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Assignment on Merchandising

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Added on  2021-06-05

Assignment on Merchandising

   Added on 2021-06-05

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APPAREL MERCHANDISING TOPIC:APPAREL BRANDS AND THEIR PRICE POINT, FIT,STYLE,MATERIALS & COLOURS (ASSIGNMENT-1) SUBMITTED TO: SUBMITTED BY: MR. PRABHAT KUMAR AMRITA RAY (BFT/18/529) MEHELI DAS (BFT/18/505) RUMJHUM (BFT/18/480) SAYANTANI GHOSH (BFT/18/494) PRANAV PRIYADARSHI (BFT/18/1035)
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VISION STATEMENT &MISSION STATEMENTVISION STATEMENTH&M VISION STATEMENT IS “TO LEAD THE CHANGE TOWARDS CIRCULAR AND RENEWABLE FASHION WHILE BEING A FAIR AND EQUAL COMPANY.”MISSION STATEMENTH&M’s mission statement is “to drive long-lasting positive change and improve living conditions by investing in people, communities, and innovative ideas.”H&M offers the largest amount of products but shows little variations throughout the year.
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Colour AssortmentLet’s take a look at colors. H&M offers more color options with 2,1% colors, on average,H&M offers more color diversity with significant proportions for blue, pink and grey.
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INTRODUCTION TO H&MAs the globe’s second largest retailer in the fashion industry, Hennes and Mauritz (H&M) has done well in establishing and maintaining customers ’trust since 1947. The Swedish Company was founded by Erling Persson, who opened the first store in Västerås as Hennes (Swedish word for “hers”), offering fashionable women’s wear. In 1968, he acquired Mauritz Wildforss, a hunting and fishing equipment store located in Stockholm and began the extension of men and children’s clothing lines. H&M then diversified over the years and progressively expanded its product width to include accessories, shoes, top-to-toe beauty care products and cosmetics and home furnishing collections. Since its inception, H&M has rapidly grown into the global markets with more than 3924 stores spread in 61 countries (Cruz, 2012) and more than 148,000 employees (Hm.com, 2015). H&M has made Singapore its 5thSoutheast Asian debut in 2011 after Hong Kong, Shanghai, Japan, Korea and has robustly expanded across the island and opened ten stores within five years after entering the market.
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Price strategyThe price strategy of H&M is designed based on their customers needs which is low price and high fashion. In fact, this is the one of the biggest challenges for H&M. If not making this happen, the special feature of H&M cannot be realized. How could they combine fashion and cheapness? This objective was achieved by two steps: first, H&M outsources the production to countries where the labour cost is much lower. To control transportation cost, outsourcing was arranged according to different product. Those high fashion product which target at the European market were produced in Turkey, because of the short product life cycle. In addition, basic product are produced in Asia because they allow longer transportation time and bear lower risk. Second, the company also conduct strict cost control plan. For example,very few executives have secretaries or have cellphone priviledge(Jobber, 2007).
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