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GLOBAL MARKETING A STUDY OF THE BRAND ‘BIBA’ AND MARKET STRATEGIES TO ENTER GLOBAL Submitted by: Mahima(MFM/21/1161) Vartika Verma(MFM/21/1235) Master of Fashion Management (M.F.M) Submitted to: Dr. Nikita Submitted on- 18/11/ National Institute of Fashion Technology (NIFT) Panchkula, Haryana 134107 http://www.nift.ac.in
● Abstract ● Objective ● Introduction ● Research Method ● About the Brand ● History of Biba ● The people behind Biba ● Present and Future of Biba ● Inspiration of Biba ● Products ● Why Biba should go Global? ● Market entry ● South Africa ● Reasons to choose South Africa ● PESTEL Analysis ● EPRG Framework ● Entry Strategy ● Foreign Direct Investment ● The Dominance of Ethnic Wear’ ● Biba Focusing On ● Segmentation, Targeting, and Positioning ● Marketing Mix
● To study the Brand and its positioning in India. ● To study new market strategies for a specific Country. With the help of PESTEL analysis and their policies for new busniesses to enter. ● To develop STP and marketing mix for the brand for the new market. ● To research and collect data.
Expanding the business to new markets allows you to reach potentially vast numbers of new customers and grow revenue massively. However, the process can be difficult and filled with complications. A market entry strategy is a way of maximizing the chances of success when moving into a new market. In this article, we’ll look at some of the reasons to consider moving to a new market, the differences between domestic and international markets, and some of the strategies. Risks of entering a new market can be cultural risks, foreign exchange risks, political risks, economical risks, etc. Research Method The research method of this thesis is a combination of different methods. The internet is one of the great ways to get information. The approach has been selected to achieve good overall results.
In 1982, Meena Brinda Started the company from her home in New Delhi. She took an 8000 Rupees loan to start a small business. Some years later, Brinda allowed her son, Sanjay, and Siddharth, to help her to manage the business. In 2010, Sanay left Biba and started his own apparel business, Seven East. Biba opened its first standalone store in Mumbai in 2004. Kishore Biyani’s Future Group acquired a 6.5% stake in Biba in 2007. Future Group was divested from Biba Apparels in 2013. In 2014, Biba Apparels acquired a minority stake in the designer label, Anju Modi. Biba, in October b2014, launched its own e-commerce portal biba.in, to leverage the country’s fast-growing e-commerce space. In order to tap the vale segment market and the youth segment of tier 2 and 3 cities, a new line of Indian wear under the brand Rangriti was launched by Biba in 2014.
The People Behind Biba Mrs. Meena Bindra pioneered the salwar-kurta revolution in the country and united the women from the North to the South changing their dressing styles. The ‘Punjabi suit’, as it used to be called, became an important part of every woman’s wardrobe. Her son, Siddharth, who joined the business in 1997, was inspired by her perseverance during the fallow years that ensued. Together, Meena and Siddharth have presided over a revenue growth of 35-40 percent in the last eight years. Turned their passion into a 600 Cr business by launching its designer clothes venture Biba Apparels Private Limited. Siddharth's real achievement lies in the fact that he’s successfully taken Biba’s north Indian design sensibility to consumers pan-India.
Products ● SKD - A wide range of ensembles in the Salwar Kameez and Dupatta space that ranges from casuals, work wear, semi formal wear to occasion wear ● Mix ‘n’ Match – A wide range of kurtas, tunics, dresses, and tops with suitable leggings, salwars, churidars, knitted tights, and dupattas. ● KIDS-Targeting mix o casual and festive styles which meets everyday casual needs as well as occasion wear. ● FABRICS – Ready to stitch fabrics from Indian craft and heritage. ● JEWELLERY – Quirky and traditional pieces for the urban woman ● FOOTWEAR – Fashionable Footwear to gel with the Indian wear ● BOTTOMWEAR – Stylish and comfortable line of bottom wear, ranging from casual to festive to provide you the comfort as well as style ● ATHLEISURE – A range of yoga pants, stretchable pants, and leggings,. ● LOUNGEWEAR ● MASKS
Why Biba Should go Global? TEXTILES AND CRAFT: Meena Bindra is on to conquering another big dream. “I want BIBA to be a global brand. Indian fashion is known to evoke as beautifully designed prints with color compositions and Indian fashion techniques have been appreciated all over the world. WIDE RANGE OF PRODUCTS: BIBA doing a lot more on designs in near future blending contemporary aesthetics for the new age global consumers. STRONG E-COMMERCE: BIBA started an independent e-commerce operation through its Web site to target new customers, especially the NRI community. Ammazon and BIBA sell through Flipkart, Jabong, yntra, Shoppers Stop, and others. After having made a mark in India, Biba is now planning to retail in South Africa by 2023. Much like global fashion brands testing the waters in India through e-commerce, Biba would test-market via online medium before opening physical stores in these countries.
