Versace adapts a marketing mix which involves the 4P’s (Product , Price, Place, Promotion). Versace is a design mark managing in extravagant things and offering an ideal mix of complicated, amazing and select items to its clients. The brand guarantees that unique style and plans are offered in order to keep up its selective brand identity. Donatella Versace took the ownership in hand and introduced ‘Young Versace’ and ‘Versus’ in 1993.The product portfolio of the brand are catering to all categories Men , Women and Kids.
Versace has placed its brand in the in the premium section which targets the elite members of the society. The brand attracts clients with urban lifestyle and those with a high purchasing ability. The brand has fixed its price proportional to the quality of the product. This pricing strategy is known as Premium pricing where the users are ready to spend to get quality they require. This is understood as exclusivity .The goal is itself to create the perception that the brand’s products have a better value compared to its competitors.
From the graph it is evident that Versace is considered a brand with high price and carries forward the aspects of modern styles and designs.
Versace is a global brand with its commercial presence all over the world. Until 1991 Versace was only in Italy and later the brand set up its first boutique outside of Italy in Glasgow ,Scotland. Versace currently disseminates its items utilizing an overall system including in excess of 180 boutiques and 1500 entire dealers worldwide. In 2015, Versace held hands with H&M and discharged another attire and adornment line which are being sold in H&M stores. The organization additionally has official site for dress, shoes, and adornments for people to give online buy involvement to the clients.
Though the brand doesn’t require any media to promote itself , nevertheless Versace has spent a lot of thought over the same . (ie) towards building themselves a synonym to luxury. Versace being the brand for superstars has specifically or in a roundabout way was advanced by these famous people all through its voyage. It made an organization with Lamborghini in 2006 delivering Lamborghini Murcielago LP640 VERSACE. The inside of the auto was crafted by Versace. The inside of the auto was planned by Versace with auto seats weaved with Versace logo. To keep the eliteness, just 10 units of the auto were delivered.
In 2008, Versace collaborated with AgustaWestland to make the AgustaWestland AW109 Grand Versace VIP extravagance helicopter. The helicopter had Versace calfskin inside and a structure outwardly. It likewise thought of Versace Residencies to advance the rich brand name. The company’s Versus line aims to target the Urban Millennials uses Social Media and digital campaigns to reach the segment. Donatella wanted to refurbish Versus as a younger self of Versace. So they set up websites where the customers could have all access to all the social media where Versace may be on thereby providing better online experiences. The versus line which was launched in 1989 was again relaunched in 2009 .They targeted the younger generation using Facebook, Instagram, Twitter and Google + profiles. The versus line also partnered up with singer Zayn Malik who influenced his followers to buy the apparel.
Quoting from the interview to Newyork times by Donatella, “I wanted Zayn because he can help me talk to his followers. I want to listen to their language. I want to learn more about them, what they think and what they like. They are a new generation that without working with someone like Zayn, I will never reach.”
Sources:
2. https://www.classicdriver.com/en/article/agustawestland-grand-versace
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