Footwear Industry In Singapore: Analysis Of Diamond Walker Company

History of Footwear Industry in the US

Discuss about the Process Analysis For Business Process Re-Engineering.

Footwear industry was first established in Europe. In 2005, there were only 24000 firms that used to produce footwear. But later in 2008, it raised to 27,000. It has not only increased the firms in numbers but also given rise to direct employment opportunity. The only factors that were constant was the actual value that has been added at factor cost and production value cost. In 2012, the annual revenue of the footwear industry was measured to be $48 billion in the country US. There are nearly 29000 stores of shoes in US and it has created a job opportunity for almost 189,000 people over there. Since, US involves high degree of imports, it has reduced the number of employment opportunity in very recent coming years. One of the best way to establish one’s position in the shoes industry is to maintain presence in niche markets.

Footwear industry is an industry which refers to the garments that is worn on feet. It helps to serve the purpose of protecting against the adversities of the environment. It also aims at protecting ground textures and environment. Footwear that is worn on foot solves the purpose of easing the locomotion and helps at preventing the injuries. It protect feet with many injuries and damages. Secondly, footwear is used to enhance the fashion consent of the people which helps to indicate and refer the status of an individual. Socks and other additional clothes are worn with to maintain more comfort and relief (Szenberg, Lombardi, & Lee, 2014).

Singapore is a country having a well economic condition, political stable and it has all the required infrastructure available for any types of investments. It also has major dimensions to provide business opportunities to all the other western countries as well. Singapore market is ranked as one of the best place to do any type of business activities according to the “Doing Business world bank Report 2010”. Singapore is also ranked as the second-best place to work across the world. Switzerland holds the first position. Singapore is the fourth largest foreign exchange trading center across the world after London, New York and Tokyo.

Footwear industry in Singapore is rapidly growing due to increasing trends in fashion. The porter’s five forces model is designed in order to analyze competition that take place among many companies. It includes five different forces mentioned below.

Today, customers’ demands are changing on daily basis. They prefer lower price of goods driven with fine quality. Customers are those who stimulate and gives rise to competition in the industry by creating huge number of competitors who will play against each other. The synchronization in the price takes place because of the demands of a particular product. Since, footwear is a must to have goods in the life of an individual, it has high sales turnover in the market. Due to increasing fashion and trends in the industry, the demand of footwear is also increasing and there is a high degree of differentiation. The differentiation allows every company to create a leverage in their competitive advantages and boost market share with their respective niches. It gives an opportunity to sellers to increase their prices because the cost of changing from one brand to another brand is higher for customers.

Purpose of Footwear

The bargaining power of suppliers of Diamond Walker Company is low. It has 70% of the local customers. So, it does not compete with the domestic companies which aims at low cost. Footwear that is sold in Singapore industry usually comes from low cost manufacturers mostly form Southeast Asia. Diamond Walker fails to create high bargaining power of suppliers when demand for footwear rises. The company needs more raw materials which sometimes lacks. So, in order to solve this problem, the company they select producers from other countries (Thompson, Peteraf, Gamble, Strickland & Jain, 2008).

Singapore has always been in the limelight which aims at presenting all the features of both macro and micro environment. Singapore market is one of the best market to invest in. It is not that easy to enter the market of Singapore. The ease between the Singapore companies and European countries was developed and created who wished to increase and enhance client portfolio. Since, Diamond Walker headquarter is situated in Singapore only, it has created a huge market competition in the industry and has also created barriers for other new entrants as well. The lifestyle in the Singapore market is dynamic in nature and this create an impact on the new companies if they plan to enter Singapore market.

There are thousands of companies that targets the market of Singapore. The companies are national as well as international companies who aims at delivering expensive brands and less expensive brands as well. They focus on targeting the lifestyle of the Singapore market. There are huge number of substitute products that many companies offer to the customers. The most recognizable brand found in Singapore market are Charles & Keith, Prada and Gucci. It gives an opportunity to the customers to easily switch from one brand to another if they are not satisfied. There is huge magnitude and ranges of foot wears in Singapore which make customer to choose among many options.

