Retail Management

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From the course by Università Bocconi

Management of Fashion and Luxury Companies

1869 ratings

Università Bocconi

Management of Fashion and Luxury Companies

1869 ratings

Learn how fashion and luxury companies work and understand their brands, products, retail, and communication strategies. Travel through business models, international development, and product categories with industry influent experts. Adopting a case-study approach, the course presents strategic brand management in luxury and fashion companies as a balancing act: tradition vs. innovation, expertise vs. experimentation, casual vs. stylish; in order to increase the brand value by nurturing the brand heritage and at the same time staying fresh, relevant, and contemporary in the global marketplace. Topics such as the impact of new retail channels, new media channels, and new business declinations for the brand and emerging markets will be discussed in the course.

From the lesson

Retail Identity and Retail Management: the Customer’s Experience Within a Mix of Channels. The Future of Fashion E-tailing.

In a world where geographical boundaries are physically and virtually evolving, companies need to be able to manage their international presence without losing their identity. There are a number of elements that need to be taken into account when planning retail strategy. Traditional distribution channels evolve while new channels enrich the scenario. This is also our last week of the course. At the end of it you will have the second QUIZ (40% of the final grade) covering module 4 and 5. Also in this case be sure to listen to all lectures and interviews, and to read all the slides to prepare yourself properly. Once you have done with this second quiz, you can move to the FINAL TEST.

Introduction1:57

Defining Retail3:08

Retail Trends and Formats4:32

Retail Channels5:59

Retail Management3:31

Retail Identity3:56

Customer Experience2:31

Meet the Instructors

Erica Corbellini
Director
MAFED - Master in Fashion, Experience and Design Management
Stefania Saviolo
Director
Luxury & Fashion Knowledge Center - SDA Bocconi

In this clip we will go a little more in depth into retail management.

What are the activities that are more relevant for

successfully managing retail in luxury and fashion and

actually what a retail manager does.

The starting point

in this strategy is the definition of retail formats.

We have seen there are many retail formats from the flagship, to

the shop-in-shop, the corner, and the factory outlet;

so the first activity is that of defining the right number,

the right structure, and the right location of these formats across

the different geographical areas and in different locations.

After you have your network of formats in the right places,

for each format according to the kind of audience you have,

you have to decide what kind of selection, assortments, service levels,

mix of products, and pricing levels you want to give.

Of course in a resort kind of formatting such as

Portofino or Miami will require a different pricing assortment

and delivery compared to a store in Cortina or .

After the definition of formats and the definition of the assortment

plan you have to work on the store itself.

The store has a lot of marketing issues that we usually call as field

marketing from actually the relational marketing activities.

The database of customers, the events on the point-of-sales,

the communication activities the direct marketing, the VIP marketing.

And then there are also retail operations that are,

are sometimes incorporating marketing, but are really sometimes operations that

they have to do. They are connected with the service level.

For instance, in the point of sale custom made repairs returns, sales period.

Remember connecting all the network, the store network, internationally, so

trying to actually work in a way that is consistent.

After retail operation, there is another area that is

very important in retail nowadays that is people management.

So, retail is the last mile of your strategy, but

at the end of the day is the first point for

the customer it’s the door through your world as a brand.

The staff in retail is fundamental, it’s your brand ambassador.

In the last years companies invested a lot in retail training, retail academies,

in order to train sales associates in delivering the best stores, delivering

the right message, and delighting the customer in terms of experience.

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