ksny condensed report, dana palumbo

Dana R. Palumbo, Kent State University

KATE SPADE & COMPANY: CONDENSED REPORT 1

Kate Spade & Company: Condensed Report

Dana R. Palumbo

Kent State University


Kate Spade & Company

Company Profile & Brand Strategy Kate Spade & Company (“KS&Co”)

is a globally recognized accessible luxury

brand headquartered in New York City. The

designer brand is recognizable through its

simple silhouettes, and its playful usage of

color and print (KS&Co, About Us, n.d.).

KS&Co consists of two brands, Kate Spade

New York and Jack Spade, and four main

categories of merchandise that consist of

women’s, men’s, children’s, and home

(KS&Co, 2015).

Kate Spade & Company’s women’s

brand, Kate Spade New York (“KSNY”) is

the company’s most profitable label,

generating the majority of KS&Co’s sales

(KS&Co, 2015). KSNY is comprised of four

labels: Kate Spade New York Collection,

Madison Ave. Collection, Broome Street,

and On Purpose. Prices within KSNY can

range from $65 for a tee to $1,800 for a trench

coat depending on the item and collection.

The Madison Ave. Collection consists of

limited-edition, capsule collections that are

listed at a slightly higher price points whereas

the Broome Collection is KSNY’s more

casual and accessible label. On Purpose is an

accessories collection that is handcrafted by

Rwandan artisans through a partnership with

Abahizi Dushygikirane, Ltd. (KS&Co, About

Us, n.d.). While KS&Co offers their full

selection of merchandise on their ecommerce

website, katespade.com, select labels are

available for purchase in stores. KSNY is

sold at select department and specialty stores

in addition to 397 domestic and international

KSNY boutiques (KS&Co, 2015; KS&Co,

2016).

Financial Performance Since its acquisition in 2007 by Liz

Claiborne Inc. (now known as Kate Spade &

Company), KS&Co has experienced

exponential growth in sales.

Figure 1.1 KS&Co Financial Performance

Note. In this chart, the entire bar, including

all three colors, represents net revenue.

Additionally, gross profit is represented by

both the red (net profit) portion and orange

portion (gross profit less net profit). Data

sourced from Kate Spade & Company’s 2015

Annual Report.

In 2011 and 2012 Kate Spade &

Company experienced a 15% and 4% net

sales decrease predominately due to

decreased sales within Adelington Design

Group. In 2012 alone, Adelington

experienced a $174 million decrease in sales

whereas Kate Spade New York experienced

a 48% increase in sales globally (KS&Co,

2012). Despite consistent decreased sales

performance within Adelington Design

Group, KS&Co’s net revenue has increased

at an average of 33% in the past three years,

predominately due to geographic and

category expansion within KSNY. In spite of

a dramatic $104.1 million increase in net

sales during 2015, the company saw a

significant decrease in net profit. This is

predominately due to the $41.5 million

financial impact related to the exiting of Kate

Spade Saturday and Jack Spade stores, and

increased promotional activity (KS&Co,

2015). As of July 2016, KS&Co has reported

$594 million of net sales, and projects to have

$- $500,000 $1,000,000 $1,500,000

2011

2012

2013

2014

2015

Dollars in Thousands

Net Profit

Gross Profit Less Net Profit

Net Revenue Less Net Profit and Gross Profit


$1.37 billion to $1.4 billion in net sales by the

end of its fiscal year (KS&Co, 2016).

Market Position Kate Spade & Company considers its

most relevant competitors to be Coach and

Michael Kors among others such as

Burberry, Tory Burch, Marc by Marc Jacobs,

and Ralph Lauren (KS&Co, 2015).

Figure 1.2

KS&Co Market Share Comparison

Note. The data above is reflective of net

revenue recorded on each companies latest

10-K Earning Report. Data sourced from

Kate Spade & Company 2015 Annual

Report, Coach, Inc. 2016 10-K form, and

Michael Kors Holdings Ltd. 2016 Annual

Report.

Kate Spade New York, Michael Kors,

and Coach, despite having different brand

aesthetics, are three extremely competitive

brands within the accessible luxury market.

All three brands appeal to a wide consumer

base, however they are particularly focused on and popular with millennial consumers. In

2015 Michael Kors was listed as the number

one handbag label owned by average-income

millennial women, followed by Coach and

Kate Spade respectively (Bhasin, 2015).

Although Kate Spade & Company is only a

fourth of the size of Michael Kors Holdings

Ltd. and Coach, Inc., KSNY’s continuous

sales growth and category expansion is

enabling the company to slowly close the gap

in net sales.

In regards to product offerings, Kate

Spade New York, Michael Kors, and Coach

have similar products with their own distinct

point of view: KSNY is known for its

whimsical, feminine designs, Michael Kors

for being by a jet-set inspired, and Coach has

begun to revamp its brand through unique

interpretations of eclectic Americana.

