Red One hair wax

Doing Business in Russia Project

Red One Hair Wax

Autumn semester 2015 Fitzka Alexander Kargl Dominik Van Lierop Jeremy

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Doing Business in Russia Project – Red One

Hair Wax

Table of contents

1. Executive Summary ................................................................................................ 2

2. Company Profile ..................................................................................................... 2

2.1 Company ........................................................................................................... 2

2.2 Product .............................................................................................................. 4

3. Market Analysis ...................................................................................................... 5

3.1 Survey ............................................................................................................... 5

3.2 PESTEL Analysis .............................................................................................. 6

3.3 Competition and trends ..................................................................................... 7

3.4 Key Success Factors ....................................................................................... 11

3.5 Porter’s five forces ........................................................................................... 12

4. SWOT Analysis .................................................................................................... 15

5. Financial Planning ................................................................................................ 17

6. Conclusion ............................................................................................................ 22

7. Appendix ............................................................................................................... 23

7.1 Results Questionnaire ..................................................................................... 23

7.2 Data set and variables ..................................................................................... 26

7.3 Calculation import duty .................................................................................... 27

7.4 Sources ........................................................................................................... 28

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1. Executive Summary

This business plan is related to give an overview about the start-up company “Red

One Distributions”. The team consisting of three motivated European Students plans

to sell hair care products of the Turkish manufacturer Red One in Russia. In the first

phase of the market entry, the company is going to focus on Moscow and the local

hairdressers. By approaching the final customers through two different channels, it is

possible to gain initial market share in the first time of the business activities. The

company will use two different sales channels: the first sales channel will be the point

of display sales at Moscow barbershops. The second sales channel will be an online

web shop; the shop will allow the company to reach more customers and serves also

as a plan B, in case for some reason, point of display sales at Moscow barbershops

fail to become successful.

With active marketing strategies aiming at the Key Success Factors of the market,

the brand awareness will be increased vastly in the first months. The capital, which is

needed to establish the business, is calculated in the financial part of the business

plan. Altogether, it is possible to finance the company with private deposits of the

team members and a bank loan of 10.000 Euros for the start. According to the plans,

the company should start to generate profits after the third quarter of its activities in

Moscow.

2. Company Profile

2.1 Company

The start-up company “Red One Distributions” is a partnership of Alexander Fitzka,

Dominik Kargl from Austria and Jeremy van Lierop from the Netherlands. The

company aims at being the largest distributor of Red One hair products on the

Russian market. The company is planning to start its first operations at January 1st

2016. The company will be financed by own savings and a bank loan of 10.000

euros.

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Mission statement

To unlock the potential of modern man by providing them the best quality hair

products for a fair price. Our aim is to make modern man feel confident, successful

and representable in every situation. We will realize this mission by becoming a

reputable distribution company, with personal service and high-standard Red One

products.

Vision

To become the Number-One distributor of Red One products on the Russian market.

Strategy

The company’s strategy is cornering a fledging market; a growing market of young

Russian men looking for hair products, which will allow them to look representable.

Red One Matte Wax will be imported and stored in large quantities from the

manufacturer Kırmızıgül in Turkey, before it will be redistributed to our Russian

customers.

Our team will use two different sales channels; Point of Display sales in barber shops

and an online web shop. In the first place, our strategy is to target barbershops where

a haircut for men costs no more than 500 Roubles, for the reason that these shops in

general are not yet engaged in contracts with expensive brands like L’Oréal, Hair

Mango and Kerastase. Companies with a contract are difficult to approach for Point

of Display Sales, since they have already made their commitment to competitor

brands. Less expensive barbershops can become committed to our brand. With

25.000 barber shops in Moscow and Moscow region, our target is to sign a contract

with one new barber shop every week.

Online sales by our web shop will become the most important sales channel ones the

awareness of Red One products has increased sufficiently. Both conventional and

online advertisements will help us to increase the popularity of Red One products. In

this digital era, a smooth-running, attractive and customer friendly website is the most

important asset of a distribution company like ours. Red One Matte Wax will also be

promoted and sold via the websites www.russia.tradekey.com and www.ru.all.biz .

Since the company will be financed mainly by our own savings, we want to keep

costs low and start with a minimum of assets. For distribution for example, we do not

plan to buy or lease a delivery van. Instead, the cheap and extensive public transport

http://www.russia.tradekey.com/

http://www.ru.all.biz/

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network in Moscow will be used to transport boxes with 48 cans of Red One Matte

Wax to barbershops. At the start of the company, we will hire one dedicated

employee, who is responsible for deliveries to barber shops by using the tram, metro

and bus network.

