The Sustainable Fashion Journal by Niyati Dahisaria

THE SUSTAINABLE FASHION JOURNAL NIYATI DAHISARIA MA FASHION BUSINESS & MANAGEMENT 1

INTRODUCTION

I believe fashion is a lot more than what meets the eye, It pushed me to take this topic, to focus on the creative areas of sustainable fashion. As I learnt more not only did I realize the current stage of our planet but also felt a massive gap in the fashion market. Fashion is harming the environment while clothing is primarily a basic need, which cannot be substituted. Does that mean we can survive with the rate at which we are moving? CERTAINLY NOT! Sustainable fashion is an alternative to fulfil people’s needs while minimizing the impact on the planet. The idea is to make affordable clothing, which can replace our current wardrobes instead of hiding behind that single luxuriously crafted dress made from natural fabrics. This does not mean we need to compromise on our chic style, after all fashion has to be beautiful. While we can blame fashion houses and major corporations for putting together cheap garments every week or we can simply be a part of the Solution! Brands believe in business, in numbers. in demand, in supply and in profits. If there is more demand for sustainable clothing, there will be more supply of the same. Eventually, it could become a part of every business without having to label it as a USP, like we are currently. It needs to be addressed through innovations, collaborations and transparency as an industry - comprising of brands, you and me. Let’s start.

“IS IT A HUMAN TRAIT OR IS IT LEARNED BEHAVIOR?” 2

EXECUTIVE SUMMARY

The succeeding pages showcase in-depth research and analysis which has evolved over the last two projects. Studying business models and consumer behaviour of various Fast Fashion brands to profitably incorporate a Sustainable collection formed the core focus of the first unit. Through the next unit, emphasis was placed on the nitty-gritty of the Exclusive Up-graded Sustainable Collection, â&#x20AC;&#x153;The Connect Collectionâ&#x20AC;? and how the same shall be marketed and implemented within the business model of an existing fast fashion brand. It revolved around the four elements of nature. The aim was to achieve increased market share and reaching out to a new category of the Conscious Consumer. Topshop, is at the core of the projected business proposal. My research further states evidences, facts, visuals, moodboards and analysis to back up the report and how the same shall play with their target consumer. The film is an informative video for the consumers educating about the environment but mixed with sci-fi and world-isending feel which never fails to grab attention. It is to be used as a marketing campaign to introduce the collection.

THE MILLION DOLLAR QUESTION: WHY?

“31/2 years after the Rana Plaza building collapse, the factories that provide clothes to some of the biggest names in retail have failed to implement key renovations by their own mandated deadlines.

62% still lack viable fire exits” - Retail group approves Bangladesh factories as safety concerns persist, report finds – the guardian

9.7

“The UN estimates that by 2050 there will be billion people in the world, with a rapidly growing middle class”.

2nd most polluting Industry in the World!! SO HOW LONG BEFORE WE HAVE TO WAIT FOR ANOTHER RANA PLAZA DISASTER TO HAPPEN TO TAKE ACTION????

LET’S TAKE A STEP BACK The industry as a whole, is being dominated

by the model of Fast Fashion today. From ‘See Now Buy Now’ options available with high end designers to the ever reducing product cycle of high street brands, fast fashion is changing the scenario when it comes to volume and visibility. So.... How did it all Begin? Around the 80’s and the 90’s when globalisation began to hit us, there was a growing demand for mid price brands and a shift in the production base to developing countries where labour was cheap. They were facing stiff rivalry from supermarkets who were manufacturing their own line of low cost garments but high in fashion. So how do you win back your consumers? You give them more choice and more frequently. This gave to the rise of quick changing collections from the age-old ‘two main seasons, spring/summer and autumn/winter’. This need to create excitement mid seasons increased the rotation of collections within stores. It was a simple business model, wherein basic t-shirt manufacturing was left to the far east and the high-end fashion was brought closer to their homes. This enabled them to make future decisions regarding up-coming seasons much in advance and to promptly act on trends by delivering that to the consumers on time. Through technology, supply chain systems were upgraded and linked together. This system is what we now call the two-week turnover. Consumers were thrilled leading to more demand and reduced life cycles. Brands acted accordingly by competing against each other for market share, bringing as many as 18 collections in a single year. So the pressure was felt on the supply chain. Brands would look for factories who could deliver clothes in short lead times. This added pressure was ultimately felt by the workers. For big fashion retailers, this model awarded high profits, sales and revenue. But for independent brands for whom sustainability is a part of their core values, they could not compete with these high street giants. To further add to the fuel, the consumer’s perception of what clothes should cost has not made it easy for them to survive. Psychologically also, it is easier to purchase items that are less costly which leaves us guilt-free. w

The ‘Bargain Boast’ culture made it okay to buy 3 dresses especially when we paid so little for it. 5

Brands thrive on this.

