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The Singaporean apparel retail industry grew by 5.4% in 2009 to reach a value of $1.9 billion.
Market value forecast
In 2014, the Singaporean apparel retail industry is forecast to have a value of $2.6 billion, an increase of 36.8% since 2009.
Market segmentation I
Womenswear is the largest segment of the apparel retail industry in Singapore, accounting for 48.6% of the industry's total value.
Market segmentation II
Singapore accounts for 0.7% of the Asia-Pacific apparel retail industry value.
Market rivalry
Despite the current global economic downturn, the apparel retail industry continues to grow at a healthy rate and this, coupled with the absence of switching costs for consumers and great product differentiation, means that rivalry within the industry is no more than moderate.
The apparel retail industry consists of the sale of all menswear, womenswear and childrenswear. The menswear market includes men’s activewear, casual wear, essentials, formalwear, formalwear-occasion and outerwear. The womenswear market includes women's activewear, casual wear, essentials, formalwear, formalwear-occasion and outerwear. The childrenswear market includes baby clothing, boys activewear, boys casual wear, boys essentials, boys formalwear, boys formalwear-occasion, boys outerwear, girls activewear, girls casual wear, girls essentials, girls formalwear-occasion, girls outerwear and toddler clothing. The industry value is calculated at retail selling price (RSP), and includes all taxes and levies. All currency conversions used in this report have been calculated at constant 2009 annual average exchange rates.
For the purposes of this report, Asia-Pacific comprises Australia, China, India, Japan, Singapore, South Korea, and Taiwan.
The Singaporean apparel retail industry had total revenue of $1,934.4 million in 2009, representing a compound annual growth rate (CAGR) of 7.2% for the period spanning 2005-2009.
Sales of womenswear proved the most lucrative for the Singaporean apparel retail industry in 2009, with total revenues of $941 million, equivalent to 48.6% of the market's overall value.
The performance of the industry is forecast to decelerate, with an anticipated CAGR of 5.7% for the five-year period 2009-2014, which is expected to drive the industry to a value of $2,557.7 million by the end of 2014.
The apparel retail industry consists of all menswear, womenswear and childrenswear. The apparel retail industry in Singapore has grown rapidly in value in recent years and although the growth rate is forecast to decelerate, further growth is expected.
The Singaporean apparel retail industry had total revenue of $1,934.4 million in 2009, representing a compound annual growth rate (CAGR) of 7.2% for the period spanning 2005-2009. In comparison, the Chinese and South Korean industries grew with CAGRs of 7.9% and 3.9% respectively, over the same period, to reach respective values of $102,291.5 million and $15,187.7 million in 2009.
Sales of womenswear proved the most lucrative for the Singaporean apparel retail industry in 2009, with total revenues of $941 million, equivalent to 48.6% of the market's overall value. In comparison, sales of menswear generated revenues of $608.1 million in 2009, equating to 31.4% of the industry’s aggregate revenues
The performance of the industry is forecast to decelerate, with an anticipated CAGR of 5.7% for the five-year period 2009-2014, which is expected to drive the industry to a value of $2,557.7 million by the end of 2014. Comparatively, the Chinese and South Korean industries will grow with CAGRs of 5.4% and 2.6% respectively, over the same period, to reach respective values of $132,911.1 million and $17,291.8 million in 2014.
The apparel retail market will be analyzed taking retailers as players. The key buyers will be taken as individual consumers, and clothing manufacturers and wholesalers as the key suppliers.
Summary
Figure 4: Forces driving competition in the apparel retail industry in Singapore, 2009
Source: Datamonitor D A T A M O N I T O R
Despite the current global economic downturn, the apparel retail industry continues to grow at a healthy rate and this, coupled with the absence of switching costs for consumers and great product differentiation, means that rivalry within the industry is no more than moderate.
