Institute Of Textiles & Clothing The Hong Kong Polytechnic University

3900 words - 16 pages

INSTITUTE OF TEXTILES & CLOTHINGTHE HONG KONG POLYTECHNIC UNIVERSITYITC 3968 Global Fashion MarketingProject II- Going toward GlobalizationName: CHAN Hoi Yan (11908853T)CHUNG Ka Man (09933812T)POON Wing Yan (11927695T)SIU Yee Man (11957823T)Content1. Introduction2. Background2.1 Marketing mix2.2 Segmentation, Targeting, Positioning2.3 SWOT3. Methodology4. Analysis: China4.1 Economic environment of China4.2 China's Political environment4.3 China's Legal environment4.4 Social & cultural environment5. Discussion: Marketing entry strategy5.1 Segmentation, targeting and positioning5.2 Marketing mix5.3 Other recommendations6. Conclusion7. ReferenceIntroductionForever 21 is an American fashion chain store. They are selected as one of the top 3 teen shopping brands nationwide. Fashion retail business in China grows at a rapid pace due to its large population and the growing disposable income of the middle class. Up till now, Forever 21 located in 21 countries/cities such as, USA, England, India, Japan, but they still have not start to enter in to the enormously market of China. So we selected Forever 21 as our study. To tailor made a marketing strategy & provide the way that Forever 21 how to enter the China market to expand their business & become globalization.2. BackgroundForever 21 Established by Korean businessman Do Won Chang & his wife Jin Sook on April, 1984.They started their business in a 900 Square feet shop in Los Angeles called Fashion 21. Firstly, they injected the trendy design & fashion items into their shop and targeted to the Los Angeles Korean American community. However, people from many other ethnicities and nationalities began noticing the trend-setting fashion designs and the store became increasingly popular. By the end of the first year sales were reported to have risen from $35,000 to $700,000. Fashion 21 eventually expanded at the rate of a new store every six months and changed the Fashion 21 brand name to its current name, Forever 21.In 1989, Forever 21 opened the first store located in a mall; it had expanded the average size to 5,000 square feet per store. Forever 21 opened the first store outside of California in 1995 and reached a total of 40 stores by 1997. In 1999, new proto- typical store within a mall getting, with a complete redesign of merchandising its average stores size to 9,000 square feet per store in prime spots of tier malls.In 2001, there is a drastic expansion of the number of Forever 21 stores nationally; Forever 21 has opened XXI flagship stores in Texas, Miami, Los Angeles, etc. XXI offers true one-stop shopping in a fun & exciting environment & become the ultimate source for the latest fashions. Since 2002, Forever 21 Inc. has been ranked as one of the 50 largest privately hold companies in Los Angeles. In 2005, Forever 21 was operating over 355 locations nationwide. In 2006, Forever 21 opened its new flagship store in California, at 40,000 sq. feet & 2 levels. It's...

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