Fashion Business Research
Introduction
Clothing multiples has the largest market share in women’s wear sector in UK fashion market. Therefore the market competitiveness is extremely fierce in this sector. 2009 was one of the toughest ever years for retailers, as trading conditions deteriorated and consumer confidence reached a low. Expenditure on clothing fell by 0.5% to £35.3bn – the fist decline for more than 20 years. (Verdict report) With higher taxes and weak wage growth resulting in consumer reluctance to spend, it will be more challenging for these clothing multiples retailers. With concerns over the economy persisting, is value remaining the only in consumers’ minds? As Verdict report indicated: “ Instead of buying two or three cheap garments, soming will be enticed into buying one more expensive item, with the prices justified through superior quality or design detail, or even through great service rendered in store.” (Verdict report) Nowadays, company sustainability is a very big concern to the consumers, including ethical trading, good supplier resources and the impact to the nature environment. In this competitive situation, a successful company is not only offering good prices with good quality of products which makes less impact to the environment while producing but also providing great service to customers. This report will focus on the research of womenswear age group of 25-34 in clothing multiples market.
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Literature Review
UK Fashion Market
The UK has richly-deserved reputation as one of the global leaders in fashion design and trendsetting. That said, the UK fashion industry is also much more than designer fashion, encompassing, as it does, a complex web of materials, textile production, clothing design, manufacturing, wholesaling, marketing and retailing of a broad set of fashion productions. In 2009, the UK fashion industry is estimated to have directly contributed £20.9 billion to the UK economy, or 1.7% of total UK GDP. The majority of
Clothing multiples has the largest market share in women’s wear sector in UK fashion market. Therefore the market competitiveness is extremely fierce in this sector. 2009 was one of the toughest ever years for retailers, as trading conditions deteriorated and consumer confidence reached a low. Expenditure on clothing fell by 0.5% to £35.3bn – the fist decline for more than 20 years. (Verdict report) With higher taxes and weak wage growth resulting in consumer reluctance to spend, it will be more challenging for these clothing multiples retailers. With concerns over the economy persisting, is value remaining the only in consumers’ minds? As Verdict report indicated: “ Instead of buying two or three cheap garments, soming will be enticed into buying one more expensive item, with the prices justified through superior quality or design detail, or even through great service rendered in store.” (Verdict report) Nowadays, company sustainability is a very big concern to the consumers, including ethical trading, good supplier resources and the impact to the nature environment. In this competitive situation, a successful company is not only offering good prices with good quality of products which makes less impact to the environment while producing but also providing great service to customers. This report will focus on the research of womenswear age group of 25-34 in clothing multiples market.
1
Literature Review
UK Fashion Market
The UK has richly-deserved reputation as one of the global leaders in fashion design and trendsetting. That said, the UK fashion industry is also much more than designer fashion, encompassing, as it does, a complex web of materials, textile production, clothing design, manufacturing, wholesaling, marketing and retailing of a broad set of fashion productions. In 2009, the UK fashion industry is estimated to have directly contributed £20.9 billion to the UK economy, or 1.7% of total UK GDP. The majority of
Bibliography: - British Fashion Council & Oxford Economics, (2011) - Brown, J., Drapers: New Look Emerges As Xmas Winner – January 6, 2009 [Online] Available at: http://www.drapersonline.com/news/new-look-emerges-as-xmaswinner/1958415.article [Accessed: February 6, 2012] Easterby-Smith, M., Thorpe, R. and Jackson, P (2008) Management Research, An Introduction. 3 ed. London: Sage. Lovett, G., Drapers: River Island’s UK Production Contributes To Bestsellers – February 13, 2012 [Online] Available at: http://www.drapersonline.com/multiples/news/river-islands-uk-production-contributesto-bestsellers/5033577.article - Shield, A., Drapers: H&M Sales Soar After Lanvin Success – December 15, 2010 [Online] Available at: http://www.drapersonline.com/multiples/news/hm-sales-soarafter-lanvin-success/5020504.article - Verdict Report, (2010), UK Fahsion Multiple Retailers 2010 - New Look Official Website, Available at: http://www.newlookgroup.com/newlook/en/sustainability/sustainabilityhome [Accessed February 5, 2012] - River Island Official Website, Available at: http://www.riverisland.com/Online/insideriver-island/about-us/river-island/about-us [Accessed February 5, 2012]