EXECUTIVE SUMMARY This report includes an in-depth business plan for my “Indo-western”
EXECUTIVE SUMMARY
This report includes an in-depth business plan for my “Indo-western” (fusion of Indian and western wear) women’s wear apparel brand named SYNTH located in Mumbai,India, which is a start up brand that will open it’s store in 2019.As part of the assignment requirements I have created a business proposal for the same.
Both primary and secondary research has been conducted for this business proposal with respect to the target market which is young women aged between 20 to 35 years. As for primary research a survey was conducted in order to gauge the demand for indo western clothes specifically made of ethnic Indian fabrics.
An in-depth calculation on the financials of the start up has also been done in this report. Marketing collaterals for the brand as well as sketches of the potential collection have also been created and attached.
The report further explains the technicality and thought process behind the brand SYNTH .
INTRODUCTION
COMPANY PROFILE
Stylish, contemporary and fusion are words that best describe the brand SYNTH’s aesthetics. SYNTH will house garments which will be an amalgamation of traditional Indian fabrics along with western styles perfect for the modern and young Indian woman SYNTH will have a physical store located in Mumbai,Maharashtra (India).
NAME
The name of the brand, SYNTH is derived from the word SYNTHESIS which means combination or blend . Since the brand will house garments that are a combination of western designs and Indian ethnic fabrics the name SYNTH seems most appropriate for the brand.
LOGO
The black symbol as seen in the logo signifies concoction or interweaving of sorts. Since the brand is a fusion wear or Indo-western brand the interweaving symbol signifies just that.The colour black is chosen so that the orange font and name of the brand stands out and thus the symbol is a plain colour i.e black. The font of the brand is simple and clearly visible yet curvy and stylish. The colour chosen for the font is orange since orange is considered a sacred or holy colour in India and it is the colour commonly during all festivities in the country. The colour also signifies warmth and prosperity which is why it has been used for the brand.
MISSION
The mission for SYNTH is to create a brand that is modern yet true to it’s Indian roots. Young modern Indian girls are often influenced by the west and tend to wear western garments only; SYNTH wants to break that norm by creating garments of favourable western designs in Indian fabrics in order to prove that Indian fabrics can be modern too. Another goal would be to make Indo-western clothing a daily preference amidst young women.
VISION
SYNTH envisions to create a market for affordable fusion wear not only in pan India but also globally.
SYNTH also envisions to go digital and sell online as well.
SYNTH will also aspire to be the one stop shop for Indo western garments.
FABRIC TOUR OF INDIA: INDIA’S HANDLOOM HERITAGE
SOME EXAMPLES OF THE FABRICS
RESEARCH PROPOSAL
BACKGROUND
Indo- western clothes are highly popular amidst young women in India. The young modern Indian women is highly influenced by the west and thus prefers wearing western silhouettes. Thus even when they want to or have to wear Indian clothes they prefer wearing it with a western touch, thus creating demand for Indo western garments, Most Indo western brands
RESEARCH PROBLEM
Difficult to breakthrough the already existing competitive marker of Indo-western clothing.
REESRACH QUESTION
How can I create an Indo-western brand in Mumbai for the young modern woman(aged 20-25 years) that houses garments made of Indian ethnic fabrics with western designs?
HYPOTHESIS
• If I create a variety of contemporary designs ,more than that of my competitors with a variety of Indian ethnic fabrics, will I be able to penetrate through the Indo-western market?
• If I spend a huge sum on advertising throughout the year in offline marketing print media such as eminent newspapers and magazines will I be able to catch the eye of my target audience ?
• If I use a combination of value based pricing and competitive pricing, will that be profitable for my brand?
ASSUMPTIONS
• There already exists a demand for value based Indo-western garments amidst young modern women in Mumbai
• Participating and buying stalls in baazars and hosting pop-up stores would generate awareness amidst my target audience.
METHODOLOGY
• Primary Research-Conduct a survey amidst the target market which young Indian women aged between 20 to 35 years of age (mostly from Mumbai). Having lived in Mumbai for 3 years, also note my personal observations and understanding of the Indo-western market and other subjects relevant to this report.
• Secondary Research- Research conducted on the internet which includes trusted and relevant sites, government sites and several other articles and sites through which I can gain relevant information for my research,
LIMITATIONS
• Some survey respondents might not take the survey seriously and may give random answers that may effect the authenticity of the results.
