OVERVIEW OF THE APPAREL INDUSTRY
The Indian apparel industry is one of the major sectors of the Indian economy due to the
huge amount of investment, earning of revenues, generation of employment and trade.
The number of apparel and fashion manufacturing units in India are approximately
30,000 and this sector has around 3 million people working under it. It is also a major
earner of foreign exchange for the economy. The major features of the Indian apparel
industry are a huge product variety, short product lifecycle, unpredictable demand and a
long supply process. In recent years, the industry has seen a considerable consolidation in
retail and an increased use of e-commerce. The important segments that come under the
apparel industry include clothing for men, women and kids, wedding wear for brides and
grooms and intimate apparel.
There is also a vast apparel wholesale distribution network in India. The major channels
of distribution for apparel include brick and mortar, catalogue and internet. The market
shares of the different channels are:
Category Sales $ Billion Market Share (%)
Brick and Mortar 169.256 92.9
Catalog 7.177 3.9
Online/ Internet 5,873 3.2
Total 182.306 100.00
The global textile and apparel industry in total stood at $550 billion in 2007, out of
which, the Indian textile and apparel industry stood at $52.5 billion in 2007. The industry
is expected to grow to $805 billion by 2015. In India, about $32 billion is used in the
domestic market and the rest $20.5 billion is used for exports. About seven markets
account for 75% of the textile and apparel export, the US market being the largest at 32%
of the 75%.
Since 2008, recession and the global economic slow down have been effecting the Indian
apparel industry. The exports have also seen a decline due to this. However, it will soon
emerge from this down turn.
Public (NYSE: BNG)
Founded Treviso, Italy (1965)
Headquarters Villa Minelli, Ponzano
Luciano Benetton, Chairman
Giuliana Benetton, Director
Gilberto Benetton, Director
Carlo Benetton, Deputy Chairman
Products Complete list of Benetton brands
Revenue €1,8 billion (2005)
Employees 7,987 (2005)
FOUNDERS OF UNITED COLOURS OF BENETTON
Luciano, Giuliana, Gilberto and Carlo Benetton, launched the activities of the Benetton
Group in 1965. The company is today present in 120 countries around the world. Its core
business is clothing with the casual United Colors of Benetton, fashion oriented Sisley,
Playlife leisurewear and Killer Loop streetwear brands. Benetton Group is listed on the
stock exchanges of Milan, Frankfurt and New York.
Born in 1935, Luciano Benetton is Chairman of the Benetton Group. He is also on the
Board of Directors of Edizione Holding, the family-owned financial holding company
and was a Senator of the Italian Republic from 1992 to 1994.
He is the father of four children.
Born in 1937, Giuliana
Benetton is currently on
the Board of Directors of
both Edizione Holding
company) and Benetton
She is married and has
Born in 1941, Gilberto Benetton is President of Edizione Holding, the family holding
company, President of Autogrill and Director of Benetton Group. He is Vice President of
Olimpia, the main shareholder in Telecom Italia where he holds the same position.
Gilberto is also a Director of Autostrade, Mediobanca, Pirelli, Infrastrutture and Sviluppo
Born in 1943, Carlo Benetton is Deputy Chairman of both Edizione Holding (the family-
owned financial holding company) and of Benetton Group.
He is the father of four children.
HISTORY OF BENETTON
1960s The idea of color.
1965 The Benetton Group is established.
A business model making the
1970s difference: unique, flexible and
1980s campaigns: known all over the
A global company present in 120
Benetton grows with the market:
around 150 million garments sold
annually in 5,000 contemporary
ALL ABOUT BENETTON
Benetton is present in 120 countries around the
world with a strong italian character whose style,
quality and passion are clearly seen in its
brands: the casual United Colors of Benetton,
fashion oriented Sisley and the leisurewear and
streetwear brands Playlife and Killer Loop. The
Group has a total yearly production of around 150
million garments and a distribution network with
5,000 contemporary stores, mainly managed by
independent partners, generating a total turnover of
over 1.9 billion euro.
Established in 1965, Benetton is now controlled by
Edizione Holding (a holding company wholly
owned by the Benetton Family) with a 67% stake.
It listed on the stock exchanges in Milan in 1986,
in Frankfurt in 1988 and in New York in 1989.
Year 2006a 2005a 2004a 2003b 2002b
Revenues (million euro) 1,911 1,765 1,704 1,859 1,992
Net Income (million euro) 125 112 109 108 
a) These figures are IAS/IFRS compliant and not comparable with the previous years
b) These figures are compliant with Italian accounting procedures
Sales by Region Sales by Brand
31.12.2008 % 31.12.2007 % 31.12.2006 %
Sales by Brand [millions of euro]
UCB Adult 983 50% 945 50% 790 46%
UCB Kid 589 30% 575 30% 498 29%
Exchange Last Change
Milan 12.75 0.08 %
Frankfurt 12.71 1.68 %
New York 34.20 0.00 %
FACTORS AFFECTING COSTS
The Benetton Group has grown massively in the past years. The company has incurred
many costs to achieve this position in the apparel industry. Some of the factors affecting
its costs are as follows:
GROWTH AND EXPANSION - The growth and expansion strategy is one
of the major reasons for the increase in fixed and operation costs for Benetton. To
increase the market share and to strengthen its image, Benetton has made huge
investments to open up retail stores to sell its products through directly-owned
retail stores rather than the traditional method of franchise stores that the group
used. The Benetton Group operates more than 280 wholly-owned shops in
different locations which have led to an increase in the costs. With this respect,
the increasing property rental costs are also applicable. Also these investments
expose Benetton to an additional risk that some of the chosen locations may turn
out to be inadequate because of changes in the area’s demand scenario, its
demographic profile or the location of shopping districts.
COSTS OF RAW MATERIAL - Raw material is one of the major
components that add to the costs of The Benetton Group. With the fluctuations in
prices of raw materials like fabric, threads, buttons, zips etc, the costs also
QUALITY CONTROL SYSTEM - Due to strict quality checks, lot of
wastage such as rejection of apparel due to non-accurate colours, unused bulk
orders etc takes place. This wastage adds on to the costs to a great extent.
INFLATION - Inflation and increasing prices of basic amenities used in the
factory such as gas, water, electricity and other basic expenses such as
transportation costs, labour costs, upgradation of technology which is required at
short intervals in this techno savvy world etc contribute to the increase in costs of
Benetton. Due to shortage of labour and increase in work load, the employees ask
for more salaries and incentives which lead to increased costs for the company.
