International Retailing | KOTN | Business Report

INTERNATIONAL RETAILING BUSINESS REPORT WORD COUNT | 3003

Jessica Price McEwan | FAS5045

Contents Industry Outlook Brand and Current Location Reasons for Internationalising Brand

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Indian Ascent Justification of New International Location

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Global Economy Internal Analysis | Micro Environment External Analysis | Macro Environment

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Internationalisation Plan Supply Chain and Legalities Ethics and Sustainability Entry Methods Cultural Considerations Marketing and PR Strategy Consumer Shifts

12 12 13 13 14 15

Reflection and Evaluation Barriers for Entry Succeed in New Market Future Proofing

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Appendix References

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Jessica Price McEwan | FAS5045

Industry Outlook Brand and Current Location

Kotn is a Canadian fashion brand, “born from a desire for good quality, simple essentials that didn’t cost a fortune” (Kotn, 2019). It’s innovators recognised that since 2001 there has been a 95% decline in demand from big corporations, that have opted to go with cheaper cotton options (Sundberg, 2015), thus resulting in millions of farmers, weavers and craftspeople without a livelihood. Kotn works directly with cotton farming families in Egypt and prides itself in being both ethical and sustainable. Since launching in 2015, it has received a certified B certificate for its “responsibility to the community and to the planet” (Rose Marcario, CEO of Patagonia, 2018).

They offer products that are “premium essentials, ethically made”, adhering to the trend for tonal basics and minimalist fashion. It has an entry point of $16 and an exist point of $88 (Kotn, 2019); therefore, is situated within the high street market sector due to it’s price point.

However, it is arguable that Kotn retails products that are more favourably regarded as being in the premium high street sector, due to their affordable luxury experience. As suggest by Figure 1, Kotn’s total estimate revenue for Q4 of 2019 $12.9 million, showing a dramatic increase form Q3 (Zoominfo, 2019).

Figure 1 | Zoominfo, 2019

Kotn’s unique farm-to-store business model attracts a continually increasing consumer tribe who are ethically mindful, proven by the 37% month-over-month growth of the brand since launching in 2015 (Forbes, 2018). In 2017, Kotn noticed a shift in it’s consumer behaviour, as women started to show an interest in the menswear apparel. This led them to expand their consumer market and launched a womenswear collection in 2017.

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Industry Outlook Reasons for Internationalising Brand “Globalization has had a huge impact on fashion and on the branding strategies of fashion brands. As the global marketplace becomes more competitive, brands see both local and international consumers as an integral part of their strategy.”

Varley R. et Al (2019) As suggested by Similarweb, Kotn’s online presence is currently situated between two main markets; the US has a 44.65% share, and it’s home market in Canada has a 39.83% share (Similarweb, 2019). However, Kotn has bricks-and-mortar stores situated in Canada’s three largest cities: Toronto, Montreal and in November 2018, a new store in Vancouver. This may be due to Canadian rents and rates are a lot cheaper than the US. Both of these markets are developed, meaning they have a high level of stable growth. As Kotn is a transnational corporation, it retails in several different countries however still has opportunities to grow in external markets. In an interview with Forbes, Kotn express their interest in global expansion, suggesting that “2019 will be a big year for us with aggressive goals.”(Forbes, 2018).

SWOT Analysis of the Home Market (Canada): Strength:

Weakness:

Entrepreneurial Support: Canadian Government has multiple ways in supporting new start-up businesses or brands through tax reductions and breaks. As Kotn is a relatively new company, this support would have likely aided them and their success.

Dependency on the US: However, whilst having America as a neighbouring country can be beneficial, Canada’s dependency could be interpreted as a weakness. Due to 74% of it’s exports going directly to the US, if the American economic infrastructure becomes unhealthy, the Canadian market will suffer (Trading Economics, 2019).

Niche market growth: Through exporting in niche markets, Canada has seen an increase in profit for national revenue.

US Neighbours: Canada neighbours the US and has seen a substantial benefit for trade with America. Kotn’s online presence has a large market share in the US.

