Opulence Lounge

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PART ONE: R

ESEARCH,

SALES & CONSUMER

BEHAVIOR

WHAT IS OPULENCE LOUNGE:• Opulence Lounge is a men's retail shop that offers high-end luxury garments

and services that allow for men to come to one convenient location and commune with other men and shop, lounge and they are allowed to be men together.

• In this establishment there will be a retail shop that includes suits, shoes, accessories (neckties, bowties, socks, belts, cufflinks, scarves, sunglasses, jewelry, hats and bags), jeans, coats, shirts, and leather goods like wallets, jackets, hats and belts that will be provided by various suppliers through our pop-up shop initiative, a fully functioning shoeshine stand in the barbershop (Dayvid’s Place), and The Man Cave which is the bar and lounge.

• This retailer offers full services for men in the areas of grooming, entertainment, and apparel.

MISSION STATEMENT:The mission of Opulence Lounge is to get men to come out to a retail shop where they can get all of their necessities and a place where they can bond with their sons and friends while creating memories that will last a lifetime.

SWOT ANALYSIS:

PART TW

O:

DEMOGRAPHICS,

PSYCHOGRAPHICS AND

CONSUMER BEAHVIOR

• Age: 25-34• Annual Income: $148,000• Martial Status: Equally Single and Married• Educational Background: Bachelors and

Masters • Residence: Extremely Social areas of NYC• Places to Shop: Bergdorf Goodman and

Bloomingdales

DEMOGRAPHICS:

• Dresses more expressionistic and wants to be more matchless to their counterparts

• Consider themselves at least some what stylish• Spending more on clothing, with a disposable income • Loves to travel and watch the Independent Film

Channel• Influenced by affluent business owners and

entrepreneurs

PSYCHOGRAPHICS:

CURRENT INDUSTRY AND STRUCTURE:

• Purchasing power anywhere between $125 billion and $890 billion annually, based on Millennials’ powers of persuasion over their Baby Boomer parents.

• The men’s fashion industry is projected to increase between 16-30%.

• Menswear has surprisingly taken the fashion industry by storm with a $60 billion addition to the aggregate sales.

• New York Times showed that last December, men’s suits sales will increase 10%, sports jackets 11%

PART TH

REE: FASHION

RETAIL MANAGEMEN

T

CURRENT STRUCTURE:

• The current structure of the men’s fashion industry is growing each day.

• With the new provisions and very keen attention to this underserved market, it is one that should be used to demonstrate how a failing industry can rise and become the most prominent amongst others.

• This is a very potential take over segment that should be on the look out in reference to the new trends and what is being offered from the upcoming designers and boutiques

COMPETITORS, FUTURE, DATABASES:• Lisa Kline Men in Los Angeles California, Sebastian’s Closet in Dallas

Texas, Gene Hiller in Sausalito California and lastly, Bergdorf Goodman in NYC

• Gene Hiller in Sausalito California: This location offers customers a technology infused shopping experience, which includes a clothing store, and a “digital valet”, a look-book

• Biggest competitor, Bergdorf Goodman, has a “club-like, old-school style, offering for its more downtown-inclined customers” (Forbes, 2008).

• Their established name allots them the opportunity to sell their men clientele high-end sportswear but also be able to indulge in a bookstore and music and restaurant bar

• In London on Savile Row, the retail shops are spacious with minimal merchandise on display due to the cost of the garments and what is offered to the clientele.

• Take for example the movie "Kingsman The Secret Service", we find that in the shop that they work from, it gives the idea of an upstanding citizen, who truly finds a love in British Heritage clothing and the culture as a whole.

VISUAL MERCHANDISING, PROMOTIONS, HUMAN RESOURCES, AND MARKETING STRATEGIES:

VISUAL MERCHANDISING, PROMOTIONS, HUMAN RESOURCES, AND MARKETING STRATEGIES CONT’D:• Opulence Lounge is a space for men to come together and not have to

search all over for their essential needs • They are invited to be a part of the ever growing popularity of men's

fashion with things like the barbershop and keeping their hair and beards clean and good looking, as well as a place to get their shoes shined so that the entire physical package is in tact

• The Man Cave is a space for men to come and lounge and have drinks (Beer, Premium Alcohol and also Non-Alcohol beverages).

