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BA (Hons) Fashion Business and Promotion International Retailing (FAS5034) Jessica Wiseman 15109894 Report Word Count – 3298


Contents Page Executive Summary …………………………………………………………………………………………………… 3 Reasons for internationalising & Other Stories & Justification of chosen international location ………………………………………………………… 4 Current Marketing and Promotional Strategies & Marketing Issues …………………………. 5 Internal Analysis ……………………………………………………………………………………………………….. 6 Internal Analysis ……………………………………………………………………………………………………….. 7 Internal Analysis & External Analysis ………………………………………………………………………… 8 External Analysis ………………………………………………………………………………………………………. 9 External Analysis ……………………………………………………………………………………………………… 10 External Analysis ……………………………………………………………………………………………………… 11 Threats and Opportunity Analysis & Internationalisation plan ...……………………………… 12 Internationalisation Plan ….……………………………………………………………………………………… 13 Internationalisation Plan & Strategy Evaluation & Conclusion ...……………………………… 14 Conclusion ……….……………………………………………………………………………………………………… 15 Appendices ……….…………………………………………………………………………………………………….. 16 & 17 References ………………………………………………………………………………………………………………. 18 - 22

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Executive Summary: This report examines the mass market fashion brand, & Other Stories and justifies an internationalisation strategy for future growth. & Other Stories are a mass market fashion brand, located within the H&M group. Founded in 2013, the brand currently operates internationally (16 countries, 61 stores) including Europe, South Korea and USA. & Other Stories direct competitors include Zara, Cos and Whistles. The brand offers sustainable values ensuring manufacturing of goods is done in a responsible way. In addition, & Other Stories offers an in store recycling scheme to coincide with their aim to reduce the environmental footprint in the fashion industry. However, compared to direct competitors, & Other Stories is not competitive on either number of stores or operable countries - Zara (88 countries), Whistles (154 stores in 8 countries) and Cos (38 countries). Furthermore, & Other Stories home market (Sweden) is identifying problems including a declining womenswear market due to consumer behaviour, which has laid ground for lower prices. This has consequently been reflected through the H&M groups performance in 2017, seeing further decline than the market average. Although they continue market leaders, Sweden has a very unstable political market and slow wage growth setting back consumer spending. It is therefore vital for & Other Stories to expand as a business to remain competitive on the mass market against direct competitors, improve and increase sales in addition to achieving their sustainable goals. To achieve further internationalisation, Switzerland is the proposed location for this. Switzerland offers & Other Stories a chance to enter a relatively small but growing womenswear market, which is also home to competitors. It offers & Other Stories an operable business market which includes Switzerland being an economically and politically stable environment, guaranteeing dependability for businesses. In addition, it offers flexible taxes and a network of free trade agreements. Although threats imposed include high operating costs for businesses and home of competitors, Switzerland proposes a rise in online retailing in addition to a large percentage of the population correlating & Other Stories target consumer demographic, with large spending powers. & Other Stories will enter the Swiss market to achieve future objectives. This will be accomplished by opening a store in Zurich, summer 2019 as this is peak tourism time, offering various marketing techniques to meet the consumer’s needs.

