International Market Selection for Moray Luke
Market expansion strategy for a UK- based luxury handbag company
Project Overview: Worked with Moray Loop, a small luxury handbag brand based in UK to identify the most lucrative international market for expansion. The client needed an evidence-based strategy to enter a new market while considering global consumer behavior and luxury market trends.
Challenge
The client was unsure which international market would provide the best opportunity for growth. The challenge was to analyze various global markets and select one with high purchasing power, economic stability, and luxury consumption behavior.
Solution
- Conducted extensive screening of international markets using factors such as GDP per capita, Consumer Price Index, Ease of Doing Business Index, and market growth forecasts.
- Developed a comprehensive market entry strategy, recommending a market with high luxury consumption rates and favorable economic conditions fit for a small handbag business looking to enter the luxury fashion market
Impact
- Identified a market that projected a 12% growth rate in luxury fashion over the next 5 years, offering a strong foundation for Moray Luke’s expansion.
- Developed a market entry strategy that positioned the brand to capitalize on rising demand for niche luxury products.
Tools Used
- Economic Indicators Analysis (GDP, CPI)
- Market Research Platforms: To forecast market growth and consumer trends.
Skills Highlighted
- International Market Research
- Data-Driven Decision Making
- Strategic Market Entry Planning
Lesson Learned
The success of a luxury brand’s expansion depends on in-depth market screening and an understanding of consumer purchasing behavior in each target country.
Conclusion
The research and strategy provided Moray Loop with a roadmap for international expansion, ensuring a successful market entry into the luxury sector.