• These consumers would be men who have a certain level of disposable income and who believe in having the finer things in life.

O P U L E N C E L O U N G E • Store Manager• Assistant Manager• 2 Merchandise Experts • 2 Stylist (Sales

Associates)• 2 Visual Merchandisers

D A Y V I D ’ S P L A C E

• Barbershop manager and Head Barber

• Three Full-Time Barbers

T H E M A N C A V E

• Manager• Three Chefs• Three Bartenders

MEMBERSHIP AND PRICES: • Opulence Lounge offers a free membership to our elite customers. • This membership is only granted when individuals use all three services

offered at Opulence Lounge. • The prices for the retail shop are set by the companies that allotted the

space for a certain amount of time. • Because we are using high-end brands the prices can range from $100-

$5000

LOGISTICS AND INTERRELATIONSHIPS BETWEEN RETAILER AND MANUFACTURERS:• Streamlined with a horizontal distribution strategy. • The relationship that lies here should be very vigilant but at a point where

we are making sure that the wholesaler that we will purchase from is ethically and socially aware of the new methods that are being offered

• Our customs and tariffs will be made efficient because we will be in the USA and will be working with well-established brands that are known and used by the local shops that our clients would have previously been loyal to.

• The turnaround time will be minimal because it will be a place where only our products are being produced and that will decrease the production time and allow us to make quick requests as well. 

PART FO

UR: FASHION

RETAIL BRANDING AND

PROMOTIO

N

BRAND NAME AND LOGO:• The Merriam- Webster dictionary defines the term opulence as "things

pertaining to or affiliated with wealth, affluence, abundance, and profusion".

• The term was used because of the individuals who we are catering to for this particular brand and what we will offer them as previously mentioned.

• The brand name and the logo are two separate things in regards to the brand because we wanted to use some type of symbol that represents what we wanted for the brand.

SLOGAN: • "Opulence Lounge: Helping men continue to be classic!”• No matter how far one goes back in history, classic men have

always been the individuals who have stood apart from those who may be around him.

• The best idea of this would be Leonardo DiCaprio and his portrayal of Gatsby in the iconic movie "The Great Gatsby".

• This slogan will be used for both in store and online advertisement so that the message is fluid and it couples in a way that no matter where one looks they know that the brand they see is Opulence Lounge.

COLORS:

• For our brand Opulence Lounge we have chosen to use the color black to represent our distinguished brand

• The color is used in our store as flooring and accents throughout the store similar to that of the Dolce & Gabbana store in the Short Hills Mall

• When it comes to the online appearance, the brand will be met with the same type of visuals that are offered for the in store appearance so that the relationship between the two are the same

COLORS CONT’D:

• Some of the brands that the color is associated with are Chanel, McQueen, Dolce & Gabbana and even Ralph Lauren Black Label just to name a few

• The color black was chosen because according to color wheel pro, the color stands for power, elegance, formality, death, evil, and mystery ("Color Wheel Pro: Color Meaning", 2016). Things like the power, elegance, formality and again referring to the classic men is why the color was chosen.

FONTS:

• According to the Bigelow & Holmes website, Lucida was created, "In 1993, Bigelow & Holmes designed a font named Lucida Casual Italic, based on informal handwriting. In 1998, B&H designed for Apple a font named Textile* which looked like a "sumo wrestler" version of Lucida Casual Italic - bigger, bolder, brawnier. In 2014, Bigelow & Holmes released a font named Lucida Marker, which is a dead ringer for Textile" (Bigelow & Holmes Inc. 2014).

WEBSITE

http://vincentsaintmichael.wixsite.com/opulencelounge

EXAMPLES OF THE COMPETITORS AND BEST PRACTICES:

PART FIV

E: VISUAL

RETAIL

MERCHANDISING &

ONLINE S

TRATE

GY

IN-STORE AND ONLINE DETAIL: • Opulence Lounge will blossom off of high quality clothing with a store

experience that is unknown to man. • To allocate sales and volume, our process will be based on the needs of the

customers, that will be portrayed through customer research and target segmentation processes.

