Millennial Opps: Marc Jacobs loses CMO amid drops in spend (Score 37)
Marc Jacobs (MJ) is in search of a new CMO since Debbie Woloshin departed, effective May 23. Woloshin joined MJ as CMO in January 2015 and now serves in the same role at Stitch Fix. Of course, we will let you know when MJ selects a new CMO since that new DM will likely readjust MJ's strategy in ways that could lead to spend shifts and/or agency reviews.
According to iSpot, MJ hasn't utilized national TV since allocating around $544.5k in 2021. All of this was allocated in December, and the company had allocated around $4.1m in 2020. MJ's 2021 commercials aired during shows such as Captain Marvel, ¿Qué le pasa a mi familia?, Law & Order: Special Victims Unit, 90 Day Fiance: The Other Way and Entertainment Tonight.
So far this year, Pathmatics reports the company has spent approximately $819.1k on digital ads, less than a third of the approximately $2.8m spent within the same 2021 timeframe. In 2021, MJ ended up spending approximately $4.4m on this channel, more than double the approximately $1.9m it spent in 2020. The company has earned around 96m digital impressions YTD via Instagram (74%), Facebook (19%), desktop display (4%) and mobile display (3%) ads.
MJ's target demographic includes both men and women and skews toward millennials. The sharp decline in spend leads me to believe the company may especially need ways right now to increase ROI. Per Kantar data, MJ also invests in print (newspapers) and OOH.
Agency & martech readers - As I briefly mentioned, a new CMO could conduct agency reviews; therefore, I suggest getting in touch soon to be top-of-mind when a hire occurs. Your competition includes Havas Media Group, which handles media.