Ogilvy London 360 Degree Fellowship Programme Application

Ok, applications have open today. The deadline is November 12th so I have some time to do my application.
First round of interviews will be on November 22nd 2004;
2nd round interview week on December 6th, 2004;
and they would let people know who have a place on the 2005 programme by week December 13th.

This is extremely long! Anyway, the 500 words essay I have to write is to answer the following question:

"Allegra Versace is the niece of Gianni Versace. On her 18th birthday, she inherited the fashion empire left to her by her uncle. However, since he died, sales have dropped, fashionistas have switched to alternative labels, and some tough decisions are needed to make a return to profit. So if you were Allegra, what would you do to reinvigorate the brand? Think about why people are switching and who your competitors are. What objectives would you set and how you would go about achieving them? Who would you be aiming to attract, how would you communicate with them and secure your place back on fashion's 'A' list?"

If anyone has any bright ideas or tips on how to answer this question, feel free to email me. I could also send you my draft and we could discuss it together. Advertising is a team effort, isn't it? That's what I read in David Ogilvy's book...