Apparel Online Bangladesh Magazine April Issue 2019 | Page 62

WORLD WRAP THE LATEST NEWS HAVE YOUR SAY For the latest news on apparel and textile, make sure that you visit https://apparelresources.com/top-news/ Write to Apparel Resources, B-32, South Extension-1, New Delhi (110049), India or email: [email protected] BRAND EXTENSION RETAILERS AND BRANDS TRANSITION FROM CLOTHING TO LIFESTYLE SOLUTIONS T he lifestyle of the consumer is now diversifying from the usual ‘Get up, Earn bread, Eat, Repeat’ cycle as healthcare, environmental consciousness, travel and developmental activities are now a huge part of the timetables. The only thing on the low is time, and time is money. This has driven several brands and retailers to tap into the potential of lifestyle, one- stop solution outlets that provide more than just fashion apparel, with offerings such as beauty and accessories, footwear and the rapidly rising homeware market. As retailers and brands struggle to retail relevance in a crowded market, strategy to attract a large audience has become a key. What a better way to do this than increasing product portfolio not only in its traditional segment, but also in new areas. The industry players adopting this trend were successful enough in sustaining the extension as it allowed them to create a new image in the consumer psyche using the reach of existing brand image. ESSENTIALS Brand Extension is a trend on the rise since late ’90s, which started off as a marketing stint as the cost of marketing gets divided over a multitude of products, and gives the brands a way to foray into other product categories or radically into entirely different industries as well. Plus-size collections, disguised as a step towards inclusive fashion, were deemed as successful line extensions for Nike, Adidas, Macy’s and Target. Similarly, departmental all-solution stores such as Primark started retailing licensed products for popular character-inspired clothing, giving media an outlet to promote their entertainment ventures as and when they launched. A parent brand can create several extensions of its offerings to cater to the masses, providing the shoppers a single destination to fulfil all their demands – whether niche or basic. Ralph Lauren is one of the biggest and most successful instances as they harnessed the brand reputation HOLISTIC OFFERING IS THE KEY Diversification is done at different levels, as brands first trudged safer boundaries through basic line extensions with extended-size collections or capsules, then went on to expand their product levels with added swimwear, kidswear or athleisure ranges and finally forayed into adjacent industries such as homeware and beauty. A Zara Home store 62 Apparel Online Bangladesh | APRIL 2019 | www.apparelresources.com to extend into Polo Ralph Lauren, Ralph Lauren Purple Label, and more, to cater to multiple consumer segments. High fashion retailer Armani is yet another brand to provide a lifestyle solution as they operate through Giorgio Armani Privé, Giorgio Armani, Emporio Armani (including EA7), Armani Junior and Armani Exchange, after announcing the closing of Armani Collezioni and Armani Jeans. It later on explored hospitality with the launch of Armani hotels that offer detailed Armani branded experiences right down to the last throw pillows and night lamps. Footwear also became a preferred choice for many retailers as