Currency Fluctuation: The Canadian dollar value has been fluctuating which has caused higher interest rates, as foreign investors demand more. As well as this, inflation in prices has further added to the volatility of the Canadian dollar (Hill Notes, 2018).

Opportunities:

Threats:

Emerging Markets: Asian markets, such as India have an increasingly growing demand that Canada could benefit from. Less economic developed countries desire medical services, technologies, and medications Canada can supply (The Globe and Mail, 2018).

Closure of stores: Despite a notably cheaper rate of rents compared to the US, the volatility of the Canadian dollar has threatened the livelihood of many bricks-and-mortar stores.

Impact of oil: The fluctuating dollar also directly correlates to the oil industry. Although Canada has sufficient supplies of oil, the higher the oil prices are, the bigger the increase in the Canadian dollar will be. In 2016, the oil prices dropped, which in turn decreased the value of the dollar, posing threat to Canada’s economy (CBC News, 2016).

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Indian Ascent Justification of New International Location India is currently being propelled by strong macroeconomic tailwinds and is predicted to grow 8 percent a year between 2018 and 2022 (McKinsey, 2019). It’s apparel market will be worth $59.3 billion in 2022, making it the sixth-largest in the world, and comparable to the UK ($65 billion) and Germany ($63.1 billion), according to data from McKinsey’s FashionScope (McKinsey, 2019). Due to this forecast, more than 300 international fashion brands are expected to open stores in India over the course of the next two years.

India also has a historical connection to cotton. In 1921 Gandhi launched a movement for all Indians to spin their own cloth, in protest against the colonial practice of milling Indian-grown cotton for British trade. From this rebellion, the ‘cottage’ industry became a staple of the country’s rural economy (HandEye, 2010).

It is difficult to classify whether India is described as a, more, or less economically developed country. India is a greatly complex economy; being one of the fastest growing economies in the world, but also being one of the most unequal. Professor Himanshu suggests that, “What is particularly worrying in India’s case is that economic inequality is being added to a society that is already fractured along the lines of caste, religion, region and gender” (Oxfam, 2019).

Despite this, O’Neill (Goldman Sachs, 2001) includes India within it’s BRICS model, regarding it as a promising market, with the most potential, as it makes up 17.71% of the world’s population (Worldometers, 2019.) It Is predicted to be one of the global market leaders by 2050, therefore, it can be concluded that India is an emerging market.

Push Factors: Canada is fast becoming a saturated domestic market for Kotn due to competitors such as H&M, COS and Zara.

Pull Factors: It would have a first-mover advantage over competitors, enabling a better response to new market consumers.

Due to volatility of the Canadian dollar there is limited growth in consumer or market.

The Indian middle class is forecast to expand at 19.4 percent a year over the same period, outpacing China, Mexico and Brazil (McKinsey, 2019).

In a more culturally aware global world, there is the need to be seen as an international retailer due fast pace of the industry.

Opportunity to expand brand’s ethical and sustainable approach in order to aid socioeconomic needs within new market.

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Global Economy Internal Analysis | Micro Environment

NEW MARKET

NEW PRODUCTS

MARKET PENETRATION:

PRODUCT DEVELOPMENT:

Core products and existing best sellers for the brand are premium essentials such as t-shirts, sweaters and crew socks.

In 2017, Kotn noticed a shift in their consumer behaviour as women started to purchase menswear. Therefore, launched a womenswear collection to the brand, opening up to a broader consumer base.

MARKET DEVELOPMENT:

DIVERSIFICATION:

Kotn used their existing product range and opened a store in New York (Kotn, 2019). This closed in 2018, perhaps due to high store price in the US compared to home market.

Online sales have been successful (Similarweb, 2019).

In order for Kotn to be successful within the new market, they will need to adapt to a more modest approach within women’s wear to adhere to cultural and religious values.

Core products such as crew socks could be glocalised with motifs in area language.

