Stine Goya: International Business Expansion Report

Expanding International Business in the Emerging Market of Thailand Annabel Lindsay | 19000613 International Business & Emerging Markets Manchester Fashion Institute

Annabel Lindsay (Read) | 19000613 International Business & Emerging Markets Word Count: 3298 MA Fashion & Business Manchester Metropolitan University

0.0 contents 0.0 Contents.........................................................................1 1.0 Stine Goya.....................................................................3 1.1 Domestic/International Locations.................................5 2.0 Emerging Market Profile................................................7 - The Kingdom of Thailand................................................8 2.1 Recent Historical Growth & Development.....................9 - Sector Overview...............................................................11 - Luxury Market Growth....................................................12 2.2. Thai Consumer’s.........................................................13 3.0 Thailand’s Competitive Position for Stine Goya...........15 - Porter’s Diamond Model: Denmark.................................16 - Porter’s Diamond Model: Thailand.................................17 3.1 Challenges of Doing Business in Thailand...................19 - Porter’s 5 Forces...............................................................20 - Globalisation: Current Issues & Future Challenges..........21 4.0 International Market Entry Modes...............................23 - Affecting Factors...............................................................24 - Short-Term Entry Mode..................................................24 - Cultural Typology.............................................................24 - Long-Term Entry Mode..................................................26 4.1 Summary......................................................................27

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5.0 Appendix......................................................................29 - Appendix 1......................................................................30 - Appendix 2......................................................................31 - Appendix 3......................................................................32 - Appendix 4......................................................................33 - Appendix 5......................................................................34 - Appendix 6......................................................................35 - Appendix 7......................................................................36 6.0 References ...................................................................37 6.1 Image Reference List...................................................41

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1.0 stine goya Stine Goya

• Danish-born • Central Saint Martin’s graduate.

• ‘feminine shaping’, ‘artistic prints’, ‘exuberant stylings’ (Brown, 2017:online).

Stine Goya (n,d.:online): • Namesake brand established in Copenhagen, 2006.

• ‘artist collaborations and fashion shows…receive international acclaim’.

• ‘The privately-owned independent label presents four international collections’ annually…comprising 150 pieces.

Obtained ‘rapid traction among the fashion elite’ and a cult following (Harvey Nichols, 2020:online).

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Sustainability is important: alongside business structure adjustments to mitigate planetary impact, the AW19 collection incorporated ‘aesthetic, high-quality product’, using sustainable materials like ‘100% GOTS certified Peace Silk’, made using non-violent; natural harvesting techniques (Sleek, 2019:online).

stine go 4

1.1 locations Domestic/International Locations • • • •

3 fully owned Denmark-based outlets. Copenhagen flagship store opened in 2013. (Stine Goya, 2020:online) 450 retailers/agents/partners represent SG globally including online, in department stores and high-end shops (Stine Goya, n,d.:online).

International Stockists include Netherlands, UK, US, China, South Korea (Stine Goya, 2020:online).

Pushing UK/US growth, whilst exploring new markets through international standing, building stronger wholesale partnerships, distributing through agency collaboration; investing in shops (Stine Goya, 2019:online).

Brand success has been recognised in the emerging market of Thailand.

The Thailand Tatler (self-proclaimed ‘guide to luxury lifestyle and high society in Thailand’ (Thailand Tatler, n,d.:online) listed Stine Goya as one of ‘7 Eco-Friendly Fashion Labels Redefining Luxury’, upholding the brands ‘non-environmentally conscious materials’ omittance, renewable energy powered HQ and ‘international ballroom’ aesthetic (Appendix 1).

Through existing positive exposure, trade barrier reductions facilitated by the World Trade Organisation and Foreign Direct Investment (FDI), Stine Goya could expand international business within Thailand’s luxury fashion market (Barrett, 2020).

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2.0 thailand Emerging Market Profile

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The Kingdom of Thailand •

Parliamentary democracy with a constitutional monarchy, in mainland Southeast Asia. Sub-tropical climate: hot/dry (February-May), monsoon season (June-October), cooler (November-January) (RTEDC, 2015:online).

