FERKNOT Harvard Case Solution & Analysis

Ferknot Case Solution

History

In 2008, Jorge Calderon, Ryan Bruehlmann and Rick Taylor completed their undergraduate from Richard Ivey School of Business at The University of Western Ontario in London, Ontario. The three joined the organization with arrangements to dispatch another endeavor offering high caliber men's made-to-measure apparel line known as Ferknot. Before dispatching the business, the accomplices searched out the best producers for their apparel. The trio went all through Europe and Southeast Asia and met more than 40 distinctive tailors before selecting Ferknot. After intense research and study, finally Ferknot was launched in 2010.

Decision problem

Jorge Calderon, the president of Ferknot, was planning to open the organization's first realstore in downtown Toronto, Ontario, Canada in the year 2012. It was established in 2010, as an extravagance style brand, offering amazing dress shirts. Ferknot made deals through the organization's website and a system of sales personnel who sold directly to end customers. In order to promote growth, Calderon was considering a retail model that would seek Ferknot to open its own particular lead store. Calderon realized that a retail store would fortify Ferknot and trusted that it could be entirely lucrative; be that as it may, he needed to precisely consider that the venture required opening the store and its monetary feasibility.

Industry conditions

In September 2012, the company had its eyes on becoming the leading brand in its market capacity and for this the company made some major changes in its sales and marketing strategy. The company has three core sales strategies, which include launching retail stores owned by the company on flagship locations. Secondly,the target sales to retailer and department stores at wholesale price. The last strategy was to increase the number of sales representatives in the city to promote sales.

Competition

The partners of the company wanted to set up Ferknot as a luxury and extravagance design brand while competing against with some multinational designers. Calderon trusted his rivals who sold luxury and extravagance brands; for example, Robert Graham and Fred Perry.

The flagship store

Calderon needed to make one of a kind retail client experience to reinforce Ferknot. His vision for the store was as much about the experience as it was about the product. The store’s location would be outlined and brightened to mirror an exceptionally high end and top of the line society, which would make the company more profitable and appealing....................

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