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Reasons for internationalising & Other Stories: & Other Stories are required to internationalise in order to compete with their direct competitors. Since establishing in 2013, & Other Stories are accessible in 16 countries, in which 15 have a physical presence (61 stores) including Europe, South Korea and USA. In comparative to their direct competitors including Zara (88 countries), Whistles (154 stores in 8 countries) and Cos (38 countries), & Other Stories cannot compete on either store numbers or operable countries. Furthering their store and country presence will allow & Other Stories to compete again direct competitors and expand brand awareness. In addition to competitive strive, there is opportunity to internationalise further for non-commercial objectives. & Other Stories values are based upon sustainability. In addition to ensuring manufacturing of goods is done in a responsible way, & Other Stories offer an in store recycling scheme with the aim to reduce the environmental footprint in the fashion industry. Store expansion will enable & Other Stories to tap into the rise in world recycling (63%), in order to be one step closer in achieving their goal. Although neither guarantee success, it is necessary for the brand to internationalise to remain competitive and strive towards goal of a sustainable future. (Laville.S,2017) Stories,2018) Justification of chosen international location: Switzerland & Other Stories home market (Sweden) is politically unstable and consumer behaviour has resulted in decline in growth in the womenswear market. This has been reflected through the H&M groups sales, preventing further growth in the market. In contrast, Switzerland’s fashion market is predicted growth of 7.8% CAGR between 2018-2020. Although a relatively small market ($2300 million), Swiss shoppers are predicted to spend more money at home, due to depreciation in the Swiss Franc, from brands that are deemed as added value (sustainable). Furthermore, the researcher found that 64% of Swedish customers have heard of & Other Stories, with 89% of these aged between 20-40 (& Other Stories main target demographic). This makes Switzerland an opportunity market as there is already brand awareness in addition to a target for their in store recycling scheme. (Reuters,2018) (Statista,2018) (Gov,2016) (Researches Own,2018) Switzerland is both an economically and politically stable country, guaranteeing dependability for businesses. Furthermore, Switzerland was also named 10th best country in the world 2018 to operate business within. Switzerland’s main age demographic is 15 to 64 in which & Other Stories target audience falls between, making it a good market for & Other Stories to capitalise upon. Although an already established fashion market in which direct competitors – Cos, Zara and Whistles

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– are located within, it suggests a market is present for & Other Stories to capitalise on. In addition, Switzerland has laws in place towards competition. Current Marketing and Promotional Strategies: & Other Stories offers a minimalistic approach to its marketing strategies in comparison to competitors. As opposed to celebrity endorsements or television advertisements, & Other Stories focused marketing strategy is social media. Platforms include Facebook, Instagram, Pinterest and YouTube. (See appendix 1) Product promotion is the main driving force of both their Instagram and Facebook feeds. Whilst & Other Stories utilise lifestyle bloggers for promotion, unusually brand workers are also main features. The brands intentions are to not only promote product, but offer Q+A’s to ‘share stories and invite customers to discover their three design ateliers and collections’. (Stories,2018) Asides from Instagram and Facebook, YouTube is used frequently to promote & Other Stories colabs. Co-labs are featured collections every year with designers from around the world including Toms, Rodarte and Sadie Williams. In addition to featuring on & Other Stories social media platforms, collections have featured on Vogue, Elle and Dazed. Other strategies include e-marketing (newsletter subscription and edits) in addition to the above mentioned in store recycling scheme (10% off for consumers recycling in store). Marketing Issues: & Other Stories main marketing strategy, social media, may pose an on-going issue internationalising further. Content does not pose an issue as product availability does not differ dependant on country. However, & Other Stories posting times can prove costly in engaging with all customers at the right time. This is due to content and posting time not differing dependent on country, even though & Other Stories contains a Facebook page for each country a store is based within. Furthermore, Instagram is intended for all consumers. However, & Other Stories is international, exhibiting large time differences including parts of the US being 13 hours behind the UK. Although & Other Stories adopts the worldwide engagement time for ‘consumer goods’ with Facebook – Thursday 2pm and Friday 11am – in addition to Instagram – Weekends 11am and 1pm, large time differences may prove difficult for the brand to engage with all consumers (1 million) without having specified content and engagement times for each country. (York.A,2018)

