Apparel Market Industry Analysis
13 Pages3121 Words345 Views
Added on 2020-12-26
Apparel Market Industry Analysis
Added on 2020-12-26
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Pretty little thing fashion clothingretailer
Table of ContentsINTRODUCTION...........................................................................................................................3Introduction to Company and its operations ..............................................................................3Key relevant changes within the UK fashion retail....................................................................3Relevant Changes in Micro environment....................................................................................5Strategies and Tactics in Adapting Changes ..............................................................................6Strategies in order to meet micro environmental changes..........................................................7CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONRetail theory is the practice of distributing consumer goods and services through variousmultiple channels of distribution in order to earn profit. Apparel market industry has beengrowing steadily over the years in UK (Badot and Filser, 2013) . Fashion retailers satisfies theneed of consumers by providing them goods which meet their requirement. Chosen companyunder the report is Pretty Little Thing. It is a UK based fashion retailer which specialises inselling women wear, foot wear, accessories and beauty products. It was founded in 2012 byUmar Kamani, headquartered in Manchester, UK. The report will focus on how the respectiveindustry is operating and its regulations in micro and macro environment factors as well asdiscusses issues identified in conducting PESTLE analysis.Introduction to Company and its operations Pretty Little thing is a UK based fashion retailer company which specialises in Women'swear and aims at targeting womens of 16-34 years. It is owned by Umar Kamani andheadquartered in Manchester with its offices in London and Los Angeles. Company is owned byBoohoo group and operates in UK, Ireland, Australia, US and France. It has a revenue of £300million and has a good presence of stores all over the world. Brand became popular whencelebrities including Miley Cyrus were seen wearing this product range. Moreover company haslaunched its mobile application for Android and iOS phone in UK market to target large numberof customers. In order to capture larger market share brand also starts targeting young girls aged5-12 years (Baker and Saren, 2016). It has developed a good positioning in market and wasnamed as one of the to three fastest fashion growing companies by Hitwise. In 2018 it startedlaunching collection for sizes 6-28 to capture larger market share. For surviving in this fastchanging environment company has to carefully analyse micro and macro environmental factorsin order to provide according to existing trends and changes. Brand is facing significantcompetition from TOBI, Atterley, Mod Cloth. Key relevant changes within the UK fashion retailRetail sector is the largest growing private sector, providing employment to theindividuals in UK. But with the increasing globalisation, there is a high demand lifestyle andexpectations of the consumers who have led to the drastic change in Fashion retail industry(Bodie, 2015). Respective company should analyse the issues in macro and micro environmental
factors which the company should identify and thereby produce products according to thechanging trends. In order to identify changes in macro environment, PESTLE analysis has beendescribed below- Social Environment- Because of the increasing demand of the customers, due to wideravailability of products in the market it has led customers to buy product from one storewhich has led respective company to open more stores and start increasing its presenceonline in order to meet requirements of customers. Customers in UK who are highfashion conscious demands products similar to those of the celebrities, this hasincreased pressure on the respective company to provide such products to the customerswith high quality in order to capture larger market share.Technological factor- Technology is a very important factor affecting the growth offashion retail industry. It is because of the higher advancements and technology it hasforced companies to adopt to recent technology in order to survive in this competitiveenvironment. Because of the increasing globalisation, IT, internet and with the increaseduse of mobile devices it affects sales, marketing and consumer choices of products. Inorder to cope up with this technological issue respective company has adopted its ownmobile application as well as started its online presence in a way to attract customers ona large scale. Customers have greatly accepted this application and have started placingonline orders which saves a lot of time and cost for the company (Brigham and et. al.,2016).Economic Environment- Pretty Little Things should consider the economic growth ofthe country in order to properly supply products in the country. This factors includesinterest rate, inflation rate, rate of employment and many more. Analysis of this factorallows the respective company to know whether their product will be affordable in themarket or not. Economic environment in UK keeps cahnging but has a issue regardingunemployment level. This issue can be resolved as the respective company can hireemployee at a low labour cost which will lead to decrease in its products prices.Moreover it has also identified a problem with Britishers who have decreased sales inproducts of the respective company because of the depreciation in their pound value.Company has to analyse this features carefully before supplying products in the market.
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