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[阅读小分队] 【Native Speaker每日综合训练—28系列】【28-11】经管—Luxury Industry

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发表于 2013-11-29 00:18:39 | 显示全部楼层 |阅读模式
Official Weibo: http://weibo.com/u/3476904471
大家好! 今天AceJ有事,我分享一次经管的文章!文章都是围绕 luxury industry, speaker部分是我最欣赏的Coco Chanel, 速度最后一篇是一个案例, Just enjoy~




Part ISpeaker
Rephrase1
Article 1
Coco Chanel: The Orphan Who Transformed Fashion


[Dialog, 7:20]


Transcript is available in the Source.

Source: National Public Radio
http://www.npr.org/templates/story/story.php?storyId=112813709

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 楼主| 发表于 2013-11-29 00:19:45 | 显示全部楼层
Part IISpeed
Time 2
Article 2
How Online Direct Sales Saved This Luxury Business

In this ongoing series, The Fix, we look at real problems faced by real companies and how they solved them.

The Challenge: Steve Caradano, founder of Vero Linens, thought he'd an uncovered a firm niche--selling imported Italian luxury linens to boutique hotels in the U.S. Then, in 2008, the perfect storm hit: The price of the euro had risen significantly, devaluing the U.S. dollar and reducing his company's profits. The price of cotton spiked, inflating Vero's production costs. The financial crisis on Wall Street led to a crumpling of the travel and hospitality industries and upscale hotels either stopped buying new linens or they downgraded to lower-quality brands. "The price of cotton was outrageous, and it was clear we were headed into a recession where our customers weren't buying nearly as much as they did before," says Caradano, owner and founder of the 15-employee company with operations in Michigan and Florida. "I'm sort of looking at my situation and saying, ‘What do I do?'"

The Fix: By early 2009, Caradano realized he needed a new sales strategy. Industry magazines and groups reported that many luxury consumers continued to buy high-end linens, even as their 401(k) value tanked and business and leisure travel markets slowed. Caradano decided to try diversifying his customer base and breaking into the consumer market by creating an online store where people could buy Vero's linens direct from the company's Web site. "Retail commands about a 225 percent to 250 percent markup in luxury linens," he says. "I was thinking, ‘I have the Internet here. I'm going to take a step out of the value chain" and start selling online.

The transition to online sales wasn't seamless, however. The first Web designer Cardano hired cost $25,000 and didn't incorporate the right features into the site, he says, so he ended up scrapping the site and starting over. In fact, Caradano says he went through four different designers between 2009 and 2012 before getting Vero's ecommerce site looking good and functioning correctly.

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Time 3
Figuring out how to generate online publicity and stand out in a crowded market of linen makers selling online was also challenging. He's ultimately learned that generating word-of-mouth publicity is important in the consumer luxury market. Caradano says he now reaches out to interior designers who blog and other bloggers with more affluent readers in hopes of drumming up publicity for his brand.

Though he won't disclose his exact revenue, he says the shift to consumer sales has helped him recover so that he's at about the same revenue he was at before 2008. One reason direct online sales has worked for Vero is because consumers are willing to spend more--often $1,000 versus $500--on quality linens than hotels. While an upscale hotel will typically buy three to four sets of sheets for every bed, the profit margin on those sheets is far less than consumer sales, Caradano says. His profit margin on each set sold is 50 percent more for direct online sales than selling to hotels.

Moreover, Caradano says he travels far less than he did before. While he still travels to hotel clients and prospective hotel clients occasionally, he has refocused on online sales--saving the company several thousand dollars every year.

Overall, Caradano says he plans to focus more of his time and energy on online sales and less on the hotel business. "I never felt the Internet would be something where people would be buying $1,000 sheets sight unseen," he says. "But the Internet has become such an easy accessible thing where people purchase everything."

The Takeaway: Moving from business-to-business sales and selling to consumers online can open up new sales opportunities and increase a company's profit margins.