FOREIGN EXCHANGE RATE FLUCTUATIONS - Sales and
operating income of Benetton may be influenced by foreign exchange rate,
appreciation of euro, interest rate fluctuations, foreign exchange rate fluctuations
in the sale currencies, which in turn causes an impact on the prices of products
sold, the cost of sales, and operating income. Foreign currency exchange rate
variations against the euro may have a negative effect on sales, operating results,
and the international competitiveness of the production facilities of various
business units. Since Benetton makes use of hedging in order to manage currency
exposure, the strategies adopted may not be sufficient to protect income from the
negative effects of future fluctuations. It also holds assets and liabilities which are
sensitive to interest rate variations and are necessary in managing liquidity and
financial needs. These assets and liabilities are exposed to interest rate risk, which
is, at times, managed through the use of derivative financial instruments.
OTHER FACTORS - Other financial expenses such as loans and interest
payable, and a few political decisions of any increase in tax etc., leads to an
automatic increase in the indirect costs of the company.
Benetton entered India with a 50:50 joint venture with the DCM Group in the year 1991-
92, and now since the past 5 years, it operates as a wholly owned subsidiary of the
Benetton Group, Italy. Besides retailing, Benetton India has also started a manufacturing
unit in Gurgaon where almost 50% of the garments required in India are manufactured.
The remaining products required for the Indian market are outsourced from other parts of
India like Ludhiana, Delhi, Bangalore, Chennai, and Nepal and Benetton International
through contract manufacturing. The designs manufactured are selected from the global
collection create by the product design and development team based in Italy.
Manufacturing in India has given Benetton many benefits such as low cost labour, lower
production costs from suppliers which led to a cut in prices of Benetton products by
almost 20%. Also Asian fabrics are cheaper and thus, reduce the cost of apparel
manufactured in India. Another benefit is that India made products will attract lower
Therefore, there is an increased emphasis on making India an outsourcing hub for
Benetton globally, along with China. Production plans for India were in excess of 6
million units by 2007 which have exceeded now.
Benetton's industrial set-up is based on a double supply chain, which is a better measured
and more efficient one, based on a logical sequence of activities for minimizing costs. It
is a more rapid system with better response capabilities as it’s an integrated planning
system that optimizes in parallel the activities of R&D, product design, production and
A balance between the twin tracks of activities makes the supply system flexible and
provides the required support for the large expected growth in production from the
current level of around 150 million items that Benetton may face soon.
The major functions of the dual supply system like design, planning, coordination and
programming are maintained in Italy. It focuses on rapid response to the market, while
looking outside Italy for a proper combination of product quality, efficiency, and the
necessary cost control.
The Production Planning Office prepares forecasts of market dynamics, and makes it
possible to anticipate and decrease production times in order to respond to the needs of
the target market in a timely manner.
Integrated Planning: The Dual Supply Chain
Sequential Supply Chain Integrated Planning System
The production system of Benetton operates in Italy, Eastern Europe, the Mediterranean
region, and transitional Asian markets, such as India and China.
During the past few years, most of the investments were allocated towards the managerial
independence of production centers in Croatia, Tunisia, and Hungary, which operate
complete production cycles (from raw materials to finished product), and on quality
control systems to meet the strict Benetton Group quality standards.
The operational work of the Benetton Group relies on the outsourcing of the labor-
intensive phases of production, such as tailoring, finishing, and ironing, to small and
midsize enterprises (SMEs) which is directly controlled by the Italian and foreign
production sites. Whereas, the strategic activities and operations that require heavy
automations like dyeing, weaving etc, and quality controls are done in-house.
The logistics operations of Benetton at Castrette (Italy) has a fully automated sorting
system which is capable of handling individual orders for Benetton’s over 6,200 shops
worldwide. It automatically sorts out the folded and hanging garments, which are then
packed into boxes and sent through a one-kilometer tunnel to the Automated Distribution
Center. This covers an area of 30,000 square meters, has a total capacity of 800,000
boxes and can handle 80,000 incoming/outgoing boxes a day with a very small size of
This European platform has been supplemented by our asian hubs. The automated Honk
Kong's Hub supply our worldwide network while the Taiwan and Shangai Hubs supply
straightly their domestic market.
EXPORT AND IMPORT OVERVIEW
Benetton operates in a large international market, and thus, lot of import and export takes
place. There are many risks involved in the import and export activities which are as
LATE PAYMENTS – receiving and sending payments overseas is a
difficult and lengthy process, and thus, payments usually get late.
POLITICAL AND ECONOMIC STABILITY IN
COUNTRIES OF OPERATION – with political and economic
changes, importers and exporters have to face difficulties, and sometimes
restrictions due to new rules and regulations can even lead to losses for
importers and exporters.
CHANGES IN LEGISLATION – leads to new rules, taxes and tariffs
etc which can become a drawback for the importers and exporters.
LINGUISTIC AND CULTURAL BARRIERS – when dealing in
different countries importers and exporters have to face many linguistic and
cultural problems as it differs from country to country.
TARRIFS OR TRADE BARRIERS – some countries exercise free
trade while some do not. Changing tariffs and trade policies can make major
fluctuations in the importing and exporting businesses.
PRICE OR EXCHANGE RATE CONTROL – as currencies in
different countries vary and exchange rates keep on fluctuating, it becomes
risky for the importers and exporters to conduct business.
United Colors of Benetton segments the market on the basis of demographic factors such
as age, gender and income. According to age Benetton targets infants, kids and adults. Its
strategy includes opening separate stores for kids and mothers-to-be. It targets men as
well as women in the upper middle income group. Behavioural segmentation for
Benetton can be done on the basis of occasion of usage. It offers apparel as well as
accessories for casual and formal occasions.
For years, United Colors of Benetton has a brand image of an aura of exclusivity at high
prices. But in the mid 1990’s, Benetton had adopted a worldwide price reduction strategy.
A complete departure from its earlier premium plank when it started its Indian operations,
it now wanted to target smaller, non-metro cities, where pricing was to play a major role.
That is when Benetton wanted to scrutinize its pricing strategies. Prices were slashed to a
major extent, and simultaneously a decrease in production cost was also considered.
Benetton was able to grow tremendously in the Indian market after applying its pri
reduction strategies. Now Benetton has moderate priced boutiques and the strategy of the
firm is the match between its internal capabilities and external relationships. It is caught
between premium and mass market pricing.
