EVIAN, France — Marketers can learn from the past, but they also need to be mindful of what the future holds.
So were the messages of industry gurus, those management consultants to whom brand marketers turn for inspiration. And for certain, attendees at the WWD Beauty CEO Summit got an earful.
Management consultant Robin Lewis, who is usually one of the most popular speakers at the Summits, gave a one-hour-plus talk on how he sees distribution as the key to brand success and survival in the 21st century. During his talk, Lewis introduced a new concept and coined a new term, "brandchising." Simply put, the term refers to the combination of two equally powerful brands, giving rise to synergies leading to the creation of new consumer markets. An example is Target and its specially created designer brands.
From retail and consumer products consulting firm, Kurt Salmon Associates, attendees were advised that they can learn from brand-building success stories from outside the beauty industry, too. Todd L. Hooper, principal, and Tony Smith, vice president at KSA, explained the the winning ideas behind four new product success stories that explode the myth of "slow growth" industries. The case studies included the introduction of the Power Bar athletic snack, which was concocted in the kitchen of a marathon runner who needed a nutritional item to enhance his performance. The resultant $100 million company was acquired by Nestlé in 2000 at four times sales.
And for those looking to spark a stagnant brand, Hooper suggests taking a page from Kellogg, which after some 50 years, decided not to just print its Rice Krispie Treats recipe on the box, but to cook it up and sell it through vending machines. It is now a $350 million business.
Another successful strategy can be as simple as taking a niche brand and expanding into new markets, like Kraft did with Altoids, after it noticed its huge cult following in Seattle. Then there was Colgate’s story. Looking to stimulate a flat toothpaste market, it came up with Colgate Total to grab sales from older consumers with an item offering gum disease prevention and other benefits. Its sales hit $100 million annually, strengthening its dominance of the market. As noted by Hooper: "You can’t afford to take hits on these core products.""
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)