•

Population: 69,799,978 (Worldometer, 2020:online).

•

5,692,284 people reside in the capital Bangkok; 90% of Thais are Buddhists (Santander Trade, 2020:online).

•

85% of 15-year-olds live past 60 (The World Bank, 2020:online).

•

Domestic units constitute nuclear and extended family structures (Cultural Atlas, 2020:online).

•

Standard language: Thai (Commisceo Global, 2019:online).

thailand 8

2.1 growth Recent Historical Growth & Development

Thailand is ‘Southeast Asia’s second largest economy’ with a GDP of ‘USD 500 billion’ (Appendix 2). Thailand’s free-market economy, is experiencing domestic market; consuming class growth, driven by the private sector and economically ‘integrated into the global marketplace’, exports amount 70% of GDP (RTEDC, 2015:online). Main exports include manufacturing (74%), agricultural (13%), agro-industrial (8%), mining/others (5%) (RTEDC, 2015:online).

The World Bank (2020:online) proclaims Thailand progressed from a low-income to upper-income country in a generation: economic growth at an average annual rate of 5% followed the Asian Financial Crisis during 1999-2005, creating jobs; lifting millions out of poverty. Poverty declined from 67% in 1986 to 7.8% in 2017, however, whilst average household consumption per capita grew, household consumption of the bottom 40% shrank.

A world leader in ‘trade liberalization and facilitation’, and key player in the Association of Southeast Asian Nations (ASEAN), Thailand is a single market, production base offering a ‘favorable investment climate’ (RTEDC, 2015:online).

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Figure 1: Thailand’s GDP Growth (% YoY)

According to Adulwattana (2019:online) the Thai Baht (THB) is the ‘best-performing currency in Asia’. Macroeconomic factors including subdued inflation, low unemployment; fiscal stability, ample foreign-exchange reserves provide an emerging market ‘safe-haven currency’. However, economic growth of 3.1% in 2019, fell from 2018 (Figure 1). Economical export-reliance is affected by ‘global economic slowdown’ and US/China trade-relation uncertainties.

Thailand’s coalition government allocated $70bn of infrastructural investment (Figure 2), to improve regional logistics and fast-growing market connectivity (Adulwattana, 2019:online).

Figure 2

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Sector Overview Revenue in Thailand’s Fashion segment equals US$1,191m in 2020 with annual growth rate (CAGR 2020-2024) of 7.3%, predicting market volume of US$1,580m by 2024 (Statista, 2020:online). Thailand’s garment industry employs 800,000-1 million people (Fibre2Fashion, 2016:online). Minimum wage is ‘305 THB (US $8.84) per day’, but there are many cases of workers being paid less; despite 2,000 garment companies determining Thailand’s fashion market value at THB 16.7bn (Fashion Revolution, n,d.).

Thailand’s fashion industry is young compared to Europe (RDE, 2008:online).

Government initiatives like the “Bangkok Fashion City” project (with a budget of THB 1.8bn), has boosted international profile and manufacture quality; inward FDI is transforming the industry from labour intensive to highly innovative. Thailand also excels in ‘eco-friendly finishing, dyeing, and printing’ (Fibre2Fashion, 2016:online).

According to the Royal Danish Embassy (2008:online), prospects ‘Thai companies can offer Danish companies are…promising’. Quality fabrics (Thai silk), skilled labour and education of Thai designers demonstrates ‘quality enhancing initiatives’.

However, some areas require specialized technology, fashion branding and marketing expertise, offering Danish investment prospects (Figure 3).

Figure 3

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Luxury Market Growth Luxury fashion revenue equals US$554m in 2020, forecast to grow annually by 5.6% by 2023 (Statista, 2020:online). Improved economic; political conditions and expanding dedicated luxury shopping locations aids luxury fashion aspirations.

Hence Thailand’s luxury retail sector growth pursual ‘via the volume of tourist shoppers and growing local middle class’ (Kinghorn, 2013:online). Bangkok visitor spending, ranking 4th globally, contributes USD 14.4bn annually and 73% of Asians undertake foreign trips for shopping (Kinghorn, 2013:online).

