INTERNATIONAL BUSINESS ENVIRONMENT Julia W.

Jensen
CPR 140785-3136 BSc. International Business

CATCHING CHINA
A market entry strategy to an emerging market

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NOA NOA ApS (Axcel) - Catching China

Noa Noa is fast becoming an advocate of Danish modern lifestyle, and a signature of quality. Founded in 1981 by Harald & Lars Holstein, the clothing line features feminine, romantic Bohemian-inspired genres famous for their neutral tones and unique textiles. With its roots in Womenswear, Noa Noa operates under multi-channel distribution (a mix of wholesale and retail sales channels) and branded concept stores both franchised and owned. With its head office based in Denmark, six subsidiaries in Europe and over 180 concept stores, Noa Noa generates an annual revenue of roughly DKK500million and employs 311 employees as of 2012 (Axcel 2012, p.7). Since 2007, Noa Noa went under private equity fund Axcel to expand its international portfolio. Axcel holds primary interests in medium-sized Nordic companies, and operates four investment funds under limited partnership relations with its companies. Due to the economic crisis of 2008, and shrinking consumer power within their main European markets. Noa Noa saw revenues plunge from 534.667 to 480.285 in 2009, only to recover briefly in 2010 before hitting critical lows of 470.360 and negative figures in profits since 2011 (Axcel 2012, p.7) Noa Noa desperately needs to expand into new markets to mitigate risks and profit loss from falling regional demand. It recently extended its range of associated products: a baby collection in 2010, Dcor collections for the home and a recent launch of childrenswear for boys to diversify towards other markets.

Changing China This assessment focuses on the expansion of Noa Noa into the Chinese Retail market. Despite saturation of first-mover competition, the Chinese market is still considerable in size and growth with strong consumer power (Kromer & Ern-Stockum 2012, p.3). A higher percentage of female customers than male customers spells a shifting demographic of consumers favourable to Noa Noa as a Womenswear brand (BCG 2011, p.7). Maturity of the fashion market in China implies lower risks of entry within a market now more susceptible to Western costume brands than it was 10 years ago (Bestseller n.d.). Government-supported urbanization will see the rise of low-tier cities to match high-tier zones in 5-10 years. This means better infrastructure and channels of access to an increasing market of middle-class customers willing to match the next best in their price range. Noa Noas midhigh range prices sets itself as a competitive advantage against those of their competitors e.g Bestseller in luxury demand. Noa Noas presence in China is currently limited to their strategic alliances with suppliers and agents from allocated production facilities (Noa Noa FAQ n.d.). They can take their presence one step further to realize increase value creation within their products and
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location economies, through differentiation (mass customizability and economies of scope), and externalities such as state-of-the-art mills respectively. Utilizing pre-existing supplier relations, sourcing and logistics team, Noa Noa is poised for expansion towards global competitiveness.

Case, Framework & Theory The entry into China is defined by the need for wide distribution networks with strong retail representation whilst retaining controls and local responsiveness. To assess compatibility between Noa Noa and the Chinese market, I will begin with a (1) Market Analysis, to point out key factors in its complexity that might affect or strengthen our entry strategy, and with utilization of Hofstedes 5Dimensions Theory (Hill 2013, p. 121) to analyse social situations using the PEST(Environment and Ethics) framework; followed by a (2) Company Analysis, assessing Noa Noas entry ability in organizational architecture, and choice of strategy; before proposing an (3) Entry Strategy, based on FDI theory by Hill (2012, p. 256) addressing mode, timing and scale of entry, cultural issues and business ethics with conceptual support from Heckscher-Ohlin Theory of factor endowments, New Trade Theory of economies of scale and first-mover advantages, and Porters Theory of national competitive advantage (Hill 2013, p.194-200) I will then address Noa Noas choice to buy - and why, with theories from Global Production, Outsourcing and Logistics in accordance with market and social factors. And finally, I will apply Theory on International Monetary Policy to assess potential financial risks (Hill 2013, p.354).