“My market research further analysed this ‘guilt feeling’ and I was surprised to know that as many as 76% of the individuals surveyed felt terrible about their shopping” the next day and restricted themselves from repeating it. Sustainable fashion makes it easier to reduce this guilt especially when you know it has been ethically sourced and left no harmful impact on the environment.

GAME CHANGERS

REMEMBER, IT’S NOT A COMPETITION!! Inditex’s recent Sustainable and Responsible Manufacturing report (May 2016) stated that the company’s core value is in protecting the environment and natural resources apart from providing high quality products to its consumers. The company has been focusing on incorporating sustainability into the Group’s supply chain, through the creation of Inditex’s Green Code initiative. Another initiative is to substantially reduce the discharge of hazardous chemicals by 2020, through its Global Water Management Strategy collaborated with Greenpeace. It aims to strengthen the communities in Bangladesh with whom they interact by providing better water management facilities. For Design, Inditex’s most revenue generative brand, Zara has collaborated with emerging designers from some of the most important design schools around the globe. The soul of this project is recycling wherein Zara provided clothing from previous seasons to these schools. They in turn created new garments by adding their own vision and creativity.

“Zara has collected 7,100 tonnes of old garments, footwear and accessories within a year, for recycling” Boxes were placed around the stores, offices and the logistic platforms.

eco-efficient stores as well which consume low energy, a part of which is also renewable in nature. Zara bagged the most sustainable retailer award by the Dow Jones Sustainability Index, thus, putting all our ambiguity to rest. Incorporating all these sustainable activities without shouting about them in their chic yet affordable “Join Life” collection is resonating well with consumers. Although, there is some scepticism revolving around the idea of a sustainable collection when the entire brand is built with the sole principle of churning out new products every week. There are still some gray areas and questionable activities, but it is important to give Zara the benefit of the doubt when the brand is trying to clean up a part of their business. Atleast it is a beginning! The real villain here are the consumers consuming fast fashion who want new items every other week in their closet. If there is demand the market shall supply. It is important to analyze consumer behavior here and changing that is where the Real difference within the industry will begin to show.

They have invested millions of euros behind 7

HENNES & MAURITZ

THE YEAR AROUND: A detailed analysis of the annual report of H&M, highlights key instances when the brand stood out H&M Conscious Exclusive is beautifully crafted and glamorous, embracing sustainability in fashion. The collections are created by their in-house design team while manufacturing is outsourced to its independent suppliers. They have no middlemen, making the buying process more effective and cost efficient. Spring 2016, H&M collaborated with Musée des Arts Décoratifs in Paris, taking inspiration from its collections and bringing sophisticated garments to us. The pieces were crafted in materials such as organic silk, recycled linen and Tencel. H&M climbed to the 20th position from its previous 75th place as “Global 100 Most Sustainable Corporations in the World”. It was awarded by the

research company, Corporate Knights. Even on the research front, H&M founded the prestigious “GLOBAL CHANGE AWARD” to find and nurture the best innovations for closing the loop within the fashion industry. A prize of Eur 1 million is shared among the five winners. The Fashion Transparency Index, created by the Ethical Consumer and Fashion Revolution, placed H&M among the top three elite ranking companies among the world’s 40 largest fashion corporations and how open they are with their production systems.

THE ROAD AHEAD... By 2020 all cotton used in the product range is to be obtained from either organic cotton, recycled cotton or cotton certified under the Better Cotton Initiative. Their current progress shows an increase from 13% to 43% in 2016, in the use of better cotton. By 2020 the H&M targets to collect 25,000 tonnes of textiles per year for reusing and recycling. Their current progress shows 15,888 tonnes collected last year. Reduce emissions of greenhouse gases into the environment to zero, from its own operations. Emissions have been reduced by 76% from 2014 to date, due to switch to renewable electricity.

