Fashion Law & Business Participants

Introduction

If you are associated with fashion then you would already know that many big companies in the field of fashion and luxury, which have now become brands, hire lawyers to protect their trademarks. Big companies hire lawyers for legal battles like intellectual property rights, copy products, and many more.

Apart from this, big fashion designers, photographers, and many big stars also hire lawyers to know about their rights and protect them. In such a situation, specialization in fashion law can be made a bright and better career.

A partnership is the mutual relationship of individuals in a business organization, in which a business enterprise is formed with the aim of earning profit. Individuals who do business together are individually called ‘Partnership’ and collectively as ‘Firm’. The name in which the business is carried on is called the name of the firm. Sultan & Co., Ramlal & Co., Gupta & Co., etc. are to name a few firms.

Brand Setup

The word brand is an English word, but in colloquial and practice the word brand is most commonly used. Thus, in order to identify a product, a distinctive mark, and name should be written in it, so that the item can be uniquely identified, it is called a C brand.  The brand is a means that identifies the product with the product so that the customer can get satisfaction from the product and the consumer will again demand the same brand of goods.

We know the power of the brand. There are many foreign brands that have established a reputation in the Indian market and everyone is familiar with those brands. Any company has to work hard to reach this success. The brand has to be promoted according to different targets, but when it comes to building and promoting a personal brand, it plays an important role in your success. To establish yourself as a personal brand, it is also necessary to understand how your body language is.

You should thank yourself for the abilities that you have because these abilities have helped you to stand out. On the other hand, if you do not get your abilities right, then you will not be encouraged to move forward in life. Also, you will be afraid to take any kind of risk in your career. That’s why it is very important to know your abilities. Every person has different specialties. This feature will be important in personal branding.

How do you get along with people? The kind of rapport you interact with them works to strengthen the relationship. Your thoughts can be helpful in building your credibility. This value will serve to give you exposure. So, focus on making your credibility positive. Work on staying focused on your goals. Have the urge to learn in yourself, even if the teacher is a junior.

If you want to build a personal brand, then for this you need to develop leadership qualities within yourself. Only then can you transmit your knowledge, and experience in the right way. Bring seriousness to your personality like a leader. To make yourself stand out from the crowd, you have to move forward with new ideas and ideas

Supply Chain

A supply chain is the network of suppliers, individuals, technology, organizations, activities, and resources of a business to provide a product or service. All these entities may be part of sourcing, buying, manufacturing, selling, or logistics of raw materials or equipment which ultimately helps in delivering the finished goods to the end users.

How does the supply chain work?

A supply chain is a network consisting of a series of steps involved in providing a product or service to a customer. These steps involve buying and converting raw materials into finished products and distributing them to end users.

The basic elements of a supply chain process include product development, marketing, operation, distribution, and customer service. The stakeholders involved in this process include producers, vendors, warehouses, transport companies, distribution centers, and retailers.

If supply chain management is efficient, it helps in reducing the cost of production and increase profits. If one of the links fails in this process, it may cost the company to grow.

Production Process

The production process is the set of interrelated actions that, when performed, allow the transformation of materials into goods of greater value. It is a process that operates linearly and systematically, with input elements at the beginning and others at the end of the process. Its aim is to meet the needs of the market.

The input elements in the production process are known as factors. These factors are popularly called raw materials. On the other hand, the output elements are known as products, they are intended to be sold to the end consumer.

The production process involves the transformation of elements through immediate or intermediary actions. Immediate actions are those that are responsible for changing the material so that it is suitable for immediate consumption. Mediation modifies the material so that it can pass the second stage of the production process. Change of case equipment includes buildings, machinery, computers, and people who can perform productive processes. On the other hand, transformed elements are usually the raw materials and components that together form consumer goods.

Distribution Process

Distribution means spreading the product throughout the market so that a large number of people can buy it. Distribution is the activity of both selling and distributing products and services from the manufacturer to the customer. It can also be called product distribution. As businesses become more global, it becomes important to improve distribution to ensure that customers and all members of the distribution channel are happy. Distribution may involve multiple people depending on the length of the distribution channel.

Distribution is the payment of cash, stock, or physical product to the shareholders of the company. Distribution is the allocation of capital and income throughout the calendar year. When a corporation makes profits, it can choose to reinvest the money in the business and pay out portions of the profits to its shareholders. Shareholders can receive distributions on a regular basis, monthly, quarterly, or annually. Shareholder distributions are common with pass-through entities, such as S corporations or limited liability companies (LLCs). Companies with pass-through taxation are not taxed directly. Instead, taxable company profits are passed through to shareholders.

