My EOT paper focuses on why Balmain should create their own line of permanent fast fashion due to the success of Balmain x H&M. Since my position papers have all discussed the benefits of using social media to promote, advertise and and reach all consumers for luxury brands, I am going to tie in to my EOT paper how Balmain should use social media to promote their new fast fashion line.
Strengths- Strong/ well-known brand, great reputation, very profitable, always marketed and worn by celebrities, well-made products, unique and distinguishable designs, very well liked among the public
Weaknesses- very high price point, fast-fashion stores create similar designs to Balmain
Opportunities- less expensive products would interest new customers, brand exposure/publicity for the brand as a whole, would be more profitable if they have less expensive products (something for everyone and wouldn’t be as exclusive)
Threats- A lower price point reduces the luxury brand’s exclusivity, the reduced exclusivity may make celebrities and the elite unhappy, the fast-fashion line may not be popular and make Balmain lose money, the fast-fashion line could be too popular and overshadow the well-known luxury brand
Even though there are a few threats of creating the fast-fashion line, there are also many opportunities and Balmain is a very strong brand which makes me believe that I could support my position and explain why this is a good business idea.