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Internal Analysis: Sweden & Other Stories is contained within the H&M group which home country is Sweden. Background Sweden’s economy is set to see another year of moderately strong growth in 2018, with real GDP set to rise to 2.5%, up from 2.4% in 2017. Providers of growth of GDP include a weaker currency due to result in a growth in exports (16.1%), which accounted for 28.4% of GDP in 2017. In addition, expansionary fiscal policy, a pickup in investment and the service sector (75.9%) also support GDP. A strong labour market (77.4%), low interest rates and tax cuts are expected to support consumer spending ($23,320). However slow wage growth and household debts are setbacks. Nonetheless, disposable income per capita is due to rise to 1.4%. Despite growth in the economy, Sweden is a politically unstable country. A large influx of refugees has strained the government’s spending, in which refugees account for more than half of the unemployed in Sweden (6.7%), correlating with the shortage of skilled labour. Although a stronger economy, these factors add risk for investment into the market. (Passport,2018) Current Status Sweden’s womenswear market did not reflect the growth in the economy, displaying marginal decline. Although sales accumulated to £38,277 million, evolving consumer behaviour saw an alteration in purchasing patterns. Women have now changed, as they are more price aware, avoiding full price. In addition, a rise in internet retailing has laid the ground for lower prices, which thereby led to lower value sales, resulting in a decline of -0.4%, making it an insufficient market to invest in, in the future. Nonetheless, future enhancement on marketing and consumers should increase sales by 1.4% in 2018, accumulating to £38,776.5 million. (See appendix 2) (Passport,2018) Future Direction Besides enhancement on marketing/customers in 2018, Sweden’s womenswear future appears to be dependent on technology. One future direction is the e-commerce market which saw a 16% rise in 2017, in a country (92.4% internet users) where online shopping sales are one of the highest. Accounting for 8.7% of the retail industry, the future presents online retailers dominating the market (50-75%) by 2035. Consumers demands are driving the e-commerce future, with 53% researching and finding the lowest prices online. (Centigo,2018) (E-commerce News,2018) (Santander,2018)

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Another future direction affecting the womenswear market is the rise in card/app payment. Sweden is now considered (2018) the closest country in the world to becoming cashless, with 1% of transactions in 2016 coins/cash. Using technology which includes iZettle (mobile credit card reader) and Swish (smartphone payment app), many stores are not taking any cash as payment, in which womenswear stores need to adopt. Nonetheless, even though a future card market is suggested, brick and mortar stores remain demanded for convenience and experience. (Savage.M,2018) Performance Although & Other Stories direct performance has not been disclosed, the H&M group published performance for all brands in Sweden. Despite an overall womenswear decline, the H&M group still withhold position as market leaders (9.8%) in 2017, next to nearest competitor, Lindex (5.1%). Consequently, sales accumulated to £3,757.8 million in 2017, with CAGR growth of 2.5% from 20122017. However, performance declined compared to the market average, due to an intensified market, with YOYG at -2.1% compared to market average -0.4%. (See appendix 3) The results suggest & Other Stories is not operating successfully. (Passport,2018) Product & Other stories offer presence in Sweden both online and brick and mortar (3 stores), in which all 3 collections from all 3 ateliers are stocked. (See appendix 4) Products ranges include clothing, accessories, stationary and beauty. (See appendix 5). Products are manufactured in Europe, Asia and Italy with sizes ranging from 32-42, correlating to fit the average Swedish woman (38), suggesting the right product is being made for the right consumer. (Styles.R,2018) (H&M Group,Unknown) (Pithers.E,2013) Price & Other Stories pricing architecture ranges from 35 SEK through to 3950 SEK. In comparison to Sweden’s chain stores in 2018 (H&M etc), & Other Stories entry prices are higher than the market average – 352.45 SEK average for a summer chain store dress compared to 390 SEK for & Other Stories lowest price dress. This shows & Other Stories offer a higher pricing strategy compared to the market. (Numbeo,Unknown)

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Promotion Social media is & Other Stories focused promotional strategy to engage with Swedish customers. Other forms of promotion include personalised newsletters for Swedish customers, the instore recycling scheme and collaborations with Swedish singer Lykee Li (2014). SWOT

Graph 1 – Authors Own

External Analysis: Switzerland – LE PEST CO Legal Switzerland approaches its employment laws with flexibility with no minimum wage or working age. Determined by trade unions/employer, wages have increasingly become one of the largest in the world. However, law is in place for hours (50 max), maternity (14 weeks) in addition to holiday (5 weeks). (CH.CH,Unknown) Switzerland has a network of 28 free trade agreements, with 38 partners outside of the EU, including China, accounting for 51% of Switzerland’s total trade. In addition to people, binding agreements are in place to relax access of goods, services and investment.