RAYON

FABRICS OF THE FUTURE TENCEL

MICROMODAL

It is made by sustainably harvesting eucalyptus trees with minimal water usage. Also, all the waste is recreated as the same material, thereby, closing the loop.

MicroModal is made by sustainably harvested beechwood trees used for knitwear with having minimal environmental input

FIBRES WITH A HERITAGE Another sustainable method is to use fibres which comes from family-run businesses in rural areas, incorporating ethical practices.

RECYCLED PACKAGING

A big misconception about this fiber is that it is not synthetic but in fact is made from wood pulp from trees. Its multiple weaving characteristics produce an array of fabrics.

CASE STUDIES

A strong business idea looks into past similar strategies done by varied brands and analysis its success/ failure in order to proceed further effectively. These are a few campaigns undertaken by major brands which lead to high recall value amongst their audiences.

Nikes Closed Loop Ecosystem H&M’s Recycle denim Campaign H&M’s Greenbiz Stella’s Parley for the Oceans Right to wear campaign by inditex

Which is exactly how Topshop’s Collection shall be marketed - Style First!

An analysis on consumer behaviour brought out an important aspect highlighting that most of these campaigns felt like PR/ Marketing gimmicks by high corporations. Consumers bought products based on utility and fashion rather than based on sustainability.

CONSUMER BASE According to “Future Consumer for 2019”, published by WGSN, brands will have to lead and strategically deal with certain strong characteristics evolving with their future consumers. In order to win big and successfully launch the Connect Collection (September 2018), Topshop has to keep in mind that they link with these shopping choices of the future. There was major political and economic uncertainty in 2016 which shall have its effect over the coming years. It’s only a matter of time before people start acting out and fighting for what they believe in. Strong values and ethics will be defining characteristics witnessed in Gen-Z and Millennials over the next years. It is important to grab and work on this opportunity by making available what they are seeking. Brands have been playing with people’s emotions over the years, but this needs to stop. Not only are the new generation intelligent and sensitive towards others, but also demand transparency from their brands. Fake news has rendered today’s consumer skeptical and they do not trust large corporations anymore. The belief is that these companies sacrifice principles over profit. This is where truth over digital platforms is key. When brands cannot be trusted, people turn to the internet for all their answers. Also, due to this negativity, services providing full disclosure of fashion products from source through production upto the consumer will be on the rise. It only means more transparency which shall soon become the new normal. Thus, in a consumer driven market, if a brand does not cope with transparency, truth and ethical business practices, people will very gracefully shift to those brands who do.

“According to a Label Insight study, 94% of consumers claim to be more loyal to a brand if they were fully open about their activities”

Research shows that Millennials and Gen-Zs are serious when it comes to donating their time and money for a good cause. “84% were involved in charitable donations while 70% personally volunteered” – WGSN Future Consumer 2019 12

REPAIR THE WORLD!! Design Matters noted that Autumn/ Winter 17 will serve for greater good of the planet while Spring/Summer 17 pointed towards sustainability becoming the new normal. This is starting to rise. On studying Rent the Runwayâ&#x20AC;&#x2122;s business model, it brings to light that there is serious profit involved with the idea of leasing. This business model inherently customizes the experience for consumer based on individual needs. It encourages us to value heritage with vintage clothing and the work gone behind making the same. I recently attended the Sustainable Fashion Seminar at LCF. Interacting with the individuals present there, I realized that so many of them were now raiding their grandmothers closet to style and flaunt vintage clothing.

MAKING SUSTAINABILITY COOL AGAIN! This is where the Collection stands out and related with the Millennial crowd. It aims to emphasize on chic, desirable, cool and most importantly limited edition, thus leading to a feeling of exclusivity and a want factor.

, #IfYouâ&#x20AC;&#x2122;reNotGreenYouâ&#x20AC;&#x2122;reNotSeen It shall go with the hashtag

This collection is using the past as a means to connect with the future. It emphasizes on Nostalgia and the simple pleasures in life before we became greedy and started harming our environment. It encourages us to hve more empathy with one another. Through story-telling this shall create an impact. The new Social Story-telling. Research shows that this mode of communication has been a winning strategy mainly because they give people an emotional side of the brand. But then again, the speed with which we shall be exposed to brands, stories, launches, etc in the future is at an unbelievable rate. The only way to stay connected and to stay relevant in their minds is through word-of-mouth advertising. This means, the brand first engages the consumer through an enticing story and then encourages them to pass the information to their peers, i.e. Share the Story. The research I conducted showed that 92% of the Millennial women were likely to trust in a brand through peer reviews.

