With what mission was the Australian Wool Innovation Limited founded and how is it accomplishing its set objectives?
Australian Wool Innovation in its present form was established just 14 months ago. It is the combination of the old Australian Wool Innovation which was a research and development company and The Woolmark Company which was the main marketing arm of the Australian wool industry. Now AWI does both marketing and research and development. About 60% of AWI’s expenditure goes on marketing and the other 40% is spent on R & D.
What was the rationale behind acquiring famous Wool mark?
The Woolmark is one of the most recognisable Brands in the world. Unfortunately, the Woolmark Company ran short of the funds to adequately market the Brand. By acquiring the Woolmark, AWI gained the Woolmark worldwide office network and is able to invest the sort of money that the logo demands to help grow demand for Australian Merino wool.
AWI is in the process of rolling out a global marketing strategy which will invest $120 million over the next three years. This is not something the Woolmark Company could have done. I see it as a win-win. The Woolmark Brand gets reinvigorated and AWI is able to leverage a worldwide network of offices to run its key account management business model.
Which all are the categories that Australian wool industry offers and their application sectors? What is your say on key Consumers trends?
The Australian wool industry supplies about 85% of the world’s apparel wool. As a result AWI’s marketing is heavily weighted towards the fine apparel sector.
AWI recognises that identifying and understanding key consumer trends is important to the future of Australian Merino wool, as it enables us to understand factors influencing purchase decisions, and proactively work toward the success of the company and our business partners.
Consumers are continually seeking better quality products, services and experiences across the board, therefore we believe sharing of this valuable information with our business partners is crucial in ensuring that, together, we continue to deliver premium Merino wool products to consumers across the globe.
You can click on the link provided to get in depth information on key consumer trends.
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.