Business Models Framework

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来自 Università Bocconi 的课程

时尚和奢侈品公司管理

1704 个评分

Università Bocconi

时尚和奢侈品公司管理

1704 个评分

Learn how fashion and luxury companies work and understand their brands, products, retail, and communication strategies. Travel through business models, international development, and product categories with industry influent experts. Adopting a case-study approach, the course presents strategic brand management in luxury and fashion companies as a balancing act: tradition vs. innovation, expertise vs. experimentation, casual vs. stylish; in order to increase the brand value by nurturing the brand heritage and at the same time staying fresh, relevant, and contemporary in the global marketplace. Topics such as the impact of new retail channels, new media channels, and new business declinations for the brand and emerging markets will be discussed in the course.

从本节课中

The Evolution of Business Models: From Designers to Fast Fashion Retailers

This second week will be significantly denser and more time consuming than the first one. The topic is that of Business Models in Fashion and Luxury, and will give you a lot of important insights on this industry.

Introduction1:42

Fashion Market Segmentation10:44

Business Models Framework5:21

Business Models in the Market5:19

与讲师见面

Erica Corbellini
Director
MAFED - Master in Fashion, Experience and Design Management
Stefania Saviolo
Director
Luxury & Fashion Knowledge Center - SDA Bocconi

But what is a business model?

Let's start providing a framework of this concept.

According to various authors the business model describes,

how a company as a system is made of the different parts.

So how the pieces of the business fit together.

So the business model has to do with the way you

design your customer, your communication channels,

your distribution channels, your network of suppliers, and how you make money.

So how you earn money and you build your revenues.

In particular, I would like to talk about the framework that we are going to use

this week in order to decode and interpret fashion and luxury brands.

And that is designing the business model according to four drivers, four pillars.

The first one answers the question “Who?”

Who are our customers?

Each company delivers a value proposition to the customers.

The value proposition / customers is the first part of any business model.

In fashion and luxury the value of proposition can be

related to cost effectiveness, fast fashion, and exclusivity;

And of course these different value propositions address different customers.

Fashion victims, connoisseurs, trendy youngsters.

So the “who” is the first question we have to ask when you analyze a business model.

A second driver in order to analyze the business model framework is the “what?”,

meaning the product offer.

What we offering to a certain target that we already identified.

The product offer delivers the value proposition.

And the product offer has to do with a certain product category.

It may be leather goods, watches and jewels, fragrances, or apparel.

And of course each product category has a certain positioning in the high end

of the market.

So a luxury for instance, leather goods based on exclusivity.

Or in the premium market an apparel line that is

able to mix fashion ability with convenience.

So, the product offer again answers the question:

what are we delivering our target through our value preposition?

The third driver and the third part of a business model is the “how?”

So how are we designing the supply chain and the value chain?

Usually in this area companies are actually making decisions about

the degree of vertical integration.

Are we managing all the activities of the value chain,

design, manufacturing, retail, and/or distribution internally?

What are we outsourcing?

There is a trend in fashion and luxury towards,

for instance, an increasing degree of vertical integration.

And so, degree of vertical integration,

then also how you design your network of suppliers.

how much they will collaborate in your activities is

a strategic decision in the so-called “how.”

The fourth and last element of a business model is related to

the revenue model. Let's say

the way you make money.

Are we making money through licensing fees?

For instance, many companies are just a design workshop and

they give or license all their activities.

So, their revenue model is a licensee fee flow.

Or there are companies that are very much based on a revenue model

a volume based, based on volumes and little margins.

While in the luxury, you have lower volumes and higher margins.

So margins are very important in order to

contribute to the profitability of the company.

So the way you make money, how you design actually your economics,

is the fourth very important part of your business motive.

So we'll see how four business models in particular

luxury companies, premium companies and premium brands.

Designer brands and vertical retailers are therefore organizing these four pillars

in order to have a sustainable positioning and avenue and income flow.

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