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The Asia retail apparel industry is a large, highly fragmented industry. It sales are driven by many factors, e.g. pricing, economic conditions, fashion trend and etc. As the industry are fragmented into different markets. We shall roughly conclude them into two groups branded products and other apparel products. The ¡§branded products¡¨ will refer to the sizeable established companies while the ¡§other apparel products¡¨ refer to the small branded and private label products.
The attractiveness of the retail apparel industry can analysis by different aspect through the Porter¡¦s five forces model as follows
Threat of Substitutes
Clothing is common known as the basic needs for a human life. It is a kind of necessity and is hard to find substitute to replace the function. Basically, apparel products are no major different in nature. But the main differentiation may come from the brands. So, the treat of substitutes seems not an important factor.
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Threat of Entry
The retail apparel industry has both big and small-size companies. The entry to the apparel industry as an individual retail or private label is quite simple and easy. There are always new comers. The power of entry barriers is insignificant. However, risks of failure are also high and the small brand is often hard to compete against the existing sizeable companies.
Rivalry between Established Competitors
As mentioned above, there are numerous players in the retail apparel industry but no retailer can dominated the industry. Sizeable companies can only capture part of the market shares and large portion still competing by numerous small companies. Due to the fixed cost (rental) is weighted a large proportion in the total cost and there is lower diversity of competitors as the products, cost, strategies and management style are similar, price competition tends to be strong.
Bargaining Power of Buyers
In the retail apparel industry, the buyers are the end user of the products or consumers. They have high bargaining power as the intense competition. The consumers are price sensitive. There are nearly perfect information and the price of each retailer are disclose to public. As a result, consumers are tending to search the value-for-money product among retailers. And due to the similarity of the products, it makes the consumers more likely to switch between retailers.
Bargaining Power of Supplier
The supplier of apparel product can put into raw materials, distributor and labour force.
For the raw materials, as it is crucial to apparel product, however, they only consist a lower proportion of the total cost and there are indifferent of the raw material, the retailer are willing to switch to other supplier, as a result, raw material has less bargaining power.
For the distributors, there are branded products and non-branded products. We can find that the retailer have less bargaining power to distributor of branded products. They have to accept the price if they want to sell the product. Sometimes there are even ¡§control price¡¨ for retailer to follow. On the other hand, the retailer can have more bargaining power to distributor of non-branded products. It is because there are a lot of distributors for non-branded product and their products are similar, retailer can switch to other distributor easily.
And the last one is labour forces, sales is not a skillful position. The education or technical requirement is low; and the labour supply is higher than the demand. As a result, the bargaining power of the labour force is low.
In conclusion, the retail apparel industry is lack of substitutes, easy to entry, the bargaining power of buyer is high and for supplier is relatively low. Overall, the attractiveness of the industries is quite favorable.
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