Some fashionistas may have been shaking their heads when acclaimed fashion designer, Zang Toi, partnered with Shop LC, to provide jewelry for his recent spring runway show. After all, Shop LC is a retailer focused on the value-conscious woman whose average purchase is under $100, while Toi dresses the rich and famous in garments that can set them back tens of thousands of dollars. (I recently salivated over an $18k ivory knit duster with sable fur trim in his NYC studio). But co-branded partnerships are big business and can benefit both companies when executed properly.
Here are three keys to making it work:
- Partner with a brand that is aspirational to your customer. She knows that Shop LC and Zang Toi aren’t exactly comparable, but that’s okay. By exposing her to aspirational brands your company benefits from the association, and she’ll connect with your brand on a deeper, more personal level.
- Give her a way to experience the product. Instead of merely providing the jewelry for the Zang Toi show, Shop LC is exploring creating a value-priced similar collection that is within reach of its customers. In addition, Shop LC gifted complimentary jewelry to influencers at the show introducing its brand to an entirely new group of potential customers.
- Create assets and utilize them over and over again. Don’t just tell her about it. SHOW her. Shop LC took viewers behind the scenes of New York Fashion Week (NYFW) with exclusive interviews, Facebook Live, videos, images and more. By creating a myriad of assets for its marketing toolbox, Shop LC can repurpose this content again and again to promote future events.
Perhaps the master retailer when it comes to co-branding is H&M whose mantra is offering quality fashion at the best prices. H&M understands women aspire to own designer clothing few can afford, so partnerships with designers like Alexander Wang, Versace and Roberto Cavalli have been wildly successful. According to Vogue, 1,500-2,000 pieces per hour sold at the Fifth Avenue Manhattan store when the Karl Lagerfeld for H&M collection made its debut.
If your company is considering co-branding as a means of boosting brand equity and driving sales, give us a call. We know a thing or two about making it happen.
Photo: Zang Toi model featuring Shop LC sapphire chandelier earrings