Blog: Coach's Legacy
Leonie Barrie | 12 February 2007
Coach’s new Coach Legacy boutiques will take the shoe and accessories brand to a more sophisticated customer base – but will shoppers be prepared to pay nearly twice the price for the new Legacy offerings?
The answer is a resounding “yes,” according to Pam Danziger, president of Unity Marketing, who points out that more limited edition products give the luxury consumer “a unique way to express her personal style. With the Legacy launch Coach is playing off affordability to see how far the luxury consumer’s budget can stretch to give her an emotional thrill when making a purchase.”
Danziger, who is also the author of ‘Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience,’ and has prepared a corporate profile on Coach, adds: “The brilliance of Coach’s pricing strategy is to offer up a family of products that extend the range of shoppers’ affordability. Take the popular Carly bag: at its most affordable they have a Signature version priced at $178; in the mid-range they offer a leather demi bag at $238 and a full-sized leather version for $398; at the top they present a large leather version for $498 and a suede version for $598. At these price points, the luxury shopper has the flexibility to choose the bag that is right for her at a price she feels comfortable paying.
“The key to getting her to stretch her budget is to enhance the product features of the premium bag while offering them up in a shopping setting that delights the customer. By building emotional appeal Coach gives the shopper a justification to spend more.” Clever stuff, eh? - and it'll be interesting to see if the financials bear up too.
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