Business Plan - Idm
Business Plan - Idm
Retail entrepreneurship
NIFT KOlKATA-
Aditi - Fashion Communication
Arkapriya- Knitwear Design
Tejaswini- Fashion Communication
Wonrem- Fashion Communication
1. EXECUTIVE
SUMMARY
Luxurious and exclusive customised bra
boutique, keeping in mind the demand for
customised products in the market.
Crafted from the finest and most delicate
materials.
With a passion for comfort, style, and
individuality.
Unique and personalized lingerie shopping
experience.
THE BUSINESS MODEL CANVAS
KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITIONS CUSTOMER RELATIONSHIPS CUSTOMER SEGMENTS
Raw material suppliers; Offer a variety of Tailored Excellence Personalized Service Niche market
Thai Luxury Spa customization for the Problem solving Loyalty Programs Upper class
lingerie products Personalized Passion Exclusive Events High spending capacity
High-quality fabrics, Ethical & Targeted Marketing
trims, and materials to Sustainable Practices Campaigns
ensure the comfort and
aesthetics of the
products.
Team Intimode
2.A1. FORMAT
1. The Parties-
1.1. Aditi Rajawat (hereinafter referred to as Party 1), residing at Delhi, India
1.2. Arkapriya Das (hereinafter referred to as Party 2), residing at West
Bengal, India
1.3. Tejaswini (hereinafter referred to as Party 3), residing at Karnataka,
India
1.4. Wonrem Ronrang (hereinafter referred to as Party 4), residing at
Arunachal Pradesh, India
Bras
Panties
Sleepwear
Accessories
PRODUCT CATEGORIES
Bras
Sleepwear
Push-up bras
Silk chemises
Balconette bras
Plunge bras
Panties Satin pajama sets Accessories
Lace-trimmed robes
Wireless bras Thongs Eye masks
Bralettes Hipsters Stockings/Pantyhose
Nursing bras High-waisted panties Silk lingerie bags
Low waist panties
Garter belt
Bikini bottom
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2.A3. LOCATION-
Mumbai, India
Advantages-
Fashion Capital
Diverse Customer Base
Networking Opportunities
Access to raw materials and skilled labour
High-End Shopping Districts
Bollywoood influence
Disadvantages-
High Operating Costs
High Competition
2.A4. RETAIL MODEL
Board of Directors
Sampling Head
CAD Operator
Store manager
Sales assistant
2.B. Industry Background
Growth Rate- The Indian lingerie market size reached US$ 4.4 Billion
in 2022. Looking forward, IMARC Group expects the market to reach
US$ 8.2 Billion by 2028, exhibiting a growth rate (CAGR) of 10.9% during
2023-2028.
ACCESSIBLE
BESPOKE GENERIC
PREMIUM
2.C. Goals and potential of business
Tailored fit
Material selection
Monogramming and Embroidery
Custom Color and Trim
Luxurious personalised packaging
2.D2. SERVICES
Catering to customers
Diverse audience Cater to various body
Interested in traditional seeking seamless
looking for high-quality types. Fit well and
Target Audience lingerie with a focus on
craftsmanship & Indian
known for its inclusive
undergarments with
undergarments comfort and
luxury and comfort. approach.
functionality.
A variety of lingerie,
Wide range of lingerie, Narrower product range
including bras, panties, Focus more on seamless
Product Range including bras, panties, compared to other
shapewear, and other bras and shapewear.
nightwear, and more. brands
undergarments
04 05 06
Loyalty Programs High-Quality Branding Public Relations
Implementing a loyalty program that Investing in high-quality branding Connecting with local and national
rewards repeat customers with special materials, including packaging, shopping fashion magazines, bloggers, and
discounts, exclusive access, or bags, and tags, which enhance the journalists to feature our boutique and
personalized products. perceived value of our products. its unique offerings.
