apparel industry - feb 2012
TRANSCRIPT
India - Apparel Retail 0102 - 2005 - 2011
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MarketLine Industry Profile
Apparel Retail in India February 2012
Reference Code: 0102-2005
Publication Date: February 2012
WWW.MARKETLINEINFO.COM
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India - Apparel Retail 0102 - 2005 - 2011
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EXECUTIVE SUMMARY
Market value The Indian apparel retail industry grew by 10.4% in 2011 to reach a value of $9,133.5 million.
Market value forecast In 2016, the Indian apparel retail industry is forecast to have a value of $12,642.9 million, an increase of 38.4% since
2011.
Category segmentation Womenswear is the largest segment of the apparel retail industry in India, accounting for 39.4% of the industry's total
value.
Geography segmentation India accounts for 3% of the Asia-Pacific apparel retail industry value.
Market rivalry The Indian apparel market is fairly fragmented, although strong growth in recent years helps to lessen the level of rivalry.
India - Apparel Retail 0102 - 2005 - 2011
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TABLE OF CONTENTS
EXECUTIVE SUMMARY ............................................................................................................................................... 2
MARKET OVERVIEW .................................................................................................................................................... 6
Market definition ......................................................................................................................................................... 6
Market analysis .......................................................................................................................................................... 6
MARKET DATA .............................................................................................................................................................. 7
Market value ............................................................................................................................................................... 7
MARKET SEGMENTATION........................................................................................................................................... 8
Category segmentation .............................................................................................................................................. 8
Geography segmentation ........................................................................................................................................... 9
MARKET OUTLOOK .................................................................................................................................................... 10
Market value forecast ............................................................................................................................................... 10
FIVE FORCES ANALYSIS ........................................................................................................................................... 11
Summary .................................................................................................................................................................. 11
Buyer power ............................................................................................................................................................. 12
Supplier power ......................................................................................................................................................... 13
New entrants ............................................................................................................................................................ 14
Threat of substitutes ................................................................................................................................................. 15
Degree of rivalry ....................................................................................................................................................... 16
LEADING COMPANIES ............................................................................................................................................... 17
Aditya Birla Nuvo Limited ......................................................................................................................................... 17
Marks and Spencer Group plc .................................................................................................................................. 21
Pantaloon Retail (India) Ltd. ..................................................................................................................................... 24
Trent Limited ............................................................................................................................................................ 28
MACROECONOMIC INDICATORS ............................................................................................................................. 31
Country Data ............................................................................................................................................................ 31
APPENDIX ................................................................................................................................................................... 33
Methodology ............................................................................................................................................................. 33
Industry associations ................................................................................................................................................ 34
Related Datamonitor research ................................................................................................................................. 34
India - Apparel Retail 0102 - 2005 - 2011
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LIST OF TABLES Table 1: India apparel retail industry value: $ million, 2007–11(e) ................................................................................. 7
Table 2: India apparel retail industry category segmentation : $million, by value, 2011(e) ........................................... 8
Table 3: India apparel retail industry geography segmentation : $million, by value, 2011(e) ........................................ 9
Table 4: India apparel retail industry value forecast: $ million, 2011–16 ...................................................................... 10
Table 5: Aditya Birla Nuvo Limited: key facts ............................................................................................................... 17
Table 6: Aditya Birla Nuvo Limited: key financials ($) .................................................................................................. 18
Table 7: Aditya Birla Nuvo Limited: key financials (Rs.) ............................................................................................... 18
Table 8: Aditya Birla Nuvo Limited: key financial ratios ................................................................................................ 19
Table 9: Marks and Spencer Group plc: key facts ........................................................................................................ 21
Table 10: Marks and Spencer Group plc: key financials ($) ......................................................................................... 22
Table 11: Marks and Spencer Group plc: key financials (£) ......................................................................................... 22
Table 12: Marks and Spencer Group plc: key financial ratios ...................................................................................... 22
Table 13: Pantaloon Retail (India) Ltd.: key facts ......................................................................................................... 24
Table 14: Pantaloon Retail (India) Ltd.: key financials ($) ............................................................................................ 25
Table 15: Pantaloon Retail (India) Ltd.: key financials (Rs.) ......................................................................................... 26