MACRO ENVIRONMENT ANALYSIS
POLITICAL
Federal form of government:
The Democratic Republic of India is the largest democracy in the world with. The political system is that of a federal set up which means that each he 29 states and 7 union territories that India has are run by their local state governments and the country as a whole also has a central government residing in the capital ,New Delhi; head of which is the prime minister , Mr Narendra Modi from the Bhartiya Janta Party (BJP) which is current ruling party. The strongest opposition party is the National Congress, chair person of which is Mrs Sonia Gandhi. The Congress government reigned for 49 years and it is only in 2o14 that BJP came to power under the leadership of Mr Modi. While the head of the government is the prime minister, the head of the union executive is the President ,Mr Ram Nath Kovind
The parliament comprises of the Rajya Sabha (upper house) which represents the states of Indian federation and the Lok Sabha (lower house) representing the people of India. The Supreme Court is the head of judiciary.
Corruption
Corruption is extremely prevalent in India,right from the grass root level right to the top. Bribery ,extortion and black money are major issues of concern . Politicians especially have a reputation of being corrupt. Money laundering and scams worth millions . Examples of such scams are Colagate scam, 2G scam by politician A Raja. Many top businessman are also corrupt who conduct frauds all at the expenseof the innocent taxpayers money; The PNB Nirav Modi scam worth a whopping 11,000 crore and scam by business tycoon Vijay Mallya are recent examples.
ECONOMIC
India is one of the fastest growing economies of the world.The 2018 Global Economics Prospect (GEP) released by the World Bank today projects India’s GDP growth to pick up to 7.3% in 2018-19 and to 7.5% for the next two years. In comparison, the figure for the second quarter of the current financial year (July-September 2017) was 6.3%, up from the three-year low of 5.7% in the first quarter. The report pegs overall economic growth for 2017 at 6.7%, despite initial setbacks from demonetisation and introduction of the Goods and Services Tax (GST). (World Bank Says India’s Gdp To Grow At 7.3% in 2018-19BusinessToday.in – )
FDI or foreign direct investment has contributed immensely to the economy
Stability
The recently imposed demonetisation by Mr Narendra Modi (November 2016) changed the face of Indian economy ?1000 and
?500 notes were suddenly abolished and in turn new notes of
?2000 and ?200 were introduced. The sole purpose of demonetisation was to eradicate black money. Small businesses and start ups were greatly affected by demonetisation for it came as a sudden shock to the Indian economy and resulted in decrease in demand ,higher operating cost inflation and higher raw material cost
Relevance to fashion
.The dual GST introduced in July,2017 affected businesses throughout the nation. As for the apparel industry ;any piece of apparel or clothing would be taxed at 5% GST if the taxable value of the goods does not exceed Rs.1000 per piece. All types of apparel and clothing of sale value exceeding Rs. 1000 per piece would be taxed at 12% GST.
SOCIAL
India has the youngest population in the world with the median age being 29 years,this is a huge boon to the country. India is also the land of diversity and rich cultures which results in several traditions. 28% of the youth population is between 10 to 24 years of age. This is the highest percentage of youth there has ever been in the country. Thus, this results in immense growth for the country as a whole as the youth is the future. A developing and fast growing country such as India has the potential to take it’s economy to great heights if the government invests in the education.
The country originally is orthodox in nature but with the changing times the thought process of people are changing to more progressive thinking The rural areas continue to be rigid in their thought process wile the metropolitan cities (Delhi, Mumbai, Kolkata ,Chennai ) are more open minded. Thus new businesses are targeting the younger age group . The young population is now more fashipn conscious and aware of changing trends.
Though Hindi is the national language of the country, English is widely spoken across the nation
TECHNOLOGICAL
India has one of the strongest IT sectors in the world. The science and technology department of the government is given a lot of importance to.
As per the Government records, the number of Indian scientists coming back to India to pursue research opportunities has increased from 243 in 2007-2012 to 649 between 2012 and 2017 . In the span of 5 years 649 Indian scientists have returned to pursue research opportunities.
The graphs below clearly show the booming information and technology sector .
As for the textile industry , it is one of the largest source of eployment in the country and contributes to 14% of the industrial population and 4% to the GDP.