The Singaporean apparel industry is of great importance to the economy in terms of trade, employment, investment and revenue. This particular industry has short product life cycles, vast product differentiation and is characterized by great pace of demand change coupled with rather long and inflexible supply processes. Clothing is essential to consumers who are individuals. Where brand loyalty exists, it is more likely to be to the designer than the retailer, although this is usually towards the top end of the industry. There is a growing demand for discount apparel retail with stores such providing low cost prolific-output fashion. Fashion, by its very nature, is unpredictable. The products are determined by designers, sub-cultures and creative industries and are subject to sharp and unpredictable changes. Key suppliers in this industry are clothing manufacturers and wholesalers, with retailers able to source from both.
Although clothing manufacturing remains a significant part of total manufacturing in certain developed economies the ability of retailers in a given country to source from foreign manufacturers means that the effective supplier fragmentation is made greater. The apparel retail industry is still fragmented, in spite of the ongoing consolidation process and there is room for large numbers of smaller players.
Figure 5: Drivers of buyer power in the apparel retail industry in Singapore, 2009
Source: Datamonitor D A T A M O N I T O R
Virtually all buyers are individual consumers and this fact weakens buyer negotiation power. Retailers can differentiate themselves quite strongly through the styles of clothing that they offer. This fragments consumers as style is an abstract concept that defines individuals, to an extent, and may be used as an expression of personality and therefore it is highly individualized, which further weakens buyer power. Although there are other possible sources of apparel, such as home-made clothing, generally the demographic and psychological significance of retail garments is highly important to consumers, further weakening buyer power. However, buyers have negligible switching costs and, where brand loyalty exists, it is more likely to be the designer than the retailer, although this is usually towards the top end of the industry. However, increasingly there is growing demand for discount apparel retail with stores providing, low-cost mass consumer apparel. Here, the retailers’ strategy is to recognize the price sensitivity of their target customer segment, and compete intensely on price, selling clothes as cheaply as possible from their own suppliers. Here brand loyalty is associated with the retailer, and switching costs are low, strengthening buyer power to an extent. The position of retailers at the end of the value chain, making it impossible for them to integrate forwards, means that they are obliged to offer buyers what they want, further strengthening buyer power. As products in this industry are determined by designers or sub-cultures, they are subject to sharp and unpredictable changes. This can offer a competitive advantage to those retailers that can source fashionable merchandise quickly, thereby differentiating themselves and weakening buyer power. Overall buyer power is assessed as low to moderate.
Figure 6: Drivers of supplier power in the apparel retail industry in Singapore, 2009
Source: Datamonitor D A T A M O N I T O R
Key suppliers in this industry are clothing manufacturers and wholesalers, with retailers able to source from both. The wholesale and clothing manufacturing sectors are fairly fragmented. Although clothing manufacturing remains a significant part of total manufacturing the ability of retailers to source from foreign manufacturers means that the effective supplier fragmentation is made greater. As international trade liberalizes, supplier power in the Singaporean industry decreases as they compete with other manufacturers in low-wage regions, most notably China. (Apparel manufacturing is almost always labor intensive, due to the difficulty of automating processes such as the sewing of garments.) Switching costs for retailers are not very high: they include the risk that choosing a low-cost supplier involves a more extended supply chain that may not be able to cope with sudden changes in demand in an industry susceptible to changes in fashion. Suppliers are further weakened by their lack of diversity, which makes the apparel retail industry highly important to their business. Overall, there is low to moderate supplier power in this industry.
Figure 7: Factors influencing the likelihood of new entrants in the apparel retail industry in
Singapore, 2009
Source: Datamonitor D A T A M O N I T O R
The Singaporean apparel retail industry has grown with significantly strong levels of growth in recent years, increasing its attractiveness to new entrants. Entry to the apparel retail industry does not require large capital outlay; setting up a single, independent apparel retail store is within the means of many individuals. The large incumbents' scale economies include the ability to build brands in multiple retail outlets, and greater buying power when negotiating with suppliers. Negligible switching costs for consumers mean that they are free to transfer their custom to a new player. Industry entrants face several other barriers. Retaliation by existing players, such as the launch of a price war, is a possibility, especially where a new entrant moves into a more concentrated segment. The emerging brand strength of the major 'discount' chains is considerable, which may negate much of the effect of low switching costs. Overall there is a strong likelihood of significant new entrants to this industry.
