Intelligence at Every Step of the Merchandise Life Cycle
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1 Intelligence at Every Step of the Merchandise Life Cycle Presented by Tim Combs VP Planning for Luxottica Retail SAS Forum 2007 Stockholm 1
2 Intelligence at Every Step of the Merchandise Life Cycle Agenda Company Introduction/Background Merchandise Planning Environment Planning Process Overview Advanced Planning Approach Summary and Future Direction 2
3 Intelligence at Every Step of the Merchandise Life Cycle Agenda Company Introduction/Background Merchandise Planning Environment Planning Process Overview Advanced Planning Approach Summary and Future Direction 3
4 Introduction & Background How is Luxottica Organized? A Vertically Integrated Organization Parent Company (worlds largest frame manufacturer) - Sales & Marketing Office in Milan, Italy - Manufacturing Headquarters in Agordo, Italy North American Retail Division - Headquarters in Mason, Ohio - Five Distribution Centers - Nine Central Lab Locations 4
5 Introduction & Background Who is Luxottica Retail? 5
6 Introduction & Background What does Luxottica Retail look like? 6
7 Introduction & Background Where is Luxottica Retail? 260 Stores 4,900 stores 720 Stores 420 Stores 70 Stores 7
8 Introduction & Background North America Store Count by Format LensCrafters Macy s Optical Sunglass Hut / Ilori SGH (licensed by Hudson Group) SGH (in Macy s Department Stores) Pearle Vision Sears Optical Target Optical BJ s Optical Total Store Count Regular Owned Store in a Store Regular Owned Outlets Retail Consignment Shop Store in a Store Regular Owned Franchise License Brand - Host Environments License Brand - Host Environments License Brand - Host Environments , ,905 8
9 Intelligence at Every Step of the Merchandise Life Cycle Agenda Company Introduction/Background Merchandise Planning Environment Planning Process Overview Advanced Planning Approach Summary and Future Direction 9
10 Planning Environment Product Group Roles & Responsibilities Product Development Factory (Production) Planning Financial (Product) Planning Location (Store/Lab) Planning Assortment Management - Select factories and establish quality standards - Review designs and approve prototypes - Determine materials & component parts - Plan new product development/introduction schedule - Forecast production requirements by factory and material - Balance retail demand across product lines and factories - Forecast financial implications of assortment - Plan factory/vendor production needs - Purchase stock and manage the Open-to-Buy - Plan store sales & inventory by classification - Determine correlations and build store clusters - Manage lab inventory to provide service level commitments - Negotiate terms and agreements - Select brands, styles, colors sizes - Build assortments by classification and cluster 10
11 Planning Environment Key Planning Factors by Division LensCrafters and Sunglass Hut Pearle Vision Sears, Target, and BJ s Optical - Sell inventory from store stock - Same day service - Large range of store sizes - Sell from the store stock and central lab - Turn around time differs depending on job - Moderate range of store sizes - Includes Franchise locations - Maintain presentation stock only and supply finished goods from lab stock - Several days to turn around order - Narrow range of store sizes 11
12 Planning Environment Product Flow within the Retail Organization Division Primary DC Secondary DC Retail/Lab Destination SGH Atlanta 1 US Stores (1,600) Canada Stores (60) LC Atlanta 2 Toronto Lab (2) US Stores (825) Canada Stores (70) PV Dallas Winnipeg US Stores (325) Franchise Stores (440) Canada Stores (125) Sears Atlanta 3 Lab (6) US Stores (865) Columbus Canada Stores (81) Target Columbus Lab (5) Target Stores (260) Atlanta 3 BJ Stores (160) 12
13 Planning Environment Key Planning Factors for Product Frames, Sunglasses, Watches & Accessories -Varying Degrees of Fashion (changing trends) -Capacity & Presentation Driven -Longer Lead Times ( days) -Range of Life Cycles (6 mos. 3 years) -Affected by Seasonality (BTS, Holiday, Insurance) 13