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(Gov,2016) International trade taxes (VAT (8%) and Import Tariffs) are flexible dependant on classification and size of good entering the country. (See appendix 6) (Export.gov,Unknown) Nonetheless, Switzerland competition policy contains legal reign in regard to monopolies/mergers. The reform of the Cartel Act 2003 strengthened law, with intention to strengthen competition without compromising consumer behaviour. (See appendix 7) (OECD,2006) Environmental Switzerland are considered an environmentally friendly country after it was ranked first in the environmental performance index (EPI) 2018. Exhibiting commitment to protecting the country including air pollution and environmental health, the country scored 87.42. (See appendix 8) In addition, Switzerland also became in 2017 the 9th country in the world to achieve a recycling rate of over 50%, demonstrating Switzerland’s commitment to being a sustainable country. (EPI,2018) (Resource,2017) Political Marsh’s Political Risk Map (2017) considers Switzerland to be a fully political stable country, guaranteeing dependability for business. Factors include having a sound financial market, attractive taxes in addition to easy start up. (Ari.C,2017) One particular factor is a reliable government, in which Switzerland is part of 4.5% of the world living in a fully direct democracy. The government, parliament and courts are organised onto 3 levels – federal, cantonal and communal, in which the confederation is formed of 26 cantons. Flat rate taxes (Corporate (11.5%) and Income (8.5%)) are progressive features of the direct democracy, with additional added tax levied upon canton. (See appendix 9) However, although determined fully stable, participation from citizens is 49.5%, displaying uneager behaviour for change. (Le News,2018) (No More Tax,Unknown) (Deloitte,2018) Economical Switzerland’s economy is due steady growth in 2018, with real GDP expected to rise by 2%. Exports account for a third of GDP, with expected growth of 6.6% in 2018, from 4.7% growth in 2017, due to depreciation of the Swiss Franc against the Euro. The service sector accounts for 72.2% of GDP. Inflation is expected at 0.8% in 2018, as prices rose by 0.5% in 2017. Whilst there is improvement in the labour market and unemployment is predicted to fall (4.6%), wage growth is due little rise, limiting support for consumer spending. However, the low interest environment (-0.75%) is maintained to revive domestic demand. Nonetheless, GDP per capita remains one of the highest in the western world. (Passport,2018) Due to Switzerland’s modern-day economy, it ranked 10th best

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country 2018 to do business within, in addition to best country in the world (2018), with contributing factors including economically and politically stable environments, making Switzerland a good place for businesses to invest in. (See appendix 10) (Le News,2018) (Forbes,2018) Social Switzerland population (8.5 million) is a society which is steadily ageing, with a median age of 42.4 years in 2017. Population shows 67.8% 15 to 64, which fits in with & Other Stories target consumer demographic of 20-40. (Passport,2018) Superior wages (average 116,200 CHF) support excess living costs in Switzerland, which are 60% higher than other Eurozone countries and 24% more expensive than anywhere in the UK. (Averagesalarysurvey,2018) This makes it expensive for businesses to operate within. Rentals are the preferred living arrangement, averaging 1250 EURO per month in Zurich, in addition to costs including healthcare and tax’s, taking 20-40% of monthly earnings. (Expactica,2018) Although superior wages, gender equality is apparent in Switzerland, with pay gaps as high as 22%. (Le News,2017) Technological Switzerland are net exporters of electric energy, providing the 2nd fastest internet connection in Europe. Companies including Google and Microsoft, and 90% of internet users benefit from this. In addition, the retail sector has seen a rise in online retailing 2017 of 10%, accounting for 7.6% of overall commerce. The average spends by 90% of the population was almost 2500 CHF. (Fashion Innovation Week,2018) Technology is also benefiting the environment, with developments leading to the world’s first commercial plant capturing CO2 in Zurich 2017. (Marshall.C,2017) Switzerland’s main way of shipping with 90% of international trade transported is by sea. (Ornelas.A,2012) Customer The average Swiss household’s disposable income per capital is $36,378, higher than the world average. Along with consumer expenditure per capita of $41,906 and GDP per capita PPP of $60,000, the Swiss consumers enjoy a particularly high buying power. Although e-commerce rise, customers favour internet exploring before purchase and then buying in store. Buying and consumption patterns differ, however citizens appreciate quality in addition to added value products (sustainable, organic etc.). (Gov,2016) (OECD,2018) (Deloitte,2017)