RETAIL SPACE Making it the Store of the Future - Minimalistic - Clean - Solely, laying focus on the Collection

IS TECHNOLOGY THE ANSWER?

With apps developed to scan garment labels to find out how sustainable they are, transparency will soon hit the next level. Povigy is one such application in the final stages of their development, soon to be launched in the market. The team’s idea was introduced when brands started mis-using ‘Organic’ for most of their garments. It would not bring a clear picture on whether it was sustainably sourced? That is concealing a part of the production story. The fashion industry was not fully transparent and those which were lacked evidence or real proof of being eco. The problem lies with the certification board wherein no set boundaries are laid down making it all very confusing for the consumer. Individual efforts to standardize these aspects are underway. How this app works is, a member of the team travels to the manufacturing units of the fashion house to gain first hand knowledge on how materials are sourced, manufactured, packed and eventually shipped. It shall be interesting to see how this plays out in the future.

COLLABORATIONS: THE NEXT STEP TO SURVIVAL?

Gone are the years where Collaboration was simply used as a Marketing gimmick to bring an element of newness to the brand or to simply attract a new consumer base. Now, it is a question of your survival. With high street brands becoming more and more identical and blurring the lines between price point, how does one scream different? It comes down to relationships and partners the brand is associated with. Successful collaborations is key. When both can bring their best to the table, creativity increases rapidly and closing that gap in the market becomes achievable. Considering working in unison with other industries i.e. combining fashion while addressing the problems of sustainability achieves beautifully crafted garments for that eco-chic consumer.

UNITING THE WORLDS BEST THINKERS!! I believe that providing opportunities for constructive criticism, uniting world leaders by encouraging collaboration will lead to change.

TRENDS: HOW THE WORLD IS CHANGING DIVERSITY 2016 saw massive conversations around Female Empowerment turn into movements. Brands started advertising women’s roles more broadly celebrating “whoever you want to be” and being confident in your own skin. A shift in showcasing women as objects to working women was seen a lot and received appreciation from consumers. Gender stereotypes are slowly but steadily reducing with diversity emerging as one of the key principles in brand strategies. #WomenNotObjects – A remarkable advertising campaign fronted by Badger & Winters displaying the accurate portrayal of women instead of bringing them down to their body, looks or their weight. The campaign garnered around 2 million views with 2000 instagram hashtags worldwide. When brands incorporate purposely advertising into their creative work, it is seen to build more trust and resonate better with their viewers.

“A study shows that 91% of millennials switch to brands who are associated with a cause” - 2015 Cone Communications Millennial CSR Study Brands with a sustainable agenda making a deeper impact through purpose, such as Ben & Jerry’s “Call for action on climate change”, saw a 30% faster growth than the rest of its business from last year. Sustainability and action towards the same has been engaging with consumers at scale. Not forgetting that such brands are the ones who stand out from the crowd. It goes to show that the Activism Age in people is beginning to show where Change is embraced with open arms.

CELEBRITY TREND When you think of Celebrities and Eco-fashion, the first name that pops up is Emma Watson. Not because of her undivided attention to ethical clothes or her latest Instagram Eco-Fashion account but because of her genuine connection with the audience. There is something real there, something beyond all that Endorsement like glamour. She has transformed her Celebrity status and connected with her viewers more on a micro level. The Press Tour which presents the wardrobe choices made for Emma Watson while she was on tour for her movie Beauty and the Beast around the world. The account highlighted the sustainable fashion industry by selecting brands based on 8 values important to the celebrity. Those brands that did not pass the sustainability review, were given points of improvement. The beautiful stories of each brand were highlighted on the account creating awareness and also making a point that sustainable fashion can be glamourous as well. Emma Watson has a partake of collaborations with High end luxury designers promoting ethical fashion including her own “Zady: Inspired by Emma Watson Collection”.

Topshop’s spokes ladies have always been heavy-fashion go getters. From Kate Moss to Gigi Hadid along with the up-coming supermodels of the century who have been the face of the brand. It only deems fit that a collaboration with the fashion intellect Emma Watson could produce some great reviews and create awareness for the exclusive sustainable collection of the high street brand. She is a relatable figure for Millennials, personally loves Topshop as mentioned in a couple of interviews and also has not been associated with this category of the high street fashion.