Table 16: Pantaloon Retail (India) Ltd.: key financial ratios ......................................................................................... 26
Table 17: Trent Limited: key facts ................................................................................................................................ 28
Table 18: Trent Limited: key financials ($) ................................................................................................................... 29
Table 19: Trent Limited: key financials (Rs.) ................................................................................................................ 29
Table 20: Trent Limited: key financial ratios ................................................................................................................. 29
Table 21: India size of population (million), 2007–11 ................................................................................................... 31
Table 22: India gdp (constant 2000 prices, $ billion), 2007–11 .................................................................................... 31
Table 23: India gdp (current prices, $ billion), 2007–11 ............................................................................................... 31
Table 24: India inflation, 2007–11 ................................................................................................................................ 32
Table 25: India consumer price index (absolute), 2007–11 .......................................................................................... 32
Table 26: India exchange rate, 2007–11 ...................................................................................................................... 32
India - Apparel Retail 0102 - 2005 - 2011
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LIST OF FIGURES Figure 1: India apparel retail industry value: $ million, 2007–11(e) ................................................................................ 7
Figure 2: India apparel retail industry category segmentation : % share, by value, 2011(e) ......................................... 8
Figure 3: India apparel retail industry geography segmentation : % share, by value, 2011(e) ..................................... 9
Figure 4: India apparel retail industry value forecast: $ million, 2011–16 ..................................................................... 10
Figure 5: Forces driving competition in the apparel retail industry in India, 2011 ......................................................... 11
Figure 6: Drivers of buyer power in the apparel retail industry in India, 2011 ............................................................... 12
Figure 7: Drivers of supplier power in the apparel retail industry in India, 2011 ........................................................... 13
Figure 8: Factors influencing the likelihood of new entrants in the apparel retail industry in India, 2011 ..................... 14
Figure 9: Factors influencing the threat of substitutes in the apparel retail industry in India, 2011 .............................. 15
Figure 10: Drivers of degree of rivalry in the apparel retail industry in India, 2011 ....................................................... 16
Figure 11: Aditya Birla Nuvo Limited: revenues & profitability ...................................................................................... 19
Figure 12: Aditya Birla Nuvo Limited: assets & liabilities .............................................................................................. 20
Figure 13: Marks and Spencer Group plc: revenues & profitability .............................................................................. 23
Figure 14: Marks and Spencer Group plc: assets & liabilities ...................................................................................... 23
Figure 15: Pantaloon Retail (India) Ltd.: revenues & profitability.................................................................................. 26
Figure 16: Pantaloon Retail (India) Ltd.: assets & liabilities ......................................................................................... 27
Figure 17: Trent Limited: revenues & profitability ......................................................................................................... 30
Figure 18: Trent Limited: assets & liabilities ................................................................................................................. 30
India - Apparel Retail 0102 - 2005 - 2011
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MARKET OVERVIEW
Market definition The apparel retail industry consists of the sale of all menswear, womenswear and childrenswear. The menswear market
includes mens 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 2010 annual average
exchange rates.
For the purposes of this report, Asia-Pacific comprises Australia, China, India, Indonesia, Japan, New Zealand,
Singapore, South Korea, Taiwan, and Thailand.
Market analysis The Indian apparel retail industry has enjoyed dynamic growth in recent years. Although the rate of change will slow
somewhat through to 2016, overall levels of growth will remain strong.
The Indian apparel retail industry had total revenue of $9,133.5 million in 2011, representing a compound annual growth
rate (CAGR) of 9.6% between 2007 and 2011. In comparison, the Chinese industry increased with a CAGR of 6.4%, and
the Japanese industry declined with a compound annual rate of change (CARC) of -1.3%, over the same period, to reach
respective values of $119,281.4 million and $105,483.7 million in 2011.
The Womenswear segment was the industry's most lucrative in 2011, with total revenue of $3,599.9 million, equivalent to
39.4% of the industry's overall value. The Menswear segment contributed revenue of $3,387.6 million in 2011, equating
to 37.1% of the industry's aggregate value.
The performance of the industry is forecast to decelerate, with an anticipated CAGR of 6.7% for the five-year period
2011 - 2016, which is expected to drive the industry to a value of $12,642.9 million by the end of 2016. Comparatively,
the Chinese industries will increase with a CAGR of 3.9%, and the Japanese industry will decline with a CARC of -5.8%,
over the same period, to reach respective values of $144,159 million and $78,184.8 million in 2016.
India - Apparel Retail 0102 - 2005 - 2011
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MARKET DATA
Market value The Indian apparel retail industry grew by 10.4% in 2011 to reach a value of $9,133.5 million.
The compound annual growth rate of the industry in the period 2007–11 was 9.6%.
Table 1: India apparel retail industry value: $ million, 2007–11(e)
Year $ million Rs. million € million % Growth
2007 6,340.3 291,249.5 4,776 9
2008 6,923.7 318,047.4 5,216.4 9.2
2009 7,523.5 345,601.5 5,668.3 8.7
2010 8,269.7 379,878.6 6,230.5 9.9
2011(e) 9,133.5 419,558.4 6,881.3 10.4
CAGR: 2007–11 9.6%
SOURCE: MARKETLINE M A R K E T L I N E
Figure 1: India apparel retail industry value: $ million, 2007–11(e)
SOURCE: MARKETLINE M A R K E T L I N E
India - Apparel Retail 0102 - 2005 - 2011
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MARKET SEGMENTATION
Category segmentation Womenswear is the largest segment of the apparel retail industry in India, accounting for 39.4% of the industry's total
value.
The menswear segment accounts for a further 37.1% of the industry.
Table 2: India apparel retail industry category segmentation, by value, 2011(e)
Category %
Womenswear 39.4%
Menswear 37.1%
Childrenswear 23.5%
Total 100%
SOURCE: MARKETLINE M A R K E T L I N E
Figure 2: India apparel retail industry category segmentation : % share, by value, 2011(e)
SOURCE: MARKETLINE M A R K E T L I N E
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Geography segmentation India accounts for 3% of the Asia-Pacific apparel retail industry value.
China accounts for a further 39.5% of the Asia-Pacific industry.
Table 3: India apparel retail industry geography segmentation, by value, 2011(e)
Geography %
China 39.5
Japan 34.9
South Korea 8.0
India 3.0
Rest of Asia-Pacific 14.5
Total 100%
SOURCE: MARKETLINE M A R K E T L I N E
Figure 3: India apparel retail industry geography segmentation : % share, by value, 2011(e)
SOURCE: MARKETLINE M A R K E T L I N E
India - Apparel Retail 0102 - 2005 - 2011
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MARKET OUTLOOK
Market value forecast In 2016, the Indian apparel retail industry is forecast to have a value of $12,642.9 million, an increase of 38.4% since
2011.