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Competitor & Other Stories direct competitors against price, product and style are all physically and digitally available in Switzerland – Cos (4 stores), Zara (6 stores) and Whistles (2 stores). SWOT

Graph 2 – Authors Own

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Threats and Opportunity Analysis:

Graph 3 – Authors Own

Internationalisation plan for & Other Stories into Switzerland: Entry Method Established from the research above, it is comprehendible for & Other Stories to internationalise to Switzerland. Suggested location for & Other Stories standalone store within Switzerland is Zurich. Although high rental costs in Zurich constitutes threats to revenue, Zurich is the largest city in Switzerland (1.2 million citizens), in addition to & Other Stories direct competitor’s location, suggesting there is an accessible market. (Bachmann,2018) Following & Other Stories previous

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internationalisation strategies and competitor’s occupancy in Zurich, it is recommended that a standalone store is the chosen entry method. Specifically, Bahnohofstasse (district 1)– location of all competitors. It is suggested opening Summer 2019 as this is the height of tourism in Switzerland. Furthermore, to tap into the online retailing trend, & Other Stories should offer an online presence for all Swiss citizens. It is proposed that manufacturing and distribution locations will remain the same, due to Switzerland’s excellent infrastructure and connectivity with the world, making distribution of products manageable. Thus, costs should be levied on consumers through delivery charges – as identified through & Other Stories other international locations. Marketing considerations Social media - & Other Stories main marketing approach - was previously established as a marketing issue for further internationalisation in Switzerland. Research displays Facebook is Switzerland’s most frequent used social media site (57% daily) amongst & Other Stories target audience, alongside Instagram (15% daily). (EY,2018) It is proposed that & Other Stories continue using their main networks (Facebook and Instagram), incorporating Swiss bloggers. However, & Other Stories Switzerland Facebook should be personalised rather than standardized due to it being Switzerland’s chosen social media network, unlike other countries pages. It is recommended that, in addition to Swiss bloggers, posting times are specific to country engagement times to guarantee full consumer engagement. The branding (logo) shouldn’t to be changed to keep the brands identity global. However, care labels and tags should be considered to be changed to German as this is Switzerland’s primary language. & Other Stories should also consider bringing the instore recycling scheme to the Switzerland store, as Swiss consumers are more likely to buy from a brand that considers the environment. Product should be standardised, keeping with & Other Stories image of offering all 3 ateliers to enable customers to create their own story/personal style. This should be provided online and instore. Long run could suggest offering more of one atelier instore, dependant on consumers preferred collections/styles. Size does not need to change as Switzerland’s average size is comparable to Europe’s. In addition, price does not need to be changed as & Other Stories are not moving their market position, remaining in the mass market in Switzerland.

