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Global Strategy and Foresight Assignment Sample

INTRODUCTION

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The main purpose of the business organization is to stay productive and competitive in the market. To stay productive and competitive in the market, the business organization needs to develop various processes and methods to improve the decision-making process and develop effective business strategies. This report is brief information about the global business strategy of H & M to analyse business strategy and its effectiveness in future operations of the organization. H & M is one of the most famous business organization in the United Kingdom (Becker-Leifhold and Iran, 2018). Hennes & Mauritz AB is a retail sector organization that was founded in the year 1974 at Vasteras, Sweden. H & M was founded by Erling Person. Headquarter of the organization is in Stockholm, Sweden. H & M is currently operating over 5076 positions around the world. This report will be providing a brief overview of the global positioning of H & M in the textile sector. Current global trends and events will be analysed in the report to evaluate the key drivers of change for the company. The performance standard of H & M will be analysed for the last 5 years. The impact of current trends and the disruptive event also will be evaluated for the performance of the organization in the global market. Sources of competitive advantages also will be analysed in the report to improve the competitive position of the organization in the particular market. For this, the Porter Five Forces model will be used to analyse the sources of competitive advantage. The importance of a particular model also will be evaluated for the management of the organization. Various external factors also will be analysed in the report that can affect the competitive position and performance of the organization in the target market. The role of innovation and globalization also will be evaluated for the competitive position and performance of the organization in the market.

CURRENT GLOBAL POSITIONING OF H & M

Evaluation of Trends and Disruptive Events as Key Driver of Change in the Fast Fashion Industry

  • Drivers of Change In fashion, industry changes are more common than any other industry in the market. With the development of technology, changes are more frequent in the fashion industry. Technology and the concept of sustainability are driving changes in the fashion industry. Development in technology is the major driver of change in the fashion industry. New technologies are allowing the people in the fashion industry to develop various new designs that were not possible with traditional resources. Robots are the best example of change in the fashion industry. Robots in the fashion industry are allowing the business organization to perform a range of operations. In current time, robots are used in the fashion industry for operations like sewing and fabric cutting (Becker-Leifhold and Iran, 2018). This technology is allowing companies to produce goods with high accuracy and precision. This is how organizations in the textile industry can work with more critical and complex designs. The advancement of the Supply chain management system is also one of the reasons for a change in the fast fashion industry. The other driver of change in the fast fashion industry is common as another industrial sector. Sustainability is the major driver of change in the fashion industry. The concept of sustainability is forcing business organizations to work on new designs and fabrics that are sustainable and eco-friendly. This is how sustainability is also one of the major drivers of change in the fast fashion industry (Yeoman and McMahon-Beattie, 2018). Apart from technology and sustainability, change in the behaviour of the customer is also a major driver of change in the fashion industry. This factor force the fashion industry to produce goods as per the behaviour of the customer.
  • Disruptive Event Disruptive events are such conditions that are the major reason for a change in the fashion industry. Covid 19 Pandemic is one of the most recent disruptions in the fashion industry. It has forced the fashion industry to implement major changes in the designs and fabrics to meet customer demands. It also has affected the fashion industry on a different level. The condition has forced the industry to pause or avoid the production of various fashion events (Boardman, Henninger and Zhu, 2020). This was a challenging situation for the textile industry. This situation also has forced the organizations in the textile industry to produce medical kits for health care workers. This is how specific event can force the organization to implement change. The impact of coronavirus is critical on H&M. There are different challenges are faced by organization during the pandemic situation. Due to coronavirus, pandemic H&M has planned to close 250 of their outlets to more focus on online sales. This was a major decision for an organization like H&M in the market place. Sales of the company are also tumbled around 57% due to the covid-19 pandemic. Online sales of the company grew around 32 % in a pandemic situation. The organization also has faced financial loss in the pandemic time but it is comparatively low to the other organizations. This was a challenging time for the company to deal with a range of issues in the external market ad internal operations of the organization. It is how coronavirus has affected by the business process of H&M in the global market.
  • Performance Scenario of H & M in Last 5 Years This is important for the business organization to review their performance in the market place to develop new practices to improve their performance in the target market. In the last five years, sales of H&M is continuously increasing since 2015. Change in net sales from the previous year in SEK was 19% in the year 2015. From the year 2016 change in net sales from the previous year from 2016 to 2019 was 6%, 4%, 5%, and 11% consecutively. The operating profit of the organization in SEK was 26942m, 23823m, 20569m, 15493m and 17346 million consecutive from 2015 to 2019. After Nike ZARA, Adidas, H&M is considered as the most apparel brand in the world (Key Figures, 2020). From this data, it can be concluded that the performance of H&M was effective in the last five years. The company is also working on the concept of sustainability in operations. The company is also investing money to fulfil corporate social responsibility in the market place.
  • Impact of Current Trends and Disruptive Events in Term of Threats and Opportunities for H & M At a global level, the organizational impact of current trends and the disruptive event is normal on the performance of the organization. With the effective financial background and effective technology H&M can deal will all the changes in trends and conditions in the market situation. H&M is using the latest technology to maintain profitability in the market place. Same as the other business organization impact of the Coronavirus pandemic was also critical for H&M. H&M is considered as second largest fashion retailer in the world. H&M also have faced a sharp and slightly smaller drop in the second quarter. Net sales of the organization also fell to 50% during the coronavirus pandemic (Coronavirus impact: H&M's March-May sales tumble by 50%., 2021). This is how H&M also have faced major business issues during the pandemic. But as compared to the other organization performance of H&M was slightly better. Due to its strong financial background and better positioning in the global market, H&M was able to maintain business stability.