Figure 8: Factors influencing the threat of substitutes in the apparel retail industry in Singapore,
2009
Source: Datamonitor D A T A M O N I T O R
Clothing has more functions than just keeping the wearer warm: for example, it also acts as a signifier of socio-economic class and a way of displaying individual identity. Most consumers obtain clothes from apparel retailers and they are typically offered a diverse range of products that allows them to fulfill these various needs. This makes some alternatives less beneficial from the buyers’ perspective. Substitutes for apparel retail include buying directly from manufacturers, which is facilitated by the growth of online sales. Home-made and custom-made (couture) clothing are also niche alternatives to retail of ready-made clothes. Counterfeit clothing can be a significant threat to revenues in some countries. Overall the threat of substitutes to the apparel retail industry is assessed as weak
Figure 9: Drivers of degree of rivalry in the apparel retail industry in Singapore, 2009
Source: Datamonitor D A T A M O N I T O R
The Singapore's apparel retail industry is fragmented. As described above, there is room for large numbers of smaller players in this industry. Major increases in capacity may be fairly costly to smaller players, if they require the outlay of opening additional outlets, less so if they can be accomplished by taking on more staff on a flexible basis. While some retailers selling apparel are highly diverse, many retain a strong emphasis on clothing, which intensifies rivalry. A good industry performance over the past five years reduces rivalry, which is assessed as moderate overall.
Table 4: Arcadia Group Limited: key facts Head office: Colegrave House, 6th Floor, 70 Berners Street, London W1T 3NL,
GBR Telephone: 44 844 984 0490 Fax: 44 20 7927 1391 Website: www.arcadiagroup.co.uk Financial year-end: August Source: company website D A T A M O N I T O R
Arcadia Group is a clothing retailer that operates approximately 2,500 stores throughout the UK and over 420 international franchise stores with seven shopping banners. The company operates in the UK, Asia, Europe, Middle East, South America and the US.
The company primarily operates through eight store banners: Burton, Dorothy Perkins, Topshop, Topman, Evans, Miss Selfridge, Wallis and Outfit.
Under the Burton brand the company operates 400 stores across the UK and Ireland. These stores offer a range of men's clothing ranging from casual wear and leisure wear to formal wear, shoes and accessories. The Dorothy Perkins brand operates a chain of 600 stores throughout the UK. It also sells tall, petite, maternity, lingerie, shoes and accessories.
The company's Evans brand operates with 330 stores across the UK and Ireland. These stores offer women clothing including beachwear, lingerie, hosiery, accessories and sleepwear. The ranges offered include Tall, Petite and the SeVen. The Miss Selfridge brand operates with 180 stores worldwide including Iceland, Warsaw and Malaysia.
Under Outfit brand the company offers Arcadia branded clothing in out-of-town retail parks. Also it sells Rubicon brands Warehouse and Principles. Topshop stores offer a range of Topshop branded outfits and products with TS label in more than 300 stores across the UK.
The Topman stores are focused on men's clothing and operate throughout the UK. Under Wallis brand of stores the company operates with 134 standalone outlets and 126 concession stores in the UK and Ireland.
Additionally the company also offers a complementary catalog and online shopping business through its Dial Home Shopping unit.
Key Metrics
The company recorded revenues of $2,958 million in the fiscal year ending August 2009, an increase of 2.7% compared to fiscal 2008, compared to a net income of $256 million in the preceding year.