South Africa Africa is on the rise The African continent is on the cusp of transformative growth, with blossoming entrepreneurship and plenty of opportunities for smart businesses. The continent has been gradually transformed in the past 20 years.
● Africa is on the rise- Looking for growth opportunities? – Search no further. The African continent is on the cusp of transformative growth, with blossoming entrepreneurship and plenty of opportunities for smart and simple business solutions. Africa is a 1.2bn-person market, a number expected to double over the next 30 years. The continent has been gradually transformed in the past 20 years, and if you haven’t noticed you are not alone. Generally, business leaders tend to overestimate the challenges of doing business in Africa and underestimate the size and potential of the African continent. Thereby not stating that the African markets are easy to do business in, but emphasizing that they are worth the effort, and companies not engaged in African markets risk losing out on one of the 21st century’s great growth opportunities. ● Large economy in Africa- South Africa is the second largest economy on the continent, only exceeded by Nigeria, which has more than three times the population size. Over the past decade, South Africa has experienced rapid change and is ranked by the World Bank as an “upper middle-income country”. Of the more than 400 companies on
An example is the South African water sector, which Denmark has supported since the fall of Apartheid in 1994. Today, Danish water companies thrive in the South African market, as Denmark is a global leader in water use and efficiency, and deliver solutions that save water and energy. ● Growing population and insufficient status quo- Currently, water and electricity coverage, along with housing, waste management, infrastructure, and health care is insufficient to meet the needs of the South African population. The population growth and urbanization in South Africa will amplify current demand in the future, and the gaps hold business opportunities for Danish companies. To learn about the specific sectors click here.
PESTEL Analysis
Broadly speaking, political factors are those driven by government actions and policies. They include but are not limited to, considerations like ● Corporate taxation ● Other fiscal policy initiatives ● Free trade disputes ● Antitrust and other anti-competition issues South Africa is one of the most powerful countries in Africa and plays a considerable role in the global economy and politics.
South Africa is the 42nd largest economy in the world in terms of nominal GDP (Statistics times, 2020). The GDP stands at around 282 billion USD. South Africa has a system of mixed economies in place. It is one of the five BRICKS, economic giants. BRICKS stands for Brazil, Russia, India, China, and South Africa. South Africa exports gold, diamonds, platinum, cars, metals and minerals, and machinery to a number of countries, notably China, the UK, the United States, Germany, India, and Saudi Arabia. Corporate income tax in South Africa for both resident and non-resident companies is a flat 28% (PwC, 2020). However, small businesses pay a lower rate of tax. South African assets are affordable in part due to the country's free-floating exchange rate that allows the currency to adjust to global conditions – making it a viable investment.
Social factors tend to be more difficult to quantify than economic ones. They refer to shifts or evolutions in the ways that stakeholders approach life and leisure, which in turn can impact commercial activity. Examples of social factors include:
● Demographic considerations ● Lifestyle trends ● Consumer beliefs ● Attitudes around working conditions South Africa is often referred to as the ‘rainbow nation. The term to describe South Africa’s multicultural diversity. There are 11 official languages in the country and Christianity, Islam, and indigenous beliefs are the major religions. The current population of the country is around 59.7 million. Life expectancy is estimated to be almost 64 years. Challenges: For example, unemployment is high and the public health system is ailing. South Africa remains a divided society with growing tensions between immigrants. However, putting these challenges aside, South Africa offers these days good business opportunities. People in general in the country desire better education for their children, and faster economic growth that offers great opportunities for both local and international organizations.