STRATEGIES TO REACH
MORE CUSTOMERS
07 08 09
Networking Local Advertising Referral Program
Attending local fashion and trade events, Using traditional advertising methods like Implementing a referral program
connect with other boutique owners, and billboards, local newspapers, and where existing customers can refer
network with potential customers. magazines to reach the local audience. friends and family to your boutique
and receive rewards for doing so.
SOCIAL MEDIA PROMOTION
Instagram page
4. OPERATIONS
4.A. LOCATION
4.A.1 Advantages
i. Mumbai is a major fashion and lifestyle hub in India, making it an ideal location for a lingerie boutique. The city has a
fashion-forward consumer base that appreciates unique and custom-designed clothing.
ii. The city's diverse population includes locals, expatriates, and tourists, offers a broad customer base with varying
preferences and tastes, providing opportunities for niche and specialized offerings.
iii. With the evolving fashion trends the demands of customers seeking unique, trendy, and personalized lingerie designs
is more.
iv. There's an awareness and acceptance of lingerie as a fashion statement and a form of self-expression. Consumers in
Mumbai often seek exclusive and personalized lingerie options.
v. Mumbai houses a significant population with high disposable incomes, willing to invest in premium and customized
products, which could be an advantage for a boutique offering specialized lingerie.
vi. Mumbai influnces the trends and fashion choices.
vii. The city houses a vibrant community of artisans and skilled craftsmen, offering opportunities for collaboration in
creating unique, handcrafted lingerie designs.
viii. Presence of the robust retail market and an increasing online consumer base.
4.A.2 Zoning SEZ
Bandra
Bandra is known for its trendy and fashion-forward vibe, making it an ideal location for a boutique. This setting aligns
well with the dynamic and evolving nature of the lingerie industry, attracting fashion-conscious customers.
It hosts an affluent and cosmopolitan demographic, which could attract a customer base interested in premium,
customized, and high-quality lingerie.
Bandra houses numerous designer stores, high-end boutiques, and multi-brand outlets, creating a hub for upscale
fashion. Positioning Intimode in this environment can complement the existing luxury shopping experiences.
4.A.3 Taxes applicable
1. Goods and Services Tax (GST): 12% GST is levied on knitted lingerie costing more than Rs. 1000. The exact GST rate will
be calculated on identifying the specific HSN code for the type of lingerie being customised.
2. Local Body Taxes: Municipal corporations in Mumbai levy property tax and other local body taxes on business
properties. These taxes vary based on the location and size of the property.
3. Income Tax: Income tax is applicable to the profits earned by the boutique. Businesses need to file income tax returns
and pay tax on their profits as per the prevailing rates.
4. Professional Tax: This tax is applicable to salaried individuals and establishments and is based on income or the salary
bracket. It is deducted from employees' salaries and paid to the government.
5. Excise Duty: 12% excise duty for manufacturing custom knitted lingerie to be paid to the govenment.
4.B. PROXIMITY TO SUPPLIERS
Fabric Tapi Export, Surat 283 Kms JK Clothing Tirupur 1310 Kms
Lace Premsons Fashion pvt. ltd, Mumbai 17 Kms Balaji Trading, Delhi 1438 Kms
Elastic straps Bindal Enterprises, Delhi 1438 Kms RD Group, Ludhiana 1716 km
Accessories Intecede BSD , Bhiwandi 44 Kms Asian Impex, Delhi 1438 Kms
Hang tags M R Labels, Delhi 1438 Kms C R Labels and Tags, Delhi 1438 Kms
Packaging
House of Pouch, Ghaziabad 1465 Kms Bliss Packaging, New Delhi 1438 Kms
Materials
5. MANAGEMENT
5.A. MANAGEMENT TEAM
5.A.1 Qualifications
iii. Profit-Sharing:
Profits and losses of the LLP shall be distributed among the partners equally in accordance with their ownership
percentages. The partners shall share profits and losses equally, unless otherwise agreed upon unanimously.
iv. Decision-Making:
Major decisions affecting the business shall require unanimous consent from all partners:
Taking on debt in excess of Rs.50,000.
