Another possible method of execution might be to continue diversifying, or implement increased diversification, of product lines similar to the strategy Reed Krakoff introduced after the Great Recession. Krakoff noticed that a “focus on conducting intensive market research, launching more product lines, and redesigning stores to better fit the brand” was the key to redefining Coach’s image in the market (Gamble, 2015, Page 74). By continually modernizing stores in tandem with the changing fashions and continually offering product lines based on current market research, Coach will be better able to penetrate their growing middle-income market and access a larger share of pocket. It is imperative that Coach recognizes Krakoff’s design expertise
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The booming economy in India has created a new class of “business maharajahs”, or, “highly affluent and globalized professionals”. These consumers are demanding high-quality luxury goods and, as a result, nearly 60 global luxury fashion and accessories brands have begun selling their products in India, mainly through local franchise partners (Gamble, 2015, Page 78). The major challenge of expansion in Indian markets is found within widely differing cultural preferences (The CAGE Distance Framework): Indian women used to wearing elaborate handcrafted saris may not be keen on more Westernized forms of clothing and accessories. We recommend that Coach would be most successful in their penetration of the Indian market through tailoring items to local preference and establishing strong brand recognition, comparable to that of local designers such as “Tarun Tahiliani” and “Satya Paul”. The mode of entry most suitable for India considering their CAGE distance from America would be entering into a “strategic alliance”. In terms of a more specific global strategy, Coach should employ a “multidomestic” strategy as Indian consumers are less fond of Westernized goods and demand more traditional Indian wear. Coach may face slightly higher costs in India; however, the only way to penetrate the Indian market will be to play to their specific tastes based on cultural research. By tapping into the Indian and Chinese global markets, Coach is playing to their strengths as a global force and is extending their brand image beyond geographic
The booming economy in India has created a new class of “business maharajahs”, or, “highly affluent and globalized professionals”. These consumers are demanding high-quality luxury goods and, as a result, nearly 60 global luxury fashion and accessories brands have begun selling their products in India, mainly through local franchise partners (Gamble, 2015, Page 78). The major challenge of expansion in Indian markets is found within widely differing cultural preferences (The CAGE Distance Framework): Indian women used to wearing elaborate handcrafted saris may not be keen on more Westernized forms of clothing and accessories. We recommend that Coach would be most successful in their penetration of the Indian market through tailoring items to local preference and establishing strong brand recognition, comparable to that of local designers such as “Tarun Tahiliani” and “Satya Paul”. The mode of entry most suitable for India considering their CAGE distance from America would be entering into a “strategic alliance”. In terms of a more specific global strategy, Coach should employ a “multidomestic” strategy as Indian consumers are less fond of Westernized goods and demand more traditional Indian wear. Coach may face slightly higher costs in India; however, the only way to penetrate the Indian market will be to play to their specific tastes based on cultural research. By tapping into the Indian and Chinese global markets, Coach is playing to their strengths as a global force and is extending their brand image beyond geographic