SOURCES OF COMPETITIVE ADVANTAGE

Competitive Analysis

  • Porter Five Force This is important for the business organization to analyse its competitive positioning in the market place. This process is related to analyse different aspects of the competitive market to stay productive and competitive in the marketplace. Porter Five force model is considered as one of the most effective models to evaluate the competitive positioning of an organization in the market place.
  • The threat of New Entrant This is one of the most common threats in different industrial sectors. This is a challenging process for an organization to enter a new and unknown market. This is a complex process to enter a market with existing competitors. This is a highly challenging process for the organization to start a business and develop the brand image in the market place. There are different barriers are present in developing business in a new market are- Brand Loyalty, Cost Advantage, Government Regulations, Capital Requirement, Access to Supplier and Distribution of Chanel, and Retaliation (Kumbara, A., 2020). It is also challenging for the new entrant to follow all government regulations. New entrant organization have to develop new policies and implement changes in existing policy to meet government regulations. As compared to existing organizations, this is more challenging for the new entrant to make effective changes in different operations to meet the government regulations. For a new entrant, it is also challenging to develop financial capital to perform business effectively in the new market. For market entrant, this is most difficult to develop distribution and supply channel to perform business operations effectively and maintain the supply chain of the organization. New entrant also has to face major retaliation from the existing competitors. This is challenging for a new company to face retaliation from the well-settled organizations in the new market. As per the current situation in the UK market, this will be a huge challenge for the business organization to set up new business. To reduce this threat the organization needs to focus on the pricing strategy and quality of product or services to develop a better relationship with the customer by satisfying their needs. This strategy can help the business organization to stay competitive and productive in the market place.
  • Threat of Substitute This is important for the business organizations to consider all the substitute in the competitive analysis process to develop effective business strategy. The range of aspects is dependent on the substitutes that are available in the market. This substitute can affect the customer base of the organization. A high number of substitute also can force the business organization to make changes in pricing strategy to draw more customers. This type of strategies can force the business organization to develop a negative competitive environment in the market (Khan and Shah, 2017). This type of condition can affect the stability of a particular market. If some substitute product is high then it can affect the market share and profitability of the company. In the case of the UK competitive market, the number of substitute products is too high and it can affect the profitability, market share, and pricing strategy of the company. This threat is very high in the United Kingdom Textile industry. This is most important for the business organization to focus on the quality, customer services and pricing strategy to maintain profitability, market share and business performance in a competitive market.
  • Bargaining Power of Customer The bargaining power of the customer can be explained as the ability to force the organization to make changes in the pricing strategy. This power of the customer is very in the United Kingdom. There are too many options are available to the customers in the United Kingdom. This high number of options can increase the bargaining power of the customer. High bargaining power can force the organization to reduce the price of the product. It can reduce the marginal profit of the company. In the United Kingdom, the bargaining power of the customer is too high and it is a negative condition for business organizations. This is important for the organization to work on different strategies and processes to develop a better relationship with customers. To develop a better relationship with customers, an organization can focus on the quality and cost of the product to provide a better offer to the customer. This is how organizations can use different strategies to reduce the bargaining power of the customers.
  • Bargaining power of Suppliers This is a major threat for the business organization. Business organizations use various suppliers to get raw material to maintain continuity in the manufacturing process. Availability of raw material is limited in the United Kingdom for the textile industry and there is the only limited supplier of raw material. This limited number of resources can increase the bargaining power of the suppliers. With this power, suppliers can force the organizations to purchase raw material at a higher cost. This increased cost of raw material can increase the manufacturing cost of the company (Abalkhail, 2019). This power of the supplier in the UK textile industry can be reduced by increasing the number of suppliers or by developing their capability to arrange raw material. These strategies can be used by the organization to reduce the bargaining power of suppliers.
  • Rivalry Between Existing Competitors Rivalry among existing competitors is too high in the textile market of the UK. There are different organizations are looking for developing their business in the local market and improve the customer base. This is will be challenging for an organization to stay competitive in the market without taking any action or development in strategy. This actor is highly negative in the United Kingdom market (Khurram, Hassan and Khurram, 2020). To avoid this challenge this is highly important for the business organization to take effective actions and develop a better business strategy to gain a competitive advantage over other organizations in the market place. Business organizations also can make changes in the pricing policy to make a positive impact on their competitive positioning in the market place.