INDUSTRY ANALYSIS
In India, the textile and apparel industry comprises of the (i) yarn & fiber, and (ii) processed fabrics & apparel segments. Roughly 14 percent of the global yarn and textile fibers are produced in India, which is also the leading producer of jute and one of the leading producers of silk & cotton and cellulose fibers. With 63 percent of the global market share, India is the leading hand loom producer worldwide. Its domestic textile industry is projected to increase from USD 150 billion in 2017 to USD 250 billion by 2019; Indian cotton production is projected to reach roughly 38 million bales in 2018.
Key demand drivers of the textile industry in India include higher penetration levels of organized retail, favorable demographics and increasing per capita income. With export of textiles reaching USD 27.6 billion in the fiscal year ended March 2018, India is the second largest exporter globally of textiles and clothing. Furthermore, exports are projected to increase further to reach USD 82 billion by 2021. The largest contributor to the exports of textiles and apparel in India is ready-made garments, with a market share of 47.7 percent followed by yarn at roughly 14.4 percent and made-ups at 12.9 percent.
Another significant contributor to the growth of the textile industry in India is the increasing focus from the government via favorable policies being put in place. For example, for the 2018 – 2019 budget, USD 355 million is allocated towards the The Ministry of Textiles led Technology Up-gradation Fund Scheme (TUFS) which is put in place to encourage investments in the industry as well as USD 4.6 million for the Scheme for Integrated Textile Parks. Furthermore, the Scheme for Capacity Building in Textile Sector was recently approved by the Cabinet Committee on Economic Affairs, and the incentives under the Merchandise Exports from India Scheme (MEIS) for two sub-sectors of the Textiles Industry – Ready-made garments and Made ups – were increased by The Directorate General of Foreign Trade (DGFT) from 2 percent to 4 percent. Between April 2000 and December 2017, a total of USD 2.8 billion FDI was made in the Indian textile sector.
Going forward, the government is also planning to conduct roadshows to promote the country’s textiles in non-traditional markets such as South America, Russia and select West Asia countries.
Saris, Salvar Kameez and Churidars – what are commonly referred to as traditional Indian Cultural-wear or Ethnic-wear – comprised roughly half of all women’s clothing sale in India over over the review period. For the more price-conscious consumers , there also exists a huge market for unbranded ethnic-wear.
Urban Cities Lead Demand for Western Womens-wear
Since traditional cultural-wear has always been the preference among the masses in India, the penetration rate of Western women clothing is relatively low. Within the Western clothing sold in the country, jeans continue to be the top product seller followed by t-shirts / women’s tops.
Initially, leggings were worn with traditional Indian ethnic-wear such as Salwar Kameez. However, since leggings provided comfort to the consumers, these have become more popular and are now increasingly worn with both Western as well as traditional Indian Ethnic clothing. As a result, demand for leggings has increased and this category registered the fastest growth in retail value for the year 2017 within overall Womens-wear segment. ?
Domestic Brands Continue to Dominate in Womens-wear
Despite the rise in Western Womens-wear, traditional Indian Ethnic-wear continues to comprise of roughly half of all women’s clothing sales in India. As such, domestic companies that have a robust presence in this segment continue to dominate the market. Furthermore, brands such as FBB, Biba, Global Desi have been able to establish themselves in the category due to their credibility in providing value fashion.
COMPETITORS ANALYSIS
The primary competitors of Synth would be as follows:
Founded by ace Indian designer Anita Dongre, Global Desi is the parent brand’s (named after the designer herself )indo western counterpart. While the parent brand Anita Dongre houses heavy ethnic wear (including bridal wear) Global Desi houses high street indo western apparel. Boho-chic ,young ,fun and vibrant are the USP of the brand. There are approximately 150 Global desi stores across India and 1 international store in Mauritius . The brand has a successful online presence as well (domestic as well as global).The brand also houses accessories and shoes.The price range for indo western clothes(kurtas,jumpsuits,jackets,maxis etc) ranges from
Rs 670 to Rs 8000.
W is a part of TCNS CLOTHING CO. LIMITED. The brand houses indo western/contemporary clothing . There are 400 stores both across India and globally in Mauritius , Sri Lanka and Kathmandu. They also have a successful online presence,Their USP lies in the fact that they introduced 7 sizes rather than the 3 regular sizes so as to cater to women of all shapes and sizes. Since Indian woman are curvy, the brand wanted to reach out to as many women as possible thus broadening their target market horizon. Their sales include percentages as high as flat 30% to 50% on certain products almost all year around which is another strategic way to attract customers.The brand also houses accessories.The price range for indo western clothes ranges from Rs 420 to Rs 8000.