Table 5: Arcadia Group Limited: key financials ($) $ million 2005 2006 2007 2008 2009Revenues 2,761.8 2,807.6 2,898.1 2,880.9 2,957.8Net income (loss) 284.6 222.7 184.2 255.8 0.0Total assets 821.6 927.6 1,648.7 1,668.9 0.0Total liabilities 1,275.0 1,061.9 596.0 629.4 0.0Employees 0 0 0 0 0 Source: company filings D A T A M O N I T O R
Table 6: Arcadia Group Limited: key financials (£) £ million 2005 2006 2007 2008 2009Revenues 1,772.0 1,801.3 1,859.4 1,848.4 1,897.7Net income (loss) 182.6 142.9 118.2 164.1 0.0Total assets 527.1 595.1 1,057.8 1,070.7 0.0Total liabilities 818.0 681.3 382.4 403.8 0.0 Source: company filings D A T A M O N I T O R
Table 7: Arcadia Group Limited: key financial ratios Ratio 2005 2006 2007 2008 2009Profit margin 10.3% 7.9% 6.4% 8.9% 0.0%Revenue growth 32.0% 1.7% 3.2% (0.6%) 2.7%Asset growth 112.9% 12.9% 77.7% 1.2% (100.0%)Liabilities growth 371.8% (16.7%) (43.9%) 5.6% (100.0%) Source: company filings D A T A M O N I T O R
Figure 10: Arcadia Group Limited: revenues & profitability
Table 8: Takashimaya Company, Limited: key facts Head office: 1-5, Namba 5-chome, Chuo-ku, Osaka 542 8510 JPN Telephone: 81 6 6631 1101 Fax: 81 6 6631 9850 Website: www.takashimaya.co.jp Financial year-end: February Ticker: 8233 Stock exchange: Tokyo Source: company website D A T A M O N I T O R
Takashimaya is a Japanese department store operator. It has 32 subsidiaries and 14 associated companies. Through its subsidiaries and associated companies, the company is also engaged in the management of its real estate properties, the provision of financial services, mail order services and others.
The company operates through five business divisions: department stores, contract and design segment, finance operations, real estate segment and others.
Takashimaya's department stores are primarily engaged in the retailing of clothing, personal items, household goods, utensils and food items. There are currently 20 Takashimaya department stores in Japan. Among these 20 stores, Takashimaya operates five large department stores in Tokyo, Shinjuku, Yokohama, Kyoto, and Osaka, with retail space exceeding 50,000 square meters or having annual sales of more than JPY100 billion ($0.8 billion). In addition, the company operates department stores in Singapore, Taiwan and New York City.
The contract and design segment, including subsidiary Takashimaya Space Create, provides architectural and interior construction services.
The company manages its finance and leasing operations through its subsidiary, Takashimaya Credit. This subsidiary provides credit cards services such as Takashimaya Gold Card, Takashimaya Card and Takashimaya Saison Card in alliance with Credit Saison Company.
The real estate segment is engaged in leasing and management operations.
The company is also involved in mail-order service, wholesaling of clothing apparel manufacturing and insurance business.
The company recorded revenues of $10,427 million in the fiscal year ending February 2009, a decrease of 6.4% compared to fiscal 2008. Its net income was $126 million in fiscal 2009, compared to a net income of $200 million in the preceding year.
Table 9: Takashimaya Company, Limited: key financials ($) $ million 2005 2006 2007 2008 2009Revenues 10,963.4 11,014.6 11,209.6 11,138.1 10,426.7Net income (loss) 149.0 226.4 270.5 199.7 125.6Total assets 8,240.9 8,176.8 8,363.8 8,106.1 8,021.5Total liabilities 6,153.6 5,743.6 5,300.0 4,995.0 5,047.7Employees 11,146 10,655 10,225 17,988 15,696.9 Source: company filings D A T A M O N I T O R
Table 10: Takashimaya Company, Limited: key financials (JPY) JPY million 2005 2006 2007 2008 2009Revenues 1,026,353.0 1,031,150.0 1,049,406.0 1,042,710.0 976,116.0Net income (loss) 13,947.0 21,192.0 25,320.0 18,697.0 11,760.0Total assets 771,484.0 765,487.0 782,996.0 758,870.0 750,951.0Total liabilities 576,076.0 537,700.0 496,167.0 467,617.0 472,552.0 Source: company filings D A T A M O N I T O R
Table 11: Takashimaya Company, Limited: key financial ratios Ratio 2005 2006 2007 2008 2009Profit margin 1.4% 2.1% 2.4% 1.8% 1.2%Revenue growth (7.9%) 0.5% 1.8% (0.6%) (6.4%)Asset growth (3.4%) (0.8%) 2.3% (3.1%) (1.0%)Liabilities growth (6.4%) (6.7%) (7.7%) (5.8%) 1.1%Debt/asset ratio 74.7% 70.2% 63.4% 61.6% 62.9%Return on assets 1.8% 2.8% 3.3% 2.4% 1.6%Revenue per employee $983,613 $1,033,749 $1,096,293 $619,195 $664,254Profit per employee $13,366 $21,245 $26,451 $11,103 $8,003 Source: company filings D A T A M O N I T O R
Table 12: NIKE, Inc.: key facts Head office: Nike, Inc., One Bowerman Drive, Beaverton, Oregon 97005 6453,
USA Telephone: 1 503 671 6453 Fax: 1 503 671 6300 Website: www.nike.com Financial year-end: May Ticker: NKE Stock exchange: New York Source: company website D A T A M O N I T O R
Nike is primarily engaged in the design, development and worldwide marketing of footwear, apparel, equipment and accessory products. The company sells its products primarily through its retail stores and various distributors and licensees, in over 180 countries across Americas, Europe, the Middle East, Africa, and Asia-Pacific.