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Legal Considerations As previously stated as a threat, & Other Stories should take into consideration high costs to the brand due to loosely regulated employment laws in Switzerland. Switzerland offers an approving operating market, in which the country is both economically and politically stable. In addition, Switzerland has a network of 28 free trade agreements in the framework of the EEFTA. & Other Stories should capitalise on the reform of the Cartel Act 2003, where competition law is strengthened on monopolies/mergers, making it more accessible for the brand to be a part of the market with competitors. Culture Considerations & Other Stories (Sweden) and Switzerland are both a part of Europe, suggesting a western culture correlation. Therefore, culture does not need to be taken into consideration when internationalising to Switzerland. Barriers to Entry As previously mentioned in the threats analysis of Switzerland, key barriers to entry for & Other Stories consist of direct competitors having an established brand within the Swiss market, in addition to confrontation of financial pressure including rental costs and wages. Strategy Evaluation: The objectives to & Other Stories expansion into Switzerland include to increase brand awareness internationally, become more competitive against direct competitors, in addition to reducing environmental footprint within the fashion industry. In order to evaluate the success, & Other Stories will need to look at footfall, sales and revenue and gross profit to conclude brands performance in Switzerland, look at social media engagement, marketing traffic and newsletter sign ups to determine consumers awareness of the brand, in addition to measuring the volume of consumers participating with the recycling scheme to determine the success of reduction of environmental footprint. Conclusion: The above research concludes that & Other Stories needs to continue expansion to remain competitive, in addition to continue on the brands sustainability mission. Although research displays Switzerland as an expensive operating location for businesses, it proposes a relatively small fashion

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market showing promising signs of growth, in addition to a large percentage of & Other Stories target consumer demographic, in which the brand should capitalise upon. Furthermore, Switzerland is a favourable business country, ranked 10th best country to do business within 2018 due to its politically and economically stable environment, as well as possessing a rising online retailing market and being home of the direct competitors. Therefore, Switzerland is a favourable location for & Other Stories to achieve their future objectives as a successful, sustainable and competitive international brand. If successful in Switzerland, there is further future growth for & Other Stories to open more stores in Switzerland, not just in Zurich but other popular locations including Geneva. In addition, the future strategy could look towards expansion internationally into either more European locations (Norway) or expanding into a new market (China).

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Appendices Appendix 1 Instagram is & Other Stories greatest followed platform with 1 million followers. Additionally, Facebook has 266,944 likes, YouTube has received 813,822 views and Pinterest retains 46,841 followers. Appendix 2 The future of the Swedish retail market shows womenswear companies focusing on target marketing with the help from influencers for appropriate consumer groups. In addition, product development will see design become more aligned with the brands respective consumer groups, enabling further growth to ensure competition from other industries will have a less effect. (Passport,2018) Appendix 3 A decline in 2017 was due to intensified competition and generally poor performance. In addition to the H&M group, Lindex, direct competition, also saw decline in value of shares. Competition from smaller brands, in who saw growth instead, attracted customers for their attention in differentiation. (Passport,2018) Appendix 4 & Other Stories design all collections based around inspiring fashion stories from all 3 ateliers, Paris, Stockholm and Los Angeles, enabling customers to create their own story or personal style. Paris offers designs to reinvent the romantic essence of the iconic French girl, Los Angeles collections capture the California’s girl’s confidence, creative and way of life in addition to Stockholm designs revealing the contemporary take of the pragmatic Scandinavian soul. (H&M Group,Unknown) Appendix 5 & Other Stories product ranges include ready-to-wear clothing, shoes, bags, jewellery, accessories as well as lingerie, swimwear, stationary and beauty products.

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Appendix 6 Import tariffs are specific duties rather than ad valorem, which duties vary depending on classification. VAT also varies, however a standard rate for most goods/services is 8%. But if classification includes agriculture, food and medicine, a reduced rate is placed at 2.4% (Export.gov,Unknown) Appendix 7 Mergers are only allowed if they create a dominant position that improves the conditions of competition in another market. (OECD,2006) Appendix 8 Switzerland top ranking is reflected through strong performances throughout the environment. Stand out commitment to issues include climate & energy and air pollution. In addition, environmental health is also notably good including water and sanitation. Although Biodiversity is ranked 62nd in the world, commitment to protection of health care, natural resources and decreasing greenhouse emissions, has protected the top score. (EPI,2018) Appendix 9 Income is federally taxed at 11.5%, which cantonal/communal further tax upon, however it does not exceed a total of 40%. Corporate is federally flat rated at 8.5%, with a further 12-25% added. (No More Tax,Unknown) (Deloitte,2018) Appendix 10 Factors in which ranked Switzerland as the best country in the world 2018, include business transparently (8.5), economic stability (10.0), political stability (9.5) in addition to connection to the outside world (8.5) and educated population (10.0). Besides the above factors also contributing to Switzerland being the 10th best country to do business in 2018, other components include exceptional infrastructure GDP per capita and highly skilled labour force. (Forbes,2018) (Le News,2018)

