How to Maximize your Chances of success in MFM NIFT Placement

If you are already in MFM of NIFT, it is imperative that you should start preparing for the big event and that is NIFT placement programme. Here are some of the tips that I believe will be helpful for you.

1. SGPA is Vital

SGPA decides if you are in or out, I mean if you are considered for further review or not. The reason for this is simple, every recruiter wants to hire the best of the lot. It is immaterial if a topper will be unsuccessful in the future career, chances are that the topper takes the best of the jobs. If you are not a topper, no need to feel disheartened. Try to be in the top five or top ten or top twenty. If everything else fail, try and maintain your SGPA more than 7.5. It helps a lot, believe me. 

2. Your Resume is the key to your Personality

Every thing that you write in your resume speaks volumes about you. The most obvious key to your personality are your career objective, hobbies and extra curricular activities. So put a lot of thoughts when writing about them. Put the best of your professional photographs in the resume. Only write if you know about it, thus if you have done a project on Kasuti embroidery, you should be able to explain the basics of that. 

3. Past Experience is Important

If you have worked previously, it will not help if you dedicate only one line of your resume regarding this. Give it due weight. Write about your achievement, your numbers. 

4. Present the best of yourself

This is repeated again and again. But the fact remains that still a lot of candidates come without proper thought to their dress. If you are a male, clean shave, mustaches and polished shoes are imperative. A tie, and a formal dress will add to your pitch. If you are a female, dress to the occasion. Watch the other professionals and emulate them. 

5. Don't Lose Track of Smaller Companies

In the NIFT placement, one is often enamored by big companies, but there are smaller companies also that visit and pay much better than the big names. Do not underestimate them. 

6. Negotiate

Negotiate if the job is finally offered to you, learn about the breakup of the salary, profile of the job and everything you want to know. The employers will be more than happy tell you. Often students do not negotiate once the job is offered. But it is always helpful to ask another few thousands, if they can be granted. 

7. You cannot NOT know the following

As an MFM student you are supposed to know the following: MS excel, analysis, brand and retail management, supply chain management and retail merchandising. Do not claim that you don't know these subjects. These subjects are your bread and butter. 

8. Your teachers/mentors are very important

Take help of your teachers when clarifying certain points about the company. They can also recommend to the companies about you. Believe me, recruiters put a great weight on teacher's recommendations.

9. Always check the offer companies have at the time of briefing

More often then not, companies revise their package upwards, or increase the offtake of the number of students at the last moment. It is advisable to listen to the briefing when they come instead of believing what is written on the noticeboard. Also do not believe the announcements from control room, often the announcements about the package etc are outdated. 

I am sure that by working on these points you can maximize your chances in the NIFT placement programme.  

Job Profile of a Retail Planner

Job Profile of Retail Planner

Broadly job of a retail planner can be classified under buying planning, stock management planning display, location and ensuring policies and procedures while doing everything as mentioned before. MFM students are  very much in demand for this kind of profile. 

Buying Planning

Planning OTB ( Open to Buy) to optimize sales and sell throughs. It also means buying and planning inventory for the season. She also has to plan the liquidaiton of old inventory before the arrival of the new product cycle. She has to plan the seasonal sale and mark downs for the product, during sale period. 

Stock Management

It includes to replenish stock levels regularly and to coordinate optimum stock is available at the store at all times. While doing that the RP has to adhere to all the comapny rules and procedures. An RP also has to identify stocks that are fast, slow and non-moving and to provide regular feedback to brands. She has to recommend price revisions whenever required looking at the movement of products. Stock turn is also one of the key parameters to check for an RP. She has to ensure that ageing standards are followed and the stock turns are maintained as per company policy. She has to track damage control and ensure that shrinkage levels are maintained in terms of manufacturing defects, customer returns, on the floor damages and transit damages. 

Display

This includes ensuring that stock display is as per planograms given by VM and buying team to make maximum use of space and store resources. 

Location

At senior levels, the job of retail planner can be to identify the locations where stores can be loacted to enhance the brand image across the country. 

Policies and Procedures

Sometimes an RP has to define and ensure effective implementation of standard operating Practices for enhanced level of customer service and satisfaction. 

Know you Merchandise- Dress Shirt

A Shirt ( also called in US as dress shirt) is a garment with a collar,sleeves with cuffs and full vertical opening with buttons or snaps ( Wikipedia).