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Source:
http://www.entrepreneur.com/article/228208

Time 4
Article 3
"The Journey of a Luxury Consumer":Albatross Global Solutions and 1000mercis Group release an international study on the Luxury Consumer of today

NEW YORK, Nov. 15, 2013 /PRNewswire-iReach/ -- Albatross Global Solutions, a market research firm specialized in improving retail performance and understanding consumer trends in the luxury industry and 1000mercis Group, a digital data marketing firm specialized in helping advertisers leverage their marketing strategies, partnered to study the behaviors and desires of the modern luxury consumer. This collaboration measured how this type of consumer desired and engaged in a luxury experience, both at boutiques as well as online.

On Friday, September 27th 2013 at the Gramercy Park Hotel in New York City the findings of our study were presented by Albatross' founder Christophe Caïs and Dorothée Lacroix, 1000mercis Group International Managing Director to a select group of influential and informed luxury industry representatives.

The study polled 900 eligible consumers who purchased a luxury product in the last 6 months from 5 continents: USA, China, Japan, Brazil and the EU. These participants were asked about their desire, choice, experience, satisfaction and online activity when buying a luxury product.

"This study has enabled us to give feedback to our clients on what motivates the consumer and how they perceive luxury brands around the world and show major cultural differences", said Christophe Caïs. "For example, 51% of the US consumers declare that the brand values are a key criteria when choosing a luxury brand, when this is the case for only 28% of the Japanese consumers".   

"With this study, we discovered that for the US luxury consumer the brand's website is as powerful as the boutique when searching for product information", says Dorothée Lacroix. "Striking contrasts like these showed the importance of understanding the different luxury consumers around the world."

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Time 5
Christophe Caïs adds: "This collaboration celebrates our relationship and shared foundation in the luxury industry. [Albatross and 1000mercis] have a shared passion to increase the sales of our clients through results that will empower the brands to tailor strategies, advertising, and training to reach the affluent consumer".

About Albatross Global Solutions

Albatross Global Solutions is the leading market research firm specialized in improving retail performance and understanding consumer trends in the luxury industry. The company was founded in 2005 and has 22 offices around the world covering all continents. It employs 220 staffs and serves 160 premium and luxury brands for a turnover of $13,5 million. For more information please visit www.albatross.fr .

About 1000mercis Group
1000mercis Group pioneered the Interactive Data Marketing revolution with its award-winning solutions for companies willing to optimize their customer acquisition and retention through online media (Internet, Mobile, Social Media and RTB CRM Display). 1000mercis has become a major actor on the market by combining new clients acquisition and customer loyalty management. The Group employs 200 people and its annual revenue soared to €36.4 million in 2012, 33% of which came from Ocito, its Mobile Marketing subsidiary. Based in Paris, New York and London,1000mercis Group operates in more than 30 countries. 1000mercis is a NYSE Alternext listed company. For more information please visit www.1000mercis.com .

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Source:
http://finance.yahoo.com/news/journey-luxury-consumer-albatross-global-173200140.html;_ylt=A2KJ3CWE45ZSUVgAk1eTmYlQ

Time 6
Article 4
Louis Vuitton Moet Hennessy: In Search of Synergies in the GlobalLuxury Industry


The case discusses the key elements of corporate and business strategy employed by LVMH. It first develops the context of the luxury business, providing an in-depth look at the performance drivers, key players and their strategies. Set in the landscape, it then examines the specific strategies adopted by the biggest player-LVMH. The company wants to double its current sales ($10 billion in an $80 billion industry) and profits by 2005. In marching towards this goal, LVMH has entered into multiple business lines ranging from leather goods to wines, and spirits to art auctions. Many of these acquisitions have come at steep premiums and none have turned a profit yet. Investors and analysts feel that the company should divest some of its holdings and get back to its roots in leather goods and wines. Mr. Arnault, the CEO of the company, however, feels that there are significant synergies that emerge when operating a portfolio of global brands across the entire landscape of luxury businesses. This sets the stage for a good evaluation of its value chain and value-adding activities, the promised synergies and their potential impact on revenues and profits. It also raises questions on how LVMH can grow in this business, which geographic regions it should invest in, and which product-market it should retain.

This is a Thunderbird Case Study.