United Colors of Benetton mainly follows two types of pricing strategies that are
psychological pricing and value pricing. It follows psychological pricing as most of the
products it offers are often priced at an amount little less than a round number. For
instance, they may be priced at Rs. 1199 and not Rs. 1200 or Rs. 1999 and not Rs. 2000.
Also it follows value pricing as it offers value for money, i.e. it provides high quality
apparel and accessories at reasonable prices.
Benetton mainly operates in the apparel sector, which is a highly competitive industry
with respect to production, distribution and sales. There is a lot of diversity in
competition ranging from local, national and global department stores, specialized
retailers, independent retailers and manufacturing companies. In India, the major
competitors of Benetton include Mango, FCUK, Guess, Promod, Westside, etc. The
company faces a lot of competition internationally as well from brands like Gap, H&M
etc. The competition in the industry has increased in the last few years, owing to the entry
of foreign brands into the Indian market, and thus low cost production plays a key role.
Apart from competition for sales, the companies also compete for significant store
locations. The intensity of competition also puts a price pressure onto the operating
companies in the industry or could lead to a loss in market share.
Koutons is a manufacturer of readymade and stylish garments and it retails itself as a
discount retail store. It has a vision of providing apparel for men, women and children at
affordable prices for the masses. It focuses on value for money and creating an
environment for family shopping. It is perceived as a low price brand and its strategy is to
target the middle class which prefers buying on discounts.
Numero Uno is one of India’s first denim manufacturing brands which was started in
1987. It started by manufacturing men’s jeans and moved on to jeans for women and
ultimately started designing and manufacturing complete collections for men and women.
It differentiates itself on the basis of innovative fabrics, washes, treatments and fusing in
international trends at affordable prices. It caters to the changing lifestyles and tastes of
Catmoss retail ltd. Established itself in the kids wear segment in 2004. It has 152
exclusive stores in leading malls, departmental stores, high streets and upcoming markets
throughout India and plans to open another 75 stores by the end of 2009. The company
offers the latest trends and styles at affordable prices. It plans to build a global brand by
targeting the international kids wear market.
Lilliput was started in the year 1990 as a manufacturer of world class kids wear. Today, it
has a presence in domestic as well as international market with more than 210 exclusive
outlets. It tries to expand its brand width by retailing its products through multi-brand
outlets and other channels. It has also entered into the shoe market for kids and plans to
further widen its range through inner wear, night wear and accessories. Lilliput has an
enviable brand image in the Indian kids wear market.
Mango clothing company is a worldwide famous manufacturer and distributor,
specializing in women's and men's apparel and accessories. Mango clothing brand MNG
was founded in 1984 and has become one of the leaders in retail sales. Mango retail
stores are based in big city shopping malls and on shopping streets. Mango (MNG) is a
Spanish company which is based in Barcelona but which has expanded to over 92
countries with more than 1000 shops; and with further expansion planned.
Guess? Inc. The Group's principal activities are to design, market, distribute and license
lifestyle collections of casual apparel and accessories for men, women and children that
reflect the American lifestyle and European fashion. The Group operates through the
following divisions: Retail, European, Wholesale and Licensing. The Group also grants
licenses to manufacture and distribute products, which complement its apparel lines. Its
products include collections of denim and cotton clothing, including jeans, pants,
overalls, skirts, dresses, shorts, blouses, shirts, jackets, and knitwear. The company also
grants licenses to manufacture and distribute various products, including eyewear,
watches, handbags, footwear, kids’ and infants’ apparel, leather apparel, swimwear,
fragrance, jewelry, and other fashion accessories. It sells its products through its own
stores, a network of wholesale accounts, and the Internet.
The Gap, Inc is American clothing and accessories retailer based in San Francisco
California, and founded in1969. The company has five primary brands: the namesake
Gap banner, Banana Republic, Old Navy, Piperlime and Athleta. Gap, Inc. remains the
largest specialty apparel retailer in U.S., though it has recently been surpassed by the
Spanish-based Inditex Group as the world’s largest apparel retailer. Gap Inc. is one of the
world’s largest specialty apparel retailers, with more than 3,100 stores and fiscal 2008
revenues of $14.5 billion.
Esprit is an international youthful lifestyle brand offering smart, affordable luxury and
bringing newness and style to life. The Group offers 12 product lines encompassing
women’s wear, men’s wear, kid’s wear, edc youth as well as shoes and accessories
through over 640 directly managed retail stores and over 12,000 wholesale points-of-sale
worldwide, occupying over 817,000 square metres directly managed retail space in more
than 40 countries.
However, the company tries to gain competitive advantage over its rivals by focusing on
factors such as quality and range of products, customer service, ambience of the store,
value provided to the customers and its marketing strategies.
In comparison to its competitors, Benetton is a reasonably priced brand with reasonable
product quality. With respect to its international competitors, it is the most affordable as
can be seen in the above illustration. All the competitors have better quality with higher
prices. Gap has the highest price and quality in comparison to all the international
competitors of Benetton. Whereas, relative to its Indian competitors, it is the highest
priced but also offers the highest product quality. In case of Indian competitors, Lilliput is
placed just a little below Benetton for its price and quality, and Kuotons is the lowest
priced with lowest quality with respect to the Indian competitors of Benetton.
RECENT TRENDS IN THE INDIAN APPAREL INDUSTRY
Indian consumers have converted to ready-to-wear; designers have introduced
prêt lines for ready-to-wear market.
Indian companies see a huge opportunity in partnering with luxury brands
wishing to enter India.
Apparel brands have responded to increasing demand for organic friendly
products with use of more organic cotton.
Since kids are heavily influenced by icons, character licensing is very critical
in the apparel industry.
Companies are exploring new locations and tying up with cafes and
restaurants for dedicated merchandising.
Store layouts have been redefined with the objective of optimizing the
competition of orders and to improve the shopping experience of the end
Mergers and acquisitions and backward integrations are used to cut costs.
A major technological trend in the Indian apparel industry is the powerful Point-of-Sale
(POS) application in order to manage activities and handling billing stocks and offers at
the store level. It helps the top management to acquire important information like the
daily sales and inventory management reports of the individual outlets. Benetton uses
high technology computer facilities for the design and cutting of the garments, the
machines being directly linked to microcomputers using CAD-CAM software. At the
other end of the chain, a sophisticated network ensures that any shop in the world can
receive a “re-assort” in less than 3 days. This is achieved by running the firm and its
information systems as a whole and having an active presence throughout the business
system in planning, direct coordination and unification of goals.
It has helped in increasing efficiency with respect to the customers as well as operations.