14 Planning Environment Unique Planning Challenges Small corporate staff with many store locations Desire to plan at high level, but implement low (store/sku) Several store formats and many different sizes Vertically integrated business (manufacturing, wholesale & retail) Need for alternate hierarchy on same items Planning for replacement items (shift between suppliers) 14
15 Intelligence at Every Step of the Merchandise Life Cycle Agenda Company Introduction/Background Merchandise Planning Environment Planning Process Overview Advanced Planning Approach Summary and Future Direction 15
16 Process Overview Timing and Frequency of Planning Pre-Season First draft completed 4 months prior to BOY Final plan completed 1 st month of the year (frozen) Includes only Financial & Location plans, not Assortment In-Season Financial/Product plans reforecast monthly Location plans adjusted on an exception basis (rotation) Assortment plans built each month for leadtime Vendor/Factory production plans reforecast quarterly 16
17 Process Overview Planning Dimensions Product Location Time Primary Commodity Total Division Year Department Business Format Month Sub-Dept Cluster Classification Store / Lab Secondary - Item Attributes - Store Attributes - Week -Style - Quarter -Sku - Lead time 17
18 Process Overview Logical Flow of Functional Planning Modules Top Down Financial Plan Middle Out Location Plan C L U S T E R Assort. Plan Bottoms Up Store / SKU Detail Plan 18
19 Process Overview Logical Flow of Functional Planning Modules Financial Plan Step 1: Financial Planning Top Down Location Plan Store / SKU Detail Plan Establish and monitor corporate financial objectives (Driven by units and extended to cost and retail) - Monitor for trends or missed opportunities - Plan impact of promotional events - Plan seasonal curves by classification C L U S T E R Assort. Plan 19
20 Process Overview Logical Flow of Functional Planning Modules Financial Plan Step 2: Location Planning Middle Out Location Plan Store / SKU Detail Plan Establish individual store inventory plans to achieve sales (Limited by store fixture capacity and assort. minimums) - Determine store mix across classifications - Plan backstock based on store volume and seasonality - Cluster stores to have same assortments C L U S T E R Assort. Plan 20
21 Process Overview Logical Flow of Functional Planning Modules Financial Plan Step 3: Clustering Middle Out Location Plan Store / SKU Detail Plan Group stores into clusters based on commonalities such as: - demographics (customer type) - sales volume - store capacity (plan-o-grams) - other attributes C L U S T E R Assort. Plan 21
22 Process Overview Logical Flow of Functional Planning Modules Financial Plan Step 4: Assortment Planning Middle Out Location Plan Store / SKU Detail Plan Establish assortments for each cluster by creating mix of: - Styles, colors and sizes - Technologies, materials, service items - Brands, price points C L U S T E R Assort. Plan 22
23 Process Overview Logical Flow of Functional Planning Modules Financial Plan Location Plan Store / SKU Detail Plan Step 5A: Store/SKU Plan Bottoms Up System process that uses parameters from higher level plans to generate monthly store/sku inventory & sales plans - Includes detailed inventory roll forward thru leadtime - Automatically sets depth based on store open-to-assort - Forecasts sell thru of discontinued items C L U S T E R Assort. Plan 23
24 Process Overview Logical Flow of Functional Planning Modules Financial Plan Step 5B: Store/SKU Plan Bottoms Up Location Plan Store / SKU Detail Plan Analyzes DC inventory need through leadtime period and provides: - SOQ (suggested order quantities) - SIR (suggested inventory reductions) - Open-to-Buy evaluation from Financial plan C L U S T E R Assort. Plan 24
25 Process Overview Logical Flow of Functional Planning Modules ONGOING: Balancing All Directions Location Plan Financial Plan Store / SKU Detail Plan Comparing tops down, middle out & bottoms up: - Evaluate difference and determine where to adjust C L U S T E R Assort. Plan 25 Do I have enough stores in cluster to support the financial plan? Am I over assorted, causing low ROS in the SKU detail? Does the assortment plan built deliver on the financial class plan?
