Miss Selfridge Fashion Forecasting Report

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Assignment 2

The Summery of the Group Work
A fashion forecasting report was conducted for Miss Selfridge Company to enable the development of new fashion ideas that would appeal to its customers. After getting familiar with the classic Miss Selfridge style and its history the research process had begun. One of the most useful resources for ideas were the Fashion weeks, showing collections of famous and up and coming designers in New York, London, Paris and Milan. The most coveted pieces, cuts, fabrics and colours were noted and further observed on reputable websites / such as Vogue.com, Style.com and Wsgn.com. /and in magazines / Vogue, InStyle, Glamour, Bazaar etc. /. The blogs of well-known fashion bloggers were also visited where the feedbacks from the readers were examined carefully. This provided an essential insight into the mind of the customer and helped predict their future reactions to the trends that were to be developed. A survey was conducted amongst high street shoppers to pinpoint the biggest competitors and get to know the base customers` habits so the company could plan successful targeting. Textile trade fairs confirmed the choices made for the seasons` prints and fabrics, also enabling Miss Selfridge to collect unique, affordable additions to its range and at the same time follow the styles invented by reputable fashion designers. The high street trading environment was closely analysed according to the PEST factors. According to the survey and this analysis the main competitor of Miss Selfridge was Zara and River Island, both of which target the same customers and have very similar price range. In this competitive economic environment making the right decisions were crucial to the success and survival of the business. After all of the resources were taken into consideration three trends were chosen to represent the Miss Selfridge style in 2012. While the target customer for this company is in her 20s, these trends have the potential to bring in a wider customer range because they are very versatile and different. Choosing three trends instead of one also gave an advantage to Miss Selfridge compared to other retailers; it enabled the company to develop an affordable yet diverse range which is based on multiple styles and colours from the catwalk. The chosen trends were Amazon Queen (for customers aged 18-40, Hand Made (for all ages) and Colour Coated (for the daring fashionistas aged under 30). The colours are the essence of the spring summer season in 2012. As Leatrice Eiseman, the executive director of the Pantone Colour Institute said : “ consumers look to spring for renewed energy, optimism and the promise of a brighter day. “ This is especially true in London as the great island does not often get a sunny weather. Miss Selfridge`s colour palette will deliver in every aspect, and while it follows the “catwalk shades” it will incorporate some new hues that will make the range unique /bright magenta, tangerine, amazon green/. The garments follow the silhouettes seen on the fashion weeks, the signature styles are asymmetric hemlines, rounded shoulders, cropped tops and hot pants. The skirts are either skin tight or light weight and flowing. To give the company a competitive edge, this year Miss Selfridge was advised to focus on a new, unique selling point: the use of British textiles and resources. The fabrics used for the new trends should be sourced locally with minimal travel undertaken, therefore reducing pollution to the environment and advertise sustainable living and eco-fashion. As the brand launched a major initiative named “Fashion Footprints” in 2007 this will serve as a great reminder that Miss Selfridge is an eco-conscious retailer. This will draw attention to the company again and will attract very different-minded, completely new customers.

Making profit
As the business environment is constantly changing every company that wants to be successful and make profit needs to...
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