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Source:
http://hbr.org/product/louis-vuitton-moet-hennessy-in-search-of-synergies-in-the-global-luxury-industry/an/TB0151-PDF-ENG

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 楼主| 发表于 2013-11-29 00:20:52 | 显示全部楼层
Part III: Obstacle


Paraphase7
Article5
How Not to Extend Your Luxury Brand

In 1972, Diane von Furstenberg created the multifunctional wrap dress, which captured the imagination—and the pocketbooks—of a generation. By 1976, she had sold more than five million of her designs and was hailed by Newsweek as “the most marketable woman in fashion since Coco Chanel.” Von Furstenberg didn’t stop there: She developed a line of beauty products and fragrances and stamped her name on everything from luggage to eyewear to jeans to books.

The strategy worked at first. Von Furstenberg’s premium name generated high margins for every product it adorned, regardless of the category. But a few years into this heady growth, the brand lost momentum. Revenues and profits plummeted, and, ultimately, von Furstenberg had to sell her design and cosmetics houses to pay off debts.

What happened? Generally, luxury brands increase in profitability when consumers perceive that these goods offer more value (or premium degree) than other comparable products. Brands like Bose, De Beers, Louis Vuitton, and Rolex all became more profitable as their premium degree grew. Von Furstenberg products showed this same effect, for a time.

But our study of 150 luxury brands, involving interviews with more than 300 executives worldwide and analyses of approximately ten years’ worth of financial data for each brand, shows that this rule doesn’t always hold. Specifically, our research found that a luxury brand’s profitability will usually increase as the premium degree increases—but only if the brand is extended into product categories adjacent to the core brand. Von Furstenberg’s problem, it appears, was not that the name had lost its cachet or that the quality of the goods carrying it was poor; it was that a brand people associated with high-end dresses just didn’t translate well to nonadjacent products such as luggage and books.

Consider Louis Vuitton and Cartier, each of which has gross margins above 79%. These brands have profitably extended their names into categories adjacent to their core products. Cartier expanded its brand from jewelry to watches, perfumes, and accessories. Louis Vuitton transferred its name from handbags to clothing, jewelry, perfumes, and accessories. However, remember Pierre Cardin? The brand’s early extensions into perfumes and cosmetics in the 1960s succeeded so well that the company began to sell licenses indiscriminately. By 1988, it had granted more than 800 licenses in 94 countries, generating a $1 billion annual revenue stream—and profits plummeted. It wasn’t until the Pierre Cardin name started appearing on wildly nonadjacent products such as baseball caps and cigarettes that margins collapsed. Initially, the brand extensions into the perfumes and cosmetics categories were successful because the premium degree of the Pierre Cardin brand transferred undiminished into the new, adjacent categories. The owners of Pierre Cardin, unfortunately, attributed this to the strength of the brand rather than to the brand’s fit with the new product categories.

Of course, some brands leap successfully among categories. Such success often depends on whether the core brand’s value, in the eyes of consumers, is primarily symbolic or functional. Some luxury brands are valued for their functional aspects; people buy Porsches, for instance, in part because of the vehicles’ world-class performance and engineering. Other luxury brands, like Louis Vuitton, are valued more for the lifestyle they project than for the particular expertise or functionality they embody. We’ve found that symbolic brands can be more easily exported into nonadjacent categories than functional brands and can succeed in these categories when they consistently promote their core symbolic attributes. (For more on this concept, see “Marketing Malpractice: The Cause and the Cure”, HBR December 2005) For example, when Bulgari licensed its name to Marriott to create a chain of luxury hotels, customers bought into the concept because of the symbolic value of the Bulgari name, not because Bulgari has engineering skills that it brought to bear on the design and installation of Marriott’s bath towel holders. Von Furstenberg made the mistake of emphasizing the technical aspects of the nonadjacent products the company branded (such as the shapes and finishes of its eyeglass frames), when it should have played up the symbolic value of the brand name.

When managers want to extend their luxury brands into nonadjacent categories, they should first consider whether the brands have appropriate symbolic power to cross categories. They should also consider whether the symbolism can be consistently promoted in the new categories. Rolex perfume? Maybe. Lamborghini wine? We don’t think so.