The compound annual growth rate of the industry in the period 2011–16 is predicted to be 6.7%.
Table 4: India apparel retail industry value forecast: $ million, 2011–16
Year $ million Rs. million € million % Growth
2011 9,133.5 419,558.4 6,881.3 10.4%
2012 9,907.1 455,095.4 7,464.2 8.5%
2013 10,644.2 488,955.4 8,019.5 7.4%
2014 11,340.9 520,955.1 8,544.3 6.5%
2015 12,009.2 551,655.4 9,047.9 5.9%
2016 12,642.9 580,766.4 9,525.3 5.3%
CAG : 2011–16 6.7%
SOURCE: MARKETLINE M A R K E T L I N E
Figure 4: India apparel retail industry value forecast: $ million, 2011–16
SOURCE: MARKETLINE M A R K E T L I N E
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FIVE FORCES ANALYSIS
The apparel retail industry 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 5: Forces driving competition in the apparel retail industry in India, 2011
SOURCE: MARKETLINE M A R K E T L I N E
The Indian apparel market is fairly fragmented, although strong growth in recent years helps to lessen the level of rivalry.
Clothing is an essential item, with consumer choice being influenced by factors such as fashion and a desire to signal
social status. Demand patterns are susceptible to branding and advertising, which, despite the lack of significant
switching costs, tends to weaken buyer power. There is a fast pace of change in the demands of individual buyers. This
means that, in an attempt to maintain market share in a highly competitive market, players aim to attract customers by
creating strong brand consciousness and running intensive marketing campaigns. Low barriers to entry and relatively low
requirements for capital mean there is a high likelihood of new entrants in this market. Substitutes to apparel retail
include bespoke tailoring, factory shops, homemade clothing and second hand clothing, although these pose a minimal
threat to market players.
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Buyer power
Figure 6: Drivers of buyer power in the apparel retail industry in India, 2011
SOURCE: MARKETLINE M A R K E T L I N E
Buyer power in the apparel retail industry is weakened by the small size of buyers: virtually all buyers are individual
consumers. What’s more, retailers tend to have large numbers of individual customers, which further weakens buyer
power. Despite the fact that brand consciousness in this market is substantial, the loyalty of consumers to specific
brands is not always the overriding factor in their decision making. Buyer power is enhanced by a high level of choice,
which is generated by the absence of switching costs. Brand loyalty is limited in India and very often loyalty is directed
towards a particular retailer instead. Branding may be irrelevant in poorer regions, with the basic necessity of functional
clothing being the main concern. There is a large market for non-designer apparel retail, especially among customers
with lower disposable incomes. Retailers can differentiate themselves fairly strongly through the styles of clothing offered
and the price range of this clothing, meaning buyer power is weakened. Apparel is an essential item for consumers, and
they are significantly exposed to the penetration of marking icons and images into most forms of media. However,
retailers must remain aware of the developments that shape public perception and subsequent demand. Despite
consumers lacking financial muscle, the position of retailers at the end of the value chain makes it impossible to integrate
forwards. This means that they are obliged to offer buyers what they demand, in a market often subject to unpredictable
and rapid changes in fashion. These factors strengthen buyer power. Overall, buyer power is assessed as moderate.
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Supplier power
Figure 7: Drivers of supplier power in the apparel retail industry in India, 2011
SOURCE: MARKETLINE M A R K E T L I N E
The key suppliers in this market are clothing manufacturers and wholesalers. These are typically small to medium sized
enterprises, giving retailers the possibility to source from both. Supplier fragmentation is not as pronounced as in other
countries. Textile and apparel manufacturing are highly vertically integrated industries (more developed regions display a
lesser degree of integration.) With the liberalization of international trade, India is an important supplier in the global
market. Rising costs and workers’ wages in China has led to a boom in Indian production; exports of apparel increased
by 24% in February 2011 compared to February 2010. The lack of diversity between suppliers weakens their power. This
makes the apparel retail market highly important to their business. Apparel manufacturing is almost always labor
intensive, due to the difficulty of automating processes such as the sewing of garments. Overall, supplier power in this
market is assessed as moderate.
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New entrants
Figure 8: Factors influencing the likelihood of new entrants in the apparel retail industry in India, 2011
SOURCE: MARKETLINE M A R K E T L I N E
The Indian apparel market has experienced strong growth in recent years, making the market attractive to new entrants.
Barriers to entry are not high, with capital requirements being low enough for individuals to enter. However, a small
amount of large corporations, such as Pantaloon Retail and Marks and Spender Group, account for a major share of
total market revenues. They benefit from scale economies that allow them to build brands in multiple retail outlets, and
greater buying power when negotiating with suppliers. The latter allows them to compete more intensely on price. There
is little regulation as such for retailers in the market, but there are some self-imposed conventions, to do with child labor,
working conditions and worker’s wages. New entrants who are known to have items manufactured in this way may lose
customers. Low switching costs for buyers and a low level of product differentiation make it easier for new entrants to
compete with existing players. Overall, there is a strong threat of new entrants to this market.
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Threat of substitutes
Figure 9: Factors influencing the threat of substitutes in the apparel retail industry in India, 2011
SOURCE: MARKETLINE M A R K E T L I N E
While there are no substitutes for apparel as such, there are alternatives to retail. One option is purchasing clothing
directly from the manufacturer as opposed to the conventional distribution chain. This is facilitated by the growth of online
sales. All major apparel retailers now have their own online stores as there is an increased consumer acceptance of the
internet as an alternative shopping channel. A growing number of ‘pureplay’ online fashion stores have emerged in the
market, as they look to take advantage of lower running costs from not having to pay for the overheads incurred by
running a high street store. The online sale avenue opens the door for manufacturers who may be tempted by the
opportunity of selling directly to end users without the need for the retailer. 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 of manufacturers in some countries. Another option is purchasing second-hand clothing from charity shops and
internet sites such as eBay. However, the threat of substitutes to apparel retail is assessed as weak overall.