Selling or acquiring significant assets.
Making changes to the partnership agreement.
Routine business decisions shall be made by a majority vote, with each partner having an equal say.
v. Dispute Resolution:
In the event of disputes, the partners agree to resolve issues through mediation or arbitration before pursuing legal action.
i. Reserve name: To ascertain the availability and reservation of the name Intimode for a LLP business.
ii. Incorporate LLP: After reserving the name, new LLP will be proposed with the details and consent of the four partners.
iii. LLP Agreement: Execution of LLP Agreement is mandatory as per Section 23 of the Act. LLP Agreement is required to
be filed with the registrar in eForm 3 within 30 days of incorporation of LLP.
5.C. ORGANISATIONAL STRUCTURE
Board of Directors
Sampling Head
CAD Operator
Store manager
Sales assistant
6. FINANCIAL
COSTING OF THE BUSINESS
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FINANCIAL SCHEME
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7. CRITICAL RISK
FACTORS
7.A. POTENTIAL PROBLEMS
Competition: The lingerie industry is highly competitive and saturated, with many established brands and
new entrants. Standing out and maintaining a unique identity can be challenging.
Changing Fashion Trends: Lingerie fashion trends evolve, and keeping up with these changes can be
demanding.A shift in consumer preferences or fashion trends can lead to excess inventory of designs that are
no longer in demand.
Economic Factors: Economic downturns or changes in consumer spending habits can impact luxury
businesses.
Supply Chain Disruptions: Dependence on global supply chains can lead to disruptions due to various factors
like political instability or natural disasters.
Data Security: Handling customer data and maintaining privacy comes with the risk of data breaches,
potentially damaging the brand’s reputation and legal consequences.
7.B. OBSTACLES & RISKS
Quality Control Issues: Maintaining the quality of delicate materials and craftsmanship is crucial. Any
compromise on quality can harm the brand’s reputation.
Marketing and Branding: Building and sustaining a luxury brand requires effective marketing and brand
positioning, which can be costly and challenging.
Consumer Feedback: Negative reviews or customer dissatisfaction can harm the brand’s reputation,
especially in the age of social media.
Sizing and Fit Issues: Ensuring accurate sizing and fit for each customer can be difficult. Mismatches can
result in returns and dissatisfied customers.
Supply Chain Disruptions: Relying on suppliers for delicate materials can lead to disruptions due to
various factors such as global events or shipping delays.
Fluctuating Costs: Prices for materials and labor can fluctuate, affecting production costs and
profitability.
7.C. ALTERNATIVE COURSE OF ACTION
For a business like Intimode, several alternative courses of action can be considered, depending on the specific
goals and circumstances. Here are a few options:
Online Expansion: Invest in a robust e-commerce platform to reach a wider audience beyond a physical
boutique. This can significantly increase reach and sales potential.
Niche Specialization: Focus on a unique niche within the lingerie market, such as sustainable materials or
plus-size customization, to differentiate the brand.
Franchise or Licensing: Consider franchising the boutique or licensing the brand to reach different markets
or locations.
Skilled Workforce: Invest in training and development programs to enhance the skills of your workforce so
that the quality of the products is always up to the mark.
Pop-Up Shops: Organize temporary pop-up shops in high-traffic areas to introduce the brand to new
customers without the commitment of a permanent physical location.
International Expansion: Consider entering international markets if there is demand for luxury customized
lingerie abroad.