2.2 Product

Red One Matte Wax Full Force 150ml has the perfect

formula; the Wax is enriched with vitamins and creates

natural and long-lasting styles. Clay content makes hair

look mat and natural. Oiliness and hardening does not

occur on your hair. It can be easily removed by combing.

Unlike other hair wax, this product will not result in

pimples on the forehead. It can just as easily be washed

out like a gel and it has a subtle perfume of apple.

Red One Serial for men has been developed in accordance with the standards of the

professional hair dressers by means of environmental and innovative technologies.

Red One Serial for men that has been developed as a result of long term laboratory

activities both in the country and abroad.

Red One Serial for Men has been produced

by advanced technology under the hygienic

conditions in the new plants by combining

latest technology machine section and

qualified human power thanks to the

experience of Kırmızıgül for more than 20

years. Together with many hair dresser salons

in Turkey; Red One has been working in

collaboration with hair dresser chains in

Europe, Gulf countries and the Balkans. Red

One Products have been produced according

to international standards and the certificates

of GMP, ISO 14001:2004, ISO 9001:2008,

OHSAS 18001:2007 .

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At the point of sale, acrylic stands will be

distributed among contracted barbershops.

The stands together with Red One posters

will increase brand awareness and sales at

barber shops.

The Red One Matte Wax will be sold to

Moscow hairdressers for 350 Roubles

exclusive VAT, which is equal to 5 euros at

current exchange rates.

The price of one acrylic stand will

approximately be 20 euro’s with delivery costs included. Displaying the products in

the stands is part of the contract. The stands will be therefore be free for our

customers.

3. Market Analysis

3.1 Survey

In Russian supermarkets and hair salons there are almost no hair products for man.

This can both be seen as an opportunity as a threat for our start-up. Hair gel and hair

wax are not so widely adopted in Russia as in European countries. Russia has a

more traditional and masculine culture than most European countries and wearing

gel or wax is seen by a large proportion of the Russian population as not necessary

and unmanly. According to the results of our questionnaire; 22,7% of our

respondents believe that real man shouldn’t wear hair products.

On the other hand, these results can also be seen as an opportunity: the market is far

from saturated and especially young people identify themselves with a more Western

Lifestyle, which includes Apple products, English movies and Starbucks. We believe

that youth cultures can change quickly and that the demand for hair products for men

will be a growing market in Russia. To the multiple-response question: “Who would

use Red One hair wax?” Respondents provided us with the following results: 77.3%

of the respondents answered “Young People”, 27.3% answered “Business men”,

“Modern men” and “Professionals”.

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Political

Economical

Social

45% of our male respondents use gel or wax on a regular basis. Note that the sample

size of this research is too small to draw any hard conclusions. Furthermore the

respondents were mostly students aged between 18 and 23. The results can only be

used to mirror our assumptions.

The average price our respondents were willing to pay for Red One Matte Hair wax is

432 Roubles. The average price that man are willing to pay is higher: 542 Roubles. If

our company sets the sales price exclusive VAT at 350 Roubles, this will give room

for a standard profit margin for the hairdresser. For more information about the

questionnaire: see appendix.

3.2 PESTEL Analysis

The PESTEL-Analysis shows external factors that influence on the industry in

general. According to our analysis, the increasing trend towards hairstyle products

among men, Russian government’s import policy as well as the exchange rate

between Turkish Lira and Russian Rouble seem to be crucial external factors.

Political cooperation between Russia and Turkey

Russian Government’s import policies

Russian Government’s influence on the national currency (exchange rate risk)

Possible regulation of number of haircutters in Moscow

Purchasing power of Russians

Demand for hair products for men.

Recession

Inflation

Exchange rate fluctuations (high price for futures due to fluctuation)

Competition

Lifestyle-trend

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Technological

Ecological

Legal

Awareness of styling among men

Purchasing power of Russians

Trend towards buying hairstyle products directly at the haircutter

Technological advantages of leading European competitors

Low production costs due to cheap labour in Turkey

Low awareness of ecological issues in Russia might be an advantage as the

firm does not pursue a “green” policy

Laws imposed by Russian government that aim at reducing imports

Restrictions of using certain ingredients in the production process

3.3 Competition and trends

In 2014, Henkel was also the most dominant market leader in the area of hair care.

Even more, they were able to expand their market share to 25%. This further

increase in market share can be ascribed to the firm’s portfolio diversity and new

product launches in numerous categories. All these launches were supported by

strong advertising and marketing activities. Schwarzkopf & Henkel remained the

undisputed leader within hair care in 2014 with a value share of 25%. The leading

position of the company was due to its strongly diverse portfolio, a presence in

various categories and new product launches supported by strong marketing

promotions. A hair gel that can be compared with ours is Taft, which is already a well-

established product line of the company.