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2.2 consumer Thai Consumers

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Buying Power & Behaviour • GDP per capita USD 6,595 PPP in 2017.

• Bangkok salaries are high compared to national average.

• Rising incomes generating optimism.

• Pay more for preferred brands.

• Most brand-conscious and brand-loyal in Southeast Asia.

• Higher spending reflected by higher debt.

• ‘40% of purchases were digitally influenced’.

(Santander Trade, 2020:online) Thai Women have substantial buying power, are well educated, well paid, digitally savvy, confident and ‘have one of the highest women employment rates (64%)’ globally (Bharadwaj et al., 2017:online). Womenswear sales expected to value THB 151,255.5m by 2024 (Appendix 3).

Social Media ‘Instagram is pushing to attract [Thailand] business opportunity’, being one of the fastest ‘growing markets in the region in terms of user base’, with 5.1m Instagram users in Bangkok, and ‘fashion’ a top search (Leesa-Nguansuk, 2019:online). Social media Influencers supporting local brands is boosting market momentum (Sansiri, 2017:online). Thai shoppers research luxury brands and trends online, offering exposure before market entry (Kinghorn, 2013:online).

Sustainability 75% of Thai consumers seek sustainability within apparel purchases (The Nation, 2016:online). Luxury fashion is an innovate industry, therefore, “Eco should never be…lacking in any sort of luxury or beauty or detailing or desirability,” says Stella McCartney- criterion showcased by Stine Goya (Twigg, 2018:online).

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3.0 competitive Thailand’s Competitive Position for Stine Goya

Denmark Porter’s Diamond Model Porter’s (1990) competitive advantage of nations theory argues that related industry clusters foster a nations success, driven by interrelated determinants assuming free trade as the optimal state (Watchravesringkan et al., 2010).

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Stine Goya: Denmark

(Smith, 2020:online)

Chance • Covid-19 incurred temporary closure of all Stine Goya stores from March 17th. ‘stinegoya.com’ remains accessible with free home delivery on all orders worldwide.

• Delays possible with reduced capacity warehouse operations for staff safety and safe order fulfilment.

• ‘Work-from-home strategy at Stine Goya HQ’ commenced March 12th.

(Stine Goya, 2020:online)

40% of student’s complete higher education programmes (WorkinDenmark, n,d.:online).

Firm Strategy, Structure and Rivalry Company Strategy/Structure Establishing the wholesale landscape and partnerships ‘organically’, systematically secures ‘future growth’ and relevant brand exposure. Collections developed at the in-house design studio, and presented ‘with support from Sales, Customer Service, Own Retail, Production, Graphic, PR & Marketing, and Finance departments. Management team oversees global exposure/company expansion (Stine Goya, n,d.:online).

Scientific Knowledge Key industries: Life Sciences, Logistics, Cleantech, ICT (Europe’s most digital nation), Creative Industries; Construction (Forglobal, n,d.:online).

Management Team and Directors include Head of Studio, PR/Marketing Manager, Retail Manager, Ecommerce Manager, Design Manager’ and Global Head of Wholesale (Stine Goya, 2019:online).

Local Competition Baum und Pferdgarten (2020:online): • ‘Leading’ Danish fashion house.

• Bold prints/colours.

• For ‘women who want to have fun with their personal expression’.

• Champion environmental ‘responsibility’.

• Copenhagen-based flagship store.

Factor Conditions Natural resources & Technological Innovation • Clean energy leader.

• 42% of domestic electricity use was wind generated in 2015.

• Exports Siemens wind turbines.

• Natural resources: fishing, arable agricultural land and farming.

(Sawe, 2019:online) Human Resources Fashion United (2016:online): Population: 5.6m Workforce: 2.8m Unemployment rate: 4.9% Workforce Participation Rate: 77.1 % in 2018 (CEIC, 2019:online).

• • • • •

Labour market dominates services sector and industry.