Image 1.1 Image 1.2 Image 1.3

Coach

Kate Spade

New York

Michael

Kors

$1,795 $1,698 $495

Due to fact that Coach, KSNY, and

Michael Kors cater to a similar customer,

oftentimes they will offer comparable

merchandise. For Fall 2016, all collections

have invested in the shearing trend –

particularly in their moto jacket as seen in

Image 1.1, 1.2, and 1.3. It is interesting to

note that KSNY and Coach are priced

relatively similar whereas the Michael Kors

jacket is priced 70% less. It is indicative of

the disparities between brand strategy and

product quality between brands. While

KSNY and Coach have increased their prices

to maintain their position as luxury designer

brands, Michael Kors seems to teeter

between accessible luxury and bridge price

points. However, as Michael Kors continues

to combat decreasing brand prestige, it is

likely that it will begin to raise its prices to be

on par with its competitors.

Kate Spade,

$1,242,720 , 1%

Michael Kors,

$4,538,800 , 3%

Coach,

$4,491,800 , 2%

Global Luxury

Good Market, $158,570,000 , 94%Dollars in

Thousands


Strengths, Weaknesses, Opportunities, and Threats Analysis

Strengths Weaknesses

Despite launching 25 different licensing

agreements, Kate Spade & Company has

remained consistent in its quality, pricing,

brand image across product categories

(KS&Co, 2015)

As Kate Spade New York’s has continued

to grow its direct- to-consumer sales

(KS&Co, 2015). This allows KS&Co to be

less reliant on the performance of

department stores, and gives KS&Co

greater control over the pricing and

presentation of its products

KS&Co is heavily reliant on its handbag

business and the Kate Spade New York

brand as means to drive sales and

profitability which would significantly

hurt KS&Cos business should KSNY fall

out of favor (Boyden & Rupp, 2015).

KS&Co still relies on “Flash Sales” as

means to sell remaining inventory. The

flash sales can offer discounts as deep as

75% off which has hurt the demand for full

price KSNY.

Opportunities Threats In 2016 KS&Co acquired Dee Hilfiger’s

Bag Bar which allows customers to

customize their bag. This acquisition will

allow Kate Spade to play a more

significant role in the consumer

personalization trend which is particularly

appealing to millennials (Novellino, 2016).

The women’s plus-size market is a $20.4

billion that is grossly underrepresented in

the luxury market (Gunn, 2016; Borchardt

& Zackiewicz, 2016). Currently, Kate

Spade New York offers women sizes from

00 to 16, however by expanding offerings

to a size 24, Kate Spade can tap into an

underserved market that is currently not

being serviced by competitors.

As Kate Spade continues to distribute to

department stores, it leaves the brand

vulnerable to increased promotional

activity which can in turn cheapen Kate

Spade New York’s brand image and hurt

demand for full price items

As Kate Spade & Company continues its

strategic global expansion, the brand risks

losing its brand prestige and desirability as

its products become more ubiquitous.

The Plus Size Market

Despite a rapid expansion into several

different product categories, one of the

markets KSNY is underserving is the plus

size market. The plus size market is a $20.4

billion industry that is relatively untouched

by the luxury brands (Gunn, 2016). In

America alone, 67% of the population is a

size 14 or above and command 28% of

apparel purchasing power. Despite having a

significant amount of purchasing power, the

plus size market only accounts for 17% of

sales indicating that there is a gap between

demand and current offerings within the

apparel market (Binkley, 2013). If KSNY

were to enter the plus size market, they would

be able to capture market share before their

competitors, like Michael Kors or Coach,

who have, at best, extremely limited

participation in the plus size market.


Target Customer The Kate Spade

New York plus size

consumer would be

identical to KSNY’s

traditional consumer in

every way, except for

size.

Meet Monica, a

32-year-old Marketing

Manager for a large

media company in Manhattan. Annually she

makes approximately $177,000, placing her

in the upper income tier (New York Jobs,

2015; Fry & Kochhar, 2016).

Monica has been a fan of KSNY for

years. She tends to frequently shop at the

Madison Avenue store and already owns

several Kate Spade purses, shoes, and pieces

of jewelry. Currently she is shopping in the

plus size departments at Nordstrom and

Bloomingdales but is increasingly becoming

frustrated by the lack of options available

(Nielsen, 2016). She is looking for pieces that

are high quality, fashionable, and that fit her

body (Mintel, 2015). For Fall 2017, KSNY

should seek to fill this gap in the market by

offering a plus size line that is figure-

flattering and on-trend.