Specifically, the recent product trend of the Indian apparel industry for ladies include
double breasted trench coats, cotton muslin shirts with flounces, cotton shorts with darts,
viscos vest top, cotton muslin Jodhpur trousers, cotton tail jacket with stin lapels etc. For
men’s unlined nylon trench coat, round neck cotton sweater, slim fit cotton trousers,
suede leather jacket, cotton scarf with fringes etc. Lastly, for kids the latest trends include
polka dot nylon jacket, stripped cotton shirts with ruffles, crinkled affect cotton muslin
United Colors of Benetton provides a wide range of vibrant colours and great styles in all
shapes prints and sizes, hence fulfilling the requirements of all customers. It also puts
together its best variety and a great range of basic accessories such as shoes, socks, belts,
wallets, scarves etc, which makes it unique and distinguished from others.
EXCLUSIVITY OF DESIGN – Benetton is a provider of some
exclusive and one of a kind design as they belong to the contemporary world
and are stated to be trend setting garments. They are unique in cuts and
colours and live up to the expectations of its target customers.
COMFORTABILITY OF GARMENTS – the Benetton garments are
extremely famous for their fits and comfort level. They also give a great shape
to the body structure.
HUGE AND SPACED OUT SHOWROOMS – Benetton outlets are
quite spacious and customer friendly as the products are properly laid out. It is
easy for a large number of people to walk around the outlet to make their
buying selections. Cooperating and helpful sales people and some light music
make the ambience of the outlet favourable for shopping.
These factors distinguish Benetton from its competitors and have led to its great success.
The positioning of Benetton is a combination of "color, energy and practicality".
Benetton has positioned itself in such a way that customers who buy Benetton products
feel good about themselves as they have a social conscience, and also they feel morally
strong by using them. The company has positioned itself very distinctively; it has a very
clear and unequivocal position that would not be forgotten by the customers easily.
Another main theme of Benetton’s positioning is colors. As the social corporate approach
does not work in Asia, “Colorful” is another way to distinguish Benetton from other
brands. Benetton is always associated with Colorful, energetic and young. The style of
clothing sold in Benetton is mostly casual wear for the young.
FACTORS AFFECTING DEMAND
India serves as a huge market for the Benetton Group. United Colors of Benetton has
more than 100 stores across 45
cities in India and the demand
shows an increasing trend since its
entry. Benetton also sees a huge
potential in the future and would
like to be present wherever the
market exists, whether it is large
cities or small towns.
Benetton's outlets in India
The demand for Benetton products in India can be affected by the following reasons:
CONSUMER SPENDING PATTERNS – consumer spending
patterns may be affected by local economic condition, business conditions,
taxation policies, shifts in discretionary spending towards other goods and
services, general shifts in consumer tastes and preferences etc. Such factors
may cause a shift in demand of Benetton products.
ABILITY TO PREDICT FASHION TRENDS – Benetton’s sales
depends on how the company is able to respond to the changing fashion trends
and the consumer tastes in a timely manner.
COMPETITION– Benetton operates in a highly competitive sector as the
barriers to entry are few in the industry. Benetton competes with local as well
as global players and thus demand gets affected with the entry of new players
or due to certain activities of the existing players
EXCLUSIVISITY OF DESIGN - Benetton is provider of some
extremely exclusive and one of a kind designs. They are stated to be the trend
setting garments belonging to the contemporary world; they have a unique
variety of cuts and colours living upto the expectations of the fashionable
market of today.
COMFORTABILITY OF GARMENTS - Benetton apparels are
extremely famous for its fit and comfort level. As they are highly comfortable
to the skin and give a grey shape to the body structure. These garments
compliment the skin and protect the skin from the changing weather and
various skin problems.
WIDE VARIETY - Benetton is one brand that makes it convenient for its
buyers to pick up all kind of products from one shelter as it has all the possible
products needed by a customer ranging from T-shirts, jeans, track suits,
trousers, formal wear, kids wear, woman and men’s wear as well. Not only
garments they also keep accessories such as hats, caps, bags, shoes, belts and
COMPETETIVE PRICES - One of the major factors that affect the
demand of Benetton is its pricing, as these garments are quite reasonably
priced making them affordable for people belonging to middle and higher
income groups. As most of the people want a combination of good quality,
great style and a good price. Keeping this in mind Benetton is leading the
show and has covered all the aspects of success to its brand name.
WELL FITTED CLOTHES- DEPENDING ON INDIAN
BODY STRUCTURE - Benetton designs clothes depending upon the
body structures of people belonging to different regions and countries. In case
of India, Benetton has been successful enough to reach the satisfaction level
of people as far as fits are concerned. There garments are extremely well fitted
and give a nice shape to the body making it extremely wearable
GOOD AND ATTRACTIVE PRESENTATION - One of the
major factors that affect the demand of Benetton is its display. From
outershell, innershell of the showrooms to the mannequins and the colour co-
ordination has played a major role in increasing the demand for its products.
style and placement of the garment and items displayed in the showroom is
extremely flamboyant and attractive and gives a crave to customers to grab a
watch of the apparels.
SPACED OUT SHOWROOMS - Showrooms are quite spacious, that
makes it easy for a large group of people to fill in and walk around, hence
making the environment calm and cool, with some friendly sales people and
great music making the atmosphere light and suitable giving it an aromatic
feel which has lead to great success of Benetton.
EASILY APPROACHABLE - Benetton showrooms are spread all
over, there showrooms have been seen in all the popular malls and areas
making it easily accessible. At certain places there are more than three
showrooms catagorised for ladies, gents and kids, else wise they are huge
enough n divided into 3 story building for all genders n age groups, making it
convenient and easy to catch. Benetton is spread all over specially covering
the fashion hubs of the country by giving franchise to people making it an
easy game to make its name all over the place.
CREDITABLE AND TRUSTABLE COMPANY - Benetton is
more than a decade old and has been successful enough to create its goodwill
among large masses from upper, lower income groups to all age groups and
genders. it is known for its dynamism and quality at a affordable price also
providing a wide range of products from corporate wear to casual and sports
HUGE RANGE OF SIZES, COLOURS AND STYLES -
Benetton provides the widest range of vibrant colours, great styles in all
shapes, prints and sizes depending upon the needs of customer hence fulfilling
the requirements of all its buyers, not only in clothes but also in basic
accessories it puts its best variety and a great range making itself unique from
GOOD MARKETING STRATEGIES - Benetton is extremely well
equipped when it comes to marketing as they keep adopting newer ideas of
attracting people to its brand with its innovative style. Be it there banner,
showroom, internet or even media, Benetton is able to capture complete
DYNAMIC STRATEGIES AND EVER CHANGING
ATTITUDE - Benetton is extremely quick as they follow the fashion
spiritually and even make changes as and when required. They change
according to the season, whether it’s the styles, trends and even colours that
are in for the season. They live up to the expectations of the buyers and the
customers which leads them both completely satisfied.
