Who would ever buy a Coach purse for $300 or more? Apparently, lots of women around the world buy lots of Coach purses for $300 or more!
Here are some tips from Lew Frankfort, CEO of Coach, on building a global brand (as mentioned in Vanessa O’Connell’s article titled, “Coach Targets China-and Queens” in the May 29, 2008 edition of The Wall Street Journal):
1. Separate your brand from the competition with “accessible luxury” positioning.
2. Ensure that the brand is positioned consistently.
3. Have your product available wherever she shops-in your own stores, department stores, on the Internet and in catalogs.
4. Be innovative, allowing the product to evolve to surprise and delight your consumer.
5. But stay true to your roots, always building on the DNA of the brand.