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Degree of rivalry
Figure 10: Drivers of degree of rivalry in the apparel retail industry in India, 2011
SOURCE: MARKETLINE M A R K E T L I N E
The Indian apparel market is fairly fragmented and is typically composed of large numbers of similar retailers, many of
which are independents. However, there is still room for large numbers of smaller players in this market. 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 have diversified
into, for example, jewelry, menswear and childrenswear, many retain a strong emphasis on apparel specifically, which
intensifies rivalry. A fast pace of change in fashions in the apparel’s market combined with strong market performance
over the past five years helps to ameliorate rivalry, which is assessed as moderate overall.
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LEADING COMPANIES
Aditya Birla Nuvo Limited
Table 5: Aditya Birla Nuvo Limited: key facts
Head office: Indian Rayon Compound, Veraval 362 266, Gujarat, IND
Telephone: 91 2876 245711
Fax: 91 2876 243220
Website: www.adityabirlanuvo.co.in
Financial year-end: March
Ticker: 500303
Stock exchange: Bombay
SOURCE: COMPANY WEBSITE M A R K E T L I N E
Aditya Birla Nuvo (ABN or "the company") is a conglomerate with its subsidiaries offering diversified services within the
Aditya Birla Group. The company primarily operates in India across manufacturing and services sector.
The company's operations span across 10 business segments: life insurance, telecom, IT and ITeS, fashion and lifestyle,
carbon black, Agri-business, textiles, rayon yarn, insulators and other financial services.
The life insurance segment comprises the operations of Birla Sun Life Insurance (BSLI), which is a joint venture between
the Aditya Birla Group and Sun Life Financial. Through this segment ABN offers a range of solutions that include
protection, health, wealth with protection and, children and retirement needs. BSLI has over 650 branches across India.
The telecom segment encompasses the operations of Idea Cellular, which is a publicly listed company. Idea Cellular
operates in 22 circles across India and has a subscriber base of 63.82 million in March 2010.
IT and ITES operations include ABN's IT arm and BPO services. These operations are delivered through Aditya Birla
Minacs IT Services (formerly PSI Data Systems) that provides business solutions to banking, financial services and
insurance; telecom, infrastructure, media, and entertainment; and manufacturing industries. Aditya Birla Minacs IT
Services are offered across 3 continents and 27 centers spanning Canada, Germany, Hungary, India, Philippines, the
US and the UK.
The fashion and lifestyle segment encompasses the operations of Madura Fashion & Lifestyle. The business primarily
offers garments including lifestyle apparel. The apparel is offered through several brands including Louis Philippe, Van
Heusen, Allen Solly, Peter England and The Collective. Through these brands the company offers premium and
international lifestyle categories of garments. The segment also includes Planet Fashion, the apparel retailing arm of
Madura Fashion & Lifestyle. The retail operations have 82 stores across 50 cities in India and five stores internationally.
Carbon black comprises the fillers business that is operated by Hi-Tech Carbon. ABN has manufacturing plants at
Renukoot in UP, Gummidipoondi in Tamilnadu and has a Greenfield capacity at Patalganga. The combined capacity is
over three lakh metric tons per annum. The company produces 780,000 tons per annum of carbon black.
The agri-business comprises the operations of Indo Gulf which manufactures and markets urea, agricultural seeds and
agrochemicals.
The textile division encompasses the operations of Jaya Shree Textiles. ABN primarily operates in domestic linen and
worsted yarn segment. The company offers a wide range of products such as linen fabric, linen yarn, worsted yarn and
wool tops. Jaya Shree Textiles has an international presence spanning six continents.
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Rayon yarn segment operates Indian Rayon which is a major player in viscose filament yarn business. The products are
sold under Ray One brand. The company's factory is located in Veraval in Gujarat and has a capacity of 16,400 tons per
annum. The segment also includes 91,250 tons per annum caustic soda plant with membrane cell technology which was
started as a part of ABN's backward integration process.
The insulators segment includes the operations of Aditya Birla Insulators which offers hollow, solid core, disc, pin and
post insulators which are used in the entire spectrum of sub-station and transmission systems. The company's insulators
product range is exported to 58 countries around the world with focus on markets in Europe and America. The plants
have a combined installed capacity of 48,760 metric tons.
The other financial services segment operates Aditya Birla Capital Advisors which provides private equity advisory and
investment management services for Indian and offshore investors; Aditya Birla Finance (formerly known as Birla Global
Finance), is a non-banking financial company which offers specialized solutions in areas of capital market and corporate
finance; Aditya Birla Insurance Brokers which is an intermediary in the general insurance market; Aditya Birla Money
Mart (formerly Birla Sun Life Distribution) which offers a range of products like mutual funds, insurance, private equity
funds, alternate investments, select fixed deposits and IPOs and structured products; and Aditya Birla Money (formerly
known as Apollo Sindhoori Capital Investments) which is a broking player, offering equity and derivative trading through
NSE and BSE and currency derivative on MCX-SX.