• Our products are going to be limited, because of the impact and reputation we would like to uphold, there will be no more than 5 of each suit and a mass production of shirts, leather goods and accessories.

• In reference to our shoes, these will be imported from different sources, which will keep our inventory turning on a weekly basis.

• Our storing will be in a storage room, which is exclusive to the employees of the Opulence Lounge.

IN-STORE VISUAL COMPONENT:• Within Opulence Lounge, there will be plethora of themes and motifs that

will be expressed through the presentation of our products and services.• “ Interior design is an important factor in making customers buy your

products from window display, products arrangement to lighting Source: (http://www.retailshopdesign.com).”

• We will not have an extravagant front window display, as that isn’t appealing for men, rather the experience inside is what will retain and conquer our consumers.

• The visual merchandising theme of the store will be presented in accordance to how a man dresses himself.

• Males will typically put on their under garments and sock first before putting on their suits.

ONLINE VISUAL COMPONENT:• When it comes to the Opulence Lounge's website, we have made it very

easy for our consumers to operate it. • The tabs on the sight include Home, About and Contact. On the home page

the consumers will find three images that slide pass with links on each. • The first image is linked to the new collection from Opulence Lounge and

what will be offered this season from the brand. • The second image is linked to Dayvid's Place, which is the barbershop.

Individuals will find the head barber profile along with the products he and his team uses, and the shoeshine info as well as some of the clients that come into Dayvid's Place to get their hair done.

ONLINE VISUAL COMPONENT CONT’D:• The final image is for The Man Cave. • On this page we find all of the services that are offered in the Man Cave

that include the bar, pool tables, lounge areas, and even cigars. • There is nothing else that needs to be considered for the online experience. • When it comes to an app for Opulence Lounge however, the app will be

used for men who are members of the brand to schedule fittings at Opulence Lounge, appointments at the barbershop and even reserve space at the Man Cave for him and his buddies.

• Facebook, Instagram, Twitter, Pinterest and Snapchat

PART SIX: T

ECHNOLO

GY

IN FASHIO

N

MERCHANDISING &

MANAGEMEN

T

• The use of Omni channel retailing is very prevalent in the fashion industry and across all boards nonetheless.

• As expressed by Kate Abnett in The Business of Fashion Conference “but unlike music, films or food, fashion is a product many shoppers want to touch and try on before they buy.

• The physical fashion store aren’t going away — but it is changing, as retailers come under pressure to provide consumers with personalized, data-driven service, and experiences — not just products — across all platforms (www.businessoffashion.com).”

• With a streamlined multi-channel functionality, a brand is capable of captivating more than one target audience and making the process of purchasing both easier for the consumer and the employees.

• Opulence Lounge would be using a multichannel retailing method with the brick and mortar store, online and essentially catalogues for the membership seeking audiences.

• All of these approaches to reach our millennial man are used currently but need to be catered specifically for our exquisite men that enter our creation.

• “Birth of the ‘channel hopping’ consumer – one who uses online and offline channels alike.

• With 86% of shoppers around the world shopping on at least two channels now, channel hopping is a reality retailer's and brands will have to come to terms with.

PART SEVEN: P

RODUCT

DEVEL

OPMENT

SOURCING PHILOSOPHY:• When it comes to Opulence Lounge, our philosophy on sourcing is that we believe in

using the best material to give our consumers the best products and experience that they can receive at such an establishment as ours.

• This philosophy spans from Opulence Lounge, the actual retail shop to Dayvid's Place the barbershop and even the Man Cave.

• In regards to sustainability our brand follows the same concept as a brand like H&M however, on a larger scale.

• H&M allows for their consumers to bring old products back and for them to be broken down to be repurposed for new products such as their Conscious Collections.

• For the sustainability of Opulence Lounge, we will have a section in the store where customers can go and take old products and have them repurposed into something new and fun to wear and even give as a gift.