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References: Reasons for internationalising brand Sandra Laville, 2017. Wales is the second best household waste recycler in the world. Available at https://www.theguardian.com/environment/2017/dec/11/wales-household-waste-recyclingengland/ (Accessed on 10/04/2018) & Other Stories, 2018. Recycling. Available at https://www.stories.com/en_gbp/customerservice/recycling.html. (Accessed on 19/03/2018) Justification of chosen location Gov, 2016. Doing business in Switzerland: Switzerland trade and export guide. Available at https://www.statista.com/outlook/244/155/fashion/switzerland#. (Accessed on 17/04/2018) Researchers Own, 2018. Questionnaire. (Accessed on 17/04/2018) Reuters, 2018. Swiss retail in recovery mode as Franc losses shine. Available at https://www.businessoffashion.com/articles/news-analysis/swiss-retail-in-recovery-mode-as-francloses-shine. (Accessed on 17/04/2018) Statista, 2018. Fashion in Switzerland. Available at https://www.statista.com/outlook/244/155/fashion/switzerland#. (Accessed on 17/04/2018) Current Marketing and promotion strategies Stories, 2018. About us. Available at https://www.stories.com/en_gbp/about/about-us.html. (Accessed on 17/04/2018) Marketing issues Alex York, 2018. Best times to post on social media: 2018 industry research. Available at https://sproutsocial.com/insights/best-times-to-post-on-social-media/. (Accessed on 18/04/2018) Internal Analysis Centigo, 2018. Future of Swedish retail: who will bite the dust. Available at http://blog.centigo.se/future-of-swedish-retail-who-will-bite-the-dust. (Accessed on 04/04/2018)

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E-commerce News, 2018. Ecommerce in Sweden was worth 6.7 billion in 201. Available at https://ecommercenews.eu/ecommerce-sweden-worth-e6-7-billion-2017/. (Accessed on 04/04/2018) Ellie Pithers, 2013. New Chapter: the lowdown on & Other Stories. Available at http://fashion.telegraph.co.uk/columns/ellie-pithers/TMG9886546/New-Chapter-the-lowdown-onand-Other-Stories.html. (Accessed on 14/04/2018) H&M group, Unknown. Inspiring fashion stories. Available at https://about.hm.com/en/brands/stories.html. (Accessed on 14/04/2018) Maddy Savage, 2017. Why Sweden is close to becoming a cashless economy. Available at http://www.bbc.co.uk/news/business-41095004/. (Accessed 03/04/2018) Numbeo, Unknown. Cost of living in Sweden. Available at https://www.numbeo.com/cost-ofliving/country_result.jsp?country=Sweden. (Accessed on 04/04/2018) Passport, 2018. Sweden: Country Profile. Available at https://www.portal.euromonitor.com/portal/analysis/tab. (Accessed on 13/04/2018) Passport, 2018. Womenswear in Sweden. Available at https://www.portal.euromonitor.com/portal/analysis/tab. (Accessed on 03/04/2018) Ruth Styles, 2013. Department store that uses ‘normal’ size 12 mannequins and why it’s provoked a fierce debate about body image. Available at http://www.dailymail.co.uk/femail/article2299498/Swedish-department-store-hl-ns-reignites-body-image-debate-photo-normal-sizedmannequins-goes-global.html. (Accessed on 13/04/2018) Santander, 2018. Sweden: reaching the consumer. Available at https://en.portal.santandertrade.com/analyse-markets/sweden/reaching-the-consumers. (Accessed on 04/04/2018) Stories, 2018. About us. Available at https://www.stories.com/en_gbp/about/about-us.html. (Accessed on 14/04/2018)

