Direct and Indirect Competitors
H&M is known for providing the latest in fashion at an affordable price globally. Founded in Stockholm, Sweden in 1947, H&M continues to dominate the affordable fashion industry in global markets. As of November 2019, H&M operates in 74 countries with over 5,000 stores. H&M’s suppliers are able to source the material at competitive costs allowing them to offer their clothing for a fraction of other retail outlets. While H&M dominates in price and fashion, they tend to suffer and receive criticism for the quality of the fabric and stitching. With their strengths in technology, personnel, and global sourcing, H&M is able to revamp their inventory bi-monthly and offer the sophisticated technology component of an app and website for marketing.
Abercrombie & Fitch
Abercrombie & Fitch is an American apparel company targeted towards young men, women, and kids. Founded in 1892 by David Abercrombie and Ezra Fitch, the store has been a staple among young American teens for over a century. Their clothing line is exclusively casual with a large selection of jeans, sweaters, shirts, and shorts. A&F is geared towards the all-American youthful image of modern day. A subsidiary is another popular retailer, Hollister, who sells budget friendly styles of what you would find at an Abercrombie & Fitch store. Because of their strong national presence, A&F offers a professionally designed website, email list, app, and social media accounts that allow them to stay relevant with the trendy young population.
Sons of Yale
Sons of Yale is a local boutique shop located in New Haven, Connecticut catering towards the preppy youth of the local town. Founded by Yale grads in 2002, Sons of Yale is a 1,400 square feet boutique retail shop offering trendy styles for teens, college students, and young professionals indicative of Northeastern U.S. preppy style. Their prices are on the high end and the owners believe that adds to the customer desire. In New Haven, wearing a Sons of Yale item is an indication that you are part of the upscale and luxury community. Their marketing approach is simple, they rely heavily on their Instagram and Facebook business accounts and have a simple website that only includes location, contact information, hours of operation, and numerous professional photographs. A consumer is unable to purchase any items from their website.
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Lisa Jade Fine Clothing will be able to offer the following advantages over their competition:
- Lisa Jade will pride itself in using high quality material at affordable prices. They have been able to negotiate with U.S. based suppliers that are able to manufacture their design concepts at an affordable price.
- Lisa Jade will offer several technology advantages, such as a customer profile assessment kept in a database so that their loyal customers will be notified the minute one of their favorite items is available in their size. Lisa and Jade believe that by offering this level of customer service, they will be able to retain and recruit a steady customer base.
- Unique and modern designs crafted from the minds of Lisa and Jade. Most apparel sold in the store will be from the notebook of Lisa and Jade. They will carry very few items that can be purchased from other warehouses. By offering fresh and unique designs that are on the cutting edge of trendy, young people will be flocking to obtain a piece of clothing that can’t be found on 1,000’s of other people around the country.