Poolside PID
- Ned Volk (Unlicensed)
Project Name | Poolside |
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Designer/s | @dominic.harrison @Alinta Lim |
Project Deliverable | Design, develop and commercialize a luxury floating chair |
Start Date | Dec 11, 2021 |
Target Launch | Post Summer 2023 |
Target Price Range | $1000AUD |
Internal Resource Est. | 0.25 0.5 FTE During Design & Dev Project length = 9 - 12 months |
Project Budget | $10,000 |
Exp. CAPEX Cost |
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Product Proposition
Currently KING LIVING offers an outdoor range, David King has expressed his interest in expanding this range, especially as King Living grows and creates its presence into international markets. KING LIVING proposes to include a floating chair & sun lounger in the outdoor living range expansion, Mimicking the “Award Sofa” as a throw back to the heritage of KING LIVING.
The floating chair must be of a “premium” quality, therefore chasing a high price tag, accordingly to the KING brand. After a previous project exploring the idea of an inflatable floating chair it has been understood to attain a “premium” status it is desired that the chair is a drain through, this extending the life of the chair, as failure through membrane puncture is avoided. It has been expressed that the floating chair & sun lounger would also feature in a range expansion, range expansion is detailed below. The initial floating chair design is preferred to go to market for the Australian 2022/23 summer period.
This Project includes:
Floating chair
Floating sun-lounger
Option to include platform base
Range Expansion:
Beanbag double sunlounger,
Beanbag 2 and 3 seaters
Beanbag ottoman
Platforms being a possible design direction
Expand range to indoor version with same options
Update: Moved away from the award sofa form. Two new forms will be explored, “modified award sofa” and “curved form”
Range Gap
KING Living currently does not have an outdoor sofa or floating range. This floating chair will be a completely new sector for KING, which expands the outdoor range.
Requirements for Success
What is the target requirements to make this a successful project?
Requirements |
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Floats and balanced |
Comfortable |
Moderately easy to remove from pool when wet |
Easy drying |
Ease of removing and inserting bean bags |
Beans bulge consistently |
Ease of getting in and out of the chair in water |
Lifespan of X years under normal use @Patricia (Unlicensed) need to ask marketing if this is important |
Ease of filling the bean bags |
Drain through feature |
Holds 1 person up to 150kg |
Chlorine, salt and UV resistant |
Fail safe for bean bag puncture (bean spillage) |
Market leader in floating pool furniture |
Key Risks & Considerations
What are the key risks involved in the project?
e.g. manufacturing risks, design complications, bottlenecks in the timeline, commercialization risks, brand discrepancies
Key Risks | Mitigation Plan (Concept Refinement Phase) |
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Water furniture compliance? | Found ISO 25649-3 which details floating water safety, will follow standard to produce a safe product |
Maximum wet weight | Drain through feature and ergonomics of handles to be continually developed, reduce excess volume |
Is there any regional safety requirements? | To do review of regional safety requirements |
Is this item subject to any specific tariffs and/or duties? | To do quick review of tariffs and duties, mainly based around the beans |
Longevity/warranty | Less of a concern now product is not an inflatable, will have supplier guarantees on materials and fabrics |
Balance & float | To be a development focus |
Attaining premium KING feel | Create targeted comfort zones |
Go-to market date | Have design freeze by XXXX |
If it isn’t a FLOCK item how do buyers view and purchase? | Releasing only Chair and sun-lounger, should have showroom space available to FLOCK |
Alignment of brand strategy narrative | Not inflatable, lesser of an issue. Competitor premium brands do alike.(Roda, Natuzzi) @Patricia (Unlicensed) marketing team to think about sustainability |
Bean filling | KING living to fill the bags at production center. Involve Engineering team early to create production process and space |
Unsure Production Location | Liaise with Ed and Tony on the most appropriate manufacturing facility |
Material and construction strength and longevity | Discuss with Engineering, could complete tests around zipper burst strength, stitch strengths, abrasive resistance …….. |
Material Supply | Secure supply early as possible. Freeze fabric selection as early as possible |
Design, Develop & Test
What Must be Designed?
