Reference no: EM132794298

EFBM 7002  Global Fashion Industry and Business - University for the Creative Arts

Aim: For this unit you will work on an industry project in order to test and develop your current skill base and enable you to begin to identify with the dynamics of the fast-paced fashion and retail business environment. Your learning experience will consist of seminars, lectures and project tutorials. You will participate in and observe professional practice which will help you develop core industry knowledge as well as develop professional skills such as collaboration, teamwork and peer group learning.

Farfetch Mission Statement:

‘Farfetch exists for the love of fashion. We believe in empowering individuality. Our mission is to be the global platform for luxury fashion, connecting creators, curators and consumers'.
Background:

Founded in 2007 by José Neves for the love of fashion, and launched in 2008, FARFETCH began as an e- commerce marketplace for luxury boutiques around the world. Today the FARFETCH marketplace connects
customers in over 190 countries with items from more than 50 countries and nearly 1,300 of the world's best brands, boutiques and department stores, delivering a truly unique shopping experience and access to the most extensive selection of luxury on a single platform.

This allows hundreds of thousands of Farfetch customers to shop a very unique and wide range of fashion items. This is mainly due to a no boundaries future facing vision, great execution plus three traits of very successful companies:
• A remarkable founder and CEO
• A highly differentiated targeted positioning and business model
• A global opportunity and ambition

The Brief

"Luxury needs something very specific online, including a global perspective to interact with customers in China, the Middle East, and Russia," Neves says.

You have been asked to research and develop a consulting report for Farfetch. The aim of your report is to look at their existing market presence and then provide a clear overview of a potential market to expand their business into and to identify their potential luxury consumer in this territory. Your choice should not be your country of residence - research new territories for Farfetch.

Your consulting report should use the most recent data and research available which should be critically evaluated in order to provide a series of long- and short-term recommendations for the client. This will provide them with key insights into these proposed new territories. This report should provide an overview of the key market you have identified and a full profile of their target consumer as well as the key strategies that will target this consumer. All recommendations must be fully justified by research and your recommendations should help Farfetch realise and consolidate this next stage of their evolution.

Points to consider:
• Trend analysis of the market/retailing trend analysis
• Market overview - Macro/ Micro drivers and restraints
• Mapping of competitors - competitive landscape
• Consumer Analysis
• Communication channels
• Marketing Mix
• Event Campaigns aligned with marketing mix - (mock-up of landing page Headline, tagline, Call to Action CTA)
• Recommendations

You will work in small study group teams to brainstorm and develop this project and you will be given additional notes and guidance on managing group work. The final outcome of this project is:

i. An INDIVIDUAL consulting report of 2,000 words addressing the brief using Adobe InDesign following client house style.

ii. This will be supported with an INDIVIDUAL 1000-word self-reflection statement to be found in your reflective blog (screenshots of this must be evidenced in the final submission in the appendix).

Hand in requirements:
On completion of this unit, you will be expected to submit a portfolio, which documents the experiences and practices scrutinised within the project, with particular attention to management practices.
Your portfolio will include:
• Individual Consulting report (2,000 words).
• Continuous personal reflections/ entries in reflective journal approx. 1000 words. (See additional notes guidance notes).

LO1 Develop critical knowledge of theories and concepts related to Fashion business and management and apply this understanding to different types of industry sectors and Fashion related businesses in global environments.

LO2 Demonstrate critical understanding of market, economic and technological factors that influence the competitive position of the business in the market and apply this to develop business strategies.

LO3 Use appropriate research methodologies to further knowledge and use this to position own research and professional practice in a global context.

LO4 Identify and apply a range of communication and technical skills to effectively impart findings and recommendations to professional standards.

Attachment:- Global Fashion Industry and Business.rar