Essence, the Nature of Things

The Retail Concept

Essence is the combination of a store that sells green and sustainable luxury products, and an exhibition where you can learn about the backstage of the designing and handcrafting processes of those luxury goods.

Luxury consumers demand increasingly high transparency over the fabrication process of the products, to track down their sustainability and eco-friendliness. The moto is: “buy less, buy better”.

The Market Analysis

According to the latest integrated report from Kering, there is a high demand from young customers (Millennials & Gen Z are driving 85% of global luxury sales growth) for a “more connected experience, a search for quality, innovation and a sense of purpose”. There is also a “new expectations as regards the environment, society and ethics”.

With the advent of the pandemic in 2020, the luxury sector has suffered a lot from the closing of retail spaces and people spending more time indoors but has proven its resilience and its ability to overcome hard times by innovating.

Targeting

The potential shoppers are people interested in buying in a more ethical way, but also a whole new category of customers who are interested in the story of what they buy and who want to discover the brand on another side: it sells products made by humans through a creation process which matters as much as the final product.

By itself, the luxury market already owns a range of potential shoppers due to its higher value and ability to make timeless emotional connections. Currently, many customers are choosing less conspicuous forms of luxury. Therefore, the green concept of the store proves to be extremely relevant to attract more customers and enable the store to differentiate itself from other stores.

The Offer Definition

Our store offers items from five categories: clothing, shoes, bags, jewelry and cosmetics.

Inside the store, you start with the exhibition area. Every three months, three products will be showcased in this part of the store. You will be able to learn everything about them and all the savoir-faire behind it, its specificities and why it is unique. On a screen, you’ll be able to see an interview of the designer of the product talking about the emergence of the ideas and how it all came to life. You then enter an egg-shaped wooden structure: inside is a hologram workshop where you will be able to see the craftsmen in action. You exit the structure and come out to the shopping area.

There will be a change of collections and products every three months to diversify the variety of the offer and promote new brands. Next to each product, a QR code will direct to the website where you will be able to find precise information about the creation, sourcing, assembling and crafting of each product.

The Store

Our store 120m2 will be located on King’s Road in London. London is leading the way for a more sustainable fashion industry. The Fashion Revolution Week is taking place in London.

The store interior says a lot about the company, brand, and product. We mix several different kinds of materials. We choose to use raw materials such as concrete for the walls, and wood or glass for the furniture to remind the green dimension of the store. The luxury scope is visible thanks to the great quality furniture and the minimalist look of the store.

The store will include a non-buying area where people can sit, have a look at the showcases and will be offered a drink.

The CRM Strategy

We will invest in a loyalty program which will be like a challenge with three levels where one point is equal to one pound. First, the customer can become a Challenger and choose a perfume in the store. The next level is the Playmaker, and you can get a surprise for your birthday. The last level is Game Changer, and you will have access to the expositions and new collections in preview and be invited to the store events with the influencers and the press. You will also be able to book a sales advisor in order to do personal shopping in the store.

We will send by e-mail a thank you note some advice to take care of the items and a satisfaction survey.

Communication

We will invest in physical image adv in London on posters, but our main scope of action will be online. We will invest on our social network and a newsletter to showcase on the new collections and on the new product expositions and to communicate on the green action of our partners.

To establish a long-term positive attitude towards the store, we will invest in a Press Agency for publications on general fashion and luxury press but

also on press focused on sustainable fashion, eco design, natural beauty and healthy lifestyle.

The Feasibility Study

The turnover of our retail store would mainly come from the profits of our sales. We sell products approx. 40% higher than the price we bought it.

In our “showcasing area” there would be products we selected to put under the limelight, but we also wish to sell this service to brands which could use it as a means for their own communication.

Our store would run on a small quantity of products exposed and stocked in store the first year to avoid warehouse costs. The following years, we will negotiate with our partners the possibility to reorder depending on our needs.