Headed by Dubai based company Future group, Lifestyle is one of the leading ethnic wear brands in India. Lifestyle houses both western and ethnic wear and has it’s presence both online as well as offline. As for Indo western designs, kurtis and leggings are their prominent products to sell. Affordability is Lifestyle’s forte. It’s pricing and designs appeal greatly to the masses. The company has 67 stores pan India and houses several other products such as western wear, home décor, sportswear, accessories ,shoes and makeup
The price range for the ethnic wear ranges from Rs 200 to Rs 10,000. Thus the brand appeals both to the masses as well as the classes . The brand has a successful online presence as well. It’s value pricing and alluring in- store as well as online promotions and frequent discounts (festive season or not) are the brands USP. In conclusion Lifestyle Fashion has been positioned as a value fashion brand due to its effective promotions within the stores as well as broader TV campaigns. Since it targets masses offering stylish products at an affordable price range, it is one of India;s leading ethnic wear brands.
The brand gives immense importance t employee welfare and CSR which is another reason Lifestyle is on top of it’s game.
Named after the designer herself , Masaba is one of the leading indo western designers in the country, She started in Mumbai with one store in Juhu (suburban area of Mumbai) and now has 5stores sprea across the country along with her presence in 11 multi designer stores pan India. She also showcases her collections globally in Africa and Hong Kong from time to time.Quirkiness,prints and vibrant colours colour are Masaba’s brand USP. The indo western clothing prices range from Rs 8500 to Rs 35000. The stores also house quirky accessories . Promotions include festive season sales as well as clearance sales. The brand also does collaborations such as the one done with TATA Nano where in the designer designed a car for TATA as well as a beauty collaboration with cosmetic brand LAKMÉ where in Masaba designed a range of lipsticks for them.
CONSUMER ANALYSIS
India largely has a very patriarchal society and the men of the house are usually the ones that make the major decisions of the house and money allocation to the family members as well i.e they give money to their wives, daughters, mothers etc who are mostly housewives. But with the changing times ,since the past couple of decades , a large number of young women are now working and making the buying decisions which shows a higher buying power amidst these women. Education for women is given great importance to especially since the recent Prime Minsiter, Mr Narendra Modi was elected and began the #BetiBachaoBetiPadhao campaign (save the girl child by educating her). Due to increase in women education, women are obtaining more opportunities, achieving good jobs and in turn are becoming more independent,conversant and aware and even more so in the metropolitan city of Mumbai which does not have dearth for opportunity and women (especially the ” millennial “) are more empowered and make buying decisions themselves). Mumbai is a metropolitan and thus is home to people from across the country, especially the young generation who from smaller towns of India or even from other metropolitan cities of India such as Kolkata , New Delhi, Bangalore migrate to Mumbai either for education purposes or for job opportunities.
Mumbai which is the financial hub of India is one of the most populated cities in the world and has a population of 22 million people approximately . Women aged between 25 to 305 years of age who largely belong to the “millennial” bracket in Mumbai are known to be fiercely independent for they are women who are well educated , tech-savy,earning money of their own and are thus are a transpiring market going hand in hand with the growing economy. Home makers or housewives as they are popularly called in the age bracket of 25 to 35 years of age have immense buying too as Mumbai thrives on social status. Speaking about the ethnic apparel wear industry, with the changing taste buds and the millennial women being more influenced by the west and social media and everything being “urbanised”, the young Mumbaikar (as residents of Mumbai are popularly termed as) have a mind of their own in terms of their buying behaviour and also want to dress stylishly and with the advent of social media ,especially Instagram, they post several pictures in various outfits and want to keep buying new apparel for weddings,festivities ,work etc .