FACTORS AFFECTING SUPPLY
DEMAND – as the demand for Benetton apparel decreases or increases, the
supply also decreases or increases respectively. When the consumer demands
increase, the supplier needs to provide more products to fulfill the demand.
When the consumer does not need a particular product, then there is no use of
the supply as it will not sell. Hence, demand of Benetton apparel is one of the
major reasons affecting its supply.
AVAILABILITY OF RESOURCES SUCH AS RAW
MATERIAL – affects the supply of United Colors of Benetton as when
resources are scarce, the producer is unable to produce as much it used to.
Also the prices of the resources rise due to scarcity and hence, the producer
produces less, and reduces its supply because of rising costs.
AVAILABILITY OF LABOUR – there are times when labour has
conflicts with the management, within themselves, they might go on strike or
even leave jobs for some reason, which effects work and hence reduces
productivity. Due to such reasons of scarcity of labour, supply gets affected.
PRODUCTION CAPACITY – supply also depends on the production
capacity of a producer. A machine may get obsolete or may need some
repairs, and thus, the production capacity reduces or vice-versa (a
manufacturer may increase production capacity by installing new machinery)
thereby affecting supply of Benetton apparel.
QUALITY CONTROL SYSTEMS – as Benetton follows strict
quality check systems, it rejects apparel even with minor faults and so it takes
long for an apparel to reach the retail store. Hence quality control systems also
affect the supply of Benetton apparel.
INCREASE IN TAXES – increase in taxes leads to increased costs for
the producer, and also increased prices for the consumer. Hence the supply
decreases as costs of production increase and also because demand decreases
because of high prices.
TRANSPOTATION COST – as the transportation costs are to be
beared by the supplier, his costs increase with the increase in transportation
costs. Hence, the supplier is not willing to supply at increased costs. This is
another factor that leads to decreased supply of Benetton apparel.
Benetton Group is a world leader in the design, manufacture and marketing of
distinctive casual apparel for men, women, and children.
Benetton is well known around the world; it has a good image and a good
reputation through the 120 countries they are selling in. The Group's
commercial network of 7,000 retail outlets around the world is increasingly
focused on large floor-space mega stores offering high quality customer
Benetton is traditionally known for knitwear and casual clothing in a wide
array of colors, featuring fashionable Italian design and projecting a youthful
Benetton is active in the sportswear and sports equipment sector with brands
such as Prince, Rollerblade, Nordica, Kästle, Killer Loop and Ektelon.
Benetton has its own communication research and development center:
It has a pluralistic view on things that is guaranteed by the mix of young
people from countries with different languages, cultures, and attitudes. They
work on projects that include fashion, interiors, industrial design, and cinema.
Colors is a bimonthly magazine that talks to young people all around the
world, and is in 50 countries. They have seven editions published in eight
languages, and Internet site that has won a record number of hits and critical
Benetton is one brand that makes it convenient for its buyers to pick up all
kind of products from one shelter as it has all the possible products needed
by a customer ranging from T-shirts, jeans, track suits, trousers, formal wear,
kids wear, woman and men’s wear as well. Not only garments they also keep
accessories such as hats, caps, bags, shoes, belts and perfumes.
Because of its controversial way to advertise, Benetton retailers may terminate
their contract anytime because they don’t want to lose customers.
In the United States, Benetton is only retailed by Sears who is not very well
know for the quality of its products, so people associate Benetton with low
In Europe, Benetton products are expensive which gives opportunities to
many competitors who provide lower prices for the same quality.
Benetton, as it’s spread all over the world, doesn’t have a new geographical
market to get in, except the United States.
Benetton does not have a lot of market shares in the United States, so it can
improve its position in that market.
As Benetton is diversifying, it allows the company to compete on several markets
and it makes Benetton less sensitive in regards of the fluctuating economy.
The clothing market is getting saturated and the competition is getting
tougher and tougher (Wills Lifestyle, Mango, Guess, TnG, Blackberry,
Tommy Hilfiger, Levis, Pepe, Catmoss, Liliput, etc). With the changing
government policies regarding the liberalization of the FDI norms in India,
more foreign apparel brands like Zara, Topshop, etc are entering the
Due to growing inflation, there has been an increase in the cost of raw
materials and transportation
The decreasing fashion cycle is one of the major threats as new collections
need to be brought in very frequently.
Historically, the Indian textile and apparel industry has been protected from foreign
competition, through quantitative restrictions and high tariffs. For over 50 years, India
had claimed almost all its quantitative restrictions in the balance of payments provisions
of the General Agreement on Tariffs and Trade (GATT) Article XVIII: B. Though India
has been liberalizing its trade barriers and reducing tariffs to a great extent for many
industries, the import restraints, additional taxes, troublesome clearance formalities at
customs and custom duties still apply for the imports related to textile and apparel
industry of India. As far as the exports of the apparel industry are concerned, India
provides incentives which include tariff incentives and export promotion techniques like
duty exemptions or payment of low tariffs on raw material, capital inputs and other
resources required by the industry. Also, they have access to access to special import
licenses for restricted inputs, pre and post shipment financing, and exemption from
paying income tax on earnings made from apparel export.
The textile and apparel tariffs in India are among the highest in the world, especially on
products that can be domestically substituted, even though India had recently reduced the
tariff rates considerably. In addition, the tariff rates become even higher due to the
domestic taxes applied to both imported as well as domestic goods. Effectual from 1st
April, 2000, the tariffs on manmade fibers and filament yarns were reduced significantly
by the Government of India. Tariffs on cotton yarn were reduced from 25% to 20%, on
spun, blended and wool yarn from 40% to 20% etc. Also a tariff binding commitment
agreement was done between the U.S.A. and India on 15th September, 2000, under which
tariffs on 265 textile and apparel products like textured yarns of nylon and polyester,
sportswear, filament fabric and home textile were fixed by India.
