Last night, Out-of-Home media operator EYE, invited its most-valued clients to Ritson on Retail as part of Mercedes-Benz Fashion Week Australia, where Associate Professor of Marketing and leading international brand expert, Mark Ritson, shared some home truths about the Australian retail industry.Ritson observed that for too long Australian retail has been dominated by a small number of large brands and as a result has lacked customer focus and innovation.
Ritson said “International brands view the Australian retail oligopoly as fertile ground for growth and they’re coming in their droves. It’s bonkers to suggest that foreign owned brands like Zara or Costco don’t understand the Australian consumer’s psyche and can’t beat local brands at their own game.”
Ritson has consulted for over a decade to leading brands in the Louis Vuitton Moët Hennessy stable including Fendi, Dior, Louis Vuitton and De Beers and is renowned for his bold statements and honest delivery. He didn’t hold back last night when asked to outline where Australian retailers’ weaknesses lie and name the brands he thought needed to pick up their game.
He said “Aussie brands are mostly vanilla. Now vanilla’s a nice flavour, but you’d better be careful when rocky road or mint choc-chip arrives on the scene.”
Following the presentation, guests enjoyed an exclusive runway show by Australian designer Carl Kapp. EYE is a premium partner of Mercedes-Benz Fashion Week Australia