Key geographical Europe distribution point.

Top exports: pharmaceuticals, medical equipment, iron, food, textiles, clothing; electronics.

Excellent working conditions, with strong relations between unions, employers and Government.

Market dominated by small-to-medium sized enterprises (SMEs).

Capital Resources • Advanced, well-functioning infrastructure.

• Cutting-edge telecommunications network.

• Accessible Broadband internet almost everywhere.

• Copenhagen Airport, 8km from city-centre, is ‘one of the world’s top airports’.

(Denmark.dk, 2019:online)

Demand Conditions Luxury Fashion segment revenue amounts to US$638m in 2020, with expected market annual growth of 3.1% (CAGR 2020-2023) (Statista, 2020:online).

Sophisticated & Demanding Domestic Customers • High purchasing power.

• Good quality of life.

• Attracted by quality; innovative products.

• In-store shopping experiences desired.

• E-commerce normalised with 4.6 million internet users.

• Fashion is the most important online purchased product.

• 61% influenced by social media recommendations.

(Santander Trade, 2020:online) Presence of Competitive Related & Supporting Industries • Fashion industry in excellent shape, due to increased exports and local market sales. Revenues amount to 41.9bn DKK. Exports accounted for 26.3bn DKK (£2.67bn), in 2015 (Hendriksz, 2016:online).

• Copenhagen Fashion Week: ‘Scandinavia’s only fashion week’ occurs biannually. Press, buyers; influencers attend shows, presentations; events. Sustainability is the ‘core focus’ (CPHFW, n,d.:online).

• Domestic brands that are strong global players themselves further Denmark’s international prestige.

(Appendix 4).

Government Policies The Danish Fashion Institute (rebranded Global Fashion Agenda) runs on 15% public funding and 85% commercial partnerships. The Danish Ministry of Industry, Business and Financial Affairs are main contributors (CFDA, 2016:online).

Technological; industrial advancements have modernised Denmark into a green tech/energy leader, including within fashion. Copenhagen Fashion Week and Global Fashion Agenda give Denmark international fashion presence.

Furthermore, luxury fashion industry growth domestically justifies Stine Goya’s luxury aesthetic and sustainable ethos.

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Stine Goya: Thailand Firm Strategy, Structure and Rivalry Brand Managerial Structure Stine Goya’s Wholesale department includes: Sales Admin, Sales Manager Denmark, International Sales Executive whom shapes brand direction and international positioning (Stine Goya, 2019:online).

Local Competition: KLOSET Founded in Thailand, 2001.

Fashionable women’s clothes.

Traditional stitching, embroidery; handcraft details.

5 Bangkok-based branches.

(KLOSET, 2018:online) Bangkok is ‘expanding retail space to house luxury brands’ with new commercial buildings (Kinghorn, 2013:online).

Domestic rivalry can motivate firm innovation prompting international success (Watchravesringkan et al., 2010).

Factor Conditions Natural resources: minerals, forests, arable land; fish (RTEDC, 2015:online). Resource depletion increasingly visible in reduced forest areas (Zachau, 2017:online).

Human Resources • Workforce: 38,914,441 (Trading Economics, 2020:online).

• 67.7 % participation rate (CEIC, 2020:online).

• Retail sector ‘laid off staff’ due to Covid-19; EconThai expects unemployment in 2020 to reach 3% (Apisitniran, 2020:online).

• Ageing population; 8.6m aged 60+ (Sarmiento, 2019:online). Labour workforce decline could entail increased labour costs.

• Improved wages and working conditions attracting skilled technical workers (Watchravesringkan et al., 2010).

Educated Labour • Must stimulate ‘immigration and upskill’ workforce because of aging population (Michael and Trines, 2018:online).

• ‘Uneven education quality’. Children receive 8.6 years of ‘quality’ schooling before aged 18 (The World Bank, 2020:online).

• 2m students in higher education in 2015. (QAA, 2019:6) • ‘Bangkok Fashion City’ project attracting international fashion institution interest from New York and Milan (RDE, 2008:online).

