ASSIGNMENT: Create a fragrance for Coty Cosmetics
TEAMMATES: Daren Lifferth, Jahan Nargowala
INDUSTRY TRENDS: Foreign products are perceived to be of higher quality; demand for all natural products, ethical animal claims/practices, and environmentally friendly manufacturing process is increasing with consumers.
INDUSTRY OPPORTUNITY: No fragrance out there that uses aromatherapy and essential oils. Essential Oils is a $4 billion industry growing 15% annually. Essential oils have been proven to reduce stress
PRODUCT CONCEPT: An essential oil body fragrance for before and after practicing yoga. This fragrance will refresh the senses and rejuvenates the mind. A rich blend of herbal extracts and scents that brings its users the serenity they long for after a stressful day. This two step product, includes two 4oz spray bottles, one to energize (the before), and one to relax (the after).
RATIONALE: No such item in the industry, no premium product in the yoga spray category, Coty has no presence in this category.
PRODUCT PRICING: This fragrance will be sold at $45 (two bottles, one packaging).
TARGET: Yoga Patrons, women 30-45 years old with household income $75,000+. These women watch their weight and maintain a healthy diet. They practice yoga weekly as it is their moment to decompress during a busy week. They are mindful of their mental, spiritual and physical health.
USA DISTRIBUTION: We selected Macy's and Nordstrom's stores and websites. Macy's has 842 stores in the US, and 65% of its shoppers are women 35-55. Nordstrom's targets affluent 25-55 years old shoppers, and has 250 stores in the US. Both stores have a strong online presence and are well known by our target.
GLOBAL DISTRIBUTION: We will leverage Coty's existing relationship with Adidas to get our products in Adidas' stores globally. Adidas is owned by Coty so it is not a competitor. It has a strong presence worldwide with over 2000 stores. The cologne prices in Adidas stores is similarly priced to Felicity, and Adidas is in the yoga mat and clothing business. We will promote their yoga apparel in our advertisements in exchange for shelf space in their stores.
SHELF PLACEMENT: At Nordstrom's stores Felicity will be placed in athletic wear section. At Macy's stores, it will be placed in a branded case by the fragrance section. At Adidas stores, Felicity will be placed in the yoga aisle, as well as creatively displayed inside selected Adidas yoga mats to demonstrate a creative way to carry the product.