Background
A multichannel lifestyle retailer known for high-quality leather goods, apparel and accessories engaged L.E.K. Consulting to develop a comprehensive strategy aimed at driving profitable growth across its brick-and-mortar and ecommerce channels. With an upcoming board meeting, the client sought our support to establish a clear view of its current business performance and value drivers, analyze consumer data to guide decision-making and define actionable growth strategies. Additionally, we were tasked with building a financial model to evaluate the implications of various options, culminating in a comprehensive roadmap to be presented to the board.
Approach
We began by conducting a holistic assessment of the retailer’s business landscape, including a benchmarking analysis of sales data compared with key competitors. Leveraging tools such as Digital Commerce 360, we evaluated the client’s ecommerce capabilities to determine how they stacked up against industry standards and identified specific areas where the client was lagging behind.
This analysis uncovered several critical factors that successful lifestyle retailers leverage to achieve sustainable growth. Those key success elements identified included a brand proposition that resonates with consumers, the delivery of seasonal and curated product assortments, and an optimized omnichannel experience that integrates physical and digital interactions. We used these benchmarks to pinpoint underperformance in the client’s core metrics — insights that would shape the foundation of an improved strategy.
After identifying these gaps, we collaborated with the client’s leadership to prioritize critical initiatives. Key actions included refining the brand’s market positioning to strengthen consumer attraction, implementing targeted marketing efforts and enhancing product assortments based on consumer demand and seasonality.
Results
Before engaging with L.E.K., the retailer faced a decline in business performance, with no clear plan to reverse the trend. Our thorough assessment provided the client with a straightforward understanding of its current position, highlighting the most significant obstacles to growth and areas where important adjustments could yield the highest impact.
The framework we provided helped the client’s leadership align on a shared vision for growth, underscoring the need for investment in ecommerce capabilities as a core pillar of future success. Additionally, our data-driven approach highlighted the importance of a responsive brand identity and consumer-focused product offerings. As a result, the client now has the tools and clarity to execute a well-defined strategy that meets the demands of today’s consumers, positioning the brand for continued growth and relevance in an increasingly digital market.
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