According to our research, natural products were more demanded in 2014 and this

trend seems to accelerate even further. Russian consumers of hair products seem to

have become keener on healthy hair and have become prepared to spend more

money on such products. However, styling agents complained about a drop of one

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percent in terms of volume. Regarding trends in future, we found out that the health

and nature trend should continue. Consumers will be even keener on knowing more

about the ingredients of the products they buy.1

Competitor Analysis

1 https://teamvadim.wordpress.com/2013/05/18/industry-analysis-russian-hair-care-market-overview-

and-m-porter-5-forces/ 2 Research company websites

FIRM2

STRATEGY GOALS CHARACTERISTICS CONCLUSION

HE

NK

EL

Being global leader in brands and technologies

Outperform – Simplify – Globalize - Inspire

Increase sales in Emerging markets

Product diversity

Reputation

Big market share

Economies of scale

Strong corporate culture

Innovation

- Coordination due to size - Expensive staff

Henkel is a serious

rival for us due to its

market power and

innovation

capabilities

P&

G

Building a better company

Value creation

Strengthening Business Units

Portfolio transformation

Productivity improvements

Product range expansion

Innovation

Productivity

Long-established company

Experience

- Reluctance to change the firm’s core values and purpose

- Decreased net sales in 2015

- Decreased core earnings in 2015

Very strong and

experienced

competitor with

strong core values

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Now we focused on potential competitors already. The chart listed below shows the

current market leaders by value in 2011. It enables us to see who the big rivals are.

Furthermore, the market segmentation shows the relative importance of hair gel in

comparison to the whole hair care market. As we can see, about 56.2% of the whole

market share can be attributed to three players, which means, that the market is quite

concentrated. The main characteristic of the market is that almost all competitors

have high fixed costs. Almost all of them have their production facilities by

themselves. This increases rivalry and represents some kind of lock-in. This means:

once invested, you are somehow forced to stay in the market. For consumers it is not

difficult to change the brand. Retailers, however, seem to be quite reluctant to switch

brands, as their own clients often appreciate the existing product range they offer.

UN

ILE

VE

R

Double the size of business

Reducing the ecological footprint

Increasing positive social impact

Profitable volume growth

Cost + leverage efficiency

Innovation & Marketing Investment

Sales growth

Long-established company

Margin improvement

- Brand preference - Sustainability - Talent

Business player that

represents

competitive

advantage in

reputation due to

sustainability aspects

L‘O

RE

AL

Universalisation, respecting differences in traditions, desires and needs

Beauty for all - mission

Attracting a billion new consumers

Expertise

Capability to innovate

Broad brand portfolio

Increasing operating profit in 2014

- Decreased investments in 2014

- Sustainability

Competitor with very

strong financial

performance, thus

very powerful

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Market Shares 20113

3 Euromonitor International, Hair Care market in Russia Report (May 2012)

https://teamvadim.files.wordpress.com/2013/05/market-leaders1.png

https://teamvadim.files.wordpress.com/2013/05/segmentation1.png

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3.4 Key Success Factors

Analysis of Demand

Analysis of Competition

Who are the clients?

1. Final consumers (B2C)

2. Haircutters (B2B)

What do the clients demand?

B2C B2B

Availability Quality

Attractive prices Attractive prices

Quality

Diversification

Consumers have a growing

interest in products and their

ingredients and review

products from all available

sources.

High degree of competition due to

large number of competitors

Pressure to stay innovative and meet

current trends

Lucrative market due to changes in

values

Country in recession but positive

outlooks for following years

Almost 65% of market share

attributed to 4 firms

Key Success Factors

Costs Differentiation

As low fixed costs as possible,

to maintain flexibility in the

currently changing market

Economies of Scale

Efficient production

management

Cash-Management

Diversified high quality

products offering a good value

for money

Packaging must be an eye-

catcher

Promoting sustainability

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3.5 Porter’s five forces

Market definition

The target market for the product should be defined clearly, before it is examined in

detail. In case of Red One, the targeted group are hair dressers and their final

customers in the low and middle class segment. As shown in the market analysis

before, the premium hairdressers are already in long-term contracts with the big

producers of hair care products and thus offer no profitable business opportunities for

a new entrant like Red One. The market is further restricted to the city of Moscow,

which enables the analysis to give exact data about the local circumstances in this

region. The needed information was gathered through the survey and interviews with

local hairdressers in Moscow.

