[ad_1]
When Authentic Brands Group acquired the fashion brand in 2022, we asked industry analysts how they would work to reverse its fortunes. Now the administrator has been called, did he heed this advice?
This article was first published on August 18, 2022.
Ted Baker was launched in 1988 by Ray Kelvin and famously named after his alter ego. The brand is built on Britishness and the quirky personality of its founder, and has carved out a niche for itself in high street luxury. However, it has had a rocky few years, with the share price collapsing in 2018 and Kelvin exiting the business in 2019 amid allegations of misconduct, leading to a pre-tax profit loss of £38.4m in 2021. . It has now been purchased by the owners of Reebok and Juicy Courtier. Authentic Brand Group, $254 million.
“I don’t know if Ted Baker is the company I once knew. But I hope it regains its identity under new ownership,” Kelvin said of the changing of the guard. “At its heart, Ted is a unique and very special brand born out of love and passion for what we do.”
According to YouGov data, between January 2020 and August 2022, Ted Baker’s Brand Index score decreased from 13.1 to 11.9, its reputation score decreased from 19.8 to 16.8, and its quality decreased slightly from 25.9 to 24.9. It has decreased. These are subtle decreases. Unlike brands like Abercrombie & Fitch, which suffered a five-point drop in its YouGov Index score due to a bad documentary about its practices, this gradual decline is due to consumers simply becoming interested and excited about the brand. It suggests that you are not holding it.
And part of the reason for that failure is marketing.
Ted Baker was once famous for his unconventional strategies, waiting until 2018 to launch his first-ever multimedia advertising campaign. The company has produced offbeat films in the past, including Guy Ritchie’s 2016 spy-themed short film and the eight-part comedy sitcom “Catching Up with the Bakers.”
As a social strategy, Ted Baker preferred to let customers discover the brand organically by hiding posts and setting up scavenger hunts. This was based on Kelvin’s “It’s sexier to hide than to reveal” approach to marketing.
Craig Smith is a former marketing executive at the company. He was involved in shaping the brand for his 24 years in roles such as digital commerce director and brand communications director until his retirement in 2019.
He said during his time, brand teams were given time, resources and investment. “Back then, it was all about representing our brand and products in the right way and giving them a continued point of differentiation in the market,” he says.
“Now it feels like a sausage factory just getting the job done.”
The eccentric founder’s abrupt departure contributed to Ted Baker becoming “lost.” Since then, the company’s marketing has lacked character and personality, making it “look a little flat and a little half-baked.” New owners need to “take courage and go back to basics,” he advises.
“We’ve been through a rough time and all we want to do is get back to our early successes,” Smith added.
“We need a real kick-start with energy and ambition. If that means a housecleaning of getting rid of the old and bringing in the new, so be it.”
Could responsible fashion be the answer?
But for others, the problem runs much deeper. Zara Ineson, executive creative director of ODD’s agency House337, suggested that Ted Baker lost relevance because it failed to adapt to the “seismic shift in consumer culture”.
“Our relationship with clothes has changed. We dress in a more practical and effortless way. Gone are the days of lazily following catwalk trends.” Ted is excited about that change. I couldn’t adapt,” she says.
The recently opened House 337 is owned by Odd and Engine Creative and specializes in “ethics consulting.” In line with this, Ineson says: “The rise of fresh, youthful, fun and sustainable brands like Gunny and Reformation has made Ted feel less confident about buying new things.”
Authentic Brands Group needs to redefine and clarify Ted Baker’s values. ‘What does Ted stand for and what does he oppose? What is his view of the world, or the larger role of clothing? How can he show he is on the side of the community? Britishness and Forget about showing off your founder-ness.”
“Reebok needs to commission some of these more socially and culturally inspired key provocations for the brand to find relevance in today’s world,” Ineson concluded.
[ad_2]
Source link
