlisted. Some of the strategic partners includes the Asian-based Crawford Joyce Group. Other strategic stores that have been identified include Harrods in London, Villa Mode of the UAE (United Arab Emirates) and the US-based Niemen Marcus Group. According to this strategic plan, within a period of 10 years, over 100 Tom Ford stores shall have been constructed. At the moment, a flagship store has been identified in Milan, while franchised stores are in Zurich, Mosqou, Qatar, Hing Kongm Kuwait, and Hong Kong. The plans that are to be implemented in the Far East are also diverge. Along with the Joyce group, Ford already has plans to increase the number of stores as well.
Pest Analysis
Swot Analysis
References
Anonymous 2008, Luxury Brands: Marketing the Upscale During a Downturn . Web.
Dubaichronicle.com 2008, Signature line of dishdashas by Tom Ford. Web.
Ferla, R 2006, Tom Ford, Clothing Designer, Will Open Store of His Own , The New York Times. Web.
Ford, T n. d, Suit yourself. Web.
Ford, T 2007, The Tom Ford Report . Web.
Hicklin, A n.d, Tom Ford , Out. Web.
Tomford.com 2006, Tom Ford. Web.
Tomford.nl n.d, Tom Ford fan page . Web.
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