3.4 revise the report

Please also add the garment you have chosen to analyse and include a photo

2

Table of Contents 1. Introduction 5 2. Critical Path Management 6 2.1. Critical Path 6 2.2. Risks and Solutions 7 3. Strategy 8 3.1. Trend Analysis 8 3.1.1. Market Trends 8 3.1.2. Colour Trends 9 3.1.3. Fabric Trends 11 3.2. Competitors Analysis 12 3.2.1. Competitors Overview 12 3.2.2. Comparative Product Analysis 13 3.3. Customer Profile 15 3.4. SWOT Analysis 17 3.5. Boston Matrix 18 4. Design Development 20 5. Range Build 21 5.1. Base Plan 21 5.2. Range Plan 22 5.3. Product Mix 24 5.4. Financial Target 25 6. Production 26 6.1. Sourcing 26 6.2. Sampling and Fittings 27 7. Quality Assurance and Testing Requirements 29 8. Delivery 30 9. Launch 30 10. Recommendations 31 11. Conclusion 32 12. References 32

Figure 1: The Buying Cycle 6

List of Tables

To stay ahead of the game in the highly competitive fashion retail market, retailers need to have a well thought out and systematic buying process in place. As a luxury brand with a long history, Max Mara needs to adapt to market trends and consumer expectations while maintaining its unique brand values. This report evaluates Max Mara's coat products around the 9 stages of the buying cycle (Figure 1), and provides valuable insights into Max Mara's future development by analysing the market environment, brand strategy, and competitive analysis from a variety of perspectives.

The critical path method is a project management technique where tasks on the critical path are called critical activities and if these activities are delayed, the completion of the entire project is delayed (ProjectManager, 2023). Critical path management is therefore essential to Max Mara and is a key strategy to ensure timely the completion and delivery of coat production. Figure 2 simulates a critical path schedule for the production of a product, a methodology that is essential for aligning the various production stages and optimising the efficiency of the entire process within a specified timeframe.

You could also add in the below steps to the CP to show that you are aware they are part of the CP

Cashmere coats are positioned as a high-value investment, with their soft touch appealing to many comfort-seeking consumers (Yiannakou, L. et al., 2023). Its popularity is driven by consumers' desire for comfort and tactile experiences as part of the wider #HyperTexture fashion trend. As shown in Figure 3, cashmere jumpers and coats hold the largest market share. The global cashmere coat market is also projected to reach $230.33 million by 2029 as demand continues to grow (QYResearch, 2023), a growth trend that will favour sales of Max Mara cashmere coats. How many chashmere coats does Max Mara have in the range? How does this compare to other retailer/brands? When would the number of cashmere coats have been decided? What are your thoughts on the colour of the coats?

Figure 4 shows the new classic colours for Autumn/Winter 2023/2024 proposed by the Pantone Colour Institute, where traditional tones are recombined with modern elements to make an unobtrusive yet subtle presence.

Additionally, the Pantone Colour Institute has provided an overview of the new classic colours for Spring 24 Fashion Week. As shown in Figure 5, these are the same as the staple colours of Max Mara, which is known for its muted colour schemes, often in shades of beige, camel, grey and black.

Figure 6 presents colour analysis of the Max Mara Autumn/Winter 2023 fashion show through core colours. The colour palette of the fashion week was dominated by neutrals and earthy tones, which fully reflected its luxury and sophistication. Although Max Mara usually works with a monochromatic theme, it manages to create a coherent and sophisticated look. The brand also uses textures and fabric treatments to add depth to colour combinations. For example, the sheen of silk or the roughness of wool can alter the perception of a colour, adding extra layers to a colour palette. Earthy colours such as olive green, burnt orange and sepia further accentuate the elegantly understated aesthetic. This is a great piece of research! Now add WHO decides on the colours of the palette? How do they communicate this? WHEN in the buying cycle do they decide this?