INCREASING RISK Figure 2 | Ansoff’s Matrix’s, 1998 Channels: Kotn’s distribution channels rely solely on their ethical business model, as it does not have any middle party endorsers, for resell. However, they are connected to third party delivery service UPS as their means of delivery to their customers. Kotn suggest that their service is “100%

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INCREASING RISK

EXISTING MARKET

EXISTING PRODUCTS

Jessica Price McEwan | FAS5045

carbon neutral, 24-hour fulfilment, 3 day delivery” (Kotn, 2019), furthering their circular and ethical ethos as a brand. In India, Aramex is one of the top delivery services for goods, including apparel (Aramex, 2019).

Figure 3 | Aramex, 2019

Suppliers: As Kotn pride themselves in having a unique farm-to-store business model in Egypt, the supply chain revolves heavily around communities and education programmes. India’s agriculture could offer this supply chain flexibility within the new market.

Customers: Online pure-play forms the leading distribution channel in the Indian online retail sector, accounting for a 66.6% share of the total sector's value. Multi-channel retail accounts for a further 33.4% of the sector (Marketline, 2019). In contrast, Canadian consumers are motivated to shop in-store rather than online, as they still like the satisfaction of an immediate purchase (53%) (Euromonitor International Lifestyles Survey, 2019). This demonstrates how Kotn will have to adapt their channels to become accessible to the relevant target consumers within the new market. It is suggested that 41.4% of Indian’s are between 25- 54 years old, aligning with Kotn’s target market (Worldometer, 2020). As the largest age demographic, this would become the new core target market within India for both menswear and womenswear.

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HIGH PRICE

HIGH QUALITY

LOW PRICE

Competitors

LOW QUALITY Figure 4 | Author’s own In conclusion, this market map suggests that Kotn balances quality and price far better than its competitors, both In the home and new market, thus giving It a competitive advantage.

Public: Kotn has a growing reputation amongst publics, receiving recognition from industry platforms, such as Forbes and Vogue.

“At these prices - and with the ethics woven into every cotton fibre - you can feel good about stocking up” - Vogue (Kotn, 2019).

“Extremely soft, it’s not bull***t” - Inc. (Kotn, 2019) “For the minimalist on the go” - Forbes (Kotn, 2019) “These under $100 luxury basics are changing the Nile Delta” - Refinery 29 (Kotn, 2019).

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Global Economy External Analysis | Macro Environment Legal Environment: India’s legal landscape is affected by its famed footprint for foreign direct investment among global players. The regulation of employment is controlled through the Employees’ State Insurance Act 1948 (ESI Act), as well as the Industrial Disputes Act 1947 (ID Act), Maternity Benefit Act 1961 (MBA) and the Payment of Bonus Act 1965 (PBA) (Saini, 2011). In August 2019, trade laws were refined as the Ministry of Commerce introduced a new foreign trade policy. This aimed at, “providing incentives and guidelines for increasing export in next five financial years 2020-25” (IBEF, 2019).

Economic Environment: India has a mixed economic system due to half of workers relying solely on agriculture; the signature of a traditional economy. A further one-third of its workers are employed by the services industry, which contributes two-thirds of India's output (Balance, 2019). Despite a substantial amount of growth, India’s economic health is still in state of divide. The middle class is forecast to expand by 19.4 percent a year, outpacing China, Mexico and Brazil (McKinsey, 2019). As a result of this, the country is set to progress from being an increasingly important sourcing hub, into being an attractive consumer market outside of the Western world. However, as suggested by Oxfam, “the rich are getting richer at a much faster pace while the poor are still struggling to earn a minimum wage and access quality education and healthcare services, which continue to suffer from chronic under-investment.” (Oxfam, 2019).

These economic and social needs are something that Kotn could aid with, using similar outreach programmes for education and healthcare, as in Egypt.

Political Environment: As India has one of the largest democracies in the world, it’s relies on a federal government.