Key Metrics The company recorded revenues of $3,375 million in the fiscal year ending March 2010, an increase of 8.3% compared
to fiscal 2009. Its net income was $34 million in fiscal 2010, compared to a net loss of $95 million in the preceding year.
Table 6: Aditya Birla Nuvo Limited: key financials ($)
$ million 2006 2007 2008 2009 2010
Revenues 1,015.6 1,750.3 2,476.0 3,116.4 3,375.4
Net income (loss) 44.4 61.2 32.8 (94.8) 33.7
Total assets 1,749.0 3,205.0 4,359.7 5,868.5 7,049.3
Total liabilities 1,282.7 2,413.3 3,443.8 4,546.3 5,817.1
Employees 8,335 8,197 10,326 10,121 14,000
SOURCE: COMPANY FILINGS M A R K E T L I N E
Table 7: Aditya Birla Nuvo Limited: key financials (Rs.)
Rs. million 2006 2007 2008 2009 2010
Revenues 46,654.1 80,401.0 113,738.0 143,155.0 155,052.0
Net income (loss) 2,040.0 2,809.0 1,508.0 (4,357.0) 1,546.0
Total assets 80,340.8 147,226.6 200,268.8 269,577.8 323,819.9
Total liabilities 58,923.5 110,858.5 158,196.2 208,841.0 267,214.3
SOURCE: COMPANY FILINGS M A R K E T L I N E
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Table 8: Aditya Birla Nuvo Limited: key financial ratios
Ratio 2006 2007 2008 2009 2010
Profit margin 4.4% 3.5% 1.3% (3.0%) 1.0%
Revenue growth 46.3% 72.3% 41.5% 25.9% 8.3%
Asset growth 116.7% 83.3% 36.0% 34.6% 20.1%
Liabilities growth 129.7% 88.1% 42.7% 32.0% 28.0%
Debt/asset ratio 73.3% 75.3% 79.0% 77.5% 82.5%
Return on assets 3.5% 2.5% 0.9% (1.9%) 0.5%
Revenue per employee $121,851 $213,527 $239,783 $307,913 $241,099
Profit per employee $5,328 $7,460 $3,179 ($9,372) $2,404
SOURCE: COMPANY FILINGS M A R K E T L I N E
Figure 11: Aditya Birla Nuvo Limited: revenues & profitability
SOURCE: COMPANY FILINGS M A R K E T L I N E
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Figure 12: Aditya Birla Nuvo Limited: assets & liabilities
SOURCE: COMPANY FILINGS M A R K E T L I N E
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Marks and Spencer Group plc
Table 9: Marks and Spencer Group plc: key facts
Head office: Waterside House, 35 North Wharf Road, London, W2 1NW, GBR
Telephone: 44 20 7935 4422
Local office: 10th Floor, Bldg No.8, Tower-C, Cyber City, Gurgaon, Haryana, 122001, IND
Website: www.marksandspencer.com
Financial year-end: April
Ticker: MKS
Stock exchange: London
SOURCE: COMPANY WEBSITE M A R K E T L I N E
Marks and Spencer Group plc (M&S or "the company") is the holding company of the Marks & Spencer Group of
companies. The company is a UK retailer of clothing, foods and home ware. It operates through both wholly owned
stores and franchise stores. As of FY2010, the company operated 690 stores in the UK. M&S operates over 320 owned
and franchised stores in over 41 territories.
Though the company primarily reports in terms of geographic segments (UK and international), its operations can be
categorized under two divisions: food and general merchandise.
The food division concentrates on four main areas: fresh, natural, healthy food; special celebration products; authentic
ready meal ranges and exceptional everyday food such as "Oakham" chicken. It operates a chain of 156 Simply Food
owned stores and 194 Simply Food franchise stores in high streets, motorway service stations, railway stations and
airports.
The clothing section offers women's wear, men's wear, lingerie, children's wear, and accessories and footwear. Some of
the prominent brands offered by this division include: Autograph, Limited Collection, Collezione, Blue Harbour, Girls
Boutique, Per Una, Ceriso, Adored, Truly you and Body.
The home division offers home ware and home accessories; kitchen and tableware; lighting; and furniture products. In
addition to regular stores, the division offers catalogue services.
M&S offers its products and services online and through M&S Catalogue, its flagship stores, high street stores, retail
park stores, M&S outlets, Simply Food stores and Simply Food franchised stores.
Key Metrics The company recorded revenues of $14,727 million in the fiscal year ending April 2010, an increase of 5.2% compared
to fiscal 2009. Its net income was $813 million in fiscal 2010, compared to a net income of $1,011 million in the
preceding year.