There is high degree of diversity among the vendors of footwear industry. There are large super market chains who supplies foot wears. Today, when it comes to Singapore, there are plenty of retailers who sells footwear and they have well satisfied different segments as well. However, high end products are produced by Prada and Gucci. Similarly, low end products are produced by Asian brands. Likewise, medium end segments are produced by Zara and H&M. and other segments are targeted by Diamond Walker, Nike and Adidas. Therefore, it can be said that the rivalry among footwear retailers is found to be moderate in Singapore (Porter, 2011).

Diamond Walker is a bespoke brand of shoes which is Singapore based and specialized in creating a quality leather shoes designed for men. It is a private company which was found in year 2012 with 20-50 numbers of employees. Sunny lee, Victor lee and Conrad Chua are the cofounders of Diamond Walker.  It aims at offering customization with is made to measure services. The main branch of the company is situated in Singapore and their shoes are designed by reputed well known designers and they are handmade in Seoul by craftsmen. They aim at making shoes with finest quality and they use best materials to enhance their shoes. They also provide huge range of patterns and styles of shoes which can suit in any occasion, any mood with any fashion style. It is involved in collaborations with many brands, from haute couture labels like Marc-Antoine Barrois from Paris, to fashion brands from England like Ted Baker & America like Scoop NYC & the Kooples as well as street fashion labels from Seoul & Singapore (Jain, 2014).

Singapore’s Economic Conditions and Business Opportunities

Other outlets of bespoke are found in Europe and America as well but the in terms of ranges, the best ranges are found in Singapore only.

The main vision of this company is to be one of the most known internationally well reputed bespoke shoe brand which will lead the industry driving with quality and relevance related to fashion. It also aims at developing large range of shoes styles in Singapore (Diamond Walker, 2018). The mission of the company follows three major aspects mentioned below.

• Custom-made shoes of good value

Bespoke shoes do not offer high priced products. It aims at providing good quality of Italian leather which is combined with the most top quality craftsmen.

• Fully Customizable

It aims at standing out of crowd by focusing on unique shoes that can be designed according to the choices of customers. It targets on the lines “Luxury with your own style, Comfort with your own fit”.

• A Shoe for any Occasion

It aims at providing shoes for every occasion that will be fir for any men. It offers such huge varieties of shoes that is beyond the imagination of the men (LinkedIn, 2017).

Diamond walker has the retail business of shoes. It is a private company which was found in year 2012 with 20-50 numbers of employees. It aims at offering customization with is made to measure services. The main branch of the company is situated in Singapore and their shoes are designed by reputed well known designers and they are handmade in Seoul by craftsmen. The main branch of the company is situated in Singapore and their shoes are designed by reputed well known designers and they are handmade in Seoul by craftsmen. They aim at making shoes with finest quality and they use best materials to enhance their shoes.

The principles of the company involves focused on making the unique products to have the competitive advantage over other competitors. To provide different type of goods, that can appeal the consumers by its visuals. The Diamond walker has consistency in its message. Here consistency implies having a simple and clear message which can build a smart communicating strategy to attract the consumers.

The company called Diamond Walker in Singapore offers handcrafted shoes that matches with the dress and encompassed by classis oxfords, brogues, derby and monks. It also provides several versions of semi-formal shoes which can be worn anytime. Semi-formal shoes are found in many colors with fine leather quality and also found in heels as well. Semi-formals shoes include loafers, moccasins, and sandals, hiking boots, riding boots, Chelsea boots and other many fashion boots. They also aim at providing many varieties of insoles, outsoles and 48 varieties of leather (Crestanello & Tattara, 2011).

Addition to this, it also provide 200 designs of shoes. The customers of this brand ranges from men and women form 20 years with white collar professionals. They also have expats and tourists widely chosen from France, England, America, Danish, Italian, Australians. They also serve the top most CEOs of well-known companies and the brand ambassadors of the company are found from Singapore, Taiwan, India and Korea. Recently, the company has two boutiques situated in Singapore and they are still looking forward to expand their business internationally (Antràs & Chor, 2013).