Use of Competitive Advantage Theory for Management

In different ways, competitive theories like Porter Five Forces can be used. indifferent ways to get higher benefits in the market place. Porter five-force model can help the organization to stay competitive in the market place, Improve the Potential of the new entrant in the new market, perform market analysis, develop effective strategies, and understand the business strategy of the competitor. These are major users of the porter five-force model for management. Without critical market information, a company can face severe fail in a particular market. Porter five-force model can be used by the management of the company to understand the current market situation. This understanding of the competitive market can be useful to develop business and operation strategy accordingly to keep the organization profitable in the target market. Porter five-force model allows the management of the business organization to perform a systematically analyse of the market situation to get higher benefit in the target market. Systematic analysis of the target market can help the management of the company to understand the policies, strategies, and approaches that are used by the competitive organization to stay competitive in the market place. Porter five-force analysis is also most effective to make the management of organization aware of the current market trends and demand of the customer. This is how in different ways management of the company can use the Porter Five Forces model to improve their competitive position in the target market.

STRATEGY OF FIRM AND STRATEGIC POSITIONING

Relationship between Organizational Resources, External Environment and Performance of Organization

  • Strategy: Business strategy is mainly considered as actions and decisions that are made by the organization within a plan to improve the productivity of the organization in the target market. The major objective of the business strategy is to fulfil the business goals of the company effectively. The business strategy of the company is also effective to improvise the decision-making process of the organization. Majorly three types of business strategies are used by an organization to maintain productivity in the target market. These strategies are- business strategies, operational strategy and transformational strategies. All these strategies are important for the performance of an organization in internal and external operations. This is how business strategy is most important for the success of an organization in the target market.
  • Strategy Foresight Strategic foresight is considered a set of business strategies and approaches that are designed to plan the future operation of the organization. In the strategic forecast process range of processes and methods are used by the organization to foresight business strategies. In this process majorly past data and information are considered by the organization to plan the future actions of the company. Along with the past data of the company, current external and internal factors are considered by the organization to improve the performance of the company in the target market. According to the performance data, external data, and internal data proper business strategies are designed by the management of the company to get a better result in the target market. In the strategy-making process, current trends in the market place are also considered by the business organization to get the best performance result. H&M is one of the largest organization in the textile industry on a global level and strategies that are developed by the management of leaders of the organization is best in class. Majorly the business strategy of H&M is based on the competitive positioning in the target market. The main objective of H&M is to retain better performance standard in the target market. Mainly performance strategies of other organization are considered by the company to maintain high-performance standard in the target market. The range of areas is considered in the strategic foresight in the business process to gain a competitive advantage in the target market. Majorly the business strategy of H&M is based on the brick mortar market strategy and the main focus of the organization is to increase the H&M stores by 10 to 12 % each year I target market. As compared to other organization, the growth of H&M is stable.
  • Impact of External Environment on Performance of Organization Business environment study is important to improve the performance of the organization local and internal market. For the effective business process in the market. Some external factors are connected to the internal operations and processes of the company. These external factors can influence the internal operations of the company. The external factors that are considered in the study of business environment are categorised into six different factors that are known as PESTEL factors. PESTEL is an acronym of six different external factors that influence the internal process of the organization. These external factors are- Political Factor, Economic Factor, Social Factor, Technology Factor, Environmental Factor, and Legal Factors. All these factors can be considered by the organization management to evaluate the impact of PESTEL factors on the performance of the company in the target market.