COLLECTION TRENDS Desert Bohemia (A Trend from last season SS17, this trend is yet to stay!) The desert is a popular destination for campaigns for luxury fashion houses, especially for those natural summer vibes and imagery. A few stunning photographs were created by Mango featuring models Mica Arganaraz and Frederikke Sofie taking full advantage of the blazing sun. Another impressive display of fashion photography was captured in the Californian desert by Miranda Kerr for Marella.

The Collection has taken inspiration from this Desert Trend, by taking advantage of the natural light and vast scenic typography which seems endless. Clean minimalistic model shots benefiting from the strong sunshine puts across the beauty of the collection along with that of the surroundings.

ALL THOSE PROMOTIONS... Also, another key way to showcase that the collection is made using sustainable methods is through the power of social media and live streaming. In order to overcome today’s sceptical consumer who only sees “Sustainable, Eco, Green” as another Marketing flaw strategical in a board room amongst executives, we could open the doors for them! Literally! Through live streaming at the production house and the 360 degree coverage at the launch event, showing the world that we have integrity!

TOPSHOP SOCIAL MEDIA PLATFORMS Topshop’s social content is communicated very effectively through street-style imagery on its Instagram channel. The Multi-chain retailer does not lay focus on any specific brand but instead does justice to each of them through engaging street style photographs worn by everyday women. Thus, driving sales to the website using a relatable approach. Through trend-alert Instagram stories along with styling and pairing tips, the Topshop consumer couldn’t ask for more especially when all their work is done for them. This is a great way to add that extra zing to the online website and increasing sales. Besides, tracking online business and monitoring ROI of digital marketing strategies is advantageous. Through this, Topshop can analyze which products are working and which require a little more push. Also, by following the consumers journey, perfectly tailored content can be then introduced. Topshop speaks the language of the youth through use of emojis, stickers etc, being constantly connected with their target audience. Also, Topshop has separate physical stores for its male and female shoppers. Which is also the case when it comes to Topshop and Topman’s social media channels. The two have very different content depending on their viewers thus also not boring the followers with irrelevant content. Topman has fewer followers compared to its female counterpart, but equally great content.

INFLUENCERS What is their activity like and do they align with the brands aesthetics. Small but powerful: micro-influencers are categorized based on their smaller Instagram following (around 1,000 to 100,000 typically) but a wider reaching engaged audience. Reaching the Conscious consumer via this channel is key. Benefits to brands: micro-influencers are less costly than celebrity influencers and because they feel like everyday people they present a more relatable story to the viewers. They share the viewers aesthetics and interests. Effectiveness: Thanks to the online boom, ROI can be measured by monitoring engagement levels, though social media could be used for increasing awareness apart from reducing it down to just numbers.

“Markeley, a marketing platform, surveyed 2 million social media influencers which showed that, Instagram influencers with lesser than 1,000 followers have a like rate of 8 percent as compared to a like rate of 4 percent for those having followers between 1,000 to 10,000” Trend suggests that as the following base continues to rise, like and comment rates are on the decline. Promotion and marketing strategies without shouting the term “Sustainability”, yet giving maximum information about where the clothes are made from, the materials used, etc in simple layman terms printed behind the labels. Showing the film to the Conscious Consumer, who already has some knowledge about ethical practices and would only get intrigued to know more. Whereas a more editorial approach used for the trendy, fashionable Conscious consumer through online marketing and sustainable fashion influencers and bloggers who are promoting a more healthier life-style and thereby grabbing their attention

EMAIL MARKETING Brands have become excessively creative by tempting consumers and luring them back to the website to complete their purchases and empty their online baskets. #YouCouldBeAPartofTheSolution

