×
176
Fashion Jobs
H&M
E-Commerce Commercial Manager
Permanent · NEW DELHI
H&M
Area Facility Manager
Permanent · NEW DELHI
SAROJ JALAN
Marketing Strategist
Permanent · KOLKATA
ADD UR CO LLP
Production Manager
Permanent · Chennai
THE GLOBAL ZONE HR SERVICES
Production Manager/ Supervisor/ Incharge
Permanent · Pune
PUMA
Manager - Digital Marketing
Permanent · Bengaluru
THE BANYAN HR CONSULTS
Brand Manager For Leading Women's Wear Garments CO at Coimbatore
Permanent · Coimbatore
LEVI'S
Manager, Retail Merchandising (Ebo)
Permanent · Bengaluru
GLAN MANAGEMENT CONSULTANCY
Senior Buyer Lingerie (Knits Western Wear) - Retail Brand
Permanent · GURUGRAM
JOB INDIA
Asst. Manager E-Com Operations (Garments Retail) Gurgaon
Permanent · Faridabad
VASTRAKALA EXPORTS
Quality Manager
Permanent · CHENNAI
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Manager / in Charge - Production/Quality/Cutting - Garments Industry
Permanent · Bhiwandi
MINT AND MILK COMMUNICATIONS
Senior Account Executive
Permanent · MUMBAI
PUMA
Manager- Buying (Apparel)
Permanent · Bengaluru
PUMA
Manager- Business Intelligence
Permanent · Bengaluru
PUMA
Manager- Trade Compliance
Permanent · Bengaluru
LEVI'S
Technical Product Manager
Permanent · Bengaluru
PUMA
Manager- Supply Planning
Permanent · Bengaluru
PUMA
Senior Manager - Performance Marketing- Marketplac…
Permanent · Bengaluru
PUMA
Regional Sales Manager- Mbo (South)
Permanent · Bengaluru
PUMA
Manager- Returns And Spf Operations
Permanent · Bengaluru
PUMA
Manager Merchandising
Permanent · Bengaluru
Translated by
Nicola Mira
Published
May 4, 2021
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Saint Laurent targets young clientèle with accessibly priced handbags

Translated by
Nicola Mira
Published
May 4, 2021

Saint Laurent has fine-tuned its marketing strategy to win over younger consumers and boost its market share. The French label’s strategy hinges on a careful assessment of its product range and a more accessible price positioning than that of its direct competitors, according to a study by marketing metrics firm Retviews, combined with a communication effort targeting the younger generations. As demonstrated by Saint Laurent’s newest brand ambassador, pop singer Rosé of Blackpink, the uber-popular girl band from South Korea, where the French luxury label has recently opened its first flagship.


Rosé pictured with the Solferino handbag - Saint Laurent - YouTube


In 2020, the Kering group’s iconic label generated a revenue of €1.74 billion, climbing to second place in the group’s ranking behind powerhouse Gucci. According to data by Retviews, leather goods account for 40% of Saint Laurent’s product range, but for 71% of its total sales. Ready-to-wear instead generates only 12% of the label’s revenue, while accounting for 21.6% of its range. In the 2020 financial statement, Saint Laurent reported that leather goods generated 74% of its revenue, footwear generated 16% and ready-to-wear only 7%.
 
In other words, accessories, and handbags in particular, are crucial for the label. Compared to other top names, Saint Laurent, with Anthony Vaccarello in charge of style since 2016, features far fewer mini handbags and belts, both extremely popular in recent seasons (29% of the range, as opposed to 69% for Balenciaga and 51% for Gucci), preferring to focus on multifunctional models like cross-shoulder bags (40% of its handbag range) and shoulder-worn bags (17%).

“This assortment is perfectly consistent with the essence of Yves Saint Laurent, whose goal had always been to celebrate women in their everyday lives, from work to social occasions and holidays,” said Retviews.
 
Price-wise, the label seems to be positioned in an intermediate segment in relation to its competitors. Considering for example ready-to-wear fashion, specifically dinner jackets, one of Saint Laurent’s signature items, they sell for €1,990 (Gucci’s sell for €1,980, Prada’s for €2,500, Loewe’s for €2,900 and Dior’s for €3,500). As for handbags, Saint Laurent’s prices range from €245 to €5,500. Loewe is cheaper at the lower pricepoint end, with handbags priced at €190, while Gucci beats Saint Laurent at the higher pricepoint end, with €20,000.
 
“The prices of Saint Laurent handbags are mid-range. This is likely to be part of Kering’s strategy to boost its appeal with the younger generation. Saint Laurent’s mid-range price positioning is the safe choice to satisfy the need for resilience and excessive luxury consumption typical of Gen Z and Millennial consumers,” concluded Retviews. Provided Saint Laurent won’t be pegged down in this segment.
 

Price differences in luxury labels’ handbag assortment - Retviews


More affordable prices than direct competitors like Dior, Chanel and Louis Vuitton will surely enable Saint Laurent to increase its attractiveness with young people. And not just them. The label’s communication strategy, notably focused on digital media, with a constantly growing number of followers for its website and social media channels, is expected to play a part in broadening Saint Laurent’s customer base.

It is no accident that Saint Laurent chose as brand ambassador K-pop star Rosé, with her huge community of fans. Cue an avalanche of comments and likes for Rosé during the broadcast on April 28 of the label’s video for the women’s Fall/Winter 2021-22 collection. Two days later, Saint Laurent announced the opening of a flagship store in Seoul, its first in South Korea, located on Gangnam-Gu, in the Cheongdam district, the capital’s coolest, most affluent neighbourhood.

Copyright © 2022 FashionNetwork.com All rights reserved.