Thus the consumer analysis for SYNTH specifically would be as follows
DEMOGRAPHICS
• Young, urban girl aged between 20 to years
• She may be a college student, home maker, employed or an entrepreneur.who likes wearing indo western attire to work, college, for festivals, religious purposes ,weddings etc
• Her income would be Rs 10,000 and above
PSYCHOGRAPHICS
• Young girl who is chic and modern yet traditional at the same time
• Someone with an experimental taste in fashion and would want to dress traditionally but yet in a contemporary manner
• Someone who wants to make a style statement and stand out from the crowd
•
GEOGRAPHICS
• Mumbai, India- Essentially , the store
would be locatedin Bandra , West which
is a popular area for shopping.
MARKET RESEARCH
A survey was conducted in Mumbai by me amidst the target age group of Synth. I sent out the survey online to friends and relatives and requested them to further share the survey with their peers.The market research summary with respect to the questions asked (questions and graphs for the data results of which are in the appendix) were as follows:
•
BUSINESS MODEL CANVAS
MARKETING MIX
PRODUCT
Concept-Synth clothes are a perfect amalgamation of Indian ethnicity and western trends. The products as listed in the assortment plan are made purely of popular Indian textiles from different states across the country. The textiles specifically used from across the country are:
Bandhani from Rajasthan and Gujarat , Chikankari from Lucknow , Bhagalpuri silk with Zari work from Banaras,Phulkari from Punjab and Kanjeevaram silk from Tamil Nadu .
Fusion wear-The products mentioned are a synchronisation of indo western styles that include both casual and formal wear i.e clothes for young women that can be worn to work, weddings, festivities, temples etc .
Strategic mix of designs – The product designs are varied and are a perfect blend of designs for women who wish to dress contemporary yet in an ethnic manner. The western garment styles are synchronised with Indian fabrics thus creating Indo western garments.
Colour palette and patterns- As seen in the assortment plan there are wide range of colours used. For day wear, summer and festivities there are light and vibrant colours for garments such as yellow,pink,orange ,red etc (red,yellow an orange being the more prominent festive colours). For evening wear the colours include darker tones such as maroon ,navy blue, dark green etc,
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ASSORTMENT PLAN
PRICE
The price range for SYNTH ranges between Rs 2000 to Rs 10000. An amalgamation of competitive and value based pricing is incorporated in the pricing strategies of SYNTH . Since the target audience for SYNTH is young (aged 20- 30 years) which comprise of mainly students and working women the prices are kept affordable and value based like the competitors of SYNTH which are Global Desi (closest competitor ) , W ,Lifestyle and Masaba. The prices are incorporated keeping in mind market value and comparison to the competitive brands.
The casual clothes are ranged between Rs 2000- to Rs 4500 and the evening wear or party wear is ranged between Rs 5000 to Rs 10000.
The positioning matrix clearly explains the pricing strategies of SYNTH,
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The Y axis comprises of the pricing and the brands are placed in this positioning matrix after researching on their prices (as mentioned in the competitors analysis as well )the brand.
The X axis comprises of the contemporary/modernity nature of designs,By contemporary what is meant are how truly “indo western” the garments are.
Global Desi would be the closest competitor to SYNTH in terms of price range which is Rs 670-Rs 8000 (with SYNTH priced slightly higher). As for designs Global Desi has indo western garments mostly made of cotton fabrics These garments are “Indianised” or in layman terms an Indian touch is added to these garments merely through Indian motifs and prints. Their garments are mainly “flowy”and lose fit in nature.
Having said that, SYNTH aspires to take their designs a notch higher by producing a variation of garments that are solely made with Indian textiles and also incorporate more modern designs such as body-con dresses and embellished garments as mentioned in the assortment plan.
Masaba ranks high in terms of both modernity and pricing (Rs 8500 to 35000) While Masaba focuses on funky prints and more of party and festive wear such as dresses and sarees as compared to casual everyday clothing. The designs are highly contemporary in nature but focus mainly on prints . Masaba focuses mainly on the niche market thus restricting their target market. Thus Masaba is the closest competitor in terms of contemporary designs.
SYNTH would have an equal balance of both casual and party wear. The garments at SYNTH would be priced lesser which makes it affordable and accessible to the young and urban Indian girl.
W is slightly more affordable than SYNTH (with garments as low as Rs 420 and as high as Rs8000 ) but in terms of modernity the are comparatively behind for the only indo western garments they have to offer other than kurtis are mid length dresses which are made of cotton only.The designs and sizes as observed are also meant for an older target market ( as compared to SYNTH) with fewer designs meant for the young target market.Thus positioning them behind in terms of modernity as compared to SYNTH.