Cashmere production has a significant impact on the environment, with increasing demand leading to an increase in the number of goats, resulting in overgrazing and land degradation (Mariana Simões, 2021). Secondly, cashmere production also has ethical issues. The cashmere industry often lacks proper animal protection regulations, and commercially undesirable goats are sometimes slaughtered (Tim Schneider, 2020). In today's increasingly environmentally conscious world, there is a focus on sustainability and environmental issues. In response to this trend, some cashmere brands (who? State which brands and show examples) are developing products using recycled cashmere and organic fabrics. Although the quality of recycled cashmere cannot be compared to virgin cashmere (why can’t it be compared? What is the difference? Show your customer profile and demonstrate how important ethical and sustainable sourcing is to the customer but showing what their buying values are), it is still seen as a better option for sustainability.

In this regard, Max Mara has also been actively working on sustainability. CameLuxe plans to use up-cycling (Max Mara, 2024) to repurpose discarded camel hair fabrics into a new insulating material for the production of padded parkas, coats and jackets (BOY BASS, 2020). This approach not only reduces waste but also minimizes environmental impact and maximizes efficient use of resources. Nonetheless, to ensure the tactile feel and quality of the coats, most of Max Mara's products are made from virgin cashmere (how does this appeal to the Max Mara customer rather than recycled cashmere?) Does cashmere product have a label to confirm authenticity?. Wanting to strike a balance between fashion-forward design and sustainable practices, Max Mara could look to replace virgin cashmere with more recyclable materials, such as PET faux fur or natural fibres, to produce ethical, quality cashmere products that maintain consumer interest. Excellent statement with a recommendation!! Now relate this back to your customer profile and state how you think this will appeal to that customer

Research which countries cashmere comes from. Does this correlate with the country of origin on the care label of the product you are researching? How will the buyers work with the sounrcing teams regarding sourcing ethically? Will using PET faux fur be more or less expensive? How will this impact the retail prices? At what point in the buying cycle will costings be discussed and who does this?

Figure 7 illustrates the market positioning of Max Mara and the other four main competitor brands, with Loro Piana, Burberry and Max Mara occupying the high-cost, high-quality quadrant, Zara offering high-quality products at a lower cost, and J.Crew positioned in the middle of the spectrum, striking a balance between quality and cost. Max Mara has managed to establish itself as a purveyor of high-end fashion, but prices have not reached the peak of Loro Piana. In contrast, Burberry, although in the same quadrant as Max Mara, is typified by its British heritage and iconic designs, which may be slightly more expensive due to the brand's reputation (Hope Ngo, 2020). This difference highlights the subtle competition in the luxury segment, where brand stories and heritage can command a premium. The challenge for Max Mara is to maintain its luxury allure while countering the various approaches of its competitors: Burberry's heritage and brand strength, Zara's value proposition, and the balanced offerings of J.Crew. Max Mara must differentiate itself through quality and design to differentiate itself while justifying its price points under these competitive pressures.

Relate why you feel quality and design is important to the Max Mara customer. At what point in the buying cycle does Quality testing happen? Who does these tests? What do they mean? Do you think the buyers would compromise on quality to ensure the product is delivered on time or would the sacrifice a delayed delivery to ensure the product is premium quality? Why do you think this?

In the fashion industry, material composition plays a crucial role in the quality, comfort and price of garments. As shown in Figure 8, the materials used in garments at different price points are in stark contrast. Loro Piana's 100% cashmere coat tops the list at £5,035, which is 50 times the price of a Zara coat. Max Mara and Burberry's coats were similarly priced, while J.Crew's coat was closer to Zara's price. As can be seen, Loro Piana is the supplier of high-end luxury goods in terms of price and materials, Max Mara and Burberry cater to mid-range and high-end customers, while J.Crew and Zara offer the most affordable options for low and middle-income customers.

It's worth noting that Max Mara's coat is very similar in material to J.Crew's coat, but five times the price. J.Crew's coat, which costs just £478.00, is made from 80% wool, but with 20% polyamide. Indicating that J.Crew compromised on the purity of the material to save on manufacturing costs wherever possible, (indicate when these decisions would have been made in the buying cycle and who would have made these decisions) the presence of synthetic fibres may affect the breathability and durability of the garment (Quynh Nguyen, 2024). Max Mara's "101801 Icon Coat" is the pinnacle of luxury. Priced at £2,555.00, the coat is made from a blend of 90 per cent virgin wool and 10 per cent cashmere for superior warmth, durability and a soft feel. Virgin wool refers to the fibres of lambs after their first shearing and is known for its finesse and softness (Giesswein, 2020), while cashmere is sought after for its lightness and warmth, which explains the high price of this coat.