  • Political Factor Political factors are mainly related to the decisions and changes made by the government in the policies and legislations that are related to the business operations of the organization. Changes that are implemented by the government in foreign policy, taxation policy, business laws, international treaties, and trade procedures are the major political factor for the business organization. The other political factors are related to the stability of the government. The government in the UK has implemented various decisions that are related to the improve business opportunities for small business organization. The major concept of this political decision to provide more benefits to the small textile sector companies (Singh and Srivastava, 2018). It has affected the competitive environment in the company. Competitiveness in the textile industry has been fragmented due to this political action. Somehow, this condition is now improved because these small organizations are investing more money in expanding their business. This condition can help the organization to improve the competitiveness in the textile industry in the United Kingdom. The reputation of the United Kingdoms textile market is too good on a global level and the government has decided to offer more financial support for different small and medium business organizations. This financial support can help the organizations to develop stability in the textile industry in the UK.
  • Economic Factors Economic Factor is highly important for the stability and growth of the complete industrial sector in the country. Due to Covid 19 Pandemic, the global economy is suffering from a crisis. This is a challenging situation for all business organizations. Due to the ban on international transportation, the textile sector is facing major issues. Due to this condition, organizations have a limited market to perform the business activity. Due to uncertain economic condition on a global level has affected the business organizations in the textile industry in the UK. This is a challenging situation for the industrial sector and it also can cause a long-term negative impact on the industrial sector. There is one additional factor that also can affect the textile sector in the UK (Gegg and Wells, 2019). The manufacturing process in the textile industry is expensive in the United Kingdom and large size company can manufacture textile goods at lower cost in countries Like India, Shi Lanka, and China. This can affect the textile sector in the UK.
  • Social Factors Social factors in PESTEL analysis are considered as elements that are related to different social and personal values of people. Major social factors that are needed to be considered by the business organization are- Population of the locality, cultural diversity, per capita income, and education level of the population. These factors must be considered in buy industrial sector to maintain stability in the industrial sector. The United Kingdom is considered a hub for the fashion industry. The population of the UK is also effective for the growth of the fashion industry. This high population can help the particular industrial sector to grow effectively in a particular location. The Other aspect that needs to be considered for the fashion industry is connected to the cultural diversity in a particular location. Cultural diversity in the UK is high. This is one of the best opportunity for the textile industry to work on a product range for proper growth and development. Due to high cultural diversity in-country, the textile industry has a huge scope for growth and development.
  • Technological Factors In the current time, this is most important for the industrial sector to look for various innovative and advance technology to improve the complete industrial sector. A range of technological changes has occurred in the Textile industry in the UK. Different technologies are currently used in the textile industry that is much profitable for business organizations. For example, technologies like digital technology, e-commerce technology, Automation, and virtual reality. These technologies are most commonly used by the business organization to get higher benefits in the market place. This technology also has provided an opportunity for the industry to grow very quickly on a global level and manage fast fashion effectively. Digital technology is revolutionary for the textile sector. It has helped the industry sector to come up with the concept of fast fashion (Bose and Hussain, 2020). Digital technology is most effective to understand the latest trends more efficiently and make development positively. Automation is one of the best technology that has derived the growth and development of the textile industry. Technology development in the country is also positive and it can help the textile industry to implement technology development in the business process.
  • Environmental factors The impact of environmental factors is crucial for the textile industry. The chemicals and some of the processes that are used in the manufacturing or production of fashion products are not good for the environment. From an ethical and sustainable perspective, this is important for the organizations in the textile industry to consider environmental concerns to prevent negative impact on nature and wildlife. Aspects like water pollution, air pollution, and inappropriate use of resources can affect the environment majorly. All these factors need to be considered by the textile industry to prevent a major impact on the environment and wildlife. The government is forcing the textile to develop sustainable practices that have the least impact on the environment. Some legislations are also needed to be considered in the textile industry that is developed to reduce the negative impact on the environment. For environmental protection, many campaign groups are forcing the fashion and textile industry to develop ethical and sustainable practices. This is how it is a major factor for the textile industry to consider environmental factors to keep their operations sustainable.
  • Legal Factors

    This is important for all the organizations in the industrial sector to follow all the rules to avoid all type of illegal activities. There are some legal considerations are need to be fulfilled by the textile industry to meet the guidelines and regulations that are defined in the legislation. All legislations are governed by the legal system of the country and the government of the country. Some crucial laws must be considered in the textile industry to improve the performance of the organization. For example, the employment rights act 1996, the employment relation act 1998, the maternity and parental leave etc. Regulations 1999, Environment Protection Act 1990, Health, and Safety at Work etc. Act 1974, and National Minimum Wage Act 1998. These are all major laws that are needed to be considered by the organization to keep their operations legal and avoid any type of legal action against the company. Along with these legislations, this is also important for the organization in the industry to consider all the guidelines that are provided by the government and legal authorities. Currently, this is challenging for the textile industry to follow the legislations that are developed by the legal authorities and government. These authorities are now more concerned about sustainability and human right issues (Tran, 2020). Because of this, the government is developing strict processes to avoid such issues in different industrial sectors. So legal factors are crucial for the textile industry. The influence of these factors is huge on the business organization in the textile industry.

    All the factors that are studied in the PESTEL analysis of the textile industry are directly related to the performance of the business organization in the market place. This is most important for the business organization to understand the impact of external factors on the internal and external operation of the organization. These factors can be analysed by the company to develop effective changes in the organization to maintain the performance of the company in the target market. By considering all external factors, a business organization can develop effective strategies to maintain its performance in the market. If these factors are avoided by the organization then it can affect the productivity and profitability of the organization in the target market.

VRIO Frame Work

VRIO framework can be explained as an effective tool that can be used by the organization to protect the resources and capabilities of the organization to increase the profitability of organization and ensure the long-term productivity of the organization in target market. In this framework, all the resources of the organization are analysed to categorise them according to their priority in market place. VRIO is acronym of Valuable, Rare, Inimitable, and Organized. This process can help the organization to identify the most critical resources that are most important for the business organization. As per the resource analysis of the organization, VRIO framework can be explained as-


Resource Capability

Constant Level of New Product

Collaboration with Designers

Sustainable Fashion

Business Model

Brand

Value

YesYesYesYesYes

Rarity

NO

Yes

Yes

Yes

Yes

Costly to Imitate

NO

NO

NO

Yes

Yes

Organized Capture Value

Yes

NO

Yes

Yes

Yes

According to the VRIO framework Business model of H & M is most valuable for organization and brand value of organization is also most effective for the Company.

ROLE OF INNOVATION & INTERNATIONALIZATION IN DESIGN OR IMPLEMENT ORGANIZATION STRATEGY

Role of Innovation in Development and Implementation of Competitive Strategy

In the current situation, this is most important for the business organization to use innovative practices to get various advantages in internal and external operations. Innovation can be really helpful for the organization to maintain its performance in the target market. Innovation is explained as the use of new and unique ideas to provide better solutions to business organization to improve their performance in the global market. Innovative practices also can be used by the organization to solve the issues and problems that are faced by the business organization in operations (Johnsson, 2018). In different ways, innovation can help the business organization to maintain a competitive position in the market place.

Innovative practices like automation and artificial intelligence can be used by the business organization to improve the production or manufacturing rate of the company. This will help the organization to meet the demands of customers effectively. Innovative strategies and approaches are also helpful to reduce the production cost of the company. A business organization can use innovative strategies to offer a better quality product to the customer at an effective cost. This process can help the business organization to maintain the satisfaction level of the customer. This is how innovations can be used by the organization to maintain customer satisfaction and loyalty, which is important for the performance of the organization in the competitive market (Meissner, Polt and Vonortas, 2017). With innovative practices, a business organization can maintain an effective competitive position among all the competitors. This is how innovation is highly important for the business organization to stay competitive in the market place.

Role of Internationalization Development and Implementation of Competitive Strategy

Internationalization also can be explained as a process that can be used by the business organization to use various strategies and process to perform business on a global level. With this process business of the organization, do not remain on the border of a nation. Globalization or internationalization process allows the business organization to selling their products or services to cross the border to improve the customer base and increase the profitability of the business organization (Hartmann and Lueg, 2017). The globalization process can help the organization to improve its knowledge about various things that can help the organization to perform its business operations more effectively. Internationalization also allows the business organization to make effective development in the technology of the company to increase the productivity of the company along with reducing the operational cost of the company. This process can help the organization in the textile industry to produce goods at a much lower cost and it can increase the marginal profit of the organization. Internationalization also can help the organization to make development in technology to meet the demands of the customer within time. This is how in different ways internationalization can help the business organization to gain higher productivity in the target market (Antalova, 2018). This high productivity, higher customer satisfaction can help the organization in the textile industry to gain a competitive advantage in the target market.

CONCLUSION

This report is providing a brief analysis of external factor and various disruptive events that can drive changes in the organization. The performance of H&M in the last five year in the global market also has been evaluated in the report. Porter five-force analysis also has been performed in the report to analyse the competitiveness of the UK market. Various aspects and competitive forces have been analysed in the report. The importance of porter five forces also has been evaluated for the management of the H&M global. Various external factor has been analysed in the report to evaluate their influence on the internal and external operation of company along with their performance in the market. The role of innovation and globalization also has been evaluated for the competitive positioning of the company in the target market.

RECOMMENDATIONS

In the current business environment, this is most important for the business organization to develop effective business strategy to improve the performance of the organization in global market. To improve the performance of organization, this is most important for the company to work on the information system to increase the knowledge of the organization. Information related to past trends, past performance, current trends and current performance can be considered by the organization to develop effective business strategy of the company. For example Big Data system, Artificial Intelligence and Management information system can be used by the organization to develop effective information system in company. Information can be collected, analysed and processes to improve the performance of organization in target market. All these information can be used to improve the overall performance of the organization in the target market. REFERENCES Books and Journals Abalkhail, T.S., 2019. Entry and Expansion Strategies for Burberry in Oman by Applying Porter's Five Forces Model. Indian Journal of Marketing. 49(1). pp.25-35. Antalova, M., 2018. THE IMPORTANCE OF GLOBALIZATION AND HUMAN CAPITAL FOR ECONOMIC GROWTH. GLOBALIZATION AND ITS SOCIO-ECONOMIC CONSEQUENCES. 10. p.14. Becker-Leifhold, C. and Iran, S., 2018. Collaborative fashion consumptiondrivers, barriers and future pathways. Journal of Fashion Marketing and Management: An International Journal. Boardman, R., Henninger, C.E. and Zhu, A., 2020. Augmented reality and virtual reality: new drivers for fashion retail?. In Technology-driven sustainability (pp. 155-172). Palgrave Macmillan, Cham. Bose, I. and Hussain, A., 2020. How to Enter Ethiopian Market: A Strategic Case Study. Journal of Applied Management and Investments. 9(1). pp.1-11. Gegg, P. and Wells, V., 2019. The development of seaweed-derived fuels in the UK: An analysis of stakeholder issues and public perceptions. Energy policy. 133. p.110924. Hartmann, M. and Lueg, K., 2017. Brexit: On the declining homogeneity of European elitesand on the importance of a domestic habitus in times of globalization. Culture, Practice and European Policy. 2(1). pp.28-34. Johnsson, M., 2018. The innovation facilitator: characteristics and importance for innovation teams. Journal of Innovation Management. 6(2). pp.12-44. Khan, S. and Shah, S.M.A., 2017. Study on Key Empirical Factors of Competitiveness: Case of Textile Industry of Pakistan. Journal of Managerial Sciences. 11(1). Khurram, A., Hassan, S. and Khurram, S., 2020. Revisiting Porter Five Forces Model: Influence of Non-Governmental Organizations on Competitive Rivalry in Various Economic Sectors. Kumbara, A., 2020. THE ANALYSIS OF PORTER'S FIVE FORCES IN LUCKY TEXTILE GROUP IN FACING THE COMPETITION OF TEXTILE INDUSTRY. Dinasti International Journal of Economics, Finance & Accounting. 1(3). pp.397-412. Meissner, D., Polt, W. and Vonortas, N.S., 2017. Towards a broad understanding of innovation and its importance for innovation policy. The Journal of Technology Transfer. 42(5). pp.1184-1211. Singh, S. and Srivastava, S., 2018. External Factors Affecting Indian Hand loom Industry: A Paradigm Shift. International Journal of Business Insights & Transformation. 12(1). Tran, H., 2020. Entering the Vietnamese textile and apparel consumer market: Case: Marimekko. Yeoman, I. and McMahon-Beattie, U., 2018. The future of luxury: mega drivers, new faces and scenarios. Journal of Revenue and Pricing Management. 17(4). pp.204-217. Online Coronavirus impact: H&M's March-May sales tumble by 50%, 2021. [Online]. Available Through.. Key Figures , 2020. [Online]. Available Through..

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