While on the other hand SYNTH though priced higher has a more Indo –western product range and will house products for the young age group only.
Lifestyle appeals to the masses and has products of various price ranges (Rs 200-Rs10000). As per versatility the only indo western garment they have are. While they do sell indo western garments such as tunics.kurtis and skirts their product range include purely ethnic Indian garments such as salwar kameez . A
huge chunk of their product range also include western garments (menswear as well as all women’s wear), household goods , night wear etc . Their indo western range also includes mainly of casual clothes,
Comparatively SYTNH will house only indo western garments only and will house a larger variety of designs meant for both casual as well as party wear,
NOTE -The positioning matrix was made after doing research the brands products via their respective online websites .Also having stayed in Mumbai for 3 years, I often visited these brands and the matrix is also made through my personal observations. I also visited India recently in my term break and visited these stores particularly to observe the garments in order to conduct thorough research.
PLACE
Location
The store would be located in Bandra West in Mumbai .Bandra which is the suburban area of Mumbai known to be the fashion hub of Mumbai which comprises of the main fashion street . Being a startup and trying to spend as less as possible, rent is a concerning factor and after in depth research a space in Bandra West seems feasible and realistic. The store would be that of 800 sqft with a rent of Rs 1250000 per month which means Rs 1500000 a year. (Reference links of rates are given under the financial reference section )
Having Having lived in Mumbai as a student, I have observed that Bandra West
is known for it’s eclectic and experimental culture.
Distribution Channel
SYNTH will follow the direct distribution strategy which means it manufactures it’s own garments i.e in house designers will design the garments with Indian fabrics and in turn these garments will be displayed in the SYNTH store to be sold to the customer directly.
PROMOTION
GANT CHART
October to December have the maximum promotional activities since it is peak season for the brand that time.
(References for the pricing are mentioned in the references)
TOTAL EXPENDITURE FOR PROMOTIONAL ACTIVITIES WOULD BE INR 12,00,000
OFFLINE
Store opening-These expenses include that of store launch which would involve a soft opening where in friends and family would be invited to the store to view the collection (and buy the clothes if they wish too). Socialites and eminent bloggers from the city would be invited too. Invites would be sent in advance and this would be a good way to spread initial awareness about the store. A DJ for entertainment would be hired and a photographer to in order to upload pictures on our social media site as well as for advertising. This is why the allocated budget is high.
Pop ups- A new “pop up shop” culture has been trending in Mumbai. It started off with food pop ups and also extended to fashion pop ups. SYNTH will hold pop ups at popular restaurants and cafes ,in the city where in young girls
(which is our target market) hang out and go, This would attract potentials customers eating at the restaurant and café and also people invited for the pop up.
“Fashion nights” at restaurants once a week are also trending in Mumbai where in brands tie up with restaurants to host a fashionable evening that includes a fashion show of sorts and models would catwalk in the brands clothes. This is like a wine and cheese event.
SYNTH will host both the pop up and Fashion night with restaurants such as Masala Bar located in Bandra West in Mumbai.
Bazaar –SYNTH will participate in popular bazaars such as Little Flea , Aaraish, Divalicious ,Shaila Bazaar and The Style cracker Borough which are regularly held from time to time. These bazaars have brands participating that sell apparel, shoes, accessories and household items. Young girls are drawn to these bazaars and often go and shop especially during the festive season.
Newspapers- SYNTH will advertise in popular newspapers ( that are knows for lifestyle articles,Bollywood gossip ,fashion news so as to engage with the young girls as these are the newspapers that interest mostly young girls)
during the mentioned months in the Gant chart. These newspapers include DNA- After Hours, Mumbai Mirror and Bombay Times.
Posters and pamphlets -Pamphlets would be printed and handed out to young college students (girls) after they get out of the college gate. A representative from SYNTH will stand at the gate monthly after college hours and distribute these pamphlets. Brand posters would also be stuck on walls (common practice in India). These colleges include fashion colleges such as SNDT, Raffles Mumbai, NIFT,Pearl Academy, ISDI and other popular colleges such as HR College of Commerce, KC College and NMIMS.
Magazines- As mentioned, SYNTH will advertise in popular magazines such as HELLO! India, VOGUE India and GRAZIA India during the festive months/peak season. Magazine advertisements are a popular and effective way to spread awareness about the brand.The aforementioned magazines are read by the young urban girls of India which is why the selection was made.