26 Intelligence at Every Step of the Merchandise Life Cycle Agenda Company Introduction/Background Merchandise Planning Environment Planning Process Overview Advanced Planning Approach Summary and Future Direction 26
27 Advanced Approach Advanced Planning Approach Using Multiple Hierarchies to Plan Different Channels Considering Individual Store Fixture Capacities & Sale Volumes Developing Assortment Plans Based on Store Clusters Balancing Breadth vs. Depth in the Assortment Adjusting Stock Levels By Store Tailor the Assortment Planning Around Discontinued Inventory Planning Replacement or Substitute Items Having Controls in Place to Manage Product Flow & OTB Managing the Assortment with Different Leadtimes Translating Assortment Plans into Vendor Forecasts 27
28 Advanced Approach Alternate Product Hierarchies Business Need Solution Divisions are targeting customers, merchandising product and promoting differently. Need to analyze and plan with unique product structures. Created a separate planning environment for each division and used sku attributes in host system to interface alternate hierarchies. LensCrafters & Pearle Vision Frames Sears & Target Optical Frames Luxury Premium Diffusion Good Better Best 28
29 Process Overview Assortment Comparison Across Divisions 29
30 Advanced Approach Using Clusters to Manage Large # of Stores Uses of Clusters Parameters for Clustering Grouping stores to receive same assortment Implementing plan changes Structuring data analysis Customer Type demographics Volume Groupings units or $ Space Planning facings, plan-o-grams, square footage Store Attributes kiosk vs. mall, beach vs. airport, mall rating 30
31 Advanced Approach Assortment / Store Cluster Pyramid Luxury Chanel Premium Burberry Diffusion DKNY Core RayBan 31
32 Advanced Approach Developing Store Inventory Plans based on Fixtures 32
33 Advanced Approach Implementing Store/Sku Assortments w/clusters Location Attributes Used During Clustering Store Design / Fixtures Customer Type Sales Volume 33
34 Advanced Approach Implementing Store/Sku Assortments w/clusters Product Attributes Used During Assorting Brand Presentation Minimums Frame Material & Lens Type Style Shapes, Colors, Sizes Price Point Mix 34
35 Advanced Approach Implementing Store/Sku Assortments w/clusters 35
36 Advanced Approach Balancing Breadth vs. Depth Business Need Solution Providing the Buyer a view of how many unique items can be displayed in the assortment and how additional items will cannibalize sales within a class. Inventory plans broken into facings & backstock Minimum assortment levels established and balanced across classifications Assortment Managers evaluate the number of unique sku s assorted as a percent of total facings available (cluster avg.) Product ROS (rates of sale) are recalculated based on # of sku s assorted and planned sales volume 36
37 Advanced Approach Automatically Adjusting Stock Levels by Store Business Need Solution Establishing depth at the store/sku level to account for differences in fixture capacity, unit volume, sell through rate and replenishment frequencies. Maintaining inventory roll forward by store vs. plan to calculate an Open-to-Assort, which is used to adjust depth along with sku parameters. Depth Depth Depth Store OTA Stock Need Low Volume, Overstocked Medium Volume, On Plan High Volume, Large Capacity SKU B A D C SKU B A D C SKU B A D C Store 1 Store 2 Store 3 37
38 Advanced Approach Planning Around Discontinued Inventory Business Need Solution Considering projected discontinued ownership when assorting future periods and setting depth. -Store/Sku plan projects sell thru using cluster average ROS and total store volume -Store specific open-to-assort adjusts in future periods as sell thru is anticipated -Depth is automatically assigned to fill holes if new product introductions don t cover the need -Store discontinued percentages are evaluated against cluster average in the location plan 38
