Harvard Case - Desi Hangover: Circular Transition of a Conscious Fashion Brand
"Desi Hangover: Circular Transition of a Conscious Fashion Brand" Harvard business case study is written by Servjaeta Verma. It deals with the challenges in the field of Entrepreneurship. The case study is 16 page(s) long and it was first published on : Aug 9, 2022
At Fern Fort University, we recommend that Desi Hangover adopt a hybrid growth strategy, focusing on both organic expansion and strategic partnerships. This approach will leverage their existing strengths in sustainable design and ethical production while tapping into new markets and scaling their impact.
2. Background
Desi Hangover is a conscious fashion brand founded by two young entrepreneurs, Aditi and Shruti, who are passionate about creating stylish and sustainable clothing. The brand has built a strong reputation for its unique designs, high-quality materials, and commitment to ethical production practices.
The case study explores the challenges Desi Hangover faces as they transition from a bootstrapped startup to a more established brand. They are seeking to expand their reach, increase production capacity, and develop a sustainable business model that can support their ambitious growth plans.
3. Analysis of the Case Study
Desi Hangover?s success can be attributed to its strong focus on:
- Sustainable Design: The brand?s commitment to using recycled and organic materials resonates with environmentally conscious consumers.
- Ethical Production: Their transparent supply chain and fair labor practices build trust and loyalty with customers.
- Unique Designs: Desi Hangover?s distinctive style sets them apart from competitors in the crowded fashion market.
However, several challenges impede their growth:
- Limited Production Capacity: Their current manufacturing processes struggle to meet increasing demand.
- Funding Constraints: Bootstrapping has limited their ability to invest in expansion and marketing.
- Market Reach: Desi Hangover needs to reach a broader audience beyond their existing customer base.
To address these challenges, a comprehensive analysis using the Porter?s Five Forces Framework is crucial:
- Threat of New Entrants: The conscious fashion market is attracting new entrants, increasing competition.
- Bargaining Power of Suppliers: Desi Hangover?s reliance on ethical suppliers could lead to higher costs.
- Bargaining Power of Buyers: Consumers have multiple choices in the fashion market, giving them bargaining power.
- Threat of Substitute Products: The availability of fast fashion alternatives poses a threat.
- Competitive Rivalry: Intense competition exists among established brands and emerging startups.
4. Recommendations
1. Strategic Partnerships:
- Collaborate with established fashion retailers: Partnering with retailers like Urban Outfitters or ASOS can provide access to a wider customer base and distribution channels.
- Form strategic alliances with other conscious brands: Collaborating with complementary brands can create cross-promotional opportunities and expand market reach.
- Partner with non-profit organizations: Collaborating with organizations focused on sustainability and ethical production can enhance brand image and attract socially conscious consumers.
2. Organic Growth:
- Expand online presence: Invest in digital marketing strategies to reach a wider online audience, including social media marketing, influencer collaborations, and targeted advertising.
- Develop a robust e-commerce platform: Invest in a user-friendly website and mobile app to enhance online shopping experience and streamline order fulfillment.
- Explore new product lines: Introduce new product categories like accessories, footwear, or homeware to diversify revenue streams and attract a wider customer base.
3. Financial Strategy:
- Seek venture capital funding: Attract investors who align with their mission and support their growth plans.
- Explore crowdfunding options: Leverage the power of crowdfunding to raise capital and engage with their passionate customer base.
- Implement a sound financial management system: Develop a clear budget, track expenses, and monitor cash flow to ensure financial stability.
4. Operations Strategy:
- Invest in technology and automation: Explore automation solutions to streamline production processes and increase efficiency.
- Optimize supply chain management: Streamline sourcing, production, and distribution to reduce costs and improve delivery times.
- Develop a robust quality control system: Ensure consistent quality and meet customer expectations.
5. Marketing Strategy:
- Develop a strong brand identity: Communicate their values and mission effectively through compelling storytelling and visual branding.
- Target specific market segments: Identify key demographics and tailor marketing messages to resonate with their target audience.
- Leverage social media platforms: Engage with customers, build a community, and create a buzz around their brand.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Desi Hangover?s core competencies lie in sustainable design, ethical production, and brand storytelling. These recommendations align with their mission to create fashion with a conscience.
- External Customers and Internal Clients: The recommendations address the needs of both customers seeking sustainable fashion and the internal team seeking growth opportunities.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Desi Hangover from competitors by leveraging their unique strengths.
- Attractiveness: The recommendations are expected to generate positive returns on investment through increased sales, market share, and brand value.
- Assumptions: The recommendations assume that Desi Hangover can successfully secure funding, build strategic partnerships, and implement operational improvements.
6. Conclusion
By adopting a hybrid growth strategy that combines organic expansion with strategic partnerships, Desi Hangover can achieve sustainable growth while maintaining its commitment to ethical and sustainable fashion. This approach will allow them to leverage their existing strengths, tap into new markets, and build a successful and impactful brand.
7. Discussion
Other alternatives not selected include:
- Going Public: While a potential long-term goal, going public could be premature at this stage and require significant regulatory compliance.
- Mergers and Acquisitions: Acquiring another brand could provide immediate access to new markets and resources, but it carries risks of integration challenges and cultural clashes.
Risks associated with the recommended strategy include:
- Partnering with the wrong companies: Selecting partners who do not align with Desi Hangover?s values could damage their brand reputation.
- Over-extending resources: Aggressive expansion without proper planning could lead to financial instability.
- Failing to adapt to changing market trends: Staying relevant in a dynamic fashion market requires constant innovation and responsiveness.
8. Next Steps
Timeline:
- Year 1: Secure funding, develop strategic partnerships, and implement operational improvements.
- Year 2: Launch new product lines, expand online presence, and build a strong brand identity.
- Year 3: Evaluate progress, refine strategy, and explore new growth opportunities.
Key Milestones:
- Secure funding from venture capitalists or angel investors.
- Establish strategic partnerships with retailers, brands, and non-profit organizations.
- Implement technology and automation solutions to enhance production efficiency.
- Launch a new e-commerce platform and expand online marketing efforts.
- Develop a comprehensive brand strategy and marketing plan.
By following these recommendations and diligently executing their strategy, Desi Hangover can position itself for sustainable growth and become a leading force in the conscious fashion industry.
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Case Description
Desi Hangover, an Indian company empowering artisans to manufacture handcrafted leather footwear, was a finalist at Lakmé Fashion Week in 2020 in the category of Circular Changemakers. The chief executive officer had a dream of establishing his company as a leading circular economy fashion brand, and now he had a chance to pitch his vision of the future. But his core team had reservations and worried about the cost and risk of transitioning fully to a circular model. Considering the journey Desi Hangover had taken since its inception, the changing needs of the market, and the unpredictability of the business economy, Desi Hangover had to come up with the right pitch for the event-one that would continue on the path to conscious fashion while ensuring growth in revenues to sustain operations.
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