According to the government policies in India, excise duties and many other
miscellaneous taxes are not levied on the apparel products, but they are categorized as
Import licensing regime for the Indian textile and apparel industry has been liberalized to
a certain extent, but it still limits market access for U.S. apparel. Import is unrestricted for
items like yarns and fabrics intended for further processing. Generally, apparel and other
textile goods either require a special import license (SIL) or are subject to import
restrictions that apply to consumer goods.
The Government of India revised its Export-Import (EXIM) policy on March 31, 1999,
by removing import licensing necessities for 894 items of agriculture products, consumer
goods, and textiles, as compared to 600 items required under its WTO commitments.
India also eliminated another 414 items from the “restricted list”, and allowed them to be
imported against a special import license (SIL). On December 28, 1999, the United States
and India reached an agreement on a timetable to lift quantitative restrictions on imports
of 1,429 agricultural, textile, and consumer products, including apparel. This agreement
followed a WTO ruling that these restrictions were no longer justified under the BOP
provisions of GATT Article XVIII:B. India removed restrictions on 715 tariff items as of
April 1, 2000, and agreed to remove restrictions on the remainder by April 1, 2001. Once
the restrictions are lifted, India will allow, without restriction, imports of apparel and
other made-up textile goods.
Duty Entitlement Passbook Scheme (DEPS)
DEPS is available to traders and export companies in India on a pre and post export basis.
The pre-export credit requires that the beneficiary firm has exported during the past three
year period. The post-export credit is a transferable credit that exporters of finished goods
can use to pay customs duties on succeeding imports of any unrestricted products.
Export Promotion Capital Goods (EPCG) Scheme
The EPCG scheme is provided for those export companies and traders who inform the
Government of India about the type and value of capital goods being imported by them
and the exports they expect to produce using those imports. The Government of India
provides a license to the exporters allowing them to import capital goods either duty free
or at very low rates of duty, on the basis of the export commitment made at the time of
import of goods.
Pre- and Post-Shipment Financing
Pre-shipment financing is provided by the Reserve Bank of India to Indian exporters
through commercial banks for purchasing raw material, packaging material and other
required material by presenting a confirmed order or letter of credit. Also RBI provides
post-shipment financing through commercial banks at preferential rates to Indian
exporters presenting export documents. These programs make a financial contribution to
Indian firms to the extent of the difference between benchmark short-term interest rates
and the preferential interest rates.
Export Processing and Special Economic Zones
The EXIM policy provides for the establishment of export processing zones (EPZs) and
special economic zones (SEZs). Units in the EPZs that export all of their output can
import all the industrial inputs required free of customs duty. A five year relief from tax
is permitted to any industrial unit in an EPZ and all profits of 100% EOUs are exempted
from income tax. Units that are not considered 100% EOUs receive tax exemptions only
on their export earnings. To attract investment, the Government of India allows 100%
foreign ownership of units in the EPZs as well as the SEZs.
The custom procedures in India are cumbersome procedures. They are highly time-
consuming with delays taking place very frequently as extensive documentation is
required. Also they are bureaucratic in nature.
MARKING, LABELLING, AND PACKAGING REQUIREMENS
Marking, labeling, and packaging requirements for the Indian textile and apparel industry
are technically complicated, complex and hard to fulfill. Textile Regulation 1988 is
designed to protect consumers from getting misled and thus, it imposes stringent safety
and marking guidelines on fabrics and other textile products that are sold in India. This
regulation is applied on domestic products as well as imported textile products.
According to the regulation, it is required that all tops, yarns, and fabrics to have the
statutory or legal markings standardized in the government notification and also it states
that such markings should not be misleading the consumers in any way.
FOREIGN DIRECT INVESTMENT
Initially foreign investment in textile and apparel production was not allowed in the
Indian economy. Gradually, with the elimination of such restrictions and decrease in the
import duties of capital equipment by the Government of India, foreign investors have
started setting up manufacturing facilities in India. Recently, India has become a
manufacturing platform for many global companies in the textile and apparel industry.
Benetton has also recently started manufacturing in India. However the taxes and duties
levied on this industry have been decreased significantly, an outline of VAT is being
implemented in place of all other tax diversifications, which will clear these imbalances
once it is imposed fully.
The labour laws in India are found to be unfavorable to the trades, with companies
following a ‘hire and fire’ policy. Many companies have even tried to break down their
businesses into small units so as to avoid problems created by the labour unions. In the
recent past, there has been a gradual movement towards reforming labour laws, which is
anticipated to make the environment more favourable.
The Indian economy has shown a striking performance with a significant growth of 9%
and improvement in fiscal indicators in the last four years. Due to this the Fiscal
Responsibility and Budget Management (FRBM) Act, 2003 regime has put India on a
higher growth path stimulating confidence in the medium to long term prospects of the
economy. The economy has shown a considerable improvement in fiscal deficit from
5.9% of GDP in 2002-03 to 2.7% of GDP in 2007-08, and revenue deficit has also
decreased from 4.4% to 1.1% of GDP.
After the Union Budget was presented in February 2008, the world economy had to face
three unprecedented crises that are rise in petroleum prices, rise in other commodities
prices, and the breakdown or crash of the financial system. This led to a serious
inflationary problem in the first-half of that year, which in turn was bound to affect all
emerging economies including India. To solve this issue, a series of fiscal measures both
on tax revenue and expenditure side were undertaken with the intention of moderating
supply side constraints. These measures were supplemented by monetary initiatives
through policy rate changes by the Reserve Bank of India, and this contributed in
controlling and softening the domestic prices.
The second-half of the financial year 2008-09 was also hit by the financial crisis world
over, and had to face a recessionary trend. India being no exception was also impacted
due to the financial crisis, and the focus of the fiscal policy was shifted to providing
growth stimulus. The impacts of the fiscal measures taken by the Government of India to
stimulate growth have been reflected by the significant reduction in the gross tax
revenues of the economy.
In the first half of the current financial year, the government borrowings were in line with
the indicated auction calendar decided upon in consultation with the Reserve Bank of
India. However, due to the global financial crisis the government had to revise its fiscal
policies to balance the situation, and hence the borrowing calendar of the government had
to be revised in the second half of the current financial year.
The recent taxation policies of the Government of India are as follows:
Raw cotton has been fully exempted from custom duties since 8th July, 2008 so as
to control the prices of raw cotton and expand its domestic supply.
A fiscal stimulus package was implemented with effect from 7th December,2008,
under which the government implemented an across-the board reduction of 4%
points in the ad valorem rates of excise duty on non-petroleum items, with a few
exceptions. Thus the three major ad valorem rates of Central Excise duty viz.
