Bottega Veneta
Diagnosing brand style issues to generate 10 million euros
At Bottega Veneta - a popular luxury leather goods brand - sales dropped 10% in Asia Pacific. This was not only an expensive problem, it also threatened their position as a perceived leader in the luxury market. The company tried to improve the sales process and team incentives, without success.
By digging into the data and watching the market closely, HopTech found the real culprit: competition. Other players - Gucci and Saint Laurent - had changed their product lines to answer the needs of generation Y. Bottega Veneta’s products were simply going out of style.
We recommended that Kering cut their losses on the outdated product lines, and focus their energy on innovation. They credit HopTech with opening up new markets potentially worth upwards of 10 million euros.
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