Anatomy of Shirt

An amazing website to learn the anatomy of shirt is here. I am reproducing a part of the images from that site.

Collars: Source

Cuffs: Source

Fibers

Mens shirts are available in 100% cotton, Polyester/cotton (6.5-7.5$), 100% silk, Spandax/cotton, 100%  organic cotton, Spandex polyester and 100% polyester.  They are also available in viscose/cotton blend.  

Features of Fabrics

The USP of fabric on which they are sold at can be anti-wrinkle, anti-shrink, breathable, anti-pilling, Eco-Friendly and quick dry. 

Styles

Mostly they are available in Long sleeve and short sleeve. 

Source

The important producing contries are China, India, Bangladesh and Pakistan. 

Surface Techniques/Design Features

They can be yarn dyed, plain dyed, printed, tye-dyed, washed, embroidered (Embroidered shirt on 100% cotton  is available for 14-16$ per piece at an MOQ of 1500 pcs), garment dyed or even beaded. 

Fabrics

They are availble in solid colors, stripes or plaids. Important fabrics are broadcloth( A popular fabric 40 x 40, 133 x 72, 100% Cotton - yarn dyed Shirts available at 5-7$ at a moq of 800 pcs), poplin, dobby, twill, herringbone, flannel, valour and batik. Men's oxford is generally made of CVC ( Chief Value Cotton - 60/40 Cotton polyester), 108 x 58, 100D x 32s/2(100% Cotton)

Seasons

They are available for all four seasons. They are available in S, M, L , XL or XXL

Fits


Shirts are available in three different fits: Comfort fits: wider fits for comfort, Classic Fit: traditional fit and  Slim Fit: it sits close to the body.

You can have a look at different shirts here.

Know Your Merchandise- Bathrobes

This is the First of the series that I plan to bring about for the benefit of students, who are preparing for entering into such industries. It would also give a brief overview of the overall category. 

These are mainly used in the hotel industry. A bathrobe is usually made from toweling or other absorbent textile, and may be donned while the wearer's body is wet, serving both as a towel and an informal garment.

The common Types are as follows:

1. Organic Bathrobes: These are made of premium range of organic cotton. These are suitable for both the genders. 

2. Terry Bathrobes: Most of the bathrobes are terry bathrobes. Made of 100% cotton these can be plain dyed and are available in various sizes such as M, L XL or XXL. Their supply price is 5-10$ FOB. These can be made of bath towel, with rectangular shape. These can be woven in jacquard if design is offered. Common yarns used are 21s, 16s and 32s. The weight varies from 380gsm to 700gsm. Sizes are normally 70cm x 140cm, 50cm x 100cm, 40cm x 60cm and 30cm x 50cm. Normally they are available in the packings of 12pcs/bag, 48pcs/carton or any other customised order. Some amazing pictures are available here and here.

3. Waffle Bathrobes. These are made of 100% cotton waffle. These are breathable and quick dry. These are available in various sizes such as S, M, L , XL or XXL. To know more about waffle weave, you can click  here

4. Dobby Bathrobes: These are made of 100% cotton, Quick dry and made of dobby fabric. The yarn is ring spun of 16s made pile for soft feel and 2x20 ring spun yarn for ground or base to give strength. Available in all sizes, they have weight from 350 to 500 GSM. These are available in many colors. Availble in 5-10$ per piece of production. These are wrinkle free, durable and colorfast. 

5. Baby Bathrobe: These are also offered in organic cotton. These can be made of very soft knitted terry. Usually they are with hood. These are also offered in 100% polyester in fleece quality. These are also availabe with contrast piping. Take a look here and here

6. Valour Bathrobe: Velour or velours is a plush, knitted fabric or textile. Velour is a knitted fabric, allowing it to stretch. It combines the stretchy properties of knits such as spandex with the rich appearance and feel of velvet. 

Styles of Bathrobes

These are available in Kimono style, Shawl collar, hooded, luxury, zipper and wrap. . 

Know more here

Market

Welspun is the largest manufacturer of Terry Towel in the country. They sold 313,000 units of Bathrobes in FYI 2010-11

You can view a complete catalog of bathrobes here. A very nice catalog is also displayed here. One size chart can be seen here.

This is an interesting article describing how hotels deal with bathrobes.