Fall 2017 Trend Forecast Image 2.2 Image 2.3

Doneger:

Prep Squad

WGSN:

Teen Queen

For Fall 2017, Doneger and WGSN

have published forecasts inspired by high

school culture and uniforms featuring details

like plaid miniskirts, bow-tie blouses, and

argyle sweaters. These forecasts encourage

borrowing elements from various decades

and layering mismatched prints and textures

in order to convey a sense of luxury through

tonal or contrast pairings (Doneger Creative

Services, 2016; Boddy & Sinclair, 2016).

This trend is an excellent transition into the

fall for KSNY because of its mix of quirky

prints and feminine details – hallmarks of the

Kate Spade brand.

Fall 2017 Color Forecast Image 2.4

The color palette featured in Image

2.4 is sourced from WGSN Women’s Colour

A/W 17/18 report, is fairly representative of

the color palettes also forecasted Doneger

and Textile View Magazine. These colors

were specifically selected as a group in order

to balance and complement each other

through offering “deeper tones matched by

corresponding lights” in order to enable

inventive layering and place a greater

emphasis on print and pattern (Boddy &

Sinclair, 2016; Doneger Creative Services,

2016).

Fall 2017 Fabrics & Print Forecast For

Fall 2017,

textiles and

prints seek

to feel both

retro and

distinctly

modern

through combining retro colors, patterns or

textures with new yarn combinations and

innovative finishing processes (Palmer,

2016; Roet, 2016). Prints and fabrics

typically reserved for school uniforms like

argyle, checks, and tweed are heavily used in

order to convey a sense of retro luxury

(Doneger, 2016; Palmer, 2016; Roet, 2016).

Image 2.1

Image 2.5 Image 2.6

Tweed Argyle


Fall 2017 Key Items & Silhouettes

Fall 2017 key

items and silhouettes

appeals to the

established Kate Spade

New York consumer

through its feminine

silhouettes and

timeless pieces. The

first key silhouette is

the tweed set (see

Image 2.7) which

features three key

items: the tweed jacket,

the tweed pencil skirt,

and the pussy bow

blouse. The pussy bow

blouse can also be

paired with a simple

sheath dress (see Image

2.8) for a more elevated

look, demonstrating the

importance and

versatility of this key

item. Finally, the last

series of key items is

the simplified trench

coat paired with a turtle

neck and flared

trousers. This

silhouette (see Image

2.9) is elegantly

retrospective while still

incorporating modern

on-trend pieces. The

key to these three

silhouettes and key

items is the ability to layer and add interest

through contrasting colors and patterns which

will appeal to not only straight size customers

but also plus size customers.

Fall 2017 Line Concept: Class Flirt Class Flirt draws inspiration from the

classic “teacher’s pet” archetype: feminine

and flirtatious in her mannerism as well as her

appearance. She dresses in silhouettes that

enhance her womanly figure by selecting

pieces that will hug her curves like fitted knit

sweaters, slimming pencil skirts, and classic

a-line dresses. She has an appreciation for the

past but likes to additionally give a nod to the

future through combining heritage prints with

an unusual fabrications, prints, or colors. The

images selected for this particular line

concept (see Image 2.10) were chosen to not

only represent forecasted trends but also to

represent design elements that would appeal

to the established Kate Spade New York

consumer as well as the plus size consumer

to whom this line is targeted toward.

Image 2.10

Fal

l 2017 L

ine

Conce

pt

Image 2.11

Fal

l 2017 C

olo

r S

tory

Image 2.7

Tweed Set

Image 2.8

Layered Leather

Sheath

Image 2.9

Long Coat &

Flare Trousers


Fall 2017 Ensembles Ensemble 1 Ensemble 2 Ensemble 3

Ensemble 4 Ensemble 5 These styles and ensembles were

selected for their universally flattering

design in order to appeal to the plus

size market. The key items from the

line are the argyle mohair vest, silk

bow tie blouse, tweed crop jacket, silk

button-down dress, and leather split

front skirt. These items in particular

were selected for their ease of layering

and for their ability to add a feminine

touch to any ensemble.

Fall 2017 Fabrication The fabrics selected for each style

were chosen in accordance to their suitability,

pricing, ability to convey trend direction, and

adherence to Kate Spade New York’s

standard of quality. Generally, this particular

line focuses on the usage of heritage fabrics

like wool suiting, Supima cotton jersey,

tweed, and lamb leather. In addition to being

suitable for colder weather, the selection of

fabric also provides customers the

opportunity to not only mix prints and

patters, but to also layer texture in order to

support overall trend direction.

Fall 2017 Quick Cost Analysis & Pricing Strategy

The chart above lists all items offered

in Kate Spade New York’s Fall 2017 Plus

Size line and compares unit retail price to cost

of materials. Retail prices for individual

styles were selected through comparing the

current prices of similar items already offered

by KSNY or its competitors.


