Even good brands can experience a slump in sales and brand recognition.
The world of fashion is constantly changing. Trends come and go and those that do not keep up can be quickly left behind. This can lead to some brands considering how to change their image to attract a larger demographic.
A great example of rebranding is what M1 Group did after purchasing Facconable. In the past the firm had limited themselves to men’s fashion. This limited the reach of their business considerably.
After purchasing the company the investment firm decided to expand it by offering fine quality women’s clothing as well. This helped the company come out of the slump in sales that it had experienced.
M1 Group invests in companies by providing them with the capital they need to reinvent themselves for today’s competitive fashion environment. You can contact M1 Group for the best advice regarding investing in the exciting world of fashion. They have years of experience helping smart investors make the best choices for their financial future.
Rebranding has risks
Changing a logo or name can be a risky business in some cases, so rebranding is often approached with caution. An example of this would be when the Gap attempted to change its trademark logo. There was a big outcry from loyal customers so they chose to change back to the original design.
It is important to test out rebranding in a focus group or small area before totally changing. This can help eliminate disasters such as that experienced by the Gap. Fashion house Yves St Laurent announced that they would be changing their long-standing name to Saint Laurent Paris; a bold move.
It is important that a fashion firm’s image is modern enough that it is not seen as being stuck in the past. While vintage fashion might be a great trend, a company being stuck in the past with their marketing campaigns and image is not.
A new marketing campaign can be a big part of rebranding a lagging company. Digital marketing is inexpensive and reaches a large audience. A company app encourages brand loyalty by allowing designers to keep customers and potential customers up to date on the latest trends as well as announce when new product lines are available for purchase.
J. Crew experienced a renaissance when first lady Michelle Obama wore a dress they made and then began endorsing them.
Many people don’t realize that in 1997 Apple was close to filing for bankruptcy. While Apple is not considered a fashion company, their story is closely related because their success is based a lot on their style and image.
The solution was to create better products and make them appear as stylish as possible. In addition Apple saw the need for technology that was easy for average people to use. The iPhone and iPad, combined with outstanding customer service took Apple to the top.
Fashionable storefronts attracted a lot of younger purchasers and encouraged others to explore the world of Apple. Attracting the broadest demographic is an important aspect of maximizing sales and profit.