(1) Market Analysis Political: On the Political front, rising discontent towards unequal concentration of wealth, in politically-connected individuals and families (as in the case of DMG-Shanghai (Hill 2013, p.119)) and state-funded sectors, is spurring a policy emphasis on rebalancing the domestic economy (Golley 2013, p.5) According to Golley, the policy has shifted away from export-led growth towards increasing domestic consumption as a driver for Chinas continued GDP growth (Peters 2009, p.1): a favourable term to Noa Noas expansion. State-owned enterprises steering towards private ownership means an increasingly fair Chinese market, and Chinas pro-FDI policies with its entry to the WTO in 2011 suggests ease and lower costs of entry. As part of the rebalancing act, the government hopes to increase its urban population (Golley 2013, p.7) through the rise of low-tier cities, justifying the possible rise in middle-class consumer power. Government-funded public infrastructure to cope with increasing urbanization

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means accessibility to rural areas: hence implying lower costs of distribution, and increase in factor endowments with continued access to cheaper labor and natural resources, all contributing towards Chinas national competitive advantage (Hill 2013, p.197). On the downside, China with its Confucian fundamentals is still suffering from a high level of corruption, and an uncertain political and economic future reliant on how well newly-elected President Xi and Premier Li cope with the rising tensions in inequality (Spar & Oi 2006, p.13), marring accurate risk mitigation. Economic: On the economic frontier, there are four essential factors to consider. Firstly, Chinas rise in consumer spending, GDP growth and large clothing market are keen conditions to Noa Noas expansion. Despite low per capita spending as compared to US and UK, and saturation of first-mover competition, the China market is still considerable in size and growth with the potential to grow threefold (Hsu et al. 2011, p.5) and massive clothing market at 196.3bn CAGR (Compound Annual Growth Rate) as opposed to 53.4bn in Russia (Kromer & Ern-Stockum 2012, p.3). It must be noted that, though favourable, this growth may not be sustainable going forward (Nolan, 2004) Despite encouraged consumer spending, Chinas population is prone to a culturally-embedded savings mentality (Peters n.d, p.5), and issues pertaining to Chinas state-wide falsification of data hints at economic unpredictability with hidden costs and risks. Secondly, Special Economic Zones (SEZ) introduced in 1979 on coastal wealthier cities have favourable policies structured to ensure successful foreign investments (Spar & Oi 2006, p.7) Basing operations in a SEZ city can help mitigate risks of a greenfield investment. Thirdly, Chinas membership in the WTO meant reduced tariffs and a provision of a safety net for production knowhow, considerably raising Chinas competitive advantage through its Regional Economic Integration policies. Lastly, the pegged Chinese yuan to the dollar (Spar & Oi 2006, p.10) has ensured a stable level of competitiveness in exports to Noa Noas current European markets, but a potential currency appreciation of the Chinese yuan, due to considerable pressure from US and Chinas status as a member of the WTO (Spar & Oi 2006, p.13), threatens serious exogenous financial implications for the fashion business. Social & Culture: The key to understanding China is in understanding its social and cultural factors. There are three key factors crucial to the success of our entry strategy. First, the increasing importance of education in China has provided two significant competitive advantages: One, educated and highly-skilled individuals (an increasing number with foreign degrees and international exposure) which constitutes to increasingly talented labor, and Two, educated populations are now

