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The Limited mantra

The Limited mantra. HER PERSONAL SUCCESS. For our target customer, it ’ s not about a job, nor simply a career. It ’ s about growing, learning and building. It ’ s about making her own personal impact in the world and fulfilling her potential each and every day.

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The Limited mantra

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  1. The Limited mantra HER PERSONAL SUCCESS For our target customer, it’s not about a job, nor simply a career. It’s about growing, learning and building. It’s about making her own personal impact in the world and fulfilling her potential each and every day. About making her dreams real, through hard work and persistence. And about being all she can be, looking great every step of the way. That is what The Limited is about: 2

  2. Company overview • The Limited is an iconic women’s apparel and accessories brand that has served generations of women for over 45 years • - Operates 257stores in high-traffic mall locations in 42 states nationwide • - Target average store size of 4,000 – 5,500 sq. ft.; existing stores average 6,300 sq. ft. • - Known for our offering of distinctive suiting and comfortable, flattering pants at attractive price points • - Multi-channel platform to better serve and connect with our customers • Strong performance since the acquisition by Sun Capital in 2007 • - Rationalized store base: closed 60 stores, remodeled 48 stores, opened 57 stores

  3. Corporate history 1963 Founded byLes Wexnerwith first store in Columbus, OH 1969 The Limited’s first public stock offering is issued Over-The-Counter 1983 The Limited opens its500th store 1989 The Limited sales and OI achieve peak of $1.2B and $200M, in over 750 stores 1994 The Limited loses $20M OI 1998 The Limited loses $95MOI 2007 New leadership; Sun Capital acquires 75% ownership 2010 Company acquires remaining 25% 2009 First profitable year since 1993 2004 Victoria’s Secret establishes Pink; BBW hits $2B in sales 2006 VS brand hits $5B in sales 1980 First Limited Express opens in Chicago, 2 years later becomes separate division 1982 Victoria’s Secret is purchased 1985 Lerner isacquired 1988 25 A&F stores are acquired and Limited Too is unveiled in Limited stores 1990 BBW opens first store 1995 Intimate Brands IPO

  4. Business transformation under new leadership • The Limited is an iconic American brand that has rediscovered its focus Created a standalone organization • Retained and recruited experienced management • Improved information technology systems Re-Identified core customer and refined brand positioning • Profiled our edit point “Tyler” and our target customers (Tyler, Megan and Amanda) • Extensive brand and market research • Reaching out to target demographic one customer at a time • Improved customer communication and marketing strategies • Reduced target store size to 4,000-5,500 sq. ft. • Remodeled decor design and store layout to enhance shopping experience Developed new store prototype Launched E-commerce platform • Launched in 2008 with additional mobile capabilities added since initial launch • Enhances our ability to reach our core customer on her terms • Dual-sourcing model captures scale efficiencies of large vendors • Demand-driven processes based on customer research and market segmentation Re-Engineered Go-to-Market approach • Employee ownership of brand and sharing of best practices • Field managers empowered to make decisions and enhance operations Strengthened our corporate culture We have transformed the business to a standalone company, strengthened our brand and positioned the Company for future growth

  5. Our competitive positioning High Price Low FashionForward Fashion Sensibility Basic Note: Size of bubble represents 2010 global volume; H&M and Zara bubbles size reduced for graphical purposes; multiple bubbles represent a current shift in positioning Source: Market research and management views

  6. Delivering versatile, on-trend fashion at great value Large Thin Hoops $16.50 Grey Essential Jacket $158.00 Jackets, Skirts & Dresses 22% Woven Popover $39.90 Tops45% Ruffle Front Tank $49.90 Accessories 10% Touch of Shine Bangle Set $19.90 Pants22% Drew Denim Ankle Trouser $69.90 Textured Bangle Set $19.90 Ruffle Doctors Satchel $74.00 Ladylike Kisslock Bag $69.90 Drew Twin Pocket Flare Pant $74.90 We offer our customer a wardrobe that addresses all her lifestyle needs

