Gucci two main competitors are Prada and Burberry. At its price range, both of the brands are well-known in the fashion industry. Both of the creation idea on collection are inspiring.
According to Statista, Louis Vuitton is the most valuable luxury brand with 41billions of brand, therefore Louis Vuitton would be a biggest competitor for Gucci. Louis Vuitton joint series Supreme x Louis Vuitton creates a big trend in the fashion industry. Successfully expended its audience to both younger generation and impress their existing customer on the collection.
The brand Burberry growth has been steadily over year. The classic trench coat, trademark tartan pattern new logo and monogram. New design and classic in their collection are popular in the market. Burberry’s revenue grew from around 716 million GBP in 2005 to the highest figure to date in 2016, of approximately 2.77 billion GBP (statista,2019).
Fashion and pendulum swings (Kaled, 2010), Le Sage are bringing back the inspiration from the 60s to our fashion show A/W20/21 includes, high waist pants and pencil skirts. The design remains the classic look of Gucci’s details and blended with the Chinese historical element. In the new collection for A/W 20/21, the design would be defined as a fad in the perpetual adaption theory. The designed is identify as new and brave just like Gucci’s previous collection, Le Sage do not want to remove Gucci’s spirit of being one of a kind. However, Le Sage include Fashion perpetual adaptation theory in the collection, the long coat and certain pieces in the collection can be define as fashion for a longer time passage of life cycle with a new element. The Classic perpetual adaption theory, Le Sage designed the Gucci’s classic in the collection, it brings a fresh new look to the audience.
In the Fashion acceptance theory(Kaled, 2010), the collection will show case conducted on the A/W 20/21 Gucci Fashion Show there for the consumer groups include, initiators. These people are usually highly adaptable to the new trends and these people usually are leading in the fashion industry. Early acceptors are the influencers, these influencers style and position are in between of the fashion leaders and public, influencers will mix and match personal style and fashion trend. Next early majority will come in and adopt the style of the influencer; early acceptors.
In VALS Framework (Kaled, 2010), Fashion brand like Gucci with the collection launched the collection would be adapted by a two group, Strivers and Self Expression. Experience in the self-expression motivation from VALS understand the fashion industry, high adoption of latest fashion trend. This group of people has high sense of visual stimulation, and first in and first out of trend adoption. Experience are unique, these people are up to the latest fashion trend therefore commonly the fashion leader. They seem themselves as sociable and outgoing.
Strivers from VALS theory, these people are the majority of consumers in the fashion industry. Strivers are fun and loving, they love to follow the majority trend and wear their wealth to become part of the group. These people will owe the classic product or the entry product of the brand to show that Strivers are not left out from the group. Gucci are significantly image the brand as a ‘cool that everyone wants to owe it’, especially in the millennial world.
In the AW 20/21 design, tickle down theory inspired in the trend. Chinese tradition include drawings and calligraphy are being respected as a cultural and treasure in the Chinese history. In Shang dynasty, these drawing and calligraphy is an essential part of upper class in China. These arts are adopted in the AW 20/21’s design.
The market value for personal luxury goods market steadily growing over the year. New market and new segments have given the potential growth points to the industry. The players in luxury industry may face the challenge on maintain brand equity and building loyal customer relationships. Due to the market are targeting a more mature segmentation, the consumers are more ration on their purchase.
Gucci consumers to be found in different income groups. From millennialto adults, different consumers of segmentation owned Gucci items. Gucci utilizing social media online present helps to brand gain awareness and the website of the company get nearly 19 millions of visitors, making them the top 4 luxury brand website of the year 2018. The Instagram page has 14 million followers on April 2019 (Statista, 2019)
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