Product care and information tags
What must be Developed?
Form & aesthetics
Drain through feature
Fabric Patterns
Foam form & layering
Internal beanbags
Foam exoskeleton in fabric cover
Handles & grips
Floating ability
Stability and balance in water
Comfort in & out of water
Engineered support - ergonomics
Zoned support
Bean selection & characterization
What must be tested?
Float
Balance
Comfort
Longevity (chlorine, salt, UV degradation)
Drain through
Beans
Safety
Pools standards
Manufacturing Scope
Manufactured In-house
Fabric & sewing
Foam Cutting
Beans filling ( bean bag filling room)
Procured Externally
Beans
Foam
Fabric
Resourcing Estimates
Project Length | ||||||
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P I r n o t j e e n c s t i t y |
| Less than 3 months | 3 - 6 months | 6 - 9 months | 9 - 12 months | 12 months + |
High Designer = 1.0 FTE + | Medium | High | Very High | Very High | Very High | |
High-Med Designer = 0.75 - 1.0 FTE | Medium | High | High | Very High | Very High | |
Med Designer = 0.50 - 0.75 FTE | Low | Medium | High | High | Very High | |
Med-Low Designer = 0.25 - 0.5 FTE | Low | Low | Medium | Medium | High | |
Low Designer = 0 - 0.25 FTE | Low | Low | Low | Low | Medium | |
Initial Concept Ideation & Sketches
360 Marketing
For marketing to complete
360 Marketing plan
Sustainability
•How is this product going to hint towards the sustainable future KING strives for?
Return on Investment
PROFIT & LOSS (By Year) | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
Expected COGS (BOM cost) | $ 180.00 | $ 180.00 | $ 180.00 | $ 180.00 | $ 180.00 | $ 180.00 | $ 180.00 | $ 180.00 | $ 180.00 | $ 180.00 |
Expected Sales QTY | 0 | 1500 | 1575 | 1654 | 1736 | 1823 | 1914 | 2010 | 2111 | 2216 |
Expected Logistical Costs | $ 75.00 | $ 75.00 | $ 75.00 | $ 75.00 | $ 75.00 | $ 75.00 | $ 75.00 | $ 75.00 | $ 75.00 | $ 75.00 |
Average Sale Price | $ 790.00 | $ 790.00 | $ 790.00 | $ 790.00 | $ 790.00 | $ 790.00 | $ 790.00 | $ 790.00 | $ 790.00 | $ 790.00 |
Product Margin | $ - | $ 802,500.00 | $ 842,625.00 | $ 884,756.25 | $ 928,994.06 | $ 975,443.77 | $ 1,024,215.95 | $ 1,075,426.75 | $ 1,129,198.09 | $ 1,185,657.99 |
Marketing Costs |
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Development Costs | $ 10,000.00 |
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CAPEX (Tooling & Machinery purchases) |
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Project Costs | $ 10,000.00 | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
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Net Cash Flow | -$ 10,000.00 | $ 561,750.00 | $ 589,837.50 | $ 619,329.38 | $ 650,295.84 | $ 682,810.64 | $ 716,951.17 | $ 752,798.73 | $ 790,438.66 | $ 829,960.60 |
Cumulative Cash Flow | -$ 10,000.00 | $ 551,750.00 | $ 1,141,587.50 | $ 1,760,916.88 | $ 2,411,212.72 | $ 3,094,023 | $ 3,810,975 | $ 4,563,773 | $ 5,354,212 | $ 6,184,173 |
Discounted Cash Flow (NPV) | -$ 10,000.00 | $ 520,138.89 | $ 505,690.59 | $ 491,643.63 | $ 477,986.86 | $ 464,709 | $ 451,801 | $ 439,251 | $ 427,049 | $ 415,187 |
Cumulative Discounted Cash Flow | -$ 10,000.00 | $ 510,138.89 | $ 1,015,829.48 | $ 1,507,473.10 | $ 1,985,459.96 | $ 2,450,169 | $ 2,901,970 | $ 3,341,221 | $ 3,768,270 | $ 4,183,457 |