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External Analysis Andrea Ornelas, 2012. Switzerland – the discreet shipping giant. Available at https://www.swissinfo.ch/eng/maritime-transport_switzerland---the-discreet-shippinggiant/33256356. (Accessed on 23/04/2018) Averagesalarysurvey, 2018. Available at http://www.averagesalarysurvey.com/switzerland. (Accessed on 16/04/2018) Christa Marshall, 2017. In Switzerland, a giant new machine is sucking carbon dioxide directly from the air. Available at http://www.sciencemag.org/news/2017/06/switzerland-giant-new-machinesucking-carbon-directly-air. (Accessed on 05/04/2018) CH.CH, Unknown. Employment Laws. Available at https://www.ch.ch/en/employment-law/. (Accessed on 05/04/2018) Corinne Ari, 2017. Marsh’s political risk map 2017: Switzerland fully stable. Available at https://www.s-ge.com/en/article/news/marshs-political-risk-map-2017-switzerland-consideredfully-stable. (Accessed on 16/04/2018) Deloitte, 2018. Corporate tax rates 2018. Available at https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-corporate-taxrates.pdf. (Accessed on 04/04/2018) Deloitte, 2017. The digital consumer. Available at https://www2.deloitte.com/ch/en/pages/pressreleases/articles/the-digital-consumer.html. (Accessed on 05/04/2018) EPI, 2018. Environmental performance index results. Available at https://epi.envirocenter.yale.edu/2018/report/category/hlt. (Accessed on 06/04/2018) Expatica, 2018. Cost of living in Switzerland: can you afford it. Available at https://www.expatica.com/ch/about/cost-of-living-In-switzerland_1058568.html. (Accessed on 04/04/2018)

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Export.gov, Unknown. Available at https://build.export.gov/switzerland/doingbusinessinswitzerland/traderegulationscustomsandstand ards/eg_ch_077162. (Accessed on 05/04/2018) Fashion Innovation Week, 2018. Swiss E-Commerce market 2018: What you should know. Available at http://www.fashioninnovationweek.com/swiss-e-commerce-market-2018-know/. (Accessed on 17/04/2018) Forbes, 2018. Best countries for business. Available at https://www.forbes.com/best-countries-forbusiness/list/. (Accessed on 04/04/2018) Gov, 2016. Doing business in Switzerland: Switzerland trade and export guide. Available at https://www.gov.uk/government/publications/exporting-to-switzerland/doing-business-inswitzerland-switzerland-trade-and-export-guide. (Accessed on 05/04/2018) Le News, 2018. Only 4.5% of world lives under full democracy – Switzerland suffers from low participation. Available at https://lenews.ch/2018/02/02/only-4-5-of-world-lives-under-fulldemocracy-switzerland-suffers-from-low-participation/. (Accessed on 04/04/2018) Le News, 2017. Swiss gender pay gap online 2 percent, says study. Available at https://lenews.ch/2017/08/23/swiss-gender-pay-gap-only-2-percent-says-study/. (Accessed on 05/04/2018) Le News, 2018. Switzerland ranked best country in 2018 – the good, bad and the ugly. Available at https://lenews.ch/2018/02/06/switzerland-ranked-best-country-in-2018-the-good-bad-and-theugly/. (Accessed on 04/04/2018) No More Tax, Unknown. Living in Switzerland. Available at http://www.nomoretax.eu/living/relocation-to-switzerland/. (Accessed on 04/04/2018) OECD, 2018. Available at http://www.oecdbetterlifeindex.org/countries/switzerland/. (Accessed on 05/04/2018) OECD, 2006. Competition law and policy in Switzerland. Available at http://www.oecd.org/competition/36386974.pdf. (Accessed on 05/04/2018)

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