Capital Resources Infrastructure: • Cities more well-developed than rural/remote regions.

• Impressive communications infrastructure.

• Improving ‘national transportation infrastructure’.

• Internet widely available but Government censored (Live-and-Invest-Overseas, 2020:online).

Thailand’s Board of Investment (2019:online) offering ‘promotional incentives’, to strengthen ‘Science, technology, and innovation’ industries.

Demand Conditions Luxury goods/services demands caused by shifting consumer sentiment, local brands stepping-up; social media influencers 17

(Sansiri, 2017:online). Consumers seek high fashion, functional apparel (Watchravesringkan et al., 2010).

Chance Conditions & Governmental Role Covid-19 caused Bangkok shopping malls and non-essential retail to close from 21st March-12th April (Tan, 2020:online).

Updated Customs Act identifying where ‘government can smooth the way for foreign capital and entrepreneurs’, including tax/non-tax related benefits (Culture Guy, 2017:online).

‘Sustainable Brands Bangkok’ demonstrates industry innovation through ideas exchanges. The ageing workforce offer specialised textiles skills but could mean increased future labour costs. Government infrastructural investments could increase logistical capacities. Growing luxury fashion appetites, particularly amongst tourist’s, see’s Bangkok’s retail environment expanding luxury malls and furthering international brand presence. As poverty declines, brands become aspirational (The World Bank, 2020:online).

‘Comparative Advantage’ suggests specialised country outputs drives efficiency and competitiveness (Barrett, 2020).

Thai Silk, with traditional production still prominent, is an economic industry staple, globally coveted and sought-after by tourists (Iverson, 2016:online). Stine Goya (2020:online) had 27 ‘silk’ online search results in March. Thailand expansion could involve a Thai silk collection, aesthetically inspired by Thai nature as Stine Goya draws inspiration from travel and landscapes (Brown, 2017:online).

Thailand

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3.1 challenges Challenges of Doing Business in Thailand

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Porter’s 5 Forces Competitor Rivalry Lifestyle Asia published ‘6 local designers bringing Thai silk back into fashion’ (Chatikavanij, 2019:online). Modern Thai designers are adopting Thai heritage within their fashion philosophies, inferring potential competition. Sustainable Scandi-design provides a quality difference USP (Sleek, 2019:online).

Bargaining Power of Buyers Fashion Network Thailand (2020:online) has ‘7 published items with the word(s) or phrase Stine Goya in News, Trends, Videos, Photo galleries, Agenda’ from 2018-2020, demonstrating brand presence on Thailand’s radar.

Thailand’s Danish Ambassador wore innovative Danish Thai Silk Design, by Danish designer Nickie Geneser Bach, at the Bangkok fashion week “Celebration of Silk” (Royal Danish Embassy Bangkok, 2018:online). The event offers buyers information for brand substitutes.

Digitally Sophisticated Consumers: • evaluate online/offline deals • 95% have smartphones • spend more time online than regional peers (Bharadwaj et al., 2017:online) Bargaining Power of Suppliers The best Thai silk is handwoven in Northeast Thailand provinces, inferring logistical; accessibility issues regarding Bangkok’s southern location (Pfeiffer, 2018:online).

Threat of New Entrants Thailand’s ASEAN distribution centre intentions are advantageous but bring global competition. Younger generations don’t want labour intensive work, threatening the longevity of Thai silk manufacture but possibly meaning fewer new entrants (Fibre2Fashion, 2016:online).

Threat of Substitute Products Switching Costs: Fashion-pieces from modern Thai silk designer Parissara (2020:online) range from €70 (2,487.65 THB) to €139 (4939.77 THB). Stine Goya (2020:online) silk products retail from $36 (154,798.32 THB) for the ‘Tilda Scarf ’ to $4,731.00 (154,798.32 THB) for a Showpiece Dress, commanding a higher price point but offering Scandi-style competitive edge.

Thailand has one of the most rampant counterfeit markets globally. Counterfeit impacts brand profitability, equity, degrades luxuriousness; impedes luxury sector growth (Kinghorn, 2013:online).