Nike's operations are supported by manufacturing, sourcing and distribution facilities. The company procures raw materials including natural and synthetic rubber, plastic compounds, foam cushioning materials, nylon, leather, canvas and polyurethane films to make Air-Sole cushioning components used in footwear from Nike IHM, Nike (Suzhou) Sports Company, wholly owned subsidiaries of Nike and independent contractors located in China and Taiwan.
Nike and its contractors and suppliers purchase raw materials for apparel products in the country where they manufacture apparel products for Nike and its subsidiaries. The key raw materials used in apparel are natural and synthetic fabrics, thread, plastic and metal hardware and specialized performance fabrics designed to repel rain and retain heat.
The company operates one footwear factory which accounts for around 6% of the company's total footwear production. In addition to manufacturing, the company procures footwear from contract suppliers located in China, Vietnam, Indonesia, and Thailand. Of the total Nike branded footwear the company procured 36% from manufacturers located in China, 33% from Vietnam, 21% from Indonesia and 9% from Thailand. The company also has manufacturing agreements with independent factories in Argentina, Brazil, India, Italy and South Africa which manufacture footwear for the company to be sold in those countries.
Nike procures apparel for sale from the US and other international markets from independent contract manufacturers located in 34 countries such as China, Thailand, Indonesia, Malaysia, Vietnam, Turkey, Sri Lanka, Honduras, Mexico, Taiwan, Israel, Cambodia, India and Bangladesh. Its largest single apparel factory accounted for approximately 8% of total 2008 apparel production.
Through a futures ordering program the company offers its merchandise to retailers in the US and other international locations.
In the US, the company distributes footwear through its distribution centers located in Wilsonville, Oregon and Memphis. Nike distributes apparel and equipment from centers located in Memphis, Tennessee, Tigard, Oregon, and Foothill ranch, California.
Nike operates 11 distribution centers in Europe, Asia, Australia, Africa and Canada from which it distributes to its stores in international locations.
Nike's operations can be divided into four product lines: footwear, apparel, equipment and other.
The company manufactures and sells footwear for specific athletic use such as running, training, basketball and soccer. It also manufactures and sells sports-inspired urban shoes and children's shoes. In addition, the footwear product line comprises shoes for casual and leisure use. The company also sells shoes designed for tennis, golf, baseball, football, bicycling, volleyball, wrestling, cheerleading, aquatic activities, hiking, outdoor activities and other athletic and recreational activities. The company offers these products for men, women and children.
Nike offers sports apparel and accessories for athletic activities such as running, training, basketball, soccer, golf, baseball, football and bicycling. Nike sells sports apparel and accessories for most of the activities for which it offers footwear. Nike's apparel product line comprises sports-inspired lifestyle apparel, athletic bags and other accessory items. The company offers apparel and accessories to complement its athletic footwear products. It also offers footwear, apparel and accessories in collections designed in a similar fashion or for a specific purpose. The company also markets apparel with licensed college and professional team and league logos.