8. HARVEST
STRATEGY
8.B. TRANSFER OF ASSETS
YEAR 6 - 8
YEAR 3 - 5:
YEAR 1 - 2
Bras
Sleepwear
Push-up bras
Silk chemises
Balconette bras
Plunge bras
Panties Satin pajama sets Accessories
Lace-trimmed robes
Wireless bras Thongs Eye masks
Bralettes Hipsters Stockings/Pantyhose
Nursing bras High-waisted panties Silk lingerie bags
Low waist panties
Garter belt
Bikini bottom
BRAS
Silhouttes:
Push-up bras
Balconette bras
Plunge bras
Wireless bras
Bralettes
Nursing bras
Sizes:
30-42 (A-E)
Any size can be customised
Fabrics
Silk, satin, velvet, lace overlay, mesh, organza,
embroidered tulle, brocade, modal, cotton elastane
Trims
Lace, embroidery, crystal embellishments,
scalloped edging, satin bows
PANTIES
Silhouttes:
Thongs
Hipsters
High-waisted panties
Low waisted panties
Garter belt
Bikini bottoms
Sizes:
S-XXL
Any size can be customised
Fabrics
Jersey, microfiber, cotton with embellishments,
velvet, mesh, satin, lace overlay
Trims
Lace, embroidery, mesh insets, scalloped edging,
satin bows, premium elastic
SLEEPWEAR
Silhouttes:
Silk chemises
Satin pajama sets
Lace-trimmed robes
Sizes:
S-XXL
Any size can be customised
Fabrics
Silk, satin, lace, modal, cashmere, velvet
Trims
Chantilly Lace, monogramming, pearl details,
embroidery, feather trims, applique
ACCESSORIES
Categories:
Eye masks
Stockings/Pantyhose
Silk lingerie bags
Sizes:
S-XXL
Any size can be customised
Fabrics
Silk, satin, leather, velvet, fishnet mesh. lace,
sheer silk
Trims
Chantilly Lace, pearl details, embroidery,
applique, monogramming
TECHNOLOGY
01 02 03
Machinery CAD softwares Website Design and
Development Tools
04 05
Point of Sale Social Media and
(POS) System Marketing Tools
MACHINERIES
Sewing Machines: Industrial sewing machines are essential for creating
customized lingerie. Look for machines designed for delicate fabrics and
precise stitching. Some types of sewing machines include:
-Overlock machines for seam finishing and preventing fraying.
-Single & Double needle machines for straight stitching and detail work.
-Zigzag , Flatlock machines for elastic attaching and finishing edges.
Hardware:
Tablet or computers
Barcode scanner
Influencer marketing:
Paying influencers to promote the brand
SUPPLIERS &
VENDORS
Raw materials suppliers-
2. Dynamic Pricing
Intimode focuses on the unique value we provide to
customers, such as personalized fit, comfort, and
exclusivity. It involves setting prices based on the
perceived value of the customized lingerie to the
customer. Factors like customization options, fabric
quality, design intricacy, and the emotional connection
customers have with lingerie can influence the pricing.
3. Tiered Pricing
Intimode offers different tiers of customisation with
varying levels of detail, features, and materials. Each tier
can come with its own price point, allowing customers to
choose the level of customisation that matches their
preferences and budget.
PLACE
1. Store
Customized lingerie services might focus on the unique
value they provide to customers, such as personalized fit,
comfort, and exclusivity. It involves setting prices based
on the perceived value of the customized lingerie to the
customer. Factors like customization options, fabric
quality, design intricacy, and the emotional connection
customers have with lingerie can influence the pricing.
2. Specialised Delivery
Intimode is positioned as a permium ligerie brand due to
its personalized nature and high-quality materials.
Premium pricing involves setting higher prices to reflect
the exclusivity, customization options, craftmanship and
luxurious feel of the lingerie.
3. Digital touchpoints
a. Website
b. Social Media
PROMOTIONS
Leverage a mix of digital and traditional marketing strategies to
create brand awareness and engage your target audience.
Following are some strategies that our brand can adopt.
1.
Create High-Quality Content and Unique Brand Identity:
3.
Influencer Collaborations:
4.
Engage in Storytelling:
6.
Email Marketing:
7.
Offline Marketing:
9.