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Source:
http://hbr.org/2005/12/how-not-to-extend-your-luxury-brand/ar/1

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发表于 2013-11-29 00:36:56 | 显示全部楼层
给小胖点赞!
28-11
Speaker
Coco wanted to be special at the very beginning. Black andwhite- her favourate. She was a bad singer. But she met her first gentleman.Poor but ambicious. Met her second gentleman, another poker player. Using hisclothes to make her own. Other wealthy women bought clothes from her and helpedher to become Coco. She is a smart girl and a survivor.

2 335 1min29
3 284 1min33
Vero Linens faced the challenge in 2008: price of the eurohad risen, reducing his company's profits, price of cotton spiked, Thefinancial crisis on Wall Street  recession,15-employee company
early 2009, needed a new sales strategy-start selling online
between 2009 and 2012, he went through four differentdesigners
His profit margin on each set sold is 50 percent more fordirect online sales than selling to hotels. Caradano says he plans to focusmore of his time and energy on online sales and less on the hotel business.
6 220 1min17
发表于 2013-11-29 00:43:15 | 显示全部楼层
占~~~回到首页,感谢PPX

Speaker:A film about the little know story of Coco Chanel.Her favourite color is white and black.She marriged twice.Coco was succuessful both in business and life.

01:17
The luxury company was facing big challenge in 2008 financial crisis.And Caradano decide to change the sale strategy and  build online store.

01:36
To be successful in online market,company needs to generate word-of-mouth publicity.And this is what Caradano is doing now.Online sale help the company regain their profit and save more money.

01:15
A poll was made in five countries to find out what motivates the consumer and how they perceive luxury brands around the world and show major cultural differences.USA customrer focus more on brand value than japanese do.

00:59
The introduction of Albatross Global Solutions and 1000mercis Group

01:01
LVMH wanted to double its sale and profit in 2005,so LVHM acquired many companies in several aspect.The result is not good.Experts and analysts say that LVMH should go back to its root area.But the CEO of LVMH has different idea.

05:23
Main Idea:How to Extend Your Luxury Brand properly
The author mentioned Diane von Furstenberg's failure as an example to show that what the luxury company will be like if it can not extend its brand properly.Diane von Furstenberg extend to much on noadjacant product that can not fit its brand.
Luxury brand must offer more value than other comparable products.If it can not do this,the failure comes.
Some study shows that a luxury brand’s profitability will usually increase as the premium degree increases,but only if the brand is extended into product categories adjacent to the core brand.The core brand valire can be symblic or functional.Even noadjacent product should fit this brand value.Some luxury brand can success in noadjacent area because they can foucs on their core brand value.
So before thinking about extend your luxury brand,you should consider whether the aim prodoct is suitable for you cor bran value.
发表于 2013-11-29 06:22:26 | 显示全部楼层
谢谢ppx~
Speaker:
Coco Chanel survived abandonment and abject poverty and later got supported from the two playboys to start his career untill she won the fame in design realm. The style of her design: simple, chic, & free.

Speed:
T2-1'53''
T3-1'46''
T4-1'26''
T5-1'24''
T6-1'21''

Obstacle-4'20''point1:e.g.DVF->luxury brand's profitability cannot increase as the premium degree increases unless the extended brand is adjacent to the core brand. (the success of LV & C support above conclusion, and the failure of PC also supports the above)
point2:the art of extending brand: symbolic extension & funtional extension.
S: e.g.P->emphase high functionality.
F: emphase the embodier of lifestyle.
S can be easier tranferred into the nonadjacent area for brand compared to F.
发表于 2013-11-29 06:36:48 | 显示全部楼层
Very interesting articles. Thanks a lot.