ONLINE
In this digital age, the generation Y (target market of Synth) is constantly on social media and it is very important for brand to engage with their target market on social media. These pages would be created and monitored by the owner Ms Shradha Belani.
Facebook- A Facebook page for Synth would be created for Synth in order to spread awareness and advertise about the brand.An event on Facebook would be created inviting friends and family for the soft launch, Posts would be put up frequently along with new collection launch, pop ups and baazar participations . Potential customers could enquire about the products via Facebook messenger.
Ms Shradha Beani would also market the brand through her personal Facebook
Instagram- Being a pictorial form of social media, Instagram us a highly effective method to spread awareness and create a buzz for a new brand. Thus, SYNTH will create an Instagram page and regularly upload pictures of the products. The owner Ms Shradha Beani would also market the brand through her personal instagram account and also ask family and friends to share posts. Promotional videos and posts would be regularly put up throughout the year.
Snapchat- On her personal Snapchat, the owner of SYNTH ,Ms Shradha Belani would market the brand through Snapchat by adding eminent bloggers with public accounts and also friends and family. She’d also market thr brand through her personal account.
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PEOPLE
OWNER: MS SHRADHA BELANI
EARNINGS : (Kindly refer to the Cash Flow in the financial statements)
STAFF SALARAIES (Monthly)
DESIGNATION
NUMBER OF PEOPLE
SALARY PER PERSON (INR)
TOTAL (INR)
Tailor 5 15,000 75,000
Designer 2 20,000 (junior designer)
30,000 (senior designer)
50000
Store Manager 1 25,000 20000
Accountant 1 15000 20000
Cleaner
(part time) 1 1667 1667
Total salaries = Rs 166667 per month
Thus yearly salaries are Rs 20,00,000 (as mentioned in the financial statement)
(References for salaries mentioned under Marketing Mix –People)
ROLES AND RESPONSIBILITIES
Designing Team- It goes without saying that the role of the designers would be to design garments. Nonetheless, SYNTH would hire two designers. One designer would be highly talented ,young ,fresh off the block (possible graduated from fashion school in Mumbai such as SNDT, Raffles Mumbai, Pearl Mumbai or NIFT) with 2+ years of work experience. .The other hired designer would be a more qualified and experienced designer with 5+ years of work experience (possibly from other retail stores ). In this manner the equilibrium would be maintained and combined design ideas from both the designers along with execution would be better.. The experienced designer would be better at handling and communicating with tailors while the young designer would have fresh and bright ideas. Also, before hiring I (since I’m the owner I would want to do the hiring) would make sure to see that the forte of both the designers lies in contemporary designs and that they are also good in keeping up with trends forecasting trends. (in terms of design)
Store Manager- Manages the store operations daily and also has the duty of interacting with customers and keeping a check of all the in-store activities
Tailors
Develops design for garment, adapts existing design for garment, or copies existing design for garment. 2) Alters garment and joins parts, using needle and thread or sewing machine, to form finished garment.
Accountant Handles the daily sales and monetary in-store operations . Also compares and analyses the finances., creates financial statements for the company and records all monetary information and transactions.
Cleaner- Comes once a day to clean the store
NOTE: Links for salary rates are mentioned in the references.
PHYSICAL EVIDENCE
Marketing Collaterals
PROCESS
Sourcing fabrics– To save on cost by travelling across the country to purchase fabrics, SYTNH would buy ethnic fabrics from already existing fabric stores in Mumbai that get fabrics from different states and sell them in Mumbai. Having lived in Mumbai and studied in a fashion school in the city, I am aware of the stores that sell good quality fabrics at reasonable rates (when bought in bulk). These stores are mentioned online to as the top fabric sellers. The stores that SYNTH would out source their fabrics from are Saroj, Glanz, Crawford Market, Akhbar Ali and Aadils. The selected stores are mostly located in the vicinity of where SYNTH will be located to save on travel time and thus the operations will be convenient. It is a known fact that Mumbai is a large city, distances are a lot and so is the traffic thus sourcing from the reputed stores in the vicinity to the store will be a huge boon.
(Reference links to these stores are also mentioned )
FINANCIAL PROJECTION
REFLECTIVE REPORT