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Globalisation: Current Issues & Future Challenges Climate Change Bangkok is exposed to sea-level rise flooding and extreme rainfall (OpenDevelopment, 2018:online). Decreased agricultural yields and health-related concerns, spur predictions of ‘water management challenges’, heightened classrelated tensions; tourism industry damage (Marks, 2011). A study on Thailand’s Silk Cottage Industry highlighted environmental damage from silk dyeing wastewater effluents and chemicals (Sittitoon et al., 2015:1).

Child Labour ‘170 million are engaged in child labour’ (Moulds, n,d.:online). Thailand’s government recently increased its ‘Labor Inspectorate budget’ by 47% and highrisk workplaces inspection resources to tackle this (U.S Department of Labour, 2018:online). Stine Goya could register with The Fair Wear Foundation, certifying that it does not permit the use of child labour, with regular audits ensuring production meets these standards (Moulds, n,d.:online).

Corruption & Political Instability Thailand historically faced political instability, intermittent military dictatorship, human rights abuses and civil war (Michael and Trines, 2018:online). Today, Thailand is mid-ranking in Corruption Perceptions Index, has poor IPR enforcement; foreign ownership restrictions and complex customs requirements (DoingBusinessGuide, 2018:online).

Financial Crisis Covid-19 threatens pushing ‘developing Asia economies into recession’. Emerging Asian economy growth will ‘slow by 4 percentage points this year in a best-case scenario’. Tourism and retail are hard hit sectors (Reed, 2020:online).

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Future Challenges Environmental challenges are a government priority. Adopting a ‘sufficiency economy philosophy’, Thailand’s goal is developing a ‘resilient and sustainable economic model (partially based on Buddhist philosophy)’, to lift people out of poverty and address globalisation challenges (Newman, 2016:women).

Stine Goya must be mindful of cultural appropriation- ‘taking something from a less-dominant culture in a way… its heritage is misused by those in a position of privilege’ (Chesterton, 2019:online). Fashion Revolution Thailand’s country-wide networks raise the profile of brands, organizations, and individuals contributing positive change and transparency within fashion (Fashion Revolution, n,d.:online).

Stine Goya could collaborate to raise brand awareness and support conscious initiatives.

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4.0 entry mode International Market Entry Modes

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Affecting Factors Internal: Stine Goya’s SME firm size provides intuitive; adaptable entry mode characteristics (BoF, 2020:online). A Thai silk accessories subline for entry-strategy offers localised brand identity upon market entry with Scandi-flare edge.

External: Thai consumers already absorb ‘Danish culture…slow living, café hopping, riding bikes to work’ (Norapoompipat, 2017:online). The ‘Celebration of Silk’ places ‘Danish designers on the map’, focusing on ‘Thai silk in the Danish fashion world’, lessening sociocultural distance between Denmark and Thailand (Royal Danish Embassy Bangkok, 2018:online). Consumers prefer to buy luxury in person and Thailand is developing retail space for international brand occupancy (Santander Trade, 2020:online).

Short-Term Entry Mode Expansion through a hybrid joint-venture franchised Bangkok boutique, stocking mainline Stine Goya products exported directly from manufacturers, offers ‘flexibility of engaging target markets’ (Appendix 5) and minimises risk exposure (MSG, n,d.:online).

Joint-venturing with local Thai Silk producers will result in co-created, subline Thai silk accessory collections. The first collection will include 7 scarves inspired by traditional Thai superstitions where ‘each day of the week has its own color’ (Appendix 6). This specialised joint-venture benefits from localised ‘partner’s knowledge’ but means limited control over Thai silk manufacturing capacities and ‘inability to engage in global strategic coordination’ (Appendix 5).

Partners will be offered competitive pay; assured ethical production, securing contracts with license to sell collaboratively produced products in-store alongside Stine Goya products exported directly from manufacturers, in exchange for a licence fee and sales share (Tutor2u, n,d.:online). Franchising incurs ‘low development costs and risks’ (Appendix 5), to assess integration success before strategizing long-term.