Brand Management- Cheat Sheet

A brand is a name that creates its own connotation in the consumer’s mind. It may not create any connotation.  Companies strive to build positive connotation in the consumer’s mind.

Brand equity is a set of tangible and intangible assets linked to a brand name that either add (or subtract)  the value provided by a product to a consumer.

The set of assets consists essentially of four categories: Brand name awareness, brand loyalty, Perceived quality and brand associations.

Brand name awareness has the following attributes: recognition, recall, TOMA, Dominance. Remember high recognition is not a mark of strong brand, recall is also important. Also recognition and recall should be positive. Brand association means what the organization stands for in the consumer’s mind.

Brand Equity is from Marketing perspective, it is what marketers use to measure brand equity.

Brand identity is a unique set of association which a brand strategist aspires to create or maintain.

It has four parts:
-Brand as product
-Brand as organization
-Brand as person
-Brand as symbol

BI structure includes a core and extended identity. The core identity- the central , timeless essence of the brand is likely to be constant as the brand travels to new markets or products. The extended identity includes BI elements, organized into cohesive and meaningful groupings that provide texture and completeness.

Brand identity is not something that gets customers to buy a product or service. It should be used as a vehicle to enthuse internally.

Brand identity is the tool by which value preposition and credibility is generated.

Value proposition has four parts- Physical Benefits, emotional benefits, Self Expressive benefits and relative price. Credibility leads to purchase.

Planning for brand identity is done by Strategic Brand Analysis- which gives customer analysis, competitor’s analysis and self analysis.  It is implemented by Brand position statement ( that part of brand identity that is actively communicated to the customer), Executive communication program and tracking.

Remember
1. We Analyze by doing strategic brand analysis ( Customer Analysis, Competitors’ analysis and Self Analysis)
2. We implement it by brand position statement, executive communication program and tracking
3. We create brand identity – Unique set of association ( Brand as product, organization, person and symbol) by doing 1 and 2  which leads to value proposition( Physical, emotional, self expressive and relative price) and credibility for customer which leads to favorable response.
4. We measure 3 by measuring brand equity – Set of assets that either add or subtract value for the customer-

We measure brand name awareness (recognition, recall, TOMA, dominance), brand loyalty, perceived quality and brand associations.
We go back to 1. If needed.                

Overview of Jewellery Industry in India

There are some conflicting figures related to World and Indian Market size. It is due to the fact that the exact size of Indian market is not been estimated correctly. 

Global Gems and Jewellery Market

According to CARE Research, the US is the world‟s largest market for jewellery accounting for an estimated 29% of the world jewellery sales in 2008.The US is followed by China (11%) , India (10%), the Middle East (9%) and Japan (8%) as the biggest consumers. In Europe, the UK(4%) and Italy (5%) are the largest consumers, and Italy is also one of the world‟s largest jewellery fabrication centres. These seven key markets account for about 80% of the total worldwide sales.

According to the CARE Report, global retail sales value of jewellery, including diamonds and gemstones, is expected to reach US$185 billion in 2010 and US$230 billion by the year 2015 growing at CAGR of 4.6% between 2010 and 2015. In 2005, sales totalled US$146 billion and grew at a CAGR of 4.8% between 2005 and 2010 period. During 2009, the world GDP decreased by 0.8% to US$57,228.37 billion while for 2010 and 2011, world GDP is estimated to grow by 3.9% and 4.3%, respectively, according to International Monetary Fund (IMF). Historically, it has been observed that the correlation between the global jewellery sales and world GDP was very high at 0.99.

Of total global sales of US$146 billion in 2005, diamond-studded jewellery was the largest segment, representing 47% of total jewellery consumption. By type of jewellery, diamond-studded jewellery accounted for the largest share of the global jewellery market, followed by plain gold jewellery (42%).

Indian Gems and Jewellery Sector

According to CRISIL Research, the Indian jewellery retailing market is estimated at Rs. 973 billion as of 2009-10, contributing around 6% of the overall retailing industry in India. This makes jewellery the largest contributor of India‟s overall retail industry.Within the jewellery retailing market in India, the share of gold jewellery is estimated to be around 80%, according to CRISIL Research.The two major sub segments within jewellery are gold (22 carat and above) and diamonds, with the former constituting of 80% of the value of jewellery consumption and the balance 20% comprising of diamonds(15%) and gemstone jewellery. The overall size of domestic Gems and Jewellery sector is pegged at Rs. 870 billion as of 2008-09 according to a FICCI-Technopak study and is expected to grow up to Rs. 1,832 billion by 2014-15.