A common instrument for analysing the market conditions is the concept of Porter’s

five forces. With this framework, it is possible to examine the different relevant factors

in a target market and the findings of the analysis enables the company to develop

suitable entry strategies for different situations. In the following picture, you can see

an overview about the framework and the evaluation of each market force.

Subsequently, every force is described in more detail.

Porter’s five forces, red – strong market force, yellow – medium, green – not strong

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Bargaining power of customers

The company’s customers can be divided into two different parts. On the one hand,

the product is sold to hairdressers, where it is used for every-day business as well as

disposed to the final clients. On the other hand, people can also buy directly from

Red One, if they want to skip the intermediate for buying the product at a lower price

or in bigger quantities. Both customer groups have a big variety of potential hair care

producers and therefore quite a big choice when deciding what product to buy. This

choice can be diminished by contracts with hairdressers. These contracts can restrict

the number of different products in the assortment in the shop. In view of all that, the

bargaining power of customers can be seen as quite high. Therefore, this market

force should be considered while developing the best market entry strategy with Red

One products.

Bargaining power of suppliers

The company works as an intermediary to import the products from Red One Turkey

to Russia and hence this market force has to be examined in a special way. If it is

possible to establish an exclusive selling contract for Red One’s product in Russia,

the manufacturer has no other option to bring his product to the Russian market.

Therefore, the bargaining power after signing the contract can be described as low or

medium. As long as it is profitable for the manufacturer to work with the company as

an intermediate, there should be no problems with this market force.

Threat of new entrants

The threat of new entrants is connected with established barriers in the market. The

question is, if there are any factors, which prohibit companies to enter this market. In

the case of hair care products, such barriers can be hair care regulations and or

standards for cosmetic products. In 2012, Russia launched a new standard for

cosmetic products, which replaced the older very complex regulations for entering the

local market. The changes are meant to harmonize the Russian legislation with the

European Union’s and made it therefore much easier for European companies to

enter the market. To sum up, the market force can be considered middle, because

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there are still a lot of import regulations and the Russian bureaucracy is a further

barrier to new entrants.4

Substitutes

This market force relates to the amount of different products, which are designed to

satisfy the same customer need. In this case, different hair care products can be

considered, which are all produced by the big market players. Examples for that

would be hair sprays or fluid hair waxes, which people use to style their hair.

However, the force is not relevant for the market entry strategy of Red One and can

therefore be neglected.

Rivalry among existing market players

The last examined force reflects the current market situation in Russia. The findings

of the data gathering process show, that there are a few big market players, who

especially rule the business with premium class hairdressers. The most important

company is Schwarzkopf & Henkel, with a market share of approximately 25% in

2014. The contracts with the hairdressers are very strict and make it very hard for

small companies to enter this distribution channel. The competition in the target

segment is smaller but still an important factor and should be considered for the

further strategy of the business.5

The findings of this analysis can be transferred to the development of the market

entry strategy. It will be very important to challenge the existing players on the market

by very active marketing through different channels. There are cost effective

possibilities like online marketing, including marketing campaigns on Facebook or

Twitter. With these specific actions, it should be possible to attract new customers

and to gain market share. Furthermore, the unique benefits of the product should be

communicated to the target group in order to compete with the big amount of different

products on the market. Admittedly, there are threats in the Russian market for hair

care products and the competition is quite high. However, with the right actions, it

should be possible to overcome them and to establish a profitable new business.

4 http://www.premiumbeautynews.com/en/russia-the-new-cosmetic,3765

5 http://www.euromonitor.com/hair-care-in-russia/report

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4. SWOT Analysis

The SWOT (Strengths-Weaknesses-Opportunities-Threats) framework is the

connection between the internal analysis of the company and the findings of the

external market analysis. After investigating every field of the framework in detail, it is

possible to deviate strategy recommendations for the company. Red One should be

aware of all the threats of their business model, in order to set the right actions when

entering the Russian market.

Strengths

The biggest strength of the business model is the high quality product. Because of

low production costs in Turkey, the company is able to produce an excellent product

at a low selling price. Even with a quite high profit margin for the local seller in

Russia, it is possible to sell the product at better conditions than the competitors are

doing. The selling price of 350 Russian Roubles targets the middle class section of

the customer group and reflects a very good value for money. Moreover, the

exclusive selling contract with the manufacturer in Turkey enables the company to be

the only contact point for interested Russian customers. It should be possible to

establish strong relationships with the customers, in order to enable a stable demand

for the hair wax.

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Weaknesses

The company should be aware of the fact, that the products are produced in Turkey.

Even though the reputation of Turkish products is in Russia better than in middle

Europe, there are still doubts about the quality of these products. However, the

company has to show the customers the real quality of the product and the very good

value for money ratio.