Six Month Merchandising Plan Figure 3.1

Kate Spade New York Plus Size Fall 2017

Six Month Merchandising Plan SEASON

TOTAL

SALE Last Year % 17% 17% 15% 18% 25% 8% 100%

LY $$

$ Plan 47,600$ 47,600$ 42,000$ 50,400$ 70,000$ 22,400$ 280,000$

Percent of Increase

Revised

Actual

RETAIL Last Year

STOCK Plan 147,560$ 119,000$ 96,600$ 100,800$ 140,000$ 78,400$ 682,360$

(BOM) Percent of Increase

$ Revised

Actual

MARKDOWNS Last Year

Plan (dollar) 952$ 952$ 840$ 1,008$ 1,400$ 448$ 5,600$

$ Plan (%) 2% 2% 2% 2% 2% 2% 2%

Percent of Increase

Revised

Actual

RETAIL Last Year

PURCHASES Plan 19,992$ 26,152$ 47,040$ 90,608$ 9,800$ 30,552-$ 163,040$

Percent of Increase

Revised

Actual

PERCENT OF Last Year

INITIAL Plan 7,997$ 10,461$ 18,816$ 36,243$ 3,920$ 12,221$ 89,658$

MARKUPS Percent of Increase 60% 60% 60% 60% 60% 60% 60%

Revised

Actual

ENDING Last Year

STOCK Plan 119,000$ 96,600$ 100,800$ 140,000$ 78,400$ 25,000$

(EOM) Percent of Increase

31-Jan Revised

Actual

Stock-Sales Ratio 3.1 2.5 2.3 2.0 2.0 3.5 2.4

JAN

PLAN

AUGUST SEPT OCT NOV DEC

The declared planned retail purchases

for the month of November for Kate Spade

New York’s Plus Size line is $90,608 for

Kate Spade New York’s Madison Avenue

store

Distribution Ratios Figure 3.2 Style Distribution

Knit Tops

Woven Tops

Bottoms

Dresses

Jackets

For November 2017, the

Open-To-Buy budget was distributed

among nine different styles with 25%

going towards Knit Tops, 15% for

Woven Tops, 20% for Bottoms, 30%

for Dresses, and 10% for Jackets. This

distribution is reflective of current

style distributions on KSNY’s retail

website as well as distributions

reported in national apparel sales data.

In

order to

capture a

larger

portion of

the plus

size

market,

sizes

were

extended

from size

16 to size

24 and

from 2XL to 4XL. Tops were offered in sizes

3XL to 4XL whereas bottoms, dresses, and

jackets were offered in sizes 18 to 24. Sizing

was heavily skewed to sizes 3XL (see figure

3.3) and to sizes 18 and 20 (see figure 3.4) in

order to reflect the fact that the average size

of an American woman is between size 16

and size 18 (Fratello, 2016).

Color

and print

distribution

ratios were

based upon

forecasts from

Doneger and

WGSN as well

as historical

pattern and

color

distributions at Kate Spade New York.

The prints in this collection were

inspired by prints typically reserved for

school uniforms like argyle and checks.

Some additional prints/ textures like floral or

geometric prints were also included in this

particular line due to their ability to add

layering interest and due to their prevalence

in KSNY’s previous collections.

Figure 3.3

Alpha Sizing Distribution

xxxl

xxxxl

Figure 3.4

Numerical Sizing Distribution

Size 18

Size 20

Size 22

Size 24

Figure 3.5

Color & Pattern

Distribution


Fall 2017 Style Sheets & Purchase Orders Samples


Purchase Order

The style sheets and purchase orders

above encompass the styles available in the

Fall 2017 plus size collections. The style

sheets, as seen on the right, provide about

retail price, fabrication, findings, sizes, and

colorways. On the left is each style’s

individual purchase order. Each purchase

order is reflective of the ratios detailed pages

8-9 and lists the quantity to be bought in each

colorway and size in addition to the total cost

and total expected retail for each style.

The purchase order above reflects the

total number of units purchased for each style

as well as the total cost and total expected

retail. In total 262 individual pieces were

bought at a total cost of $30,222.40,

providing a 60% profit margin. Open-To-

Buy was $90,608, $90,556 was spent, leaving

a surplus of $52, therefore meeting

November’s Retail Purchases budget for the

Kate Spade New York Madison Avenue

store.

Conclusion Kate Spade New York is a brand that

is in the midst of exciting and rapid

expansion. Upon in-depth analysis it was

discovered that one of the markets that it has

currently not tapped is the plus size market.

The objective of this project was to provide

insight on the current state of the KSNY in

comparison to its competitors, to

demonstrate the potential value of offering a

plus size line, to report relevant fashion

trends for the upcoming season and to

provide recommendations on styles, colors,

sizing, and budget distributions for the Fall

2017 plus size line. The Fall 2017 Plus Size

Line succeeds in meeting the previous

unmet needs of the plus size consumer,

supporting upcoming fashion trends,

maintaining Kate Spade New York’s

feminine appeal and brand image while

ultimately demonstrating profitability.


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