LINE SOURCING PLAN:• Our products are crafted from 100% leather, cotton, wool, and silk. Individuals who

are hand selected to deal with these all-natural fabrics create the products with the highest level of care.

• The fabrics are sourced from around the world from place that specializes in those particular fabrics.

• Once the fabrics have been obtained they are then brought into the studio where they are then cut and sewn for our consumers.

• On top of the custom pieces created, there is a relationship between our retail shop and other high-end brands that allows for Opulence Lounge to sell exclusive pieces to our consumers that can only be found at our shop.

• They are looking for style, simplicity, and function on their garments; this way it can be used for several things.

SUPPLY CHAIN:• Due to this organization being a small company and it is based on

exclusivity, that means that everyone from the top i.e. CEO to those who are working in the shops selling the actual products and services that are offered to our consumers are apart of the decision making for the company.

• On the global supply chain, our material comes from various places around the world. To begin with, our leather comes from East Asia and Pacific Asia (Developing).

• In addition, the wool that we use comes from Australia where they are the leading producers of wool in the world.

• Moreover, China is where our silk comes from because it is the leading producer of silk.

• Furthermore, India is the main supplier of Opulence Lounge's, although second leading in suppliers we wanted to expand where our goods come from.

PART EIGHT: M

ARKETING

THE L

INE GLO

BALLY

GLOBAL MARKETPLACE: • The market that we have chosen to enter is the United Kingdom, London to

be exact.• The things that we know about this country are that, it is probably one of

the only countries that have major similarities to the original city for Opulence Lounge, which is New York City.

• This country in many ways such as brands and various sectors catering to various markets is very much like New York.

• As previously stated, the country was chosen due to its major similarities that can be found in the space of shopping.

• Take for example, Regent Street in London, this space is home to some of the most high-end retailers that the fashion industry has to offer its consumers

GLOBAL MARKETPLACE CONT’D: • According to Dailymail.com on average £5345 ($8,881) is spent per person

in a year in London while in America on average $9,752 (£5867) is spent per person in a year in New York.

• These figures are only representations of shopping per the two cities and how much is spent per person when they go shopping.

• As far as the product line for Opulence Lounge UK, just as the concept with the American based store we will have a pop-up atmosphere to work with.

• For the London location, we have decided to partner with one of the shops i.e. barbershops or bars and build off of what they currently have, or even use a retail shop to build off of and develop the extensions for the brand.

• This seems to be a better idea because it allows for the brand to use something that exist currently and is already apart of the UK market.

GLOBAL MARKET ENVIRONMENT:• Due to the fact that we plan on using existing companies that already exist

in the London territory, things such as the trade systems, tariffs, quotas, and exchange controls, we will leave that to the companies that already exist and partner with them to bring a barbershop, men's retail shop and a men's lounge all together to get what we are looking for that matches the Opulence Lounge USA.

• For the transition of the markets, ideally we would like a liaison between the American branch and the British branch, who is familiar enough with both and who can help find out the best business to acquire in order to be apart of this new development.

• In regards to the barbershop portion, London would probably require fewer employees because of how frequent they get their haircut.

ENTRANCE TO THE GLOBAL MARKET:• We plan on entering into the UK market is to use businesses that currently

exist in order to build Opulence Lounge UK • Acquiring a retail shop, a barbershop and then a men's lounge and put them

together and turn it into the vision that we have for Opulence Lounge UK. • The great part about entering a market like the UK is that, it is the same

language in America and the only difference would be the currency, so we would set things up so that the prices work for London.

• The social media sites will inform the consumers that we have now added a new branch to the company and where it is, in that new country this will help in getting new consumers for the British location.

GLOBAL MARKETING PLAN:

GLOBAL MARKETING PLAN CONT’D:• The marketing mix that will be used will be that of the brand that Opulence

Lounge USA acquires from a UK retailer. • We can use technology to our advantage by implementing services that

allow for our consumers to have things sent to them, that help if they don’t have time to visit the retail shop.

• Also, just like Opulence Lounge USA we will offer the scheduling of appointments and holding spaces for the lounge area in the Man Cave.

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