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Table 10: Marks and Spencer Group plc: key financials ($)
$ million 2006 2007 2008 2009 2010
Revenues 12,042.0 13,262.7 13,932.7 13,994.7 14,727.4
Net income (loss) 807.8 1,019.1 1,269.0 1,010.6 812.8
Total assets 8,046.6 8,309.9 11,058.8 11,208.7 11,046.7
Total liabilities 6,262.5 5,764.6 8,025.8 7,964.8 7,671.0
Employees 70,310 75,871 75,389 75,000 76,500
SOURCE: COMPANY FILINGS M A R K E T L I N E
Table 11: Marks and Spencer Group plc: key financials (£)
£ million 2006 2007 2008 2009 2010
Revenues 7,797.7 8,588.1 9,022.0 9,062.1 9,536.6
Net income (loss) 523.1 659.9 821.7 654.4 526.3
Total assets 5,210.5 5,381.0 7,161.0 7,258.1 7,153.2
Total liabilities 4,055.2 3,732.8 5,197.0 5,157.5 4,967.3
SOURCE: COMPANY FILINGS M A R K E T L I N E
Table 12: Marks and Spencer Group plc: key financial ratios
Ratio 2006 2007 2008 2009 2010
Profit margin 6.7% 7.7% 9.1% 7.2% 5.5%
Revenue growth 4.1% 10.1% 5.1% 0.4% 5.2%
Asset growth 7.1% 3.3% 33.1% 1.4% (1.4%)
Liabilities growth 2.5% (8.0%) 39.2% (0.8%) (3.7%)
Debt/asset ratio 77.8% 69.4% 72.6% 71.1% 69.4%
Return on assets 10.4% 12.5% 13.1% 9.1% 7.3%
Revenue per employee $171,271 $174,805 $184,811 $186,595 $192,515
Profit per employee $11,489 $13,432 $16,832 $13,475 $10,624
SOURCE: COMPANY FILINGS M A R K E T L I N E
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Figure 13: Marks and Spencer Group plc: revenues & profitability
SOURCE: COMPANY FILINGS M A R K E T L I N E
Figure 14: Marks and Spencer Group plc: assets & liabilities
SOURCE: COMPANY FILINGS M A R K E T L I N E
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Pantaloon Retail (India) Ltd.
Table 13: Pantaloon Retail (India) Ltd.: key facts
Head office: Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari East, Mumbai 400 060, IND
Telephone: 91 22 3084 1300
Fax: 91 22 6644 2222
Website: www.pantaloonretail.in
Financial year-end: June
Ticker: 523574
Stock exchange: Bombay
SOURCE: COMPANY WEBSITE M A R K E T L I N E
Pantaloon Retail (Pantaloon or "the company") operates multiple retail formats in both the value and lifestyle segments in
India. It operates more than 1000 stores across 73 cities in India, and occupies retail space of more than 16 million
square-feet. The company offers its products in various lines of businesses such as food, fashion, home and electronics,
telecom and information technology (IT), general merchandise, leisure and entertainment, wellness and beauty, books
and music. The company also offers products through its Internet retailing store futurebazaar.com.
Pantaloon offers food products through retail formats such as Brew Bar, Cafe Bollywood, Food Bazaar, and Sports Bar.
Brew Bar offers over 15 brands of domestic and imported beer besides snacks and set meals. Cafe Bollywood
(Bollywood refers to the Indian film industry) is a fast food retail chain offering eateries in a Bollywood ambience. It offers
Indian street food, burgers, pizzas and juices. Food Bazaar is a chain of supermarkets which offers pre-packed
commodities. Sports Bar is a concept bar that focuses on the world of sports. Sports Bar offers domestic and imported
spirits, beers and wins.
The company offers fashion related products under banners such as aLL, Big Bazaar, Blue Sky, Brand Factory, Celio,
Central, Ethnicity, Fashion@Big Bazaar, Lee Cooper, Navaras, Pantaloon and Planet Sports. aLL is a fashion store for
plus size men and women. It offers ready-to-wear fashionable clothes and accessories in western wear, Indo-western or
ethnic wear in both formal and casual categories. Big Bazaar is a fashion and general merchandise hypermarket. It
offers fashion products, home furnishings, utensils, crockery, cutlery, and sports goods. Blue Sky stores offer branded
and private label sunglasses and watches. Some of the private label watch brands which Blue Sky offers are Cube,
Koenig, RIG, Lombard and UMM. Brand Factory operates a chain of discount stores that offer branded apparel for men,
women, and infants along with accessories, cosmetics, footwear, sportswear, luggage, and home linen at discounted
prices. These discount stores stock fashion brands such as Levis, Pepe Jeans, Dockers, Wrangler, ProVogue, Arrow,
Nike, Adidas, Reebok, Louis Phillip, Allen Solly, Reid and Taylor, Gini and Jony, amongst others. Celio, a market leader
in men's ready to wear clothing in France, is retailed through selected stores of Pantaloon and Central in India.
Central, the mall concept of Pantaloon, offers more than 300 brands across categories such as apparel, footwear and
accessories for women, men, children and infants, and the product ranges such as, music, books, coffee shops, food
courts, super markets (food bazaar), fine dining restaurants, pubs and discotheques. Central also offers services such as
travel, finance, investment, insurance, concert/cinema ticket booking and bill payments. Ethnicity is a concept store in
India that sells merchandise for kids, fashion, costume and semi-precious jewelry, Indian ethnic home wares, and ethnic
accessories. Fahion@Big Bazaar offers fashion apparel and accessories for men, ladies, kids and infants at reasonable
prices. Lee Cooper is a reputed international brand which is distributed through exclusive brand stores and large format
stores such as Central and Pantaloon. Navaras is a jewelry store that offers branded jewelry in a hypermarket set-up.
Pantaloon stores offers fashion products such as casual, ethnic, formal, party and sportswear for men, women and kids.
Planet Sports is a sports and lifestyle specialty retail chain with extensive offerings for sportswear and equipment across
all categories including running, tennis, training, golf, fitness, basketball, motor sports as well as other lifestyle products.
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In the general merchandise category, Pantaloons operates retail formats such as Big Bazaar, Big Bazaar Wholesale
Club, Blue Sky, Brand Factory, Central, Navaras, Pantaloons, KB Fairprice and Shoe Factory. Big Bazaar is a retail store
chain in a hypermarket format that offer fashion products, home furnishings, utensils, crockery, cutlery, and sports
goods. KB's FairPrice are modern, self-service ration shops that retail only 300 essential products, at the lowest prices.