The distribution includes the following items –

• A good transport system for carrying goods to different geographical areas.
• A good tracking system so that the right goods arrive at the right time in the right quantity.
• A good packaging, which takes the wear and tear of transportation.
• Tracking the places where the product can be placed such that there is maximum opportunity to buy it.
• It also includes a system for withdrawing goods from the trade.

Distribution can make or break a company. Distribution is a very big thing, and it decides how much your company will grow. A good distribution system simply means that the company has the possibility to sell its products more than its competitors. A company that spreads its products to the market wider and faster at a lower cost than its competitors, this higher margin will better absorb the increase in raw material prices and in difficult end market conditions. Distribution is critical to any type of industry or service. If the product is not available for sale at those points. The best value products, promotions, and people come to nothing at which consumers can buy.

Franchising

If we talk about Franchise Business, then it is a business in which the owner of the company or business sells the rights of his business logo, business name, business model, etc. to a third-party operator. The third party to whom the owner of the business sells this right is called a franchisee. Currently, franchising is a very common way of doing business, this is the reason that in any city you will definitely find some entrepreneurs who will be doing franchise business to earn their money.

Therefore, to understand the franchise better, you can also call it a method of distributing a product or service. At least two parties are involved in this franchise arrangement. The first party is the franchisor who has established the brand’s trademark, business name, business system, and everything. On the other hand, the franchisee, which is usually an individual, pays royalties or certain initial fees in exchange for obtaining the right to do business under the franchisor’s business name, logo, and business system.

How to start a franchise

To start a franchise business, the entrepreneur has to first select the city where he is thinking of doing this type of business. Although doing this type of business can be profitable in big cities like Delhi, Mumbai, Bangalore, etc. That is because the basic infrastructure of these cities is good and people have more income or income to spend.

However, there are also disadvantages to doing this type of business in such cities as the entrepreneur may have to face tough competition in these cities. The most important thing that happens after the selection of the location i.e. city is the industry the entrepreneur is interested in so that he can take the franchise of the industry according to his interest. For example, if the entrepreneur is interested in the food industry, then he can start a franchise business with a brand related to restaurants, dhaba, pizza, burgers etc.

Marketing and Sales

We know that businessmen produce various goods and supply services for our use. These are not necessarily produced at the places where consumers consume them. Nowadays products manufactured all over India and other countries are also available in villages. This means that the producers are always trying to maintain the demand for their product and make their product available to the end consumer all over the world.

So, when you go to the market to buy readymade shirts, you will find that they are available in different quality, colours, prices, etc. and you can buy the shirts as per your wish. It also means that the producers know the needs, interests, and preferences of the consumers and plan their products accordingly. Not only this, the producer also has to ensure that people know about his product and its features.

Sales are that in which we are selling a product, there is a process of transaction which is called marketing. In ancient times, people used to buy one item in exchange for another item, but in today’s time it is completely different, if any item has to be bought, then some money has to be paid for it, this is the basic definition of sales.

The definition of sales is that you have to sell any item only and only keeping in mind the profit and loss. The process of buying and selling between two people is called sales, in which the customer buys from the same sellers, as well as the customer pays some price to the sellers in exchange for the goods, this process is called sales. If you have ever gone to the market then you must have seen that whenever you buy an item, it has an MRP. You buy those goods from the sellers by paying the MRP of those goods, this process is called sales.

International Trade

Generally, when goods and services are transacted between two persons, it is termed as trade. If seen in detail, all those economic activities are included under trade which is related to the distribution of goods produced. Similarly, when the transaction of goods and services takes place between two countries, then it is called international trade.

In other words, international trade refers to the trade under which goods and services are exchanged between two or more countries. According to Hebler, “The dividing line of home trade and foreign trade is the boundary of a country. The domestic trade taking place within that border is called foreign trade and the trade outside the country is called foreign trade.

Conclusion

International trade is the basis of the present era as almost all the economies at present are open economies. International trade mainly depends on international specialization. In the case of comparative difference and the relative difference in costs, the country gains from trade. But if there is an equal difference in costs, then in that case no profit will be gained from international trade.

References

• HAYES, A. (2020, 07 30). Supply Chain. Retrieved from investopedia: https://www.investopedia.com/terms/s/supplychain.asp
• Robinson, R. (n.d.). International Trade. Retrieved from britannica: https://www.britannica.com/topic/international-trade
• Trehan, V. (2021, 10 28). Khurana & Khurana, Advocates and IP Attorneys. Retrieved from Khurana & Khurana, Advocates and IP Attorneys.: https://www.khuranaandkhurana.com/2021/10/28/demystifying-fashion-law-in-india/

This article has been submitted by Nandu Dangi, a student at NRI Vidyadayini Institute of Sci Mgt and Tech, Bhopal.