The first strategy we see Hang Ten executing in the next 5 years will be introducing new products but aimed at the current market. We suggest doing so by expanding their current product line to include accessories and other clothing-related items relevant to the target segment. This will make Hang Ten a lifestyle brand as opposed to an affordable casual clothing company.
Product Line Expansion
The types of products that we see Hang Ten adding to their line of offerings include bags, rings necklaces. These accessories should be introduced seasonally with each season carrying a different theme. Below are a few themes we propose Hang Ten use.
The Beach Bum
Hang Ten should start a beach themed collection. This theme is likely to be well-received in Singapore as we are an island with a number of beaches that youths and young adults like to frequent. Thus, riding on the beach-trend wave (pun intended) will help Hang Ten target this segment of the chic beach-goer. This will also be a wise move for Hang Ten as it is consistent with their image in the US and they already have clothing and accessories in this theme. It will thus be easier for Hang Ten to get access to the products and collections in this line. The specific types of items featured in the "beach bum" series includes limited edition Hang Ten board shorts, bikinis and accessories using shell, straw and pearls.
Funky Town
Hang Ten could also introduce an accessory line using psychedelic colours. Psychedelic colours have a cool, youthful and vibrant vibe that could attract youthful fashionistas who are not afraid to wear bold accessories and loud colours. This line could help Hang Ten draw in the segment they are targeting and differentiate them from competitors, Giordano & Bossini, who have yet to expand into such offerings, hence providing Hang Ten a strong first-mover advantage and uniqueness.
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