The rising market for Western apparel enterprises in China

Anglický jazyk

The rising market for Western apparel enterprises in China

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O knihe

Bachelor Thesis from the year 2013 in the subject Business economics - Miscellaneous, grade: 1,2, University of Applied Sciences Bremen, language: English, abstract: According to the Boston Consulting Group report of 2011, the Chinese apparel sector is set to become the world's second largest retail market by 2020 and will account for about 30 percent of the global apparel market's growth over the next five years.

Until recent years, China has been regarded as one of the main manufacture places of western apparel companies because of its lower labor costs. Nowadays, however hand in hand with the rapidly changing economic and social situation, China has shown the world that it is also a promising consumer market. Especially, apparel retail sales have increased tremendously and therefore offer huge opportunities. Many Western clothing retailers are increasingly viewing China as a huge potential market, because of its rising middle and affluent class and Chinese consumer¿s increasing call for western apparel products.

Western products are related with factors such as quality, modernity or also care for the environment. Furthermore, many of the global brands have less market presence in China than in other operating countries. For example, the fast fashion brand Zara only has got 92 stores, H&M had roughly 78 stores at the end of 2011, which is still very few in comparison to the number of stores these companies own in other markets. The US fashion chain Forever 21 has just entered the Chinese market at the end of 2011. Companies who win this market in the next few years will definitely top the global apparel market.

However, even though the potential is huge, winning this market will not be easy. To succeed, western brands need to adapt their strategies to Chinese consumers' tastes and expectations; this includes the development of brand and company image and product tailoring to the Chinese consumer marke