1-2 - Research and Reposition
The Burberry brand founded in 1856 was a well-established luxury brand by 1920. Its iconic-checkered pattern was worn by celebrities, politicians and royalty. Along with being associated to quality and luxury, Burberry was also known for its durability, allowing it to maintain a niche within the luxury-clothing market. After being acquired by the great universal stores the Burberry brand was heavily licensed with little control maintained over its licensing terms. The lack of control over brand quality and distribution resulted in inconsistent quality and brand association, diluting both the brand name, value proposition, as well as its reputation.
The brand rapidly lost exclusivity and appeal, making it a conservative brand that appealed to an older customer base. The reinvention of Burberry began in 1997 with the arrival of Bravo who joined as the CEO, after leaving her position as president of Saks fifth avenue. With over 2 decades of experience in the fashion trade, she was both recognized as well as respected for her accomplishments. Her goal was to rediscover the roots of the Burberry brand and reposition it as a stylish luxury lifestyle brand that was attractive to younger customers as well as the current customer base.
3- Hire experts
The first thing Bravo did as the CEO was to go out and hire A-list industry talent that understood the retail business environment, customer needs, price sensitivity/willingness to pay, and the gaps in the industry as a whole. This was her way to get an understanding of the market needs, the potential customer segments and the areas of focus required for success. Though this talent acquisition she was able to help identify the positioning and target segments for the transformation and rediscovery of the Burberry brand. She wanted to find a position that addressed a gap while remaining true to the core...