India’s political environment is highly influenced by political interests, and the accumulation of different political parties’ ideologies. The government within India has allowed 100 per cent Foreign Direct Investment (FDI) in online retail of goods and services through the automatic route (IBEF, 2019). As Kotn have a well-established online platform, entry into India should be fairly direct.

Ethics and Sustainability Environment: The climate across India, has enabled renewable energy and solar power to vastly become the favourable energy source for electricity. Between the financial year of 2014 to 2018, the solar capacity across India has increased by eight times, with 11,788 MW of renewable energy being used between 2017-2018 (IBEF, 2019). As well as this, by January 2019, India reached it’s record of 107.22 billion units of power generation from renewable sources (IBEF, 2019).

This rising use in more sustainable energy approaches will align with Kotn’s business model.

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Social Environment: Due to the vast inequality across India, the social class distribution reflects this. The largest proportion of people in India, being 448 million falls under the class E demonstrating vast poverty and unemployment (Passport, 2019). This is something that KOTN could help improve by offering these communities employment in farmland to grow and produce cotton. Using their existing business farm-to-store model, local sourcing would provide jobs, and then it would be sold back to the rising middle-class.

A: 87.5 million people B: 49.1 million people C: 106 million people D: 269 million people E: 448 million people

Figure 5 | Social Class Distribution (Passport, 2018)

Technological Environment: Presently, India’s technological environment market is valued at $23.22 billion which includes goods and services. An increasingly large amount of service exports are overtaking manufactured goods, due to technology licensing, engineering contracts and consultancy work (Export.gov, 2019). However, whilst this is increasing, India still relies heavily on it’s traditional roots of agriculture. Kotn’s farm-to-store business model furthers the suitability fit for India as a new market, as it would provide jobs and education to those that are unable to get employment in goods and services.

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Jessica Price McEwan | FAS5045

SWOT Analysis of the New Market (India): Strengths:

Weakness:

India’s apparel market will be worth $59.3 billion in 2022, making it the sixth-largest in the world, and comparable to the UK ($65 billion) and Germany ($63.1 billion), according to data from McKinsey’s FashionScope (McKinsey, 2019).

The low quality of India’s infrastructure means that transportation of goods could be difficult. Nearly 40 percent of the Indian road network was unpaved as of 2016 (WorldBank, 2016). This poor infrastructure can make delivery difficult.

Despite advancement in technology and industries, India’s heritage still relies heavily on agriculture and the rural land, making it prime for cotton sourcing.

A growing level of inequality in India, which correlates with a broader global trend of rising income inequality (McKinsey, 2019).

Technology development for renewable energy through solar power is a great strength for India, as it benefits from it location climate.

India has a significantly low median age of 27.1 years old, comparatively to Canada at 40.5 and the US at 37.7 years old (WorldOmeter, 2019).

Threats:

Opportunities:

The Transparency International, India ranks 81st out of 180 countries on its Corruption

The appetite for Western styles is likely to increase, but it is expected that traditional wear will still account for a 65 percent market share by 2023 (McKinsey, 2019).

Perception Index. (Transparency International, 2019). This could cause barriers upon entry into India as a new market.

Economic instability could also be a potential threat to the emerging market, despite vast growth.

With a rising middle class, this could be utilised by the brand to dissolve inequality divide through in-country sourcing and using Kotn’s brand ethos.

In conclusion, despite the structural challenges that India as a new market poses such as; vast inequality, market and infrastructure fragmentation, strong economic growth within India is expected, making it the projected next global leader for fashion (McKinsey, 2019).

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Jessica Price McEwan | FAS5045

Internationalisation Plan Supply Chain & Legalities As Kotn’s supply chain is closely connected to their overall brand ethos, it is largely important to consider how this will form in the new market. In order to maximise profitability, Kotn will use in-house sourcing across India to devise a localised supply chain. This will enable not only a continued circular economic outlook for the brand, but also surpass taxes and tariffs on imports and export goods. As India has poor road infrastructure, its strong rail network would be utilised in order to sustain the farm-to-table business model that Kotn pride themselves in having (WorldBank, 2016).

