International Business Management
Report Rough Draft
Why Polo Ralph Lauren Expand in Singapore
The global luxury lifestyle brand Polo Ralph Lauren chose Singapore as its first Southeast Asian location. The country is filled with many large shopping areas to explore and a vast amount of different styles and the latest global fashion trends. Singapore’s consumers now have more knowledge and fast access to knowledge about a wide variety brands. International visitors tend to prefer to shop at duty-free markets. In Singapore, customers can find all the famous brands from around the world. Polo Ralph Lauren is known as a strong brand with a strictly American image. Consumers from around the world know the Polo brand and with the world becoming more and more Americanized there is much opportunity for the company to enter the growing Asian market. Summary
The Polo Ralph Lauren brand was started by American entrepreneur Ralph Lauren in 1967. At the time he was working for a company called Beau Brummell Neckwear. Lauren designed an innovative tie that was wider than other ties on the market at the time. He then convinced Beau Brummell Neckwear to sell his ties inside the Empire State Building. The ties sold like crazy which led to the establishment of Polo Ralph Lauren. Lauren named the brand Polo after the popular horse racing sport because the sport represents prestige and elegance in the United States; a sport that only America’s noble and elite can play and afford. Therefore, Ralph Lauren’s target customers were those who had an above average income. This is a desire and goal that Ralph Lauren was determined to meet with his Polo brand. In 1969 the company opened its first boutique store inside Bloomingdale’s, an Upper East Side New York department store. In 1971, the first stores of Polo Ralph Lauren fashion appeared in Beverly Hills, California. Ten years later Lauren became the first American designer open a shop in London. Cureently, Polo Ralph Lauren has grown to be a well-known brand, not only for tie but also for all fashion items particularly fashion for men. However the brand is not limited to only menswear. Polo also provides childrenswear, womenswear, swimwear, sportswear and even home décor items. Following this paragraph is a brief description of Polo Ralph Lauren’s top selling brands.
Polo by Ralph Lauren: provides a complete menswear wardrobe with distribution through Ralph Lauren stores and Department stores. Polo Sport: A line of men’s active sportswear
RLX Polo Sport: Complete in the sports apparel market by offering clothing for running, skilling, cycling etc. Polo Golf: This collection of men and women’s golf wear
Blue Label: classic women’s weekend wear.
The environmental analysis of a company allows the company to get a clearer picture of the threats and opportunities in the external environment of the company. From the results, the company can provide suitable strategies to exploit opportunities and eliminate threats. I have broken the business environment of Polo Ralph Lauren into 4 parts. Political and legal, economic, social and cultural, and technological. Political and Legal environment
Public policy must always be considered when looking at the business environment. One of the reasons why Singapore was chosen over other Asian countries was because of its government stability. Singapore currently has many policies in place to support foreign business. They provide a stable economy with low interest and banking rates as well as a competitive tax system. Singapore also has no restrictions on foreign exchange management making it more convenient and for foreign investors to transfer capital and profits in and out of Singapore than in some of the other countries in Asia. The Singapore commercial law now contains other pro-business components. Foreign investors are not required to participate in the activities of joint venture or franchising....