In India, organised retailers account for a mere 4% of the total jewellery retail market.There are about 15,000 vendors across the country in the gold processing industry, with over 450,000 gold smiths spread across the country. There are also more than 6,000 vendors in the diamond-processing industry.

Gold is consumed most in south(37%),west(32%) , north(18%) and east(13%) in that order. In 2009, total Indian gold consumption reached US$19bn or Rs. 974 bn equivalent at the end of 2009. Over the past decade, this has increased at an average rate of 13% per year, outpacing the country‟s real GDP, inflation and population growth by 6%, 8% and 12% respectively.

Gold jewellery demand in India, the world‟s largest gold jewellery market, rose 67% year-on-year to 272 tonnes in the first half of 2010. Over the same period, the average domestic gold price surged to almost Rs.52,800/oz, before hitting a new high of 60,460/oz on October 15, 2010. Gold jewellery accounted for around 75% of total Indian gold demand in 2009, the remainder being investment (23%) and decorative and industrial (2%).

Dimonds are consumed most in West(35%), North(32%), South(25%) and East(8%) - in that order. 

Trends for Gems and Jewellery in India

The growth outlook for the gems and jewellery sector in India is stable and CARE Research expects the domestic industry to grow at a CAGR of 10-12% up to 2015. There is a shift in consumer preference to low priced diamond jewellery which is about 50% cheaper than normal diamonds and also cheaper than pure gold jewellery. Consumers are gradually preferring diamonds because of the guaranteed buy-back schemes, transparent written pricing and, most importantly, third-party certification. Branding and organized retail share will grow in urban markets and the focus on rural markets will increase. According to CARE Research, family owned businesses will need to move towards greater degree of professionalism and trust on the neighbourhood jeweller will be replaced by the hallmarking and certification of jewellery. Apart from that particularly in Jewellery, the following trend shift is observed:

1. Gold Jewellery which traditionally generates its demand from investment viewpoint and traditions, now is regarded as a fashion accessory by the young population. 

2. The demand that used to peak during wedding and festive seasons, now increasingly getting evened out throughout the year for regular wearing and gifting purpose. 

3. Trend is shifting from pure gold-22 caret in traditional designs. More and more now low carat and lightweight jewellery is preferred. Moreover, modern and contemporary designs are finding their way. 

4. Traditionally purchase from neighbourhood jewellers used to dominate purchases, which lacked transparency. Now there is growing preference for brands, retail store and e-retailing. There is an introduction of hallmarking and certification. 

5. Gold jewellery used to dominate. Now there is an increased preference of white gold, platinum and diamond studded jewellery. Even imitation jewellery is gaining acceptance. 

6. Traditionally gold jewellery is sold on prevailing gold price plus labour charge. Now branded players sell on fixed price basis. 

Industry Concerns

Some of the key concerns faced by the jewellery retailing industry, even as it is getting increasingly organized and a branded play, are as mentioned below.

Volatility in raw material prices

According to CARE Research, Indian consumers have a tendency to postpone their purchases until the prices seem reasonable and restrain from panic buying. It has been observed that consumers lay emphasis on stability of gold prices rather than absolute prices of gold to make their purchases. Retailers who quote making charges as a percentage of the raw material cost may be negatively impacted by a significant decline in gold or diamond prices.

Long gestation period

Retailers across verticals typically face long gestation periods for their projects. This is mainly because retailing (including jewellery retailing) is a low margin business. According to CRISIL Research, in case of jewellery retailing, profits earned by large organized players are exclusively on making charges. Apart from this, brand establishment is a long process and according to CRISIL Research it can take three to four years for a retailer to establish a presence in a market, due to the highly fragmented jewellery retailing market.

References

http://www.sebi.gov.in/dp/tribhovandasdraft.pdf

http://www.sebi.gov.in/dp/jayalukkasdraft.pdf

http://www.sebi.gov.in/dp/ratanchanddraft.pdf

Overview of Women Indian Ethnic Wear Market

The current market share of sarees and ethnic wear stands at Rs. 31,000 crore and is projected to grow at 10 per cent to reach Rs.45,000 crore in 2014.