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more aware of their emotional space fashion identity, hence the rise of dressing to occasion that represents a growing demand for sophisticated clothing. (Hsu et al. 2011, p.7-8) Secondly, there has been significant shifts in customer demographic from former masculine demand towards feminine demand, alongside a rise in youth spending. Once a male dominant customer base, high-tier cities of China now charts 57% of purchases made by women as opposed to 43% made by men. (Hsu et al. 2011, p.6) Low-tier cities continue to chart higher male consumer spending, but with rising incomes, might make the same shift. In a family-first society based on familial values as China, the increase in female customers amounts to a potential rise in childrenswear sales. This trend is favourable to Noa Noas recent diversification to include a children and baby fashion line. The rise of Little Emperors due to Chinas former One-Child Policy has created a post-1980s generation that has never faced suffering comes with an unprecedented willingness to spend, and an obsession for large flagship concept stores (Hsu et al. 2011, p.6) The differences between high-tier and low-tier cities constitutes the Third factor. Widening income gap continues to exists, but with further government-supported urbanization, low-tier cities may rise to match high-tier cities in consumer power in the next 5-10years (Hsu et al. 2011, p.7) Noa Noas mid-high range prices may deter initial demand, but with an increasing market of middle-class customers willing to match the next best in their price range, Noa Noas mid-high range prices may turn around to be a competitive advantage against their Danish rivals e.g Bestseller & IC Company (with lower-range offerings) in luxury demand. Another difference is consumers in low-tier cities are not as educated in Fashion as consumers in high-tier zones are, thus having trained retail staff with deep knowledge of product offerings to educate and provide styling advice to their customers constitutes to competitive advantages. Noa Noas strength in staff training and EU concept store sales point puts them at a strong competitive advantage to match their rivals. Hofstedes cultural dimensions framework lists five factors to help analyse the social nature of the country: power distance, individualism vs collectivism, uncertainty avoidance, masculinity versus feminity, and Confucian dynamism (Hill 2013, p.121-123). According to Hofstede, Chinas power distance sits at 80 suggesting that inequalities among people are acceptable with clear subordinate-superior distinction and highly influenced by formal authority. In relativity, Chinas individual vs collectivism sits at 20, spelling a strong collectivist mindset and an identity tied to group memberships and family a trait beneficial towards lowering cost of control and incentives. With uncertainty avoidance at 30, China is comfortable with ambiguity: its norms and language are traditionally ambigious in nature, and this might be a hurdle for Western companies with relative

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transparency like Noa Noa. China scores high on Confucian dynamism or Long-term Orientation at 118, with perseverance, savings and order deeply etched in traditions, and long term prospects more important than immediate gain (Hofstede n.d.). It is important to note that this framework is a generalization, and factors on culture should not be overstated (Hill 2013, p.123) Technological: With language-bound and partly-restricted internet policies, the proliferation of a local Chinese-based internet and social network culture (Euromonitor n.d) has created a tightly knit network of distribution with high customer interaction and little delivery costs e.g Taobao. Internet sales point can support a constantly rotating inventory that keeps product offerings fresh and welltailored, while creating a high accessibility multichannel retail experience for customers through new media, and points of interaction such as social networks. This rise in technology fosters an ubiquitous youth culture and a gradual cultural convergence under the convergence hypothesis (Hill 2013, p.125) Environmental & Ethics: A consequence of Chinas strong economic growth and development, China is now faced with pressures: both internally from its severe pollution challenge, and externally by global environmental groups with its status as a WTO member. Many argue that this fits in with Kuznets Curve Theory (Guo 2013, p.62) of which environmental pressures will increase as income levels increase. Statistics however, demonstrate a contradicting case: Chinas textile industry alone consumed 1,366,00 million tonnes of water, and burnt 16.9million tonnes of coal in 2002, emitting 205.9billion cubic meters of waste gas while problems in wastewater control persist. (IISD, 2004) On the issue of ethics, China has been persistent in regulating labour laws and child labour within SEZs, though further research is required on rural areas. According to figures, some Chinese workers in the textile industry are paid 12-18cents per hour in poor work conditions. (Claudio, 2007) Despite severe implementation of labors laws by the authorities, cases of abuse still exist as demonstrated in the Etch-A-Sketch case where workers at Kin Ki factory were paid 30% less than the minimum wage set by Shenzhen authorities (Hill 2013, p.142)