Shoe Factory, a footwear retail store chain offers branded footwear and accessories to men, women and kids.
Pantaloon has presence in the leisure and entertainment space through an affiliated company, Galaxy Entertainment.
Pantaloon's F 123, a gaming and entertainment zone, offers a range of gaming options ranging from bowling, pool,
interactive video games, bumper cars along with fun foods and services for junior and adult banqueting. The company
also operates Bowling Co., a family entertainment centre, in Mumbai. In a joint venture with Blue Foods, Pantaloon
operates food courts, fine dine specialty restaurants, thali restaurants, banquets and multiple kiosks with brands such as
Copper Chimney, Bombay Blue, Noodle Bar, Spaghetti Kitchen and The Spoon.
The company operates specialty stores in the wellness and health retailing. It operates Star and Sitara and Fit and
Healthy. Star and Sitara provides skin and hair related beauty services for men and women. Fit and Healthy section
housed within Big Bazaars and Food Bazaars provides health products and health related tips, information and advice.
Pantaloon has presence in the books and music category through 'Depot' which offers books, music compact disks
(CDs) and cassettes, home videos, multimedia (CD-ROMs) products and gift items. In the home and electronics retailing,
the company offers furniture, furnishings, home accents and electronic products through Collection I, Furniture Bazaar,
Electronics Bazaar, eZone, Home Bazaar and HomeTown retail formats.
In the telecom and IT category the company offers products such as gadgets, mobile phones, accessories, download
kiosks, airtime recharges, landline instruments, blue tooth accessories, and mobile trinkets through its retail store brands
such as Gen M, One Mobile, and M Port.
Key Metrics The company recorded revenues of $2,131 million in the fiscal year ending June 2010, an increase of 54.2% compared
to fiscal 2009. Its net income was $15 million in fiscal 2010, compared to a net income of $31 million in the preceding
year.
Table 14: Pantaloon Retail (India) Ltd.: key financials ($)
$ million 2006 2007 2008 2009 2010
Revenues 406.9 704.6 1,099.9 1,381.9 2,130.5
Net income (loss) 14.0 26.1 27.4 30.6 14.7
Total assets 251.7 532.8 893.9 1,140.5 2,113.3
Total liabilities 137.0 295.1 491.9 645.8 611.0
Employees 13,000 18,000 28,000 33,500 33,500
SOURCE: COMPANY FILINGS M A R K E T L I N E
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Table 15: Pantaloon Retail (India) Ltd.: key financials (Rs.)
Rs. million 2006 2007 2008 2009 2010
Revenues 18,689.7 32,367.4 50,526.7 63,477.6 97,869.0
Net income (loss) 641.6 1,199.9 1,259.7 1,405.8 674.9
Total assets 11,562.0 24,476.0 41,062.4 52,389.0 97,076.0
Total liabilities 6,293.0 13,554.2 22,596.2 29,664.8 28,068.0
SOURCE: COMPANY FILINGS M A R K E T L I N E
Table 16: Pantaloon Retail (India) Ltd.: key financial ratios
Ratio 2006 2007 2008 2009 2010
Profit margin 3.4% 3.7% 2.5% 2.2% 0.7%
Revenue growth 77.5% 73.2% 56.1% 25.6% 54.2%
Asset growth 122.0% 111.7% 67.8% 27.6% 85.3%
Liabilities growth 110.3% 115.4% 66.7% 31.3% (5.4%)
Debt/asset ratio 54.4% 55.4% 55.0% 56.6% 28.9%
Return on assets 7.7% 6.7% 3.8% 3.0% 0.9%
Revenue per employee $31,297 $39,145 $39,283 $41,250 $63,598
Profit per employee $1,074 $1,451 $979 $914 $439
SOURCE: COMPANY FILINGS M A R K E T L I N E
Figure 15: Pantaloon Retail (India) Ltd.: revenues & profitability
SOURCE: COMPANY FILINGS M A R K E T L I N E
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Figure 16: Pantaloon Retail (India) Ltd.: assets & liabilities
SOURCE: COMPANY FILINGS M A R K E T L I N E
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Trent Limited
Table 17: Trent Limited: key facts
Head office: Trent House, G Block, Plot No C-60, Beside Citibank, Bandra Kurla Complex, Bandra (East), Mumbai 400051, Maharashtra, IND
Telephone: 91 22 6700 9000
Fax: 91 22 2610 6193
Website: www.mywestside.com
Financial year-end: March
Ticker: 500251
Stock exchange: Bombay
SOURCE: COMPANY WEBSITE M A R K E T L I N E
Trent, a part of the Tata Group, is engaged in operating a chain of retail stores that meets the shopping needs of the
customers. The company has operations primarily in India.
The company operates retail stores under the names Westside, Star Bazaar, and Landmark.
Westside operates around 49 Westside departmental stores (measuring 15,000 to 30,000 square feet each) across India
covering over 27 cities. The company, through its Westside stores, offers men's wear, women's wear, kid's wear,
footwear, cosmetics, perfumes and handbags, household accessories, lingerie, and gifts. Westside locations in India
includes Mumbai, Bangalore, Hyderabad, Chennai, Pune, Delhi, Noida, Ghaziabad, Gurgaon, Kolkata, Nagpur, Indore,
Jaipur, Lucknow, Ahmedabad, Baroda, Mysore, Surat, and Ludhiana, among others.
