Problem
The challenge is whether Steffan Larsson, the newly appointed CEO of Ralph Lauren, is capable of reviving the dull and aging brand of Ralph Lauren.
Background
• Ralph Lauren has a rich heritage. The brand is globally recognized as a premier American luxury label. The company makes clothing, accessories, furniture, home décor items and footwear. In addition to gaining an online presence, Ralph Lauren has added 3 new brands over past 2 years: Polo for Women, Polo Sport, and Denim and Supply. As of late June, Ralph Lauren operated 467 company-owned stores, 558 concession shops worldwide, and 200 international licensing partners in other locations.
• The company has faced losses, intense competition, and challenges. In 2014, shares have …show more content…
Ralph Lauren’s fashion history has mainly been about bringing classic Americana, such as denim workwear and polos, to its consumers. However, Larsson work experience has been based on keeping up pace with the ever-changing fashion business, which the opposite of Lauren’s mission. One potential problem is if Larsson’s plan is too progressive that it deters Lauren’s fashion theme of reminiscence.
• Larsson’s inexperience of working with luxury brands. In the sector of fast fashion brands, Larsson is very knowledgeable and a good businessman. However, Ralph Lauren is a luxury brand. In turn, this may mean that there are different tactics and ways to approach Lauren’s problem that is outside of Larsson’s comfort zone.
Alternatives and Implications
• Conduct market research. There seems to be a lack of knowledge of who is exactly buying Ralph Lauren goods. The information provides an opportunity to define its market segment and offer a direction for the company to pursue. Market research is also a way to see why sales have dropped or what makes competing firms appealing to their customers. If customers value price, Ralph Lauren may consider focusing on cheaper products; however, if they value quality, the might company should stick with their current motive for high-quality
The challenge is whether Steffan Larsson, the newly appointed CEO of Ralph Lauren, is capable of reviving the dull and aging brand of Ralph Lauren.
Background
• Ralph Lauren has a rich heritage. The brand is globally recognized as a premier American luxury label. The company makes clothing, accessories, furniture, home décor items and footwear. In addition to gaining an online presence, Ralph Lauren has added 3 new brands over past 2 years: Polo for Women, Polo Sport, and Denim and Supply. As of late June, Ralph Lauren operated 467 company-owned stores, 558 concession shops worldwide, and 200 international licensing partners in other locations.
• The company has faced losses, intense competition, and challenges. In 2014, shares have …show more content…
Ralph Lauren’s fashion history has mainly been about bringing classic Americana, such as denim workwear and polos, to its consumers. However, Larsson work experience has been based on keeping up pace with the ever-changing fashion business, which the opposite of Lauren’s mission. One potential problem is if Larsson’s plan is too progressive that it deters Lauren’s fashion theme of reminiscence.
• Larsson’s inexperience of working with luxury brands. In the sector of fast fashion brands, Larsson is very knowledgeable and a good businessman. However, Ralph Lauren is a luxury brand. In turn, this may mean that there are different tactics and ways to approach Lauren’s problem that is outside of Larsson’s comfort zone.
Alternatives and Implications
• Conduct market research. There seems to be a lack of knowledge of who is exactly buying Ralph Lauren goods. The information provides an opportunity to define its market segment and offer a direction for the company to pursue. Market research is also a way to see why sales have dropped or what makes competing firms appealing to their customers. If customers value price, Ralph Lauren may consider focusing on cheaper products; however, if they value quality, the might company should stick with their current motive for high-quality