39 Advanced Approach Planning/Distributing Substitute or Replacement Items Business Need Solution Avoiding duplication of inventory when same item is sourced from a secondary supplier due to limited production capacity. Linked the replacement items in host system and interfaced into planning system as a single master item. Marked replacement items with activation date so that SOQ s can be interface back. Host Merch. System Planning System Store 1 2 Stock Plan A =2 A =3 EOP On Hand A=1,B=1 B=2,C=1 EOP Sales A=2 A=1,B=1 A C D B A master Store 1 2 Stock Plan A =2 A =3 EOP On Hand A=2 A=3 EOP Sales A=2 A=2 3 A =4 A=1,D=2 B=2,D=3 3 A =4 A=3 A=5 4 A =1 C=1,D=1 C=1,D=2 4 A =1 A=2 A=3 39
40 Process Overview Product Sourcing by Division and Leadtime Business Need Solution Allowing each division to react independently to assortment needs based on their leadtime constraints. Created separate plans by division with each having their own assortments, SOQ/SIR (based on vendor quoted leadtimes) and OTB analysis. Sunglass Hut 150 Days LensCrafters & Pearle 90 Days Sears & Target 90 Days 120 Days 150 Days 90 Days 120 Days 150 Days 120 Days 40
41 Advanced Approach Managing the Assortment with Different Leadtimes Luxottica / Italy Sourced January February March Normal Cycle Delivery in Days April May June July August September October November December Assort. in stores 120 Days August Close Delivery in Days Assort. in stores 150 Days TriStar Chinese New Year Delivery in Days Assort. in stores 180 Days Normal Cycle Delivery in Days Assort. in stores 150 Days China Outsource Chinese New Year Delivery in Days Assort. in stores 210 Days Normal Cycle Delivery in Days Assort. in stores 180 Days 41
42 Advanced Approach Locking Down the Assortment (controls in place) Business Need Solution Insuring raw material orders, WIP and product flow in-transit will match assortment plans & fulfill need. After monthly plans have been approved and orders placed, assortments are locked. - Director approval required for changes within leadtime - What-if scenarios evaluated to access impact of changes on DC flow and Store stock levels - Approved change file transmitted to factory weekly Reason Marketing Shift Don t like anymore Reason Psychic said NO Delivery Issue Reason Additional Stores Heart s not in it 42
43 Advanced Approach Translating Assortment Plans into Vendor Forecast Business Need Solution Sharing data to maximize benefits of being vertically integrated with a manufacturing division. Developed extracts from retail planning system that are interfaced into factory production systems, providing data direct from assortment plans. - Monthly stock changes (additions or reductions) - Store count changes (increases or decreases) - Expected sell thru of excess inventory Retail Demand Change Factory Forecast Sales Plan Inventory Forecasted Shipments Order Raw Materials Adjust Capacity Plan Production 43
44 Intelligence at Every Step of the Merchandise Life Cycle Agenda Company Introduction/Background Merchandise Planning Environment Planning Process Overview Advanced Planning Approach Summary and Future Direction 44
45 Summary & Direction Lessons Learned Drive for the right solution - Meet your business needs and plan for new concepts - Different is okay and maybe even better Design your business process first (blueprint) - Know the process before selecting a system - Test the concept (prototype) Dedicate a team to the project - Create your own experts for future training and support Restructure if necessary - Don t be afraid to adjust to match a new business process - Reallocate recourses between functional responsibilities 45
46 Summary & Direction Business Benefits Increased Revenue and Sales - Better targeted assortments with clusters - Higher average $ sales with financial plan Reduced Inventory Cost - Unique store inventory plans based on actual facings - Tighter managed product life-cycle (discontinued) - Eliminated duplicate stock with substitute/replacement Increased Productivity - Consistent tools and business processes across divisions - Automation allowing for lower level decisions/execution 46
47 Summary & Direction Future Direction and System Advancements Continue global rollout of planning system Additional integration between retail and manufacturing planning processes (vertical organization) Further development of space planning model and criteria Investigate of Smart Clustering tools and opportunities to improve 47
48 Any Questions? Luxottica Retail Our Planning Process The System We Use Merchandise Planning SAS Merchandise Planning 48
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