Elixir Luxury Clothing Brand: Industry Expansion, Strategies, and Target Market

Elixir Luxury Clothing Brand
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Elixir Luxury Clothing Brand
Elixir is a luxury clothing brand that deals in a wide range of upmarket apparel products, including clothes, shoes, leather bags, handbags, jewelry, and accessories. Elixir plans to redefine the luxury apparel industry by incorporating quality, status, and taste with a blend of mystique and history that utilizes state of the art craftsmanship, heritage, prestige, and scarcity. There are many benefits that consumers will gain from Elixir products. First, Elixir products come with performance. The products are designed with the needs of the average customers in mind to ensure that they get the best performance from the company’s assortments.
Second, consumers will be part of the company’s history and pedigree. Elixir products have a rich history that spans more than three generations. Consumers can share in this history by being part of the Elixir family. Third, consumers will enjoy the nobility of owning scarce Elixir products. The company offers limited editions and customized top of the range products for its esteemed customers. In addition, customers will be allowed to take advantage of amazing prices and offers. Although Elixir deals in high-end products, it provides friendly prices to ensure that clients are not exploited for their tastes.
Industry Expansion
Elixir Luxury plans to expand its market and establish its operations in India. There are several reasons why India is at the top of the company’s expansion plans. First, India has a very large population that will offer a lucrative market for Elixir products. Second, the country has a large pool of cheap labor that the company plans to utilize to reduce its operation costs. Market entry into India will be achieved using the four growth strategies of the Ansoff Model. The first growth strategy is market penetration, which involves selling existing products to the market (Peterdy, 2022). Second, market development will involve increasing the sale of existing products to unexplored markets. Third, product development will involve launching new products for the Indian consumers (Peterdy, 2022). Lastly, Elixir will utilize the diversification strategy to launch new products in previously unexplored markets.
Promotional Strategies
Elixir Luxury will use a promotional mix strategy to reach poten...