Raw materials that are farmed in India from cotton

1% of each sale is given back to social outreach projects to build schools

Cotton fibres are pressed and prepped for knit yarn mill

Fabric milling, dyeing, knitting/weaving, cut & sew

Consumers and customers purchase goods in stores across main cities in India

Distribution via Aramex on rail service within India from distribution hub

Figure 6 | Author’s own

Internationalisation Plan Ethics & Sustainability Within Kotn’s adapted supply chain, it will ensure that all farms and factories are within a 400km distance, reducing distribution emissions across India. Due to direct trade practices with farmers, Kotn will also reduce traditional mark ups by two thirds (Kotn, 2019). Kotn’s existing ethics towards it’s farmers would be continued in the new market, ensuring fair wages for workers in India. This would be advantageous to the new market, as it’s current unemployment rate is at it’s lowest at 8.5% (Trading Economics, 2019). As well as these - 12 -

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ethical considerations, percentages from sales would be used to build and set up schools to provide education for families. In 2018, 252,863,750 children over the age of 15 were deemed as illiterate (UNESCO, 2018). Therefore, this strategy would add primary value to what Porter describes as the value chain within the societal realms of the new market (Porter M,E, 1985).

Internationalisation Plan Entry Methods In order to effectively enter India as a new market, Kotn should develop their digital website space to have adaption for Indian customers. This would be through currency change and language translation. Clothes and apparel account for 10.9% of the total e-commerce value in India, whilst mobile commerce is set to become the primary way to shop online in India (J.P. Morgan Payments Trends, 2019). Morgan also suggests that “it is already used for 46 percent of transactions” (J.P. Morgan Payments Trends, 2019).

Once the digital platform has been affirmed, Kotn could look to joint venture with Tara Group into bricks-and-mortar stores over, a 3-year period to gain further consumer insight and retention. This method would allow the brand security in the new market by partnering with a group that has an established reputation in India amongst consumers. For internationalising, this would be advantageous as investment would be at a medium level but would allow some control and commitment by the brand.

Internationalisation Plan Cultural Considerations

Solomon describes culture as “the accumulation of shared meanings, rituals, norms and traditions among the members of an organisation or society” (Solomon et al., 2019). Within India, this is vastly apparent due to being a multilingual subcontinent where over 22 languages are spoken. Alongside this, variations of religions across India effect the way that cultures are shown. Figure 7 shows the growth in Muslim, Christian and the largest religion, Hinduism since 2010.

Over a three-year research period, Marie Lundström, Ikea Design Director, concluded that India’s like colour, particularly orange, demonstrating that Kotn may need to adapt and diversify product to appeal to the Indian consumer (Fortune India, 2017).

Figure 7 | Pew Research Center, 2019

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Internationalisation Plan Marketing & PR Bisen, an influencer marketing expert, suggests that 71% of consumers are more likely to make a purchase based on social media, thus resulting in nine out of 10 marketers in India plan to run at least one influencer marketing campaign in 2018 (Bisen, 2018).

Indian fashion influencers such as Shivani Singh and Jeremy Cabral could be utilised to reach relevant Indian consumers, encouraging consumption of the brand. As figure 8 suggests, in 2020 it’s predicted that there will be 376.1 million social media users and this will continue to grow (Statisa, 2020). Therefore, Kotn’s social media presence on it’s main platform Instagram, will need to adapt in order to sustain Indian consumers engagement.

Figure 8 | Statisa, 2020 Kotn’s marketing message, “premium essentials, ethically made” will be the translated in Hindi to “प्रीिमयम अिनवायर् रूप से नैितक रूप से बनाया गया है”. This will highlight the core ethical brand values of the brand. Visuals will use both male and female Indian models to further adapt to the new market, adding value to the relationship between the brand and consumers in India.

Across stores, glocalised products will be sold, where consumers can purchase more personalised products to fit their culture. One of Kotn’s best seller crew socks, will have the motif in the local language of that particular store. This is something Ananth Narayanan suggests, “Personalization and curation based on personal taste will become a lot more important,” (McKinsey, 2019).