(2) Company Analysis Organizational Architecture and Ownership: Decentralized vertical differentiation (Hill 2013, p.450-452) seems to be a distinct competitive characteristic in many Danish MNCs, and Noa Noas organizational structure is no exception. Though investment, restructuring and other top managerial strategic decisions are centralized with Axcel Equity and its Board of Directors, operational and management decisions are largely decentralized to Noa Noas head office, and its individual
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subsidiaries. This ensure that top management will not be overburdened with daily decisions, and allow for greater flexibility and speed towards local responsiveness with better overall decisionmaking. (Hill 2013, p.450) Despite its centralization, Axcel supports having brand founders as shareholders and elected back into the Board to ensure brand continuity. (Axcel n.d) Noa Noa practices horizontal differentiation through Worldwide Area Structure. (Hill 2013, p.455) Fashion being a preference-dependant business, Noa Noa decentralizes marketing, franchising and operational decisions to individual geographic regions through each of their six subsidiaries to facilitate local responsiveness in customizing product offerings. Though a majority of R&D and Design processes are based centrally in Denmark, Noa Noa utilizes a limited level of formal and informal integrating mechanisms to coordinate customization. Liaison roles are filled by fashion buyers and design teams who travel frequently to different subsidiaries to explore local trends, and knowledge network systems through intranet POS systems allow for 247 inventory tracking and international access to stock flow. Control System & Incentives are centralized decisions of the Board, and are offered based only on overall company performance and fulfilled return for its investors. They offer a conditional programme to employees to consider investing in the company: a system that prove best in motivating the management (Axcel n.d), and one that can operate comfortably with Chinese Confucian notions of reciprocal obligations, and social identity through group memberships (Hill 2013, p.105 & 117) Choice of Strategy: According to Hill, the decision of strategy lies between pressure for cost reduction versus pressure for local responsiveness/customization. (Hill 435) Considering the midhigh range nature of Noa Noas products, cost pressures are not significantly high. The niche concept of Noa Noas ever-changing wide product variety limits the companys ability to capture low costs, thus shifting emphasis towards utilizing differentiation as value creation (further discussed under (3) Entry Strategy) (Hill 2013, p.420) and further exemplify the need for local responsiveness, leading to the use of Localization Strategy. (Hill 2013, p.418) Although there are hints at a Transnational Strategy with some form of economies of scale, experience curve and location economies observed in its global production (Noa Noa FAQ n.d), there are limitations to these due to local responsiveness requirement. Noa Noa has relatively low performance ambiguity (characteristic of Localization Strategy) since products, though varied, are designed and distributed in accordance with a collection, and subsidiary roles are primarily functionbased. Perhaps with rising consumer demands in the new market of China, needs for further integrating mechanisms will rise and strategic decision-making to facilitate the concentrated value

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chain configuration in its R&D-to-manufacturing coordination (Peters, 2013) will become increasingly centralized, spurring a shift into Transnational Strategy and a Global Matrix Structure, that might or might not put Noa Noa in a better position to secure future global competitiveness.