Porter’s Five Forces Model

Customers treat bespoke shoes as one of the finest brand to wear in Singapore. The company serves large number of happy customers. The customers of bespoke shoes have a common logic about the brand that it fits like a glove and gives a level of satisfaction and comfort ability. Customers have also stated that the measurements taken by the brand is very perfect. Moreover, the brand also provides handmade craftsmanship.

There are many competitors of Diamond Walkers I Singapore itself and also from other countries. The key difference between the company and its competitors is that Diamond Walkers are far more progressive and they offer best product positioning strategy. They do not get involved in any kind of heritage baggage which other brands of Europe does. There are very few brand of shoes who aims at offering customization services to their customers. Diamond Walker provides customization facilities to its customers and they can also do classics to the wickedly wild shoes. The demand for male shoes is increasing with an increasing sense of fashion. Moreover, the brand was also invited by Harvard University to be the part of IDENTITIES fashion show in their annuals (Kim & Ko, 2012).

Strength and weakness are the internal factors while opportunity and threat are the external factors.

• It is involved in collaborations with many high profile brands which helps the company to lead itself in the industry.
• Diamond walker provides the fine quality of products driven with cost effectiveness and customization which helps to attract lots of customers.
• Since, Diamond walkers offers perishable goods, it do not face the problem of storage.
• It requires very low number of employees which also reduce many unnecessary cost.
• The strategic location of the company is situated in Singapore which is highly surrounded by potential customers. Moreover, it has also spread its branches in other locations as well.

• It has failed to cover the market internationally. Despite of creating market in Singapore and other countries, it could not rank itself in other many countries where it earn good income as well.
• It should also focus on producing all ranges of shoes majorly for middle class people who cannot afford high priced shoes.
• It basically focuses on men’s wear shoes. The demand for women’s shoes are more of compared to men. So it should also start targeting on women’s shoes as well.
• They have 70% of the local customers and only 30% segments of expatriates and tourists from US, Japan, Indonesia, China, South Korea, Qatar and Oman (Tseng & Piller, 2011).

• The company provides the opportunity in creating a market by attracting large number of customers in other many countries like America, china and some parts of Europe.
• Since Diamond Walker aims at maintaining some fine quality products driving with product customization and cost effectiveness. There are some customers who fly long to purchase products of the brand.
• The company is planning to expand its business across the globe. So, it will create an employment opportunity internationally to serve such well reputed brand (Martínez-Mora & Merino, 2014).

• There are many competitors who has ranked itself successfully in the shoes industry which sometimes lack behind Diamond walker.
• There are many loyal customers who are still scared to switch from one brand to another. Switching from one brand to another brand is very complex decision because it involves the mindset and attitude of the customer that needs to be changed.
• Shoes industry is highly consolidated and saturated market but it fails to provide more digital platform to its customers due to security concern.

PESTLE Analysis (Macro environment)

Political Factors are those factors which is treated as a backbone of a business. Political factors affect the company performance and how well the company is growing in the market.

Let us take an example: When it comes to shoes industry, Political factor splays a major role in order to decide the survivability of the business.

Singapore, Diamond Walkers “home country” has fantastic policies for any company’s growth which is very valuable for any shoes industry. It involves low interest rates and well managed international tax agreements. As a company, it manufactures and produces physical goods, Diamond Walker is always ready to subject to changes in terms of tax and other many manufacturing laws. Many political conflicts may take place which may create difficult processes and complexity in imports and exports.

Diamond walker aims at selling well reputed medium range of products so the company are very less vulnerable to all economic factors if compared to others. It can be bad news for the company if the market collapses and other many brands also gets affected. Consumers may prefer switching directly to lower-end, and cheaper products. Revenues created by Diamond Walkers are sometimes dependent upon the low-cost labor in some of the countries. The labor cost keeps on changing form countries to countries which may create difficulties for the company to hire employees and train them to produce finest quality. It may cost high to the company to meet the requirements of the employees across the globe in developed countries. When, it comes to less developed countries, the prices of shoes may get high due to labor expenses and due to high prices, it may fail to create a market for its growth in under developed countries. Besides of all the expenses, Diamond Walkers has its “deep pocket” of finances which helps the company to run after some small emerging marketing trends where they could sell their products to the potential customers.

