Wrist & Rye: Curing the Naked Wrist Syndrome
(8 pages of text)
In 2015, Wrist & Rye Inc. was a new start-up venture in London, Canada, created by several undergraduate students who all had a passion for male fashion. Designed for young, working, professional men, the company's high-end beaded bracelets and accessories were all about looking cool and being associated with the brand. Each bracelet had a story centred on a specific cocktail to create a sense of bonding that could enhance conversations among the company's core demographic. However, the founders faced several challenges including brand value creation; distribution channel decisions; and partnership and management issues. They needed to maintain the appeal of their brand and expand into other markets if they were going to continue to grow. The partners had to agree on strategic options to help grow the company.
This case is suitable for undergraduate and graduate courses in marketing or, sales, and marketing management. After completion of the case, students will be able to
- analyze and identify the benefits and drawbacks of selling online or using retail and wholesale channels (or both) as a growth strategy for the company;
- examine managerial issues when limited resources, result in a need to focus efforts on the most rewarding activities to promote the growth of a start-up;
- evaluate the use of social media or other low or zero-cost methods of brand building for the company through online distribution;
- enhance the overall perceived value of the Wrist & Rye brand in terms of its online presence, packaging, and selling efforts; and
- make decisions with strategic recommendations and detailed support.
Canada, Small, 2016
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