Earlier this month we had the opportunity to be a sponsor of Licensing Summit in NYC, a follow up to the annual Licensing Expo event in Las Vegas in June. The event attracted 300 licensing attendees and examined trends shaping the industry, and it’s a growing industry. According to License! Global Magazine, the top 150 global licensors represented $259.9 billion of retail sales worldwide of licensed merchandise in 2014, an increase from 2013.
At Samsung C&T America, we work with a number of licensees of brands, including BB Dakota, Q4 and LJP International. Many of the themes from the Summit are relevant to our partners and any brands looking to grow their business through licensing.
1. All about that brand, that brand. Customers love licensed products, but they want more than just a label. Customers want authentic brand experiences and products that tell a story and resonate with their lifestyle or the lifestyle they want to emulate.
2. Meet me on the Web. Online sales will continue to increase in coming years, and will be an increasing cost for brands to do business, but it’s also a customer expectation. If your e-commerce isn’t up to snuff, it’s going to be detrimental to your business.
3. Think globally, act globally. Sales are increasing around the globe as consumers in growing economies demand American brands (and Americans discover global brands). Brands need to be prepared and think ahead to how they can reach potential customers around the world.
As we look ahead, we anticipate licensing will continue to be a driver of business and growth for companies who can capitalize on the market through acquisition of more licenses. What’s more, a diverse portfolio of brands insulates against economic conditions and headwinds, such as recessions, unseasonable weather or changing consumer preferences.
The benefits of licensing are numerous, and as a partner you can leverage the global awareness and credibility of the Samsung brand to expand your business through discovery and pursuit of world-class licensing opportunities. Learn more about the Samsung solution for the fashion business.