14%, 12% and 8% have been reduced to 10%, 8% and 4%, respectively.
The refund of service tax paid by exporters on various taxable services
attributable to export of goods has been further extended to include clearing and
forwarding agents services.
The upper limit of refund of service tax paid by exporters on foreign commission
agent services has been enhanced from 2% of FOB value to 10% of FOB value of
In the past 5 years, direct taxes have been ushered by widespread reforms. The reform
strategy comprises of the following essentials: -
Distortions in the tax structure have been minimized by expanding the tax base
and rationalizing the tax rates.
Good quality taxpayer services and enhanced deterrence levels have been
provided by the tax administration. Both these objectives reinforce each other and
have promoted voluntary compliance.
The business processes in the Income tax department have been reengineered
through widespread use of information technology like e-filing of returns, e-
payment of taxes, selection of returns for scrutiny through computers, issue of
refunds through ECS and refund bankers, establishing a Centralized Processing
Centre and an effective taxpayer information system.
The measures taken in the reform strategy have substantially increased the direct tax
revenue productivity from 3.81% of GDP in 2003-04 to approximately 6.35% of GDP in
2008-09. Moreover, the share of direct taxes in the Central tax revenues is now
significantly higher than the share of indirect taxes resulting in a substantial improvement
in the equity of the tax system. Therefore, the reform strategy in the medium term is to
consolidate the achievements of the past.
FISCAL POLICY FOR THE ENSUING FINANCIAL YEAR
India has been adversely affected by the global economic meltdown, but the government
has taken various steps to respond to its adverse effects. These measures taken by the
government has resulted in a short fall in revenues and substantial increases in
government expenditures, which led to a temporary deviation from the fiscal
consolidation path mandated under the FRBM Act during 2008-09 and 2009-2010. As a
result the revenue deficit and fiscal deficit for R.E.2008-09 and B.E.2009-2010 are higher
than the targets set under the FRBM Act.
The fiscal policy for the year 2009-2010 will continue to be guided by the objectives of
keeping the economy on the higher growth trajectory amidst global slowdown by creating
demand through increased public expenditure in identified sectors. However, the medium
term objective will be to revert to the path of fiscal consolidation at the earliest, with
improvement in the economic situation.
The Indian economy has been developing at a considerable growth rate since
independence, but it has never been able to achieve the targets set up. In the first quarter
of the year 2009-10, the Indian economy was growing at a rate of 6.1%, which is higher
than that of 5.8% in the fourth quarter of the financial year 2008-09, but lower than 7.8%
in the first quarter of the year 2008-09. The year-on-year (y-o-y) deceleration in growth
was broad-based covering all the three major sectors, viz., agriculture, industry and
Real GDP Growth (%)
Quarterly Growth Rates (y-o-
2007-08 2008-09 2008-09 2009-10
Q1 Q4 Q1
Agriculture 4.9 1.6 3.0 2.7 2.4
Industry 7.4 2.6 5.1 (-) 0.5 4.2
Services 10.8 9.4 10.0 8.4 7.7
Overall GDP 9.0 6.7 7.8 5.8 6.1
Source: Central Statistical Organisation (CSO).
In the Indian economy, clear signs of revival from recession and growth of the industrial
sector have been seen in the recent months. The index of industrial production (IIP)
showed an increase by approximately 5.8% during April-August 2009 as compared with
a growth of 4.8% in the corresponding period of the previous year. While the basic,
intermediate and consumer durable goods sectors (that includes the apparel industry)
witnessed higher growth, the performance of the capital goods and consumer non-durable
sectors was relatively modest. The core infrastructure sector experienced a growth of
4.8% during April-August 2009, as compared to 3.3% in the corresponding period of the
previous year. The leading indicators of industrial production, both quantitative and
qualitative, also point to revival of industrial activity in the months ahead.
The results of the Industrial Outlook Survey done by the Reserve Bank of India that
tracks the business expectations for the current quarter and the business outlook for the
following quarter, conducted in July-August 2009 showed a turnaround in the business
sentiment. The assessment for the second quarter of 2009-10 showed continuing upturn
with a 7.8% increase in the Business Expectations Index (BEI) over the previous quarter.
Also considerable improvement was shown in key indicators such as production, order
books and capacity utilisation. The financing conditions have also become better.
Inflation that is measured by year-on-year variations in the wholesale price index (WPI),
remained negative during June-August 2009 due to the base effect, but returned to a
positive figure in September 2009. Inflation based on the CPI for industrial workers (IW)
and urban non-manual employees (UNME) has also witnessed a one-time step-up
reflecting significant upward revision in imputed prices of rent-free houses emanating
from the Sixth Pay Commission Award. The Central Government has already completed
net market borrowing of Rs. 3,19,911 crore (as much as 80.4 per cent of the budget
estimate) through dated securities during 2009-10 (up to October 26, 2009).
Growth in monetary aggregates during 2009-10 (up to October 9, 2009) has evolved
broadly in line with the projections. The cash reserve ratio (CRR) of the banks showed a
reduction of 400 basis points during October-January 2008-09, which was a result of the
reduction in reserve money. This also resulted in reduced banks’ balances with the
Reserve Bank. Adjusted for the first round impact of changes in the CRR, reserve money
growth was positive, but lower than in the previous year.
Annual Variations in Monetary Aggregates (%)
Item 2008-09 (October 2009-10 (October
10, 2008) 9, 2009)
Reserve Money 28.8 (-) 4.0
Reserve Money (adjusted for CRR
Currency in Circulation 21.4 15.4
Money Supply (M3) 20.9 18.9
M3 (Policy Projection) 16.5-17.0 * 18.0 **
Money Multiplier 4.44 5.5
Ratio of Net Foreign Exchange Assets of
RBI to Currency
* Projection as indicated in the Annual Policy Statement 2008-09 (April 2008).
** Projection as indicated in the First Quarter Review of Monetary Policy
2009-10 (July 2009).
Non-food credit by scheduled commercial banks decreased considerably, with the growth
rate (y-o-y) falling to 11.2% as on October 9, 2009 from 29.4% in the corresponding
period of the previous year. On a financial year basis (up to October 9, 2009) too, the
growth in scheduled commercial banks’ non-food credit at 4.3% is drastically lower than
the growth of 10.5% in the corresponding period of the previous year.
The various factors that have contributed to the slowdown in non-food bank credit are as
1. Overall credit demand from the manufacturing sector slowed down reflecting a
decrease in commodity prices and drawdown of inventories.