Diversity Among Vendors

Public Relations has always proved to be sufficient and relevant in today’s generations. A good and well-known status plays a major role in the modern business and it is very important to have one’s good image in the society. Today world is continuously increasing towards changing lifestyle and creating awareness about the health consciousness. Every individual is more concern about his/her health and they are ready to pay anything to get a happy and satisfied health life. So, sometimes it happens that wearing wrong shoes may be one of the biggest problem that one can face. Similarly, wearing right shoes can make them feel comfortable which gives an opportunity to serve those customers. They are ready to buy large number of shoes and this makes Diamond Walker happy. On the contrary, Diamond Walker has received huge number of since in very few years, which has also created a different mindset. It has published itself in every social media which can also be a problem (Zeng, 2010).

Technology gives an opportunity to the company to generate and innovate new ideas in other many different ways. There are lots of techniques today which can be used by the company in terms of innovation. The ways from interacting with the customers and designing products according to their requirements are all major factors in technology. Technology is a way to create value to the business such as Diamond Walker. It has huge number of varieties of product ranges which are manufactured due to changing trends and demands of the customers as well. Social media is one of the significant factor in technology because it allows the things to blow up and whistle faster than they actually seem. Diamond Walker is doing great with social media and it has successfully been able to build its brand value in the mind of customers through social media. But then it can also work as a double-edged sword if social media is not used in the correct form because everything has pros and cons and so does the social media. Diamond Walker has also an opportunity to use its Valuable information metrics aligned with technology advancements. Those metrics allows the company to optimize targets, revenues and production as well.

Legal factors are those factors which are sometimes combined with political factors when we analyze PEST but when it comes to PESTLE analysis, it is different and these two are separated from each other. Coming to Diamond Walkers, the company do not have more legal factors that must be taken into consideration. But some of the laws and regulation may create problem if it plans to expand its business throughout the entire globe. It may feel surprise to hear that Diamond Walkers also dodges substantial amounts of tax. There are many issues regarding to tax minimization but apart from this, the company has built its image in the market and in the industry as well. Addition to this, Diamond Walker also meets some legal repercussions in create more marking practices by offering additional discounts on some occasions.

Diamond Walker Company: History and Product Offerings

Environmental factors are those factors that aims at creating the importance of environment and declining the issues involved in it. There are few factors that affect Diamond Walkers and they are worth stating. The production process of Diamond Walker is hampering the environment in an adverse way because it does not only create aerial problems but also other many pollution that create a difficulties and issues in the living standard of the people. Pollution Rivers must be created which helps in easily disposing all the unnecessary materials which cannot be recycled again. Production centers must be located far from the city so that pollution created may not create problem to local people living in the society (Ahluwalia & Gürhan-Canli, 2000). Apart from this, Diamond Walker has also focused in creating an Eco-friendly environment by delivering promises to changes the current practices which harm the environment. All the materials used by the company must be recycled to create a healthy environment (Choyyou, 2017).

That is a complete for the PESTLE analysis of Diamond Walker Company. They have a strong brand name and great customer’s value but they must be more attentive towards to morality of the practices they are highly involved in. they must be more careful towards the factors that will help them to grow more in the market and create a leading position in the shoes industry (Fernie & Sparks, 2014).

In the year 2014, Asia Pacific was capable of generating highest revenue in footwear industry. China is also known as the largest manufacturer and exporter of foot wears. Asian countries such as china and India are two of the major producers who aims at producing large quantity of foot wears. They export their products mainly to United States and United Kingdom. China has successfully ranked its position in international market of footwear industry. The demand for footwear has also helped in increasing the manufacturer of the products. There are also many manufacturers who dominate the Chinese footwear industry and its market share. The below mentioned diagram helps to know the consumption of footwear in china during 2005-12 (Lin & Sun, 2010).

Buyers are the final customers and retail stores. Retail stores are known as buyers because they buy goods from the wholesalers or manufacturers. Footwear industry is defined by many factors such as design, quality, brand and technology. When Diamond Walker plans to expand its business in China, it will have to compete more because there are huge number of manufacturers who already exist in the market. Moreover, if there are huge number of suppliers, then the customers get choices to switch between available options. They bargain more because they have better options available (Fleisher, Hu, McGuire & Zhang, 2010).

The bargaining power of suppliers in context to china market is very low because there are huge number of suppliers of foot wear in china. When it comes Diamond Walker, it has planned to explore its business in china. The foot wear industry in china has already made its position in the leading market. There are already suppliers who manufacture foot wear driven with finest quality. So, if Diamond Walker opens its store in china, it will create complexity for the brand to build its image in already established market (Alon & Eugene, 2013).

Collaborations with Other Brands

Since, china is a country which has already huge market segments in terms of footwear industry. There are large number of products range found in china. One can easily get substitute products in the market. Diamond walker if plans to expand business in china will have to work on the uniqueness of the product to capture the customers and the market as well because there are thousands of suppliers who have already captured the market.

The competition in china for the footwear industry is very high because china is a country who stands on the lead position in terms of foot wear manufacturing. There is high competition in the market because there are huge number of suppliers who supplied foot wear in the market. The competition is very high and it will create problems for Diamond Walker as well. Though the company will be able to earn sound profits if it operates its business in china because customers will get a new option to switch on from the existing brand (Ko, Taylor, Sung, Lee, & Wang, 2012).

Diamond walker has planned to enter the new market through the mode of Joint Venture. According to the research in china, it was found that the most commonly used entry modes in order to enter the Chinese market for foreign companies are huge in numbers. But some of them are direct export, licensing, joint venture and owned enterprise. There are some factors that affect the entry mode for the entrants. Some of them are the advantages and benefits of ownership of the company, the advantages of the location that exists in the market and the benefits of internationalization. Every business needs attentive planning of time and execution when it plans to enter new market. Since, Diamond walker will be able to gain profits if it wishes to enter the market of china. The tooling skills used in china are very effective and innovative (Pietrobelli & Rabellotti, 2011). Diamond walker can also adopt those skills to capture the market and enhance their innovative products to attract lots of customers. There is a great opportunity and the company can easily adopt uniform business strategy to be followed.  Diamond Walker shoes have become the favorite in many famous Korean stars such as Rain, Super Junior, and many other K-POP celebrities, actors and entertainment celebrities such as Cha Tae Hyun, Lee Sung Jae, Jang Hyuk and Lee Min Ho (Lai, Tam & Chan, 2012).

The core objective of Diamond Walker is to brand new customers towards their company. The product strategy followed by the company is that it aims at focusing on building brands based on the customer preferences. It aims at focusing on the several aspects of the products such as color, leather, patterns, style, comfort and many more. The company focuses on the motto “If you have problems fitting into shoes, our made-to-measure service ensures a good, if not perfect, fit that will have you feeling great on your Big Day!” (Naidoo, 2010).

Diamond Walker aims at creating and manufacturing from medium range of products to high range of products. The products range of the company is conceptualized and analyzed by talented and skilled craftsman. The company provide both types of products i.e. customized products and ready to wear products. There is a difference in the prices between the both. In addition to this, the price of bespoke shoes is high because of the skilled artisans who produces such finest shoes. The shoes are crafted with exotic skins and the price range begins from $3000 which is affordable to be paid.

All the products of Diamond Walker are designed in Korea. In addition to this, the company has expanded its business internationally as well. It has also started their stores in Qatar. Moreover, the company has recently announced partnership with AIH i.e. Abu Issa Holding in order to start boutiques in Doha, Dubai, Kuwait, and Kingdom of Saudi Arabia. Apart from this, the company has also declared the total number of stores that will be opened in those places is seven till the end of 2018 (Caniato, Caridi, Crippa & Moretto, 2012). The company is very sure that it will be able to earn huge profits and earn good market segments in Middle East market.  There are only three Singaporeans in the business and rest are majorly form Korea. All the major products are manufactured in Korea (Borgianni, Cascini & Rotini, 2010).

Diamond Walker has already capture a successful market in the shoes industry. But despite of it, the company also used many promotional strategy to build its image. Crowdsourcing is one of the most used technique to promote business in foot wears industry. Crowdsourcing is a new technique which makes customers get involved to market products to the public.