Stine Goya’s existing international expansion know-how should support successful market entry (BoF, 2020:online).

Cultural Typology Being highly collectivist, loyalty determines Thailand’s ‘societal rules’ so ‘relationships are crucial to conducting business’ (HofstedeInsights, 2020:online).

Joint-venture establishment requires Stine Goya to formulate personal Thai relations, prior to business negotiations (Appendix 7). Thailand business etiquette must be observed, particularly when speaking with Thai silk manufactures where ‘traditional rigid hierarchy’ management structures may exist (Appendix 7).

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entry mode International Market Entry Modes Long-Term Entry Mode Dependent on short-term success, the franchised boutique may than be acquired

by Stine Goya, becoming a wholly owned subsidiary, with horizontal expansion of the silk accessories subline into apparel. Continued direct exporting of Stine Goya product to the boutique means financial risks, environmental transportation costs and ‘trade barriers’ restrictions (Appendix 5), which Thailand’s government is addressing.

Mirroring the Danish HQ , the boutique could utilise Thailand’s natural sub-tropical climate and invest in renewable sources, supporting sustainable growth. (RTEDC, 2015:online).

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4.1 Summary Summary Entry success will be determined by key performance indicators, which Stine Goya’s Denmark management board can examine to foresee future growth: • Boutique sales achieved • Gross margin % • Underlying operating profit/loss • Inventory levels • Social media growth Overall, the external business environment highlights emerging sub-markets of Danish-Thai design with traditional Thai silk being re-imagined in modern fashion. Thailand’s growing middle class, trend-savvy women and luxury shopping destination positioning advocates boutique success (RTEDC, 2015:online). Stine Goya’s higher price-points could mean luxury product substitution through Thailand’s rapacious counterfeit market. An Instagram account celebrating Thai silk producers, Thailand and Stine Goya will be launched to develop brand loyalty.

Thailand’s declining workforce could impact accessibility to suppliers with traditional Thai silk manufacturing knowledge, jeopardising Thai-silk accessories and future apparel subline longevity (Sarmiento, 2019:online). Stine Goya’s SME structure offers flexibility to creatively adapt and formulate alternative Thai-based collaborations (BoF, 2020:online). Meanwhile, ‘Bangkok Fashion City’ continues to provide higher levels of skilled labour and educated designers (RDE, 2008:online).

Running the boutique on renewable energy aligns business practices with Thailand’s climate change concerns (OpenDevelopment, 2018:online). Stine Goya could increase brand and economic prosperity within Thailand’s fast-growing luxury market and progressively ‘favorable investment climate’ (RTEDC, 2015:online).

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5.0 appendix The Appendix

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Appendix 1

(Oreshkin, 2019:online)

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Appendix 2 Thailand GDP Data:

(Passport, 2020:online)

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Appendix 3 Womenswear Sales in Thailand 2020 March

(Passport, 2020:online)

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Appendix 4

(Fashion United, 2016:online)

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Appendix 5

International Entry Mode Advantages & Disadvantages

(Hill and Hult, 2017:445)

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Appendix 6

The Meaning of Colour in Thailand: Thais are a very superstitious people and have many deeply held beliefs. Some of these revolve around colors and drive habits which, though developed historically, in many cases are still evident today. In fact there are a wide range of objects and situations which are commonly thought to be either good luck or bad luck depending on the meaning of the colors involved.

The days of the week are the best example of this. In Thailand, unlike other countries, each day of the week has its own color.

Below is a list of these associations; • • • • • • •

Sunday - Red Monday - Yellow Tuesday - Pink Wednesday - Green Thursday - Orange Friday – Blue Saturday – Purple

(Hippie Pants, 2015:online)

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Appendix 7 Thai Business Etiquette Attire • Men should wear dark conservative business suits.

• Women should wear conservative business dress.

Titles • Using titles demonstrates politeness.

• Foreign visitors addressed by first name – this does not suggest familiarity.

