Interface News Reporter | Chen Qirui
Interface News Editor | Lou Jingqin
Italian luxury brand Fendi recently announced a limited collection for the 2024 Chinese New Year of the Dragon. It will have a three-way co-branding cooperation with Japanese trend designer Hiroshi Fujiwara and anime IP Pokémon. The collaboration includes several classic handbags, including Peekaboo and Baguette, as well as accessories such as scarves and hats.
Netizens have mixed reviews of the joint series. Some people think that the cute looks of Pokémon characters add a new twist to the Fendi classic. There are also some comments that the styles of the two sides do not match, and in the context of Pokémon's frequent co-branding with multiple fashion brands in recent years, the practice of printing anime characters on products is not innovative and insincere.
The last time Fendi sparked public discussion was when it partnered with Heytea.
Jiemian News reported that on the first day of the release of the cooperative drink, the relevant gifts of the Shanghai Ganghui Hang Lung Heytea store were sold out before 10:30 am. Not only the core business district, but also the Shanghai Heytea Yigao digital store, which is located near the university, poured in more than 200 orders soon after the store opened. According to relevant sources, the stores in Beijing, Shanghai, Guangzhou and Shenzhen have all exploded.
In contrast to consumer enthusiasm, Fendi has made little publicity about the collaboration on its official social media channels, only offering the collaboration at the exhibition venue held in Beijing during the same period. Concerns about the image may be the reason, and to a certain extent, it is not possible for Fendi to fully undertake the traffic generated by the partnership.
Fendi wants to create buzz through marketing in the Chinese market, but it can't find the pain point of the market, and it tries to show that it is energetic and innovative, but it can't be ruthless enough to fully embrace youth.
It ends up leaving only a vague image that confuses consumers.
Other examples of this dilemma include Fendi's constant emphasis on positioning itself above the average luxury brand, while relying heavily on traffic stars to gain exposure. Asking traffic celebrities to endorse is the norm for luxury brands operating in China. But the problem is that higher positioning should also be endorsed by celebrities with greater traffic.
But a top performer like Wang Jiaer has switched to Louis Vuitton, and it has always been difficult for the partners who took over the baton to break through their influence in the rice circle. This does not give Fendi enough exposure and leaves the market wondering whether its true target audience is a young consumer with a passion for style or a mature person who has accumulated a certain amount of wealth.
Fendi wants the latter more globally.
From the launch and launch of the Haute Couture collection, to the current Creative Director Kim Jones' approach to fine craftsmanship and the recent launch of the High Jewellery collection, Fendi aims to establish itself as a luxury brand for high-net-worth individuals.
Although Kim Jones often pushes Fendi to co-brand with various brands for marketing, the co-branding is usually aimed at luxury peers such as Versace and Tiffany, but in China, it will cooperate with brands or IPs that have a larger audience in the mass market, such as Heytea and Pokémon. The younger consumer base in China's luxury market may be the reason. But the real sales response is not outstanding.
LVMH rarely discloses the performance of its Maisons, but in its interim and third-quarter 2023 financial reports, Fendi only briefly mentioned the expansion of its sales network, rather than praising the growth as it has done in the past. In reality, Kim Jones has not launched a real popular handbag since taking office, and the only hot item in recent years is the logo scarf, which does not help much in image and premium.
Fendi used to have a good time in China.
It has established a high level of popularity because of its early entry into the market. The support of the LVMH Group has enabled it to occupy the best locations in an era of rapid growth in the number of high-end shopping malls. In addition, Karl Lagerfeld has been a creative director for more than 30 years, which naturally drives traffic to it. And a Great Wall show has made it a case that future generations cannot bypass when analyzing the development of China's luxury market.
However, in the wave of digital and youthful transformation after 2015, the distance between Fendi and the rest of the LVMH Group Maisons has been widening.
Everyone knows about Fendi, but no one can fully summarize what it represents, and what craftsmanship or history is behind it.
Perhaps its biggest memory point is luxury fur, but at a time when the consumer public opinion environment is inclined to environmental protection and humanistic care, this feature is obviously out of touch with the general environment, and may even be dangerous.
The smaller LOEWE has an innovative and quirky image, while CELINE, which has surpassed Fendi in recent years, represents the trendy side.
In terms of craftsmanship, consumers will remember Kering's Bottega Veneta's Intrecciato technology because of the appearance of woven handbags, but it is difficult to associate the printing and embroidery of the "double F" logo with some kind of fine craftsmanship.
Fendi doesn't give consumers a reason to buy it.
At present, Fendi leaves the impression on the market that it is a luxury brand with a high reputation and backed by the LVMH group. Its strength lies in the strength of its brand, which allows the name "Fendi" to transcend all styles. On the other hand, Fendi's sales scale and industry position also make it impossible to rely solely on brand power to attract consumers.
With such fierce competition in the luxury market, consumers will not consider a brand with a less prominent style and less widely recognized craftsmanship than to show off its brand power. What's more, the current situation of mature clothing design and the long-term lack of popular handbags is making Fendi's image age.
This drove away consumers in the first place. And the cooperation of an aging brand with a mass-market brand will make its image even stranger, and even the last dignified and generous will be lost. As for mature consumers, regular customers may not be swayed by these marketing moves, but when it comes to potential new customers, they will obviously be more confused about how Fendi perceives them.
In fact, Fendi hasn't sparked much discussion in the Chinese market for quite some time.
It has signed traffic artists, done pop-up pops, and even moved a haute couture fashion show to China, but none of them really sparked discussion. What's even more awkward is that when it comes to finding a reference for Fendi, Salvatore Ferragamo may be able to meet the requirements in some dimensions — Fendi, which is positioned and priced higher, now has annual sales similar to that of the long-troubled Salvatore Ferragamo, at around $1 billion.
With the influence and support of LVMH, Fendi will continue to maintain its position as a first-tier brand in stores and consumers. But without a firm image and operational strategy, no brand can go far under chaos and mediocrity.