Let us take an example: A well-known Footwear brand ran a Mother’s Day Campaign which motivated and inspired customers to share their video named “A letter to Mom” which they had to make with their own mothers. And the winner got a free pair of shoes.

In addition to this, a common technique called design your own shoes is used by Diamond Walker where customers are given an opportunity to design their own shoes which makes their product different from others and more personalized as well. Customers can design their shoes according to their preferences and choices (Kotler, 2015).

Clinton Zheng is an investment consultant and a partner in Diamond Walker Company. The company was founded in 2012 and it has been only 5years and the company has earned a huge profit in the footwear industry and maintained its image. Today, Diamond Walker has boasted its business in multiple retail chains in Dubai, Qatar, Doha, New York and many more. The business was started with a seed capital budget of SGD $8306 and achieved an annual revenue of SGD $160,214 in the initial year only. After that, the company kept on growing rapidly financially and earned a huge amount of profits. The company had faced losses in 2015 but then it uplifted and tried to innovate more products and learnt the business strategies as well (Levy, 1990).

The profit ratio of the company sounds good because it has earned great market share in Singapore in footwear industry. In addition to this, the company has planned to expand its business china which is also a great opportunity for the company to build economic growth and sustain in the competitive environment as well.

James hall is the founder of the company and Jane Doe is the co-founder. The management team of the company is comprised of many 5-6 members altogether. The future plans for the company is to expand globally, with a Diamond Walker store in a major city in each country. In addition to this, the company is also planning to expand its business in western countries by the end of 2018. As mentioned above, the company has announced to enter the china market through joint venture which will create an opportunity for the company to grow more. Diamond Walker ensure a correct marketing plan by controlling and managing procedures involved in top management and providing proper guidance to all the other departments in the business. The main objectives of Diamond Walker can be right achieved by checking the balance of the company’s market share, profit and loss account, and sales budget. It can be done analyzing the market and implementing all the factors required to meet the desired targets. In addition to this, all the marketing communication channels and budget department must be controlled as well in order to reduce the chances of errors to be occurred (Foray, 2013).

The company is planning to develop it’s retain chains and outlets in other many countries like Dubai, Qatar and golf countries. There are many components involved in contingency plan such as developing and implementing a strategy, assessing the effects of many catastrophe scenarios in the business, safeguard the employees, assigning particular contingency roles and responsibilities to teams with high degree of experts and lastly testing and creating feedback (Waste, 2016). Developing contingency plans helps to create transparency and accuracy to the marketplace. It also enable to decrease the time of recovery and helps the employees to stay in the business unless the property is being restored (Grant, 2016). Later, the purchase sufficient business income helps to secure and protect other financing aspects in order to recover full time framework. In addition to the footwear industry, contingency plans are equally responsible as compared to other business industry. If the above set marketing plans fails to meet, then an alternative plan is taken into considerations. The alternative plan include back housing all the resources in terms of an extra budget plan, creating remedy for new designs and develop many ways of communication. It also aims at redesigning all the marketing plans and strategies (D’arpizio, Levato, Zito & de Montgolfier, 2015).

From the above report, it can be recommended that Diamond Walker must focus on expanding its business in other many countries. Despite of this, the company must plan to develop new marketing strategies to hold the position into the new market. There are many rules and regulations that are to be followed when the company plans to enter the new market. In the context of china market, china is a well-established country which deals in strong market shares in terms of foot wears. China is known as the largest country to sell footwear and manufacture it as well. Likewise, the company should also start competing with all the known brands like Nike, Prada, Gucci and Adidas. Thus, the company can get more success if followed the above recommendations.

Conclusions

As a result, it can be concluded that the company majorly deals in footwear and aims at creating a market value that will satisfy maximum of the customers by manufacturing finest shoes driven with best quality. Diamond walker bespoke shoes aims at attracting customers by providing a customization facility so that they can design their shoes as per their requirements and which will best suit their lifestyle as well. Apart from this, the company has also several marketing strategy and plans to maintain itself in the market. The company used Joint venture as an entry mode to in order to enter the Chinese market and established business there. In addition to this, the company also needs to build a competition in other many countries as well (Shamsuzzoha, Kankaanpaa, & Fornasiero, 2013).

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