The Max Mara 101801 Icon Coat was first launched in 1981 and remains an iconic piece for the brand. Known for its timeless and elegant style, it is often compared to the "Chanel classic" of coats (Meagan, 2019). Harsh craftsmanship and timeless design are two key features of Max Mara's coats that have helped Max Mama maximise the value of the brand. The basic design of Max Mara's coats is not uncommon in the global fashion industry, with many brands having introduced similar styles, reflecting the breadth of coat designs in the fashion industry.

Designed by Anne-Marie Beretta in 1981, the 101801 Icon Coat is a 73-step process that takes up to 168 minutes (excellent research! relate this back to how this impacts the cost of the product, think about wages in each country and cost of living) compare this to the Zara coat. Do you think this would be less or more minutes? Why is this? What kind of factory do you think each retailer would use? Consider the factory types we looked at in the sourcing lecture. to complete for a single coat, ensuring superior craftsmanship and attention to detail (Meurice, 2019). The customised lining with the Max Mara logo and the dedicated label are all unique elements of this coat (Figure 9), and the perfect balance between fabric, shape, colour and manufacture (Anne-Marie Beretta, 1981) makes it a milestone in fashion history. Compare – do any of the other retailers have similar branding? If not, why? Could it be cost saving? When in the buying cycle would Max Mara have decided to add this lining? What is the impact of doing so? Who would be involved in the step? Contesting contemporary trends, Max Mara didn't need any specific style gimmick to stand out in the world of coats (LVR Magazine, 2024), which explains its enduring glamour and iconic status in the fashion world.

I would suggest moving your customer profile to the start, after your introduction. A search of the Instagram page for #Max Mara shows (Figure 10) that the brand's consumer demographic typically consists of affluent, fashion-conscious women, usually aged 30 and older. These customers value the brand's blend of timeless elegance and contemporary style, seek high-quality, luxurious clothing to assert their status and taste, and view their purchases as long-term investments in their wardrobes (TBH, T., 2023). This reflects their preference for classic, long-lasting fashion over ephemeral trends.

Figure 11 summarizes the majority of Max Mara's customer portraits.

Also add which values you consider are most important to the Max Mara customer

The Boston Matrix, also known as the Growth Share Matrix, was introduced by the Boston Consulting Group in 1970 as a model used by companies to analyse their product portfolios. The model classifies products into four categories based on their market share and market growth; Stars, Cash Cows, Question Marks and Dogs (Reeves, M., Moose, S. and Venema, T., 2014). Figure 12 illustrates the positioning of Max Mara coats in the different categories of the Boston Matrix.

Stars refers to high-market share products in high-growth markets (BCG Global, 2024). The 101801 Icon coat is Max Mara's star; it is a flagship product with high sales and market share and represents the pinnacle of the brand's craftsmanship and style.

Cash cows refer to high market share products in low growth markets (BCG Global, 2024). The Manuela Icon Coat could be considered a cash cow. This coat is not as iconic as the 101801, but due to its classic design and quality, there is still a steady demand for it and it continues to generate revenue for Max Mara without significant investment.

Question marks refer to products that are in high-growth markets but have a low market share (BCG Global, 2024). One of Max Mara's 'question mark' products is the Teddy Bear Icon coat in alpaca and cashmere. Made from 61 per cent alpaca and 28 per cent cashmere, the coat, priced at just £200 more than the regular model, feels better and appeals to luxury-seeking consumers. As a special edition for the brand's 10th anniversary, it will appeal to collectors and fashion lovers alike. The teddy bear coat's appeal has endured, with Gen Z fashionistas pairing it with edgy ripped jeans, casual pieces and understated shoes, demonstrating the coat's ability to transcend fashion trends and adapt to relaxed street style (Joy Montgomery, 2024). Max Mara's strong brand reputation and growing interest in sustainable, high-quality fashion products will further fuel its demand.