As India’s retail market relies heavily on e-commerce, Kotn will adapt retail spaces to become more experience led, thus driving footfall. 73% of shoppers spend more if there are in-house experiences offered to them (Expert Marketing, 2020). Belgian supermarket store, Delhaize created a rooftop farm where produce was grown and then sold later that day. This could be utilised by the brand, as the cotton could be grown above the store, creating a circular narrative for customers and consumers about their garments.

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Jessica Price McEwan | FAS5045

Internationalisation Plan Consumer Shifts Indian consumers have an appetite for western styles as globalisation has allowed consumers access to different explorations of fashion within and outside of their own culture. 38% of people shop for apparel, footwear and personal accessories once every few months, whilst a further 20% shop between 1 and 3 times a month (Euromonitor International Lifestyle Survey, 2019). This shows that although Indian consumer don’t consume as often as perhaps that of a Canadian, they have a more considered approach to their expenditures. The buying power within India lies heavily with the middle class, and their aggregate purchasing power will result in the creation of one of the largest markets in the World-Gold 2048 (Business Standard, 2018).

Reflection and Evaluation Barriers for Entry Firstly, India Is ranked 81st out of 180 countries on its Corruption Perception Index, compared to Canada which is currently ranked 9th (Transparency International, 2019). This could cause barriers upon entry into India as a new market, as brands could be sceptical both for supply and trade. Another barrier is that traditional wear still is dominant within the market and is predicted to account for 65 percent market share by 2023 (McKinsey, 2019). As a new entrant, this could be deemed as a risk, however providing Kotn adapt and diversify products effectively, this could create a blend of traditional cultural dress and western styles. Finally, with a predicted 76% increase in Muslims in India by 2050 (Pew Research Center, 2019), Kotn should prepare for low sales on day of prayer, thus being a disadvantage to the overall profit performance across Indian stores. Kotn may consider shorter trading hours in-stores on a Friday to overcome this.

Reflection and Evaluation Succeed in New Market The academic theories throughout, identified key insights to how India’s accent as a global market player can be affected by variant factors and how to ensure success for Kotn’s expansion. Through using a SWOT analysis, strengths such as India’s cotton heritage and Its continued advancement in technology were utilised for Kotn’s business model. However, It also Identified areas that need to considered when Internationalising; India’s vast Inequality, industry corruption and poor Infrastructure. By highlighting these key threats and weaknesses, the brand will be more prepared for such barriers to cause problems. Ansoff’s matrix analysis also suggested that product needed to adapted using diversification in the new market through colour and localised language appropriation.

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Metric Action Metric Action Metric Influence Metric Engagement Metric

Measurements of Success Footfall instore across India Revenue from sales instore and online Money raised to education programmes Social media referrals from influencers

Reflection and Evaluation Future Proofing In order to ensure a successful future for Kotn in the new market, there would be a long-term plan to expand and move into an organic growth stage, for flagship stores in India’s top 10 cities such as Calcutta, Mumbai, Delhi. Kotn’s crew socks currently have Kotn written in Arabic, however as previously discussed, this could be offered in Hindi or local language across stores, offering a personalised shopping experience for customers. Through this initiative, customer retention and brand loyalty would increase, thus increasing revenue potential for the brand. Providing success, Kotn may consider expanding into new markets such as Ethiopia, a less economically developed country for which their business model could offer value.

Once Kotn have affirmed their business model in India, trade agreements will be in place to protect both the business and products. Protectionism will enable jobs and strategic resources to be safeguarded from external imports and exports through barriers of trade.

As Kotn are a smaller firm, the risk to moving into a new country Is low and due to their operating experience of using an outsourced supply chain, their to tolerance to risk will be moderate. Alongside this, Kotn will have first mover advantage over competitors enabling a broader consumer base on Initial set up, having financial benefit to the brand.

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Appendix

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Jessica Price McEwan | FAS5045

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