Essay Homework: Junior Consultant For McKinsey Fashion
Length: 2000 words.
The report should focus on new developments and research within the supply chain. Particular focus should be paid to best practise for a chosen UK/French retailer's progress in sound ethical and CSR practise. Recommendations for the future should be blue sky thinking and conclude with where you feel fashion supply chains will be in 10 years from now.
You are acting as Junior Consultant for the McKinsey Fashion and Luxury team, reporting to the Global Head of Luxury Antonio Achille in Milan Mc Kinsey office, on the new developments for retail, to suggest for the client: LIBERTY OF LONDON.
The events of 2020 are giving the fashion industry a bit of a Matrix make over. Technology has the ability to democratise fashion at scale, increasing access, promoting sustainability, accelerating innovation and redefining the face of the industry. The fashion, luxury and retail sector have been some of the most wound inflicted following COVID-19. Business models have had to hasten their shift to online channels, with AI and social media being used to remain connected with customers.
Future success will depend on innovation for key retailers like Liberty of London. Using extensive secondary and primary research, where possible, you are to explore one area of innovation that your research shows could bring a long term sustainable strategic opportunity. In considering consumer engagement as one of the key drivers for retail success you are to identify specific consumer attitudes and behaviours that the innovation addresses; it's desirability, feasibility and the technology to enable implementation.
For the purpose of this report we define consumer facing innovation as "the commercialisation of novel ideas including products, services, communication and business models (adapted from WEF 2015). You may select any one of these types of innovation and explore how Liberty of London may better engage with existing or new potential customers within the dynamic landscape which is our retail ‘new normal'.
As a consultancy style report, you are expected to deliver a professional layout with good use of visuals and infographics to support your innovation proposal. You will provide your own trend name and report title.
Required elements of the report are:
a. Executive summary (outside of the homework word count)
b. A short summary of the current Liberty brand proposition and identification of key consumer trading challenges in the ‘new normal'
c. Identification of macro consumer behaviours and how these can be translated into an opportunity long term innovation of the product, the service or the communication with a specific customer segment or Geographic target for Liberty.
d. Identification of innovative practice that can address the consumer need and examples of this type of innovation emerging in consumer industries (not just fashion / retail).
e. A critical evaluation of why this ‘human centric' innovation is desirable for the current and or future Liberty consumer.
f. A critical evaluation of the key aspects of technology or business model change required to deliver the innovation and a discussion of the viability of this for Liberty as an iconic British brand on the global retail stage.
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.