Dogs refers to low market share products in low growth markets (BCG Global, 2024). Cashmere Cardigan Coat is Max Mara's dog product. This is because it is similar to the Manuela range in terms of fit, with little differentiation for the consumer. In addition, for consumers who are looking for better fabric quality, they prefer the more recognizable Manuela Icon Coat in cashmere, which further reduces the appeal and market share of The Cashmere Cardigan Coat. As a result, it is difficult that the Cashmere Cardigan Coat can compete in its own branded product range and in the wider market.

Max Mara's approach to coat design and development blends traditional craftsmanship with contemporary fashion trends. A prime example of this is the brand's iconic 'teddy bear' coat, which reinvents a 1980s design (Channel, P.P., 2023) so that it resonates with modern fashion trends, appealing to both traditional and contemporary consumers. Inspiration was gathered by the creative team during the conceptualization process (what stage of the buying cycle?) and there were active collaborations with influencers, artists and celebrities. These collaborations bring new perspectives and creativity to the brand, allowing it to explore new styles and concepts. For example, the collaboration with Sarah Meyohas and the Great Gatsby-inspired collection (how does The Great Gatsby resonate with the customer? Ie Is it aspirational?) introduced a unique artistic element to Max Mara's products (TBH, T., 2023). Max Mara's Creative Director, Ian Griffiths, considers sketching to be a key part of the design process (Luisa Zargani, 2021), crafted by the designer, with fabric swatches (at what point would the fabrics have to be sourced? Who does this?). Figure 13 is a sketch with handwritten notes from founder Achille Maramotti, including summaries of silhouettes, fabrics and details, which are essential for imagining how concepts can be translated into physical garments.

The choice of materials is also a crucial part of Max Mara's design process, as in the case of the 'Teddy Bear' coat, which is made from silk and camel plush, a lost fabric technique that the brand has redeveloped. Collaboration with fabric suppliers plays an important role at this stage, and it is essential to ensure that the fabrics meet the brand's quality and sustainability standards (how would the buyers ensure this quality is met?) . In short, Max Mara skillfully blends modern fashion trends with a commitment to sustainability in the design and production of its coats, ensuring not only that the coats are stylish and of exceptional quality, but also that they are produced in an environmentally and socially responsible manner.

As can be seen in Figure 14, Max Mara coats are made up of a wide range of styles, including lower-priced virgin wool and wool yarn coats and higher-priced luxury cashmere coats, covering a wide price range from £344 to £5,980. Fabrics range from virgin wool to pure cashmere to cater for different fabric and texture preferences (and a different customer maybe??? Do to difference in cost price? What is the cost of a kilo of wool compare to a kilo of cashmere?), while the iconic 101801 Icon coat is available in up to seven colours to cater for different colour preferences. In terms of sizing, the range of sizes 2-18 and XS-XL is commendable and shows Max Mara's efforts to accommodate different body types. (Why is this important? At what point do you think these decisions would happen in the buying cycle? Who analyses sales? Could the trend be showing that larger sizes are selling well?) However, it's unclear if the sizing strategy is consistent across styles, which could be an important issue for customers when shopping across collections Why?

In addition, Max Mara has introduced higher quality Manuela coats (Figure 15) using cashmere to improve comfort, a strategy Max Mara has adopted to segment the market according to quality and price. This move allowed the brand to cater to a high-end demographic that valued superior materials and was willing to pay higher prices for increased comfort and luxury (maybe add another customer profile to show the difference in who would buy high end and low cost Max Mara. How will their earnings, hobbies or buying values differ?). However, a significant price increase may make Max Mara feel inaccessible to a segment of consumers, which may reduce the potential customer base. Max Mara has also tapped into the children's luxury fashion market by extending its teddy bear coats to children's wear for 5-12 years olds (Figure 16), adding teddy bear elements to a range of accessories. This not only broadens the product range, but also fosters brand loyalty from an early age. Nevertheless, this raises the question of whether luxury goods are appropriate and necessary for rapidly growing children. Depending on the public's perception of luxury children's clothing, this move could be seen as either a shrewd business expansion or a misstep (how do you think kidswear relates to your customer profile? Are they parents or soon to be parents?). In conclusion, Max Mara's range building strategy is ambitious and seeks to capture new markets and consolidate its position as a luxury brand through high quality materials and iconic designs. However, Max Mara must manage these expansions carefully to avoid the risk of overextending the brand.