Growth Drivers

Traditional ethnic wear in India comprises primarily of sarees and salwar kameez and dupatta (SKD) and other regional attire. There are a number of factors that act as a catalyst for the growth of ethnic wear:

Increasing female workforce

In the era of 21st century, education has spread throughout the world and so in India. This has resulted in an increase in the number of educated women which in turn has increased the female workforce. The majority 

of India’s female workforce still prefers to wear the traditional Indian SKD to work. This boom in the service industry has resulted in an increase in the size of the female workforce from 5 million in 2001 to 7–10 million 

in 2010. Therefore, the size of the market for women’s Indian wear has increased and is likely to do so in the future as well.

Personalised designs and styles

In comparison to the western wear, the Indian wear still gives a lot of flexibility in terms of getting personalized designs, cuts and styles made. Majorly the western wear falls in the ready to wear category and the designs and styles are restricted to the available stock with the shopkeepers whereas the Indian ethnic wear is generally tuned to one’s preference specifically design sensibility and fitting.

Traditional occasions and festivals

Traditional occasions like marriages, family functions and festivals are the part of life of an Indian family. On such occasions, Indian wear is still the most preferred choice for most of the women. Majority of women still 

has a large collection of ethnic wear in their wardrobe for various occasions. The purchasing power and the willingness to spend have played a big role in increasing the varied collection in the wardrobe of Indian 

women giving her a flavour of different traditional and contemporary designs.

Current Market Scenario

The current Indian ethnic wear market is highly unorganized with a few branded players operating primarily in metropolitan cities. The organised sector has players like W, Biba, Fabindia, Tacfab, Hakoba, Prafful, Vipul, etc. catering to the low to mid segment. Satya Paul, Anokhi, Meena Bazaar, CTC cater to the premium and super The Indian sarees have never lost its grace, beauty and elegance. This beautiful fashion attire has spanned ages in India, and still exists as the quintessential element in every Indian woman’s wardrobe. The saree in India has constantly changed in looks, designs, styles and fabrics from generation to generation. These sarees are adorned with various embellishments like mirror work, zari, embroidery, zardosi, kundan, pearl work, etc. Inspite of the above modern works, the traditional regional sarees like bandhej, banarasi, patola, kanjeevaram, kantha, phulkari, chikan, etc. are still popular. 

Very popular and widespread Indian attire is the salwar kameez. The changing face of SKD is perhaps the biggest success of this category through the fusion of fabrics, prints, styling and fits. More and more women prefer to wear the Salwar kameez because it is more convenient. This has given boost to the Indian salwar kameez industry too.

Challenges for Ethnic Wear

In spite of the growth factors in the sector, there are a few challenges that market players need to be aware of before entering the market.

A good fit is essential

The good fit is one of the major characteristics for any dress. Indian women body sizes vary a lot across different age groups and regions. For example, North-eastern women are comparatively slimmer than women in north Indian states like Punjab or Haryana. A proper fit of ethnic wear is very important to suit customer requirements across segments. Feasible research on the target segment, well-trained designers and other local 

requirements need to be addressed. Across diverse regions no unified fashion India has rich and varied textile heritage. Each region of India has its own unique native costume and traditional attire and accessories. One 

has to be very careful of the trends prevalent in different regions. A country of India’s size and diversity poses a challenge. Designers and market players must understand all these varied trends and come out with a line of desired products.

Given its flexibility, comfort and traditional appeal, Indian ethnic attire is very much in demand and the market for it poised to grow. Organised players and designers can tap into a lot of opportunities by coming out with a fusion of basic, traditional yet modern styles. Brands can revive age-old prints and traditional/regional apparel further to meet the growing demand from both national and international clients.

Understand the market

The global scene across India shows that the fashion adaption is as diverse as the culture across the country. Indians like to experiment and fuse western wear with Indian designer clothing, adapt western wear with Indian designer clothing, adapt western trends and indianize them as per local trends, they look at film celebrities and designers for inspiration. This factor makes the Indian market all the more complex to understand and dwell in.

Competition from unorganised market

Since the organised market for Indian ethnic wear is still not very big, there is direct competition from the large unorganised sector. Most offerings come from regional stores in different localities, as they are better able to sell products to meet customers’ requirements. 

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