Do One Thing And Do It Well
There’s a lot to be said about doing just one thing really well.
The strategy is simple: start with one style or a small collection in just one product category. Then build your brand awareness, put everything you have into making it the go-to brand in that category, steal market share from your competitors, and then - and only then - diversify and repeat!
A great example of a brand implementing this very smart growth strategy is the popular American leather fashion accessories brand Mansur Gavriel. Whilst they are still a very young business in the early growth phase, they’ve got to where they are with one simple but highly effective strategy in play: don’t do anything else until you own the market and have your audience’s undivided attention.
Their signature bucket bag is the one single product that enabled Mansur Gavriel to become the most coveted fashion accessories brand and market leader. Launched in 2013 the bag itself was a winning formula, a simple design with a great price point just under $500 USD. And their timely entrance into the market could not have been more perfect with the bucket bag launching just after the last recession when there was a gaping hole in the fashion accessories market. No one had the disposable income to continue purchasing the season’s latest $3,000 USD “it-bag” from high-end designers like Celine, YSL, Chloe and Givenchy but there was plenty of demand for a more affordable fashion fix.
The brand’s launch also coincided with a shift towards a more pared-back approach to fashion and the bucket bag complemented this look perfectly. Jen Mankins, owner of Brooklyn boutique Bird, said in an interview with Bloomberg that “It’s the perfect combination of fashion and function” and “It’s aspirational and accessible”.
Understated clutch bags were added soon after to address Mansur Gavriel's customers’ need for a bag for every occasion and it wasn’t until 2016 that they decided to conquer another category, footwear, and launched a small selection of classic leather shoes and slides comprising just four styles in total.
Fashionista.com reports that the label is set to debut its ready-to-wear clothing collection this September at an in-season presentation for Fall 2017. RTW is a highly competitive and saturated market but with a following so strong and a simple plan to always do one thing well I have no doubt they will retain their cult status and prove that their fashion business model is both very smart and manageable.
Hopefully, Mansur Gavriel’s strategy to early success has inspired you, but if you aren’t 100% sure where to start or don’t quite have a solid plan in mind for your fashion business, please get in touch and let’s work together on an effective growth strategy for your brand.