Image 17 showcases Max Mara's coat offerings along with recommended accessory pairings, providing a visual guide to complete outfit combinations. This carefully curated look is a strategic move (how and when is this discussed in the buying cycle, who is involves and what are the tasks involved?) to promote cross-category sales while demonstrating the versatility of Max Mara outerwear. Effective product pairing helps customers to see the coat as part of a complete outfit, which reduces the amount of effort spent on styling and thus stimulates purchase intent (Illia Lahunou, 2022).

According to Figure 18, it can be seen that Max Mara has shown an overall upward trend in all the figures for the last three years, but the total revenue has increased by 21.25% in 2022 compared to 2021, while the cost has increased by 26.78%, which has resulted in the growth rate of gross profit being lower than the growth rate of total revenue. Since costing has a direct impact on the company's profitability (Jahanara Rony, 2022), cost control is an area that Max Mara needs to focus on in 2024. For example, the brand can improve its adaptability to digital consumer trends by collecting and analysing customer data or strengthening its online sales channels and digital marketing strategies. And although Europe remains the company's largest market, the market share of other countries rises to 41 per cent in 2022 (Fashionbi, 2024). Max Mara should increase its investment in markets outside Europe to balance its revenue streams and reduce its dependence on a single market. (what could the buyers do to help reduce costs and therefore protect profit? When would these actions be taken and what are the risks?)

The majority of Max Mara's suppliers are based in Italy (Panjiva, 2024) and the European Union (EU) is actively promoting sustainability and ethical practices in the fashion industry (European Commission, 2024), which will have a significant impact on the way Max Mara sources materials and produces its garments. The European Parliament requires textiles sold in the EU to be durable, easily reusable, repairable and recyclable, made predominantly from recycled fibres, free from harmful substances and produced in a way that respects human, social and labour rights throughout the supply chain (European Parliament, 2023). Max Mara needs to comply with these upcoming regulations and re-evaluate its sourcing strategy, prioritising suppliers that meet the EU's sustainability and ethical requirements. Max Mara has demonstrated its commitment to being environmentally responsible by using eco-friendly materials and sustainable fabrics in some of its collections and has won the CNMI Sustainable Fashion Award for 2022 (Mmfg, 2022). However, luxury brands are expected to have transparent supply chains to ensure ethical sourcing and production practices. (what bodies of work might they engage with to show their sourcing practices are truly sustaibable? IE HIGGS) While Max Mara has taken steps in this direction, a truly sustainable approach requires a systematic shift in all production processes and materials used, which must be completely transparent. (explain what transparency means and how it could be communicated the supplier. Give examples of who does this well) For Max Mara, therefore, achieving complete transparency and sustainability in the supply chain is key to meeting EU regulations and leading the way in the future of ethical luxury fashion.

Four additional Max Mara suppliers are located in China, reflecting the importance of China in global textile production. China's strengths lie in its production efficiency, scalability and cost-effectiveness (Xinhua, 2022), which are essential for Max Mara to manage costs and meet the high demand from the fashion industry. However, long delivery times due to geographical distances can affect supply chain flexibility and strong logistics strategies are needed to minimise delays. (refer to exchange rate fluctuations over a period of time as in the sourcing notes) Cultural and language differences also create barriers that may affect communication and understanding between Max Mara and Chinese suppliers (Vallery, 2023). (how might this effect the critical path? Ie mis communication might take too long to resolve issues meaning the critical path is compromised) China is also more scrutinised on production ethics; Max Mara needs to ensure compliance through audits and certifications and actively work with suppliers to innovate and implement sustainable and ethical production methods. (how would they do this? – refer to the notes on sourcing ie Sedex.)

Sampling is a process of translating sketches and designs into tangible garments as shown in Figure 19 (Kristen Anderson, 2022). The design team creates the first sample using the selected fabrics to test the design in physical form (show what a design CAD may look like for a Max Mara coat. What info would be on here?). Adjustments are made at this stage (what stage is this in the buying cycle and who takes part? What could be the impact on the critical path/costings/deliveries if changes are made at this stage?), including moulding the fabric on a mannequin to ensure the correct drape and fit (Alice James, 2020). For this coat shown in Figure 20, attention needs to be paid to the neckline as well as the transition of the waistband, ensuring the fit and functionality of the coat will be a key focus given the oversized design of the coat. After reviewing and adjusting the samples, a final sample will be created. This sample will be as close as possible to the final product and will be used for final approval prior to mass production (this is called a “PP sample” Pre-production sample) . Finally, mass production is carried out without any changes to the design to ensure that the quality remains consistent from one production batch to the next. Throughout the process, the design, production and quality control teams work closely together so that the final garment meets Max Mara's standards of luxury and design integrity.