(3) Entry Strategy Entry Mode: According to Hill, there are six modes of entry to an emerging market a company can pursue. (Hill, 499) My proposed entry mode for Noa Noa into China is a combination of two: a greenfield venture under regional wholly-owned subsidiaries within high-tier markets, and a franchising approach towards low-tier cities. The main reason is the need for Noa Noa to build market presence in over 462 cities at low costs and risks, in order to reach 80% of the Chinese midhigh fashion market. (Hsu et al., p.7) Having wholly-own subsidiaries based in both Beijing and Shanghai mitigates risks of unknown local conditions, and account for representation in both North and South China, while being able to regulate quality control of franchises within their regions. Timing of Entry: Noa Noa enters China as a second-mover, having lost first-mover advantages in terms of market knowledge, sales volume, branding and networks of distribution channels to Danish rivals Bestseller and IC Company over 10 years ago. Noa Noa is however spared from significant pioneering costs in promotion, in educating their customers and in learning the market and appropriate business models; all of which its competitors had to take (Bestseller n.d). Taking advantage of the maturity of the market, and learning from existing knowledge on the market and previous business model failures, Noa Noa can ride on the success of its Danish competitors by branding itself upon the prestige of from Denmark. Scale of Entry: According to Hill, large-scale entry requires significant capital investment, and may demand strategic commitments, poising a lack of flexibility (Hill, 489). Though small-scale entry may limit the exposure of Noa Noa to the market, speed is not as significant initially given that capturing first or early-mover advantages is not of priority. Small-scale entry allows for information gathering to structure a franchising package tailored to China in preparation of future large-scale expansions. According to Axcel Equity, resources are currently required to support expansion in other new markets as well e.g Eastern Europe market (Axcel n.d). Cultural Intricacies: Noa Noa might face a lack of cross-cultural literacy (Hill 2013, p.100) in integrating its Chinese subsidiary across borders. Drawing on Hofstedes 5D Theory (Hofstede n.d; Hill 2013, p.121), having a Chinese Managing Director run the subsidiary can help reduce tensions arising from a difference in power distance and language barriers. Chinese subordinates are prone to
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ambiguity and prefer solving issues within themselves before informing their superiors, while Danish superiors practice transparency and welcome debates, suggesting possible difficulties in Danish-led superior-subordinate relations. Frictions between Danish individualism and Chinese collectivism will become more pronounced as Denmark-based design team travels to China to coordinate design demands. Noa Noa can consider positioning Chinese employees within the main design team to facilitate global learning, or co-locating design with its Chinese manufacturing operations in China as did HP in Singapore (Hill 2013, p.565). Due to Chinese culture being fundamentally based around guanxi, Noa Noa needs to fosture closer relations between their managers, local suppliers and customers. One management challenge that might arise from guanxi based society (where networking and relationships sometimes count more than skills) is in ensuring fair employment based on real skill sets. Noa Noa can extend their centralized hiring systems to accommodate Chinese subsidiaries with final decisions reviewed by the Danish headquarter. Noa Noa must take into account the Masculinity emphasis on success and Chinese Confucian concept of reciprocal obligations into their incentive programme, understanding that setting unrealistic strategic goals might lead to unethical behaviour (Hill 2013, p.147). Confucian dynamism observed by Chinese managers will dissuade them from pursuing short term objectives to focus on long-term stable profits and continued success of the company. Long-term orientation also accounts for lower employee turnover. To address language and ambiguity issues, the use of centralized staff training curriculum towards Noa Noas company core values can help in minimising friction and promoting transparency, openness and mutual understanding. Noa Noas CR policies advocate equal opportunities for all employees, and with an incentive programme targeted on collective performance rather than the individual (Axcel n.d), Noa Noas corporate culture fits well into Chinese collectivism values. Business Ethics: As a member of BSCI (Business Social Compliance Initiative), Noa Noa engages an audit team to ensure manufacturing processes comply with corporate social responsibility codes set down by initiative members (Noa Noa FAQ n.d). Noa Noa can extend these audit control systems to their Chinese subsidiary and provide staff training curriculums to educate personnel on compliance with CR values on anti-corruption, anti-bribery, ethical behaviour and human rights. Global Production, Outsourcing and Logistics: Noa Noas competitive advantage in preferential responsiveness lies in their choice to outsource and buy than to make. The fashion business revolves around constant collection changes with diversified product variety that requires flexibility and low
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costs at production level. Sourcing from independent suppliers provides both a cost and efficiency advantage as they constantly innovate to win businesses, and charge prices that are set by market forces (Hill 2013, p.571) Currently, Noa Noa pursues a strategic alliance with their key suppliers to buy into trust (essential in China where it is based on guanxi) and hence, assuring their suppliers to make capital-intensive investments in sophisticated equipment and technologies constituting to ___ Further than trust in strategic alliances, Noa Noa can consider acquiring minority shareholdings in their key independent suppliers. This acts as both a symbol of long-term cooperative relationships and as a sort of bargaining chip to realize just-in-time inventory systems (JIT) crucial for fashion business expansion in China. Once realized, Noa Noa can benefit from lower inventory holding and warehousing costs, while being able to drop undesirable stocks quickly, keeping their product offerings fresh. Use of JIT systems can also minimize wastage. Noa Noa also can extend their current web-based supply chain management systems to incorporate internet sales. Currency Exchange Risks: Having six international subsidiaries with existing supply chains in emerging markets and a global distribution network, Noa Noa is experienced in dealing with foreign exchange financial risks. It conducts payments and transactions with the local currency of the region (Annual Report) and has hedging mechanisms (Hill 2013, p.329) in place to insurance losses when trading. There is however one significant challenge with a long-term impact that can erode Noa Noas margins: the revaluing of the Chinese Yuan. This threat is real, as China gave in to US pressures in 2005 and unpegged its currency from the dollar to allow a brief dirty float (Hill) before re-pegging at 8.11 to the dollar with an increase of 2.1% (Spar & Oi 2006, p.13). Noa Noas strategic entry into China can help mitigate the degree of losses it would have otherwise suffered on its imports, should the Chinese Yuan be allowed to appreciate further, though this notion is highly based on the assumption that profit gains in China are high enough to make up for the losses in importing produced goods from China to its current European markets. Further potential currency appreciation of the Chinese Yuan may have a tradeoff effect on Noa Noas profits, though the degree to which it might influence the business cannot yet be determined.