2. Corporates were able to access non-bank domestic sources of funds and external
financing – which had almost dried up during the crisis – at lower costs.
3. Oil marketing companies reduced their borrowings from the banking sector as oil
4. A significant amount of bank finance has gone to the corporate sector through
banks’ investment in units of mutual funds.
5. Banks have also reined in credit to the retail sector due to the perceived increased
risk on account of the general slowdown. This credit cutback was more
pronounced in the case of foreign banks and private banks.
TOTAL FLOW OF FINANCIAL RESOURCES TO THE
During the peak of the crisis in the third quarter of the financial year 2008-09, the flow of
resources to the commercial sector from both bank and non-bank sources were
contracted. While bank credit continued to slow down, there had been a turnaround in
financing from non-bank sources. The resource flow from non-bank sources increased in
the second quarter of 2009-10 with increase in foreign direct investment, increased
support from insurance companies, pick-up in primary issues, and large investment by
mutual funds in non-gilt debt instruments. While the resource flow from the non-bank
sources had marginally increased in 2009-10 (till October 2009), the total flow of
financial resources to the commercial sector declined in comparison with the
corresponding period of 2008-09 due to slowdown in bank credit.
In response to the crisis, the Reserve Bank has effected a substantial reduction in policy
rates beginning October 2008: the repo rate by 425 basis points and the reverse repo rate
by 275 basis points. The CRR was also reduced by 400 basis points of NDTL of banks.
Monetary Easing by the Reserve Bank since October
Item Early October Reduction
October 2009 (basis
Repo Rate 9.00 4.75 425
Reverse Repo Rate 6.00 3.25 275
Cash Reserve Ratio (% of
9.00 5.00 400
Taking cues from the reduction in the Reserve Bank’s policy rates and easy liquidity
conditions, all public sector banks and most private sector banks have reduced their
deposit and lending rates.
Benetton should develop its business in emerging markets like China and
India. In such developing countries, it should follow new commercial
strategies like “stores in stores” through agreements with large-scale
The success of any company depends on its ability to respond and
anticipate the changing trends and consumer needs and thus, Benetton
should take more and more steps to keep a track of such changing trends.
Benetton should engage in less controversial advertising in order to attract
the right segment of customers.
Benetton must evaluate market potential correctly in order to reduce
losses, expand and increase market penetration
Being an international brand, Benetton must learn to adapt to the local
environment. This includes foreign policy, business models, local laws,
local consumer preferences, competition etc.
Continuous efforts are required to maintain a distinct style to products and
hence differentiate from the competition while at the same time adapting
to changing consumer tastes.
Benetton must keep the strategic risks in mind since it helps the group to
take advantage of business opportunities that may develop in new
geographical areas and business segments, evaluating the market potential
correctly, allocating the resources generated on more profitable markets to
potential growth areas. Evaluating the strategic risks would also help the
group to invest its know-how in order to ensure quality products and
processes, to protect its brands important for succeeding and competing in
the market and lastly to choose and integrate a model best suited for each
local market (license v/s partnership; wholesale v/s retail)
http://www.eworldtradefair.com/indian-apparel-industry-a56.html [Accessed on 5th
http://www.fashionproducts.com/fashion-apparel-overview.html#io [Accessed on 5th
[Accessed on 5th October, 2009]
[Accessed on 5th October, 2009]
[Accessed on 5th October, 2009]
[Accessed on 5th October, 2009]
[Accessed on 6th October, 2009]
foreign-private-issuer/2004/06/30/section7.aspx [Accessed on 6th October, 2009]
foreign-private-issuer/2004/06/30/section7.aspx [Accessed on 6th October, 2009]
Factors_affecting_Supply_and_Demand_L46386.html [Accessed on 6th October, 2009]
VCOperationsSupplyFlexibility [Accessed on 6th October, 2009]
VCOperationsIndustrialFlexibility [Accessed on 6th October, 2009]
VCOperationsLogistics [Accessed on 6th October, 2009]
foreign-private-issuer/2004/06/30/section7.aspx [Accessed on 7th October, 2009]
=false [Accessed on 7th October, 2009]
course.shufe.edu.cn/course/marketing/shuangyu/jxal/benetton.doc [Accessed on 7th
[Accessed on 7th October, 2009]
benetton [Accessed on 10th October, 2009]
[Accessed on 10th October, 2009]
http://www.franchisebusiness.in/c/KOUTONS [Accessed on 10th October, 2009]
http://numerounointl.com/ [Accessed on 10th October, 2009]
http://franchisemart.in/CATMOSS_178.html [Accessed on 10th October, 2009]
http://www.linkedin.com/companies/catmoss-retail-ltd. [Accessed on 10th October,
http://www.linkedin.com/companies/catmoss-retail-ltd [Accessed on 10th October, 2009]
edge/articleshow/4529046.cms [Accessed on 10th October, 2009]
http://www.naukri.com/gpw/lilliput/index.htm [Accessed on 10th October, 2009]
[Accessed on 10th October, 2009]
http://www.modernights.com/shop/mango/ [Accessed on 14th October, 2009]
on 14th October, 2009]
http://www.linkedin.com/companies/guess [Accessed on 14th October, 2009]
http://www.gapinc.com/public/About/about.shtml [Accessed on 14th October, 2009]
http://en.wikipedia.org/wiki/Gap_(clothing_retailer) [Accessed on 14th October, 2009]
http://www.esprit.com/index.php?command=Display&navi_id=50 [Accessed on 14th
www.msg-design.com/HTML_Site/.../BenettonAdvertisingPaper.doc [Accessed on 14th
http://press.benettongroup.com/ben_en/about/ [Accessed on 14th October, 2009]
page&q=&f=true [Accessed on 14th October, 2009]
http://www.benetton.com/portal/web/guest/home [Accessed on 16th October, 2009]
http://press.benettongroup.com/ben_en/collections/ [Accessed on 16th October, 2009]
http://www.communication-newsletter.com/contrarian.htm [Accessed on 16th October,
http://www.exampleessays.com/viewpaper/46180.html [Accessed on 16th October, 2009]
transforms.html [Accessed on 16th October, 2009]
http://press.benettongroup.com/ [Accessed on 13th November, 2009]
http://blogs.siliconindia.com/rohitkantprasad [Accessed on 13th November, 2009]
[Accessed on 13th November, 2009]
http://rbi.org.in/scripts/NotificationUser.aspx?Id=5326&Mode=0 [Accessed on 13th
Benetton already exists in the following cities: