Essay On Handbag Industry

201

Formulating and implementing an HR Strategy

The Retail Market

The retail industry is anenergetic, fast changing sector. It establishes one of the main sectors in the economy, in terms of purchases and turnover, as a result it is a highly competitive and refined industry.

Research shows that companies are constantly monitoring the market, identifying any new trends infashion in order to keep up with customer’s changing expectations and tastes.

It is now becoming moredifficult and challenging to keep the customers satisfied and loyal, customers preferences change quickly.

Britain’s fashion industry is worth £21 billion, according to the UK Fashion Industry; a report published by the British Fashion Council. (http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9872439/London Fashion-Week)

The UK handbag sectoris estimated at around £1 billion and is growing steadily in value. The chart below illustrates that the handbag sector has the 2nd highest market share in accessories.

(http://www.accessoriesmagazine.com/65951/accessories-magazinethe-npd-group-inc-releases-2012-census-report.)

The key players for our organisation that are alsoknown for unique prints areCathKidston which is worth £105million and has 17 stores and 136 UK outlets and OrlaKielywhich is worth £9.42 million, has two stores in London and can be found in high-end department stores such as Selfridges in the U.K.

Also Stella McCartney who is a big fashion designer has a range of bags that are made from organic materials and is estimated £45 million.

Key issues in the current market are;

- Recession periods

- Consumer spending

- Niche market

- Number of competitors

- Technology

Recession periods – arecession in the economy can greatly affect cons...

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...e recognised by performance appraisals and will be rewarded accordingly.

A vital element of this drive to achieve the exceptional is ensuring that there are excellent communication systems in place. Without senior managers clearly sharing corporate objectives, employees would not know what they need to achieve or what skills they may have to acquire to meet these targets

Conclusion

Djur growth strategy is driven by market and product developments that focus on its long-term goals. Using the expertise of its workforce, Djur is able to develop innovative ideas forits customers.

Djur has a 5 year map of its strategic goal developments. This map allows the company to identify opportunities to increase market share as well as market development opportunities in sectors where the company already has knowledge and expertise.

HR strategy will help you achieve this