[Time2_2:54]The Financial crisis caused the price of the cotton spiked, inflating Vero’sproduction cost. Then the sales were decreased. Then Caradono created an onlinestore and decreased the retail price, then the customers became diversity.
-------------------------------
[Time3_2:28]Caradano plans to invest his time and energy more on online sales and less onthe hotel business. B2B changed to B2C can open up new opportunities andincrease profits.
-------------------------------
[Time4_2:04]A market research studies the behaviors and desires of the modern luxuryconsumer, both at boutiques and online. The study indicates the major culturaldifferences—51% of the US customers pay attention to the brand values whileonly 28% of the Japanese consumers does.
-------------------------------
[Time5_1:23]This passage introduces two market research companies.
-------------------------------
[Time6_1:33]To double the LVMH’s current sales and profits, LVMH has entered into multiplebusiness lines ranging from leather goods to wines and art auctions. Althoughnone have turned a profit yet, CEO feels that there are significant synergiesand potential impact on revenues and profits.
-------------------------------
[Obstacle_7:27]The article discusses how luxury brands extend to nonadjacent categories. The most important is managers should consider the symbolism.
-------------------------------
发表于 2013-11-29 07:14:16 | 显示全部楼层
sounds pretty good!! thx ppx

1.34
1.45
1.25
1.11
54

发表于 2013-11-29 07:36:39 | 显示全部楼层
一环末班~~~ 高端大气的主题 喜欢
Speaker: legend story of Coco Chanel, born as a ophan and grew up in convent, get successful in her sew business because she is canny chrisma
2 2:25 C,founder of Vero Linear ,tied too sell the luxury products on line.However,the new business does not work very well
3 1:57 C started to make profit after he dealing with the challenge of online publicity successfully by reaching out to blogger with more affluent readers
4 5 3:09  a study presented by Albatross show that 51% of US customers care more about luxury brand value while this is the case for only 28% Japanese
--this activity help company to tailer strategies and advertising
6 1:18 LV wants to synergy luxury brand in the world and start to develop wine,shoes ect but bone of them make profits
7 5:34 luxury brand increase the profit when consumers perceive this brand .To make more profitability,the company extend luxury brand.However,not every extending of brand is success--nonadjacent field is not a good idea
发表于 2013-11-29 08:04:26 | 显示全部楼层
Time 2--2''52
One company"VL" --which sell luxury linens, before 2008 was a firm niche--sell boutiques to high level hotels. But then they found that because the increasing price of euro,  the price of cotton, and with the financial crisis, they lost lots of business.

To fix this problem, they adopted a new sales strategies. Direct online stones.

Time 3--1''58

Details about how the company did to make itself to stand out its competitor. And the result shows very positive. Their revenue was even back in 2008. Because selling to individual customers helps the company get more profit margins. And the company also saves money on the traveling.

Then the author appeal that companies should use internet to open new scale of sale. ....

Article 3--TIme 4--2''30

AGS& 1000mercis group took a survey about the behavior and desire of luxury consuming, both at boutiques and online activities.

They tracked  900 consumers for 6 months. These consumers are from 5 different countries, and the result shows that the motivation and perceiveness have a huge culture difference.
Details....51% of American consumers threat the brand value as the key criteria, but only 28% of the Japanese will agree.

Time 5--2''01

The meaning of the survey. The result will empower the sales strategies, advertising and training.
Then what are AGS and 1000mercis group.

AGS--a leading marketing research firm which focuses on retail performance and luxury consuming trends.

1000--Help other companies to optimize customer acquisition and customer loyalty management.

Article 4---Time 6--2''08

A case study of LVMH, key elements of ..strategies.
LVMH wants to boost their revenue from 10 billions to 80 billions. And the ways to achieve the goal.

expand their lines from leather products to wine, sprites to art auctions.

Stage for a good enviorment of its value chain and valud adding..something something...Needs to go back to read again.

Obstacle-- 5''36

Main idea:  expand the adjacent catagories not mean your profit will increase.

Structure: One example of a designer DVF, she designed one dress and sold millions of it. She was reviewed as the best after coco chanel. Then she expand her brand from luggage bag to eyewear, from jeans to book.

But after a few years' success, finally DVF failed. Even her premium degree increases, her profit margin decreases.

Then study shows that premium degree doesn't always correlate with margin.  Because the consumer didn't translate the brand value well to non adjacent products.

Then one more example of Pierre Cardian.. Then the author explain the symbolic and functional brands should have different strategies,

Summary--when the luxury brands want to expand their categories, they should first consider whether they have approriate symbolic power to cross the adjacent products, and consistently promoted in the same way.
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