  7. Reconnecting with our core customer • Comprehensive consumer study • Understanding our customer allows us to effectively connect with her and build loyalty through positive experiences – our messaging, our products, our stores and our customer service • Established core and adjacent customer profiles to ensure a unified approach to branding and merchandising • Tyler, our primary edit point, a female age 25 to 35 • Megan, our confident professional, age 30 to 39 • Amanda, our future generation, age 18 to 24 The Limited is about her personal success

  8. Meet Tyler, our primary edit point • She is alluring, 28 years old, recently engaged, lives and works in Chicago • She is an aspiring executive: She is on her second job – now it’s a career – and frequently travels for business • She is self-confident, quick, witty, fun, social, socially aware and curious • Her inspiration comes from fashion and celebrity magazines • She is active and fitness-focused, she loves to vacation, she loves to go out • Her active life means she goes non-stop from work to evening and events • She knows who she is – she is selective, not impulsive, she knows what suits her style, she doesn’t adjust herself to the vagaries of fashion, she is on-trend, not trendy On-trend, not trendy Female HouseholdIncome$40k-$80k Lives inthe suburbsand cities 25-35 years old Collegeeducated Variousoccupations Active

  9. Meet Megan, our confident professional • She is confident in how she shops and selects her work wardrobe • Her business wear signifies her prestige and success • She believes wearing quality clothing is part of living the good life • Her inspiration comes from fashion and celebrity magazines • She shops where she can always find the latest fashions and enjoys getting the newest looks • She introduces the concept of transition wear – good for work – stylish for going out • She is brand loyal • She purchases clothes that she likes, regardless of price Confident & fashion savvy Female HouseholdIncome$80k-$125k+ Lives inthe suburbsand cities 30-39 years old College educated & career focused Achieving her personal success Active

  10. Meet Amanda, our future generation • She is a “girl-next-door” that wants to feel fashionable and trendy • She recently joined the workforce, is price sensitive, and can’t resist a good deal • She is often introduced to the brand by her mother as she prepares for the important “first interview” event • She is an avid shopper and likes to make a fashion statement • She relies on friends and social networking to help her find the right clothes • She enjoys shopping online, but her preference is to try an item on in- store • She is spontaneous and an adventurer who enjoys sports and is extremely sociable Young & contemporary Female HouseholdIncome<$40K Lives inthe suburbsand cities 18-24 years old Newly educated Beginningcareer Active and social

  11. Differentiated store design and environment • Stores are designed and merchandised to deliver an inviting atmosphere and rich shopping experience • Open store front • Taupe walls, white cabinets and “splash” of red • Natural wood floors throughout • Residential lighting and chandeliers • Easy to shop format segmented into six quadrants • Strong visual appeal • Complete outfit presentations paired with accessories • Back lit fixed shelves provide marketing opportunity • Passionate and knowledgeable sales associates provide high level of customer service

  12. Differentiated store design and environment (cont.) Fitting Rooms Sale Items Core Offering Front of Store Cash Wrap New Merchandise Back Room

  13. Visual presentation and merchandising • In-store merchandising first tested in a mock store at The Limited headquarters • Thoughtful adjacencies of categories and theory of the floor • Visually appealing and easy-to-shop • Mannequins display complete, coordinated fashions • Our customer seeks guidance on how to customize heroutfits and wardrobe • Mannequins often displayed on raised runway fixture inthe center of the store Focused on looks that make her look great every step of the way

  14. Multi-channel, integrated retail approach • Website is an essential branding, customer loyalty, acquisition and retention vehicle • Multi-channel customer spends on average ~2.5x more than store-only customer and ~4.0x more than online only customers • Average annual customer spend: • Direct only: $103 • Retail only: $151 • Multi-channel: $389 • Sales from E-commerce increased 150% since 2010, represents 15% of total sales

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