Meetings • Meetings should be made in advance to allow planning.

• Arrive on time.

• Send agenda/material/data about your company to substantiate position prior to the meeting in both English and Thai.

Negotiating • Relationships should be established before negotiations.

• Initial meetings may happen in restaurants/bars to facilitate relationship building.

• Confrontation avoidance to save ‘face’ (observe body language).

Management • Older Thai companies observe traditional rigid hierarchy.

This is changing in younger, more globally facing businesses.

• Managers adopt role of decision maker and central leader and ‘look out’ for staff.

(Commisceo Global, 2019:online)

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6.0 references References Adulwattana, B. (2019) ‘Finance: THAILAND: OUTLOOK, OPPORTUNITIES AND CHALLENGES.’ International Banker. [Online] 12th September. [Accessed on 25th March 2020] https://internationalbanker.com/finance/ thailand-outlook-opportunities-and-challenges/ Apisitniran, L. (2020) ‘EconThai warns of unemployment spike.’ Bangkok Post. [Online] 9th March. [Accessed on 1st April 2020] https://www.bangkokpost.com/business/1874554/econthai-warns-of-unemployment-spike

Brown, H. (2017) ‘My Fashion Life: Stine Goya, founder and designer at womenswear brand Stine Goya.’ Drapers. [Online] 31st October. [Accessed on 29th March 2020] https:// www.drapersonline.com/people/my-fashion-life/my-fashion-life-stine-goya-founder-and-designer-at-womenswearbrand-stine-goya/7026841.article CEIC. (2019) Denmark Labour Force Participation Rate. [Online] [Accessed on 10th April 2020] https://www.ceicdata.com/ en/indicator/denmark/labour-force-participation-rate

Barrett, S. (2020) Global Institutional & Financial Framework.

Manchester: Manchester Metropolitan University. Lecture 3, distributed on 17th March 2020.

CEIC. (2020) Thailand Labour Force Participation Rate. [Online] [Accessed on 1st April 2020] https://www.ceicdata.com/en/ indicator/thailand/labour-force-participation-rate

Barrett, S. (2020) Trade. Manchester: Manchester Metropolitan University. Session 2, distributed on 10th March 2020.

CFDA. (2016) Sustainability Resources: Danish Fashion Institute.

[Online] [Accessed on 1st April 2020] https://cfda.com/ resources/sustainability-resources/detail/danish-fashion-institute

Baum und Pferdgarten. (2020) About Us. [Online] [Accessed on 10th April 2020] https://www.baumundpferdgarten. com/euro/about Baum und Pferdgarten. (2020) Flagship Store. [Online] [Accessed on 10th April 2020] https://www.baumundpferdgarten.com/euro/stores Bharadwaj, A., Chaudhary, A., Kittikachorn, P. and Rastogi, V. (2017) Five Consumer Trends to Watch in Thailand. 2nd October. BCG. [Online] [Accessed on 8th April 2020] https:// www.bcg.com/publications/2017/globalization-go-to-markets-five-consumer-trends-watch-thailand.aspx BoF (Business of Fashion). (2020) Stine Goya: BoF Partner. [Online] [Accessed on 30th April 2020] https://www.businessoffashion.com/organisations/stine-goya Brown, H. (2017) ‘My Fashion Life: Stine Goya, founder and designer at womenswear brand Stine Goya’. Drapers. [Online] 31st October. [Accessed on 29th March 2020] https:// www.drapersonline.com/people/my-fashion-life/my-fashion-life-stine-goya-founder-and-designer-at-womenswearbrand-stine-goya/7026841.article 37

Chatikavanij, K. (2019) ‘6 local designers bringing Thai silk back into fashion.’ Lifestyle Asia. [Online] 31st January.

[Accessed on 8th April 2020] https://www.lifestyleasia.com/ bk/style/fashion/6-local-designers-bringing-thai-silk-backinto-fashion/ Chesterton, G. (2019) ‘Cultural appropriation: everything is culture and it’s all appropriated.’ GQ. [Online] 15th January.

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Annabel Lindsay