Nike sells performance equipment under the Nike brand name, including bags, socks, sport balls, eyewear, timepieces, electronic devices, bats, gloves, protective equipment and other sports equipment The company also licenses the production and selling of Nike branded swimwear, cycling apparel, children's clothing, school supplies, eyewear, golf accessories and belts. In addition, Nike sells a wide range of plastic products to other manufacturers through its subsidiary, Nike IHM.
The company offers athletic company owned branded footwear, apparel and equipment through 254 retail stores in the US.
Of these 121 are Nike factory stores which carry primarily overstock and closeout merchandise, 14 are Nike stores which also house Nike Women stores, 12 are Nike Towns which are designed to shelf Nike branded products and four Nike employee-only stores.
Nike offers its products in other countries through Nike-owned retail stores and through a mix of independent distributors and licensees. The company sells its products to over 27,000 retail accounts outside the US, excluding sales by independent distributors and licensees. Outside the US, the company offers its products through 141 Nike factory stores, 46 Nike stores, three NikeTowns and 12 Nike employee-only stores.
The company' other product line primarily includes the external sales by its subsidiaries: Cole Haan Holdings, Converse, Hurley International, Nike Golf, and Umbro.
Nike's other businesses comprise subsidiaries through which Nike sells apparel, footwear and accessories of brands other than Nike. Nike's wholly owned subsidiaries include Cole Haan Holdings, Converse, Hurley International and Nike IHM.
The company sells a line of dress and casual footwear, apparel and accessories for men, women and children under the Cole Haan and Bargano brand names through its subsidiary, Cole Haan Holdings. Converse, a subsidiary of the company, designs and distributes athletic and casual footwear, apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, John Varvatos, and Jack Purcell brand names. It also offers footwear under the Hurley brand. Hurley International, a subsidiary of the company designs and distributes a line of action sports apparel for surfing, skateboarding, snowboarding and youth lifestyle apparel and accessories under the Hurley brand. The company also provides athletic and casual footwear, apparel and equipment, primarily for the sport of soccer under the Umbro brands.
Nike Golf, a subsidiary of the company, designs and markets golf equipment, apparel, balls, footwear, bags and accessories across several geographies. Further, the company operates four Nike employee-only stores, 102 Cole Haan stores that house factory and employee stores, 35 Converse stores that house factory and employee stores and seven Hurley stores. Outside the US, the company operates 57 Cole Haan stores. In addition to the physical retail store channel, the company also offers its products across various countries through the websites, Nike.com, nikestore.com and www.nikewomen.com.
Key Metrics
The company recorded revenues of $19,176 million in the fiscal year ending May 2009, an increase of 2.9% compared to fiscal 2008. Its net income was $1,487 million in fiscal 2009, compared to a net income of $1,883 million in the preceding year.
Table 13: NIKE, Inc.: key financials ($) $ million 2005 2006 2007 2008 2009Revenues 13,739.7 14,954.9 16,325.9 18,627.0 19,176.1Net income (loss) 1,211.6 1,392.0 1,491.5 1,883.4 1,486.7Total assets 8,793.6 9,869.6 10,688.3 12,442.7 9,103.0Total liabilities 3,149.4 3,584.4 3,662.9 4,617.1 4,147.0Employees 26,000 28,000 30,200 30,200 32,500 Source: company filings D A T A M O N I T O R
Table 14: NIKE, Inc.: key financial ratios Ratio 2005 2006 2007 2008 2009Profit margin 8.8% 9.3% 9.1% 10.1% 7.8%Revenue growth 12.1% 8.8% 9.2% 14.1% 2.9%Asset growth 11.4% 12.2% 8.3% 16.4% (26.8%)Liabilities growth 1.3% 13.8% 2.2% 26.1% (10.2%)Debt/asset ratio 35.8% 36.3% 34.3% 37.1% 45.6%Return on assets 14.5% 14.9% 14.5% 16.3% 13.8%Revenue per employee $528,450 $534,104 $540,593 $616,788 $590,034Profit per employee $46,600 $49,714 $49,387 $62,364 $45,745 Source: company filings D A T A M O N I T O R
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