LAUNCH EVENT DURING THE LAUNCH EVENT! The launch event shall be at a global scale without having to dig deep into the pockets. This event shall be a one of a kind launch event where Topshop aims to CONNECT with every individual via social media platforms, Facebook and Youtube. Growth in facebook live from its inception in May 2016 is around 400%, thereby shall create a strong social ROI. In order to create a truly memorable and holistic approach for the viewers, Topshop shall have a live 360 degree coverage through the social media platforms of the then present micro influencers. This enables Topshop to tap into the smart phones and computers of their wide spread consumers which is not only less costly (due to absence of Virtual Reality headsets) but will also convey the brand’s message of “Ultimately We All Are Connected”. It indirectly also adds to showing complete brand transparency. Analysis have provided that 360 degree marketing campaigns are a precursor to Virtual Reality and has had mind blowing engagement and interactive responses from their audiences. In today’s consumer demand market with so many available brand choices, it is important to make Topshop’s consumer feel more connected on a personal level. They will experience the experience but also living it. This collection is asking people to be more Human, to have more empathy towards one another and towards our planet. By combining technology with art, Topshop would have created a platform for individuals and a community like feel, a loyal relationship, leading to the awareness of the Collection and all the hype that comes with it.

PRE LAUNCH EVENT Instagram mock-ups with the “COMING SOON” teasers. #LookBeyondTheLabel tagline Visual Merchandising as explained later The film shall be played within the stores (Physical- Retail), used as a marketing campaign having an editorial feel on their website (Online)

VISUAL MERCHANDISING Topshop has been associated with some of its most innovative displays over at their flagship Oxford Street store. They stand out from the plethora of brands on Oxford street. One recent example that certainly caught my attention was their installation during the Pride Campaign. They are known for their generous use of colour, bright bold lights and their moving installations. From favorite neon inspired themes to interactive rod-mounted petals which gently rise and fall in sync to computersequenced pulses from fans walking by. The flagship store is buzzing with tourists and Londoners on any given day encouraging them to take pictures of the beautifully curated installations. #LookBeyondTheLabel shall be the hashtag flashed on window displays enticing customers to give a second look at the store, leaving them with a thought!

BUSINESS PROPOSAL

“CONNECT” Collection is thoughtfully crafted and beautiful garments made with the sustainable methods of tomorrow It is broken down into 4 Elements of the Environment, - WATER - EARTH - AIR - FIRE And shall be available in the stores during the 4 seasons in this order

WATER: AUTUMN The Colour palette is strong nudes, cream, browns, purple and darker blues Through this collection, the brand aims to promote the reduction in hazardous waste into the water management EARTH WINTER The Colour palette is sober and basic white, cream, black Through this collection, the brand is promoting Organic cotton (including wool) through use of sustainable materials AIR SPRING The Colour palette is bright, vivid colours remind us of the hues that surround us such as shades of yellow, blue and green, which brings about a feeling of nostalgia Idea is to make consumers aware of Air Pollution and the emission of toxic carbon infused chemicals into our environment and their reduction FIRE SUMMER The Colour palette is defined with sunset colours like red, orange, yellow and hues Through the collection, the brand is closing the loop with innovative and recycling solutions and DIY workshops. The Shoot video showcases the entire collection as well

FUTURE RECOMMENDATIONS

INDIA !! Sell Where You Make!! – This could be an alternative Business Model for Fast Fashion Brands, as they could simply increase supply of clothes into these markets by gaining on reduced transportation cost and comparatively cheaper labour and wages. The fashion industry has good reason to look longingly at India once again. India’s growth outlook has recently improved on what was an already buoyant forecast. In the coming decade, the economy could swell by as much as 8 to 9 percent per year while more conservative estimates of GDP growth hover around 7 percent. Either way, India remains one of the most conspicuous growth opportunities in a global economy suffering from a slowdown in China, economic crises in Russia and Brazil and widespread uncertainty elsewhere. But what excites investors more than growth rates is the sheer scale of the Indian opportunity. A recent report by the UN revealed that India, with a current population of around 1.3 billion, is on course to overtake China in just six years to become the world’s most populous consumer market. In McKinsey’s latest Quarterly Executive Survey, taken in June, 84 percent of Indian executives said they feel optimistic about the country’s economy over the next six months. This is twice as high as executives from anywhere else in the world, including Europe, North America and Asia-Pacific region. Sarma points to the expansion of affordable chains and high street brands such as H&M, Forever 21, Gap and Inditex’s Zara among others.– Bof Article Nov, 2016 These new markets should offer fast fashion further room to expand. In recent years, its growth has slowed as it has saturated Western Europe and the US. But Euromonitor states, “Based on forecast real GDP growth, markets such as India, the Philippines, China and Vietnam present considerable opportunities for continued expansion given rising disposable incomes and growing appetite for international brands

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