Conclusion This analysis concludes a possible small-scale, second-mover entry of Noa Noa ApS into China through greenfield wholly-owned subsidiaries in high-tier zones, and through franchise initiatives in low-tier cities. This strategy is aimed at a gradual expansion on market share with the lowest possible

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costs and risks, and in closer strategic alliances with existing production suppliers to achieve a justin-time inventory and rapid local responsiveness to improve Noa Noas global competitiveness. Market Analysis suggests a shifting gender, age and location demographic within China in favour of Noa Noas products and business models. Though Noa Noas largely decentralized subsidiary structure and collective incentive programmes have shown to fit well into Confucian values, fundamental social differences between the Danish and Chinese culture and business ethics (demonstrated by Hofstedes 5D framework), coupled with challenges in dealing with a guanxi based environment, must be addressed to ensure successful cross-border cooperation. It has been determined that changes in monetary policies caused by political decisions can hold severe implications for the fashion business, while Chinas continued growth remains ambigious. References
Books
Guo, Rongxing, 2013. Understanding the Chinese Economies. 1st edition. Oxford: Elsevier Hill, Charles W. L., 2013. International Business: Competing in the Global Marketplace. 9th edition. New York: McGraw-Hill/Irwin Nolan, Peter, 2004 China at Crossroads Oxford: Blackwell Publishers

Reports
Axcel, 2012. Noa Noa ApS Annual Report 2012. Denmark. Axcel, 2011. Noa Noa ApS Annual Report 2011. Denmark. Claudio, Luz 2007. Waste Couture, Environmental Impact of the Clothing Industry Environ Health Perspec: Environews Euromonitor, 2011 Emerging Focus: Emerging Market Economies to Benefit from Robust Growth in Internet Usage and Access. Euromonitor. Golley, Jane, 2013. Chinas Rise: A Socialist Economy in a Capitalist World. The Australian National University. Hsu, Jap, Liao, Lou, Lui & Zhou, 2011. Dressing Up: Capturing the Dynamic Growth of Chinas Fashion Market. Boston Consulting Group. IISD, 2004 An Environmental Impact Assessment of Chinas WTO Accession. International Institute for Sustainable Development. Kromer & Ern-Stockum, 2012. Entering China Still a Big Opportunity when Doing it Right! Dusseldorf, Germany: Kurt Salmon. Peters, Sanjay, n.d. The Political Dimensions of the World Economic Crisis: A Perspective from the BRICs Barcelona: IESE Business School Peters, Sanjay, 2009. Have Emerging Markets become Obsolete Markets? Barcelona: IESE Business School Spar & Oi, 2006. China: Building Capitalism with Socialist Characteristics. Boston: Harvard Business School Publishing.

Webpages/Other
Axcel n.d. Case: Panduro. Noa Noa, Investment and Incentive Programmes at Axcel. Denmark. Available at <http://uk.axcel.uat.fonqi.com/companies/cases/pandora.aspx> (accessed 14 Oct 2013) Bestseller: Market Understanding of Bestseller. New Huadu Business School. Available at < http://www.nbs.edu.cn/en/views/2013/0315/25893.html> (accessed 13 Oct 2013) Hofstede, Geert n.d. What about China? The Hofstede Centre. Available at < http://geert-hofstede.com/china.html> (accessed 15 Oct 2013) Noa Noa n.d. Frequently Asked Questions Noa Noa Aps. Available at <http://www.noanoa.com/en/about/csr/~/media/FAQ/FAQ.ashx> ibid; Franchise Opportunities with Noa Noa. Who We Are Noa Noa Aps. Available at < http://www.noanoa.com/en/about/franchise> (accessed 14 Oct 2013) Peters, Sanjay, 2013. Strategy. Copenhagen Business School. [Powerpoint Slides] Available at <https://learn.cbs.dk/mod/resource/view.php?id=123508> (accessed 14 Oct 2013)

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