Limited Editions and Collections:
10.
Loyalty Programs and Discounts:
1.
Create High-Quality Content and Unique Brand Identity:
Donation Initiatives:
Implement a buy-one-give-one model where for every
piece of lingerie sold, another is donated to women in
need, such as survivors of domestic violence or women
in shelters.
SEGMENTATION, TARGETING &
POSITIONING
SEGMENTATION
Age: Intimode's target audience could include women across a wide range of ages mostly 18+, from teenagers
to middle-aged and older women.
Income: Intimode attract women from upper class, offering premium options for women with high spending.
Occupation: Working professionals, students, and women from various occupations could be part of their target
audience.
GEOGRAPHIC FACTORS
Intimode serves customers across India. By tailoring products, marketing campaigns, and messaging to
different regions, the brand can effectively connect with its diverse customer base and create a more
personalized experience.
SEGMENTATION
BEHAVIORAL FACTORS
Offline Shopping Behavior: Intimode exclusive provides customized products , so their customers would likely
have a strong inclination toward offline shopping and comfortable making time to go shopping.
Purchase Frequency:
1. High-Frequency Shoppers: Customers who make frequent purchases of custom innerwear, indicating a strong
interest in the Intimode's products and offerings.
2. Occasional Shoppers: Those who make purchases occasionally, perhaps for special occasions or when there are
new product releases.
3. One-Time Buyers: Customers who have made only one purchase so far.
Product Usage: We have customers Everyday Wearers, Special Occasion Buyers, Athletic and Sports Enthusiasts
too , who seek custom innerwear with specific features for sports and physical activities.
SEGMENTATION
PSYCHOGRAHIC FACTORS
Comfort-Seeking Individuals: Prioritize comfort and functionality in their innerwear choices. Value soft fabrics,
seamless designs, and breathable materials.
Fashion-Conscious Trendsetters: Have a keen interest in fashion and staying up-to-date with the latest trends.
Seek innerwear that combines style and comfort. May be interested in unique designs, colors, and patterns.
Luxury and Premium Seekers: Value high-quality products and are willing to invest in premium options.
Interested in luxurious fabrics, intricate designs, and attention to detail.
Individualists and Customization Lovers: Embrace individuality and appreciate personalized products. Drawn
to brands that offer customization options to tailor innerwear to their preferences.
TARGETING
Women of All Ages: Intimode caters to a wide range of age groups, from young adults to older women. Our
product offerings often include items for various age demographics, from youthful styles to more classic and
sophisticated designs.
Young Adults and Millennials: Intimode has a strong appeal to young adults and millennials who are interested
in trendy and fashionable lingerie.
Fashion Enthusiasts: Women who follow fashion trends and are interested in stylish and trendy lingerie
options. Intimode often releases collections that align with current fashion trends.
Regular Shoppers and Brand Loyalty: Intimode has a substantial customer base of repeat shoppers. We focus
on building brand loyalty through reward programs, exclusive member benefits, and credit card offerings.
Special Occasion Buyers: Women who purchase lingerie for special occasions such as weddings, anniversaries,
or other romantic events. We often offer specific lines for bridal and special occasion wear.
International Market: Intimode has a global presence and targets women in various countries and cultures. We
adapt their marketing strategies to appeal to different cultural norms and preferences.
POSITIONING
Premium Quality and Craftsmanship: Premium fabrics, lace, and exquisite detailing.
Customization and Personalization: Our brand tailor each piece to the unique preferences and measurements
of your customers, offering a personalized and exclusive experience.
Exclusivity and Limited Editions: Our customers are part of an elite group with access to unique collections.
We offer limited-edition designs or one-of-a-kind pieces that can't be easily found elsewhere.
Luxury and Elegance: We use elegant packaging and branding to reinforce sophistication, luxury, and elegance
in our brand.
Ethical and Sustainable Practices: Committed to environmental and social causes, we prioritize sustainability
and ethical sourcing. We use eco-friendly materials, ethical manufacturing processes.