Delivery has become a crucial process in the fashion industry. All Max Mara orders are delivered free of charge by UPS, a carrier that ships to 30 countries by sea, air and road. Furthermore, Max Mara insures all orders with a delivery commitment of approximately 4 business days for both standard shipments and in-store pickups (Max Mara, 2024). Show clear understanding of the difference between delivery to the customer and delivery to the retailers warehouse. However, changing market dynamics have exposed Max Mara to increased transport costs and supply chain disruptions such as port congestion and container shortages (Hedrich, S. et al., 2021). The brand needed to shift to a more agile and responsive supply chain, including faster turnaround times from design to retail (known as a short lead time supplier). For example, advanced analytics and artificial intelligence are being used to make more accurate demand forecasts (Yang, V. et al., 2023) in order to build a strong logistics network for frequent replenishment, balancing speed of response with cost-effectiveness and efficient collaboration across the supply chain. Who in the buying team would use this and when in the buying cycle?

While a strong online presence is essential, the brick-and-mortar environment remains a retailer's greatest asset. The shop is the embodiment of the brand, and as such visual merchandising plays an important role in the buying cycle by evoking emotional resonance in a visually appealing way that communicates the brand message and enhances the shopping experience (Eric Walker, 2023). Effective visual merchandising strategies that include an understanding of customer behaviour, brand identity and retailer's strategic objectives, such as well-planned shop layouts, eye-catching window displays and strategic product placement, can capture customers' attention for the purpose of driving sales (Sangita Rawal, 2015). Figure 22 shows Max Mara's decoration of the shop to celebrate the 10th anniversary of the launch of the Teddy Bear coat, in brown tones to emphasise unity and brand identity. It creates a unique, high-end feel, encouraging customers to appreciate the superb craftsmanship of each garment and to focus on the quality and design of the individual pieces.

Based on the above assessment, Max Mara's cost efficiency is one of the issues that can be improved. The brand needs to streamline its operations by optimising the supply chain, reducing waste and improving productivity, and could further invest in digital channels to cater to the evolution of consumer behaviour. Emphasis on analytics and artificial intelligence will allow Max Mara to refine demand forecasts, leading to better inventory management and cost savings.

On the other hand, Max Mara needs to improve the transparency of its supply chain. The brand could use recycled fabrics and organic fibres, such as Organic Merino Wool, which is known for its durability and softness, certified by the Global Organic Textile Standard and considered one of the best performing organic materials (snöleo, 2024). Additionally, Max Mara could make greater strides in sustainability by making greater use of eco-friendly packaging, such as plastic-free packaging.

Throughout the report, key challenges facing Max Mara include maintaining its position as a luxury brand while responding to changing market dynamics. The report highlights the strategic direction of digital transformation and sustainability, and also makes recommendations to optimise product design and development by analysing market trends, competitors and customer profiles. Overall, Max Mara needs to maintain its high quality and unique designs while being flexible enough to adapt to market changes and improve operational efficiency in order to maintain its leadership position in the fashion industry.

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15. Max Mara (2024) 101801 coat, icon Coats, Max Mara. Available at: https://gb.maxmara.com/icon-coats/101801?itm_campaign=geo_GB&_gl=1%2Aojv1pl%2A_ga%2AMTA3OTU1ODk0OS4xNzA2NjAyNzY1%2A_ga_BJCF526Z00%2AMTcwNjc4MjQzMi4xMC4xLjE3MDY3ODI0MzIuMC4wLjA. (Accessed: 01 February 2024).

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20. BCG Global (2024) What is the growth share matrix?, BCG Global. Available at: https://www.bcg.com/about/overview/our-history/growth-share-matrix (Accessed: 02 February 2024).

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