The company's hypermarket business, Star Bazaar, offers customers an array of products that include fresh foods, fruits,
vegetables and non-vegetarian products, dairy, home care, health and beauty products, apparel, home decor, gifts, and
household items. Star Bazaar also offers a range of fashionable in-house garments for men, women, and children. The
company has seven Star Bazaar operational stores in five cities located in Ahmedabad, Chennai, Mumbai, Pune, and
Bengaluru.
Trent, through its subsidiary, Landmark Limited, operates Landmark stores. These stores retail books plus music, toys,
and furnishing format. Landmark operates 14 big stores, seven hotel bookstores, and six airport stores, varying in size
from 12,000 square foot to 45,000 square foot in Chennai, Bengaluru, Gurgaon, Mumbai, Vadodara, Gurgaon, Pune,
Lucknow, Ahmedabad, and Hyderabad.
The company's other subsidiaries include: Trent Brands, Fiora Services Satnam Developers and Finance, Nahar
Theatres, and Fiora Link Road Properties.
Key Metrics The company recorded revenues of $244 million in the fiscal year ending March 2010, an increase of 31.7% compared
to fiscal 2009. Its net income was $0 million in fiscal 2010, compared to a net income of $0 million in the preceding year.
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Table 18: Trent Limited: key financials ($)
$ million 2006 2007 2008 2009 2010
Revenues 91.2 137.6 156.3 185.2 243.9
Net income (loss) 5.3 7.1 7.3 0.2 0.3
Total assets 79.0 133.8 229.3 227.2 256.3
Total liabilities 29.3 71.9 93.0 96.6 122.9
Employees 0 0 447 0 0
SOURCE: COMPANY FILINGS M A R K E T L I N E
Table 19: Trent Limited: key financials (Rs.)
Rs. million 2006 2007 2008 2009 2010
Revenues 4,191.1 6,318.7 7,180.1 8,508.9 11,204.6
Net income (loss) 243.8 324.1 336.4 10.4 15.6
Total assets 3,628.4 6,146.0 10,533.6 10,436.3 11,772.3
Total liabilities 1,345.0 3,303.1 4,272.4 4,438.0 5,643.6
SOURCE: COMPANY FILINGS M A R K E T L I N E
Table 20: Trent Limited: key financial ratios
Ratio 2006 2007 2008 2009 2010
Profit margin 5.8% 5.1% 4.7% 0.1% 0.1%
Revenue growth 83.9% 50.8% 13.6% 18.5% 31.7%
Asset growth 28.6% 69.4% 71.4% (0.9%) 12.8%
Liabilities growth 127.6% 145.6% 29.3% 3.9% 27.2%
Debt/asset ratio 37.1% 53.7% 40.6% 42.5% 47.9%
Return on assets 7.6% 6.6% 4.0% 0.1% 0.1%
SOURCE: COMPANY FILINGS M A R K E T L I N E
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Figure 17: Trent Limited: revenues & profitability
SOURCE: COMPANY FILINGS M A R K E T L I N E
Figure 18: Trent Limited: assets & liabilities
SOURCE: COMPANY FILINGS M A R K E T L I N E
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MACROECONOMIC INDICATORS
Country Data
Table 21: India size of population (million), 2007–11
Year Population (million) % Growth
2007 1,136.6 1.5%
2008 1,153.1 1.5%
2009 1,160.8 0.7%
2010 1,176.7 1.4%
2011(e) 1,192.5 1.3%
SOURCE: MARKETLINE M A R K E T L I N E
Table 22: India gdp (constant 2000 prices, $ billion), 2007–11
Year Constant 2000 Prices, $ billion % Growth
2007 727.5 10.0%
2008 772.5 6.2%
2009 824.9 6.8%
2010 908.6 10.2%
2011(e) 980.3 7.9%
SOURCE: MARKETLINE M A R K E T L I N E
Table 23: India gdp (current prices, $ billion), 2007–11
Year Current Prices, $ billion % Growth
2007 1,083.8 28.1%
2008 1,184.7 9.3%
2009 1,260.5 6.4%
2010 1,554.5 23.3%
2011(e) 1,854.1 19.3%
SOURCE: MARKETLINE M A R K E T L I N E
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Table 24: India inflation, 2007–11
Year Inflation Rate (%)
2007 6.4%
2008 8.3%
2009 10.9%
2010 12.0%
2011(e) 10.6%
SOURCE: MARKETLINE M A R K E T L I N E
Table 25: India consumer price index (absolute), 2007–11
Year Consumer Price Index (2000 = 100)
2007 137.1
2008 148.5
2009 164.7
2010 184.4
2011(e) 203.9
SOURCE: MARKETLINE M A R K E T L I N E
Table 26: India exchange rate, 2007–11
Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)
2007 41.3570 56.5898
2008 43.8145 64.1115
2009 48.8500 67.9264
2010 45.9361 60.9708
2011 46.8466 65.1733
SOURCE: MARKETLINE M A R K E T L I N E
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APPENDIX
Methodology MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview.
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients.
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends.
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors.
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date.
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Industry associations
International Textile and Apparel Association
PO Box 1360, Monument, CO 80132-1360, USA
Fax: 1 719 488 3716
www.itaaonline.org
International Apparel Federation
5 Portland Place, London, W1B 1PW, UK
Tel.: 44 20 7636 7788
Fax: 44 20 7436 8261
www.iafnet.org
Related Datamonitor research
Industry Profile
Global Apparel Retail
Apparel Retail in Europe
Apparel Retail in Asia-Pacific
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