Inclusivity and Body Positivity: We promote inclusivity by offering a wide range of sizes and styles to cater to
diverse body types.
Online and Offline Presence: Strong, attractive and user-friendly e-commerce website. For physical locations,
we a welcoming and luxurious in-store experience that reflects our brand positioning.
Intimode
KEY ACTIVITIES
Designing a range of lingerie styles, including bras, panties. That can be
personalized, considering factors like fabric, style, color, size, and
embellishments.
Offer a variety of customization options, such as fabric choices, color
combinations, sizes, embroidery, monograms, and more.
Collaborate with designers and pattern makers to create unique and
customizable lingerie designs.
Source high-quality fabrics, trims, and materials to ensure the comfort and
aesthetics of the products.
Implement a user-friendly interface to facilitate the customization process.
Brand Values
VALUE PROPOSITION
TAILORED PROBLEM PERSONALIZED ETHICAL &
EXCELLENCE SOLVING PASSION SUSTAINABLE PRACTICES
Our atelier is dedicated to Women find a lot of problem Your journey with Intemode We prioritize ethical sourcing
the art of customization. in getting bras of their own begins with a personal of materials and sustainable
With a team of skilled size. Our bras are more than consultation. We listen to your production practices,
artisans, we meticulously just garments; they are desires, understand your appealing to environmentally-
measure, design, and confidence boosters. A well- preferences, and collaborate to conscious consumers.
create bras that are a fitted bra can transform your design a bra that aligns with Moreover our business is a step
flawless extension of your posture, your demeanor, and your unique style and body. Your in slow and circular fashion.
body. your outlook. vision, our expertise.
CONSUMER
SEGMENT
Focussing on a niche market, at our customised
luxury bra boutique, where tailored fits meet delicate
materials, we cater to a sophisticated and discerning
consumer segment that values both style and
comfort.
Our exclusive offerings are designed to resonate
with individuals who appreciate the artistry of
bespoke lingerie and seek an unparalleled level of
refinement.
CUSTOMER
RELATIONSHIP
01 02 03
Personalized Appointment-Based Loyalty Programs
Service Services
04 05
Exclusive Events Targeted Marketing
Campaigns
Distribution
CHANNEL
Boutique Showroom:
The boutique's physical showroom serves as a central
hub where customers can experience the brand's
offerings firsthand.
Appointment Booking:
Customers can book appointments through the
website or by contacting the boutique directly for in-
person consultations or fittings.
Exclusive Delivery:
For an added touch of luxury, the boutique may offer
exclusive delivery services, ensuring that the product
reaches the customer in pristine condition.
COST STRUCTURE
1. INVENTORY COSTS
Cost of purchasing fabrics, trims, padding, threads and other raw materials
from suppliers or manufacturers.
2. PRODUCTION
3. MACHINERIES
4. STORE SETUP
Costs for physical store location (rent, lease, or purchase).
Store design and interior decoration, including fixtures, displays, and
signage.
Online store development, including website design, e-commerce
platform fees, and hosting.
COST STRUCTURE
Raw Fabric Costs
Machinery & Equipments for Production
Store Setup
Testing / Quality Check Equipments
Equipments for Packaging & Forwarding
Electrifications & Installation Charges
Cost of Tools, Jigs & Fixtures
Cost of Office Equipments & Furnitures
Cost of Furnitures, Equipments & Interior Designing
of Retail Space
Total Salaries & Wages for Staff & Labour
COST STRUCTURE
5. EMPLOYEE EXPENSES
Salaries and wages for store staff, including sales associates and customer
service representatives.
Employee benefits and paid time off.
6. OPERATING EXPENSES
7. RENT/LEASE COSTS
8. LEGAL AND REGULATORY FEES
9. SHIPPING AND LOGISTICS
10. BRANDING AND MARKETING
KEY RESOURCES