Opportunities

The Russian market represents a big business opportunity for Red One’s products.

The market analysis showed that the expensive hairdressers are already in closed

contracts with the big market players like Henkel and P&G. Nevertheless, there is a

much bigger amount of medium to low class hairdressers, which have no contracts or

just a few products in their assortment. This is the target group of the company and

the strategy should focus on these customers. Starting in Moscow, the activities

could be expanded to other big Russian cities in order to further increase the

customer base. With an exclusive selling contract, the company is able to be the only

contact of Red One in Russia, which is an important advantage.

Threats

Of course, there are also threats for Red One in the Russian market. The big amount

of different products in the hair care sector is an important factor for new entries. The

customers have a big variety of different solutions and the hairdressers can work with

many different brands. It is very important to distinguish from competitors by

communicating the benefits of the product to hairdressers and final customers.

Another threat would be the legislation regarding the Russian cosmetic market. Every

market player has to respect these regulations and every change, which will maybe

appear in the future. A close contact with the manufacturer in Turkey is necessary to

control the recipes of the product and their fit to the Russian regulations.

Strategy Recommendations

In conclusion, the SWOT analysis leads to two major recommendations for the

market entry in Russia. Firstly, the company should focus their marketing to the

excellent value for money ratio of the product. The communication to the customer

groups should explain the benefits of the product especially for the middle and low

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class of the hair care segment. Customers can buy Red One hair wax and get very

good quality for a low price. The big amount of small hairdressers in Moscow, which

are not in contracts with the big market players, support this strategic decision and

reflect a very attractive target market. Secondly, the company should be aware of the

quality reputation of Turkish products. The customers have to be convinced by the

benefits of the product, otherwise they would not buy it. Again, it is recommended to

establish an active marketing campaign, in order to spread the brand name in the

target group.

5. Financial Planning

The following section shows a detailed financial planning for the ramp up phase of

the Red One Distribution Start-up. The income is planned for the first year quarterly

and shows the amount of needed capital. In order to finance the company, all three

partners provide each 10.000 Euros equity on their own and in addition, the company

will seek for a 10.000 Euros bank loan. This capital is sufficient to start the business

in Moscow.

Start-up costs and cost per product

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Forecasted start-up balance sheet

Income planning

Desk Research shows that 10% of the revenue of hair salons comes from the sale of

hair products. With an average monthly revenue of 5000 euro, this means that hair

salons earn assumingly 500 euro per month with the sale of hair products. We

assume that female customers account for most of the sales of hair products,

whereas man are less likely to buy hair products at a salon. Based on this

assumption, we expect a modest demand of 24 cans of Red One hair wax a month,

or 6 cans a week.

In order to obtain sufficient sales volumes, the best option seems to be to sell our

product to as many hair salons as possible and additionally to open our own web-

shop, which would allow us to increase our customer base.

For the first year, we set the following targets:

o Target 1: Open one new hair salon every week

o Target 2: After opening the web-shop, a minimum demand of 14 cans a week,

with a gradual increase in demand.

o Target 3: A weekly increase of online sales of 10% for quarter 1 and quarter 2.

o Target 4: A weekly increase of online sales of 5% for quarter 3 and 4.

Target 1 is based on the assumption that with our team of three sales representatives

and one employee responsible for delivery, it should be possible to visit multiple new

hair salons a day and to sign a contract with at least one new hair salon a week.

Target 3 to 4 are based on the assumption that a web shop will have rather low sales

in the first few weeks, but will show a steady growth trend as customers make re-

orders, and as the brand awareness increases due to our regular advertisements and

customers word-of-mouth advertisements.

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The following table shows the expected weekly demand and revenues for both hair

salons and the web shop based on our assumptions:

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6. Conclusion

With the gathered information it is possible, to get an in-depth understanding of the

hair care market in Russia and the target customer group of the Red One Distribution

company. The market entry strategy derives from the combination of internal factors

regarding the company and the external circumstances on the market. The most

important challenge for the start-up team will be, to grow market acceptance next to

already existing big brands. With active marketing at the Point-of-Sale and through

various online channels, it should be possible to spread the new brand very quickly.

Subsequently the sales are going to grow, when the awareness in the target group

will rise and the first hairdressers have entered into contracts with Red One

Distribution. Due to the calculated income plan, it should be possible to start making

profit after the first three quarters. The needed capital for the ramp-up phase is

provided by the project members and an additional bank loan. In conclusion, in can

be said, that the distribution of Red One Hair Care products is an attractive business

opportunity in Russia and it is possible, to start that business with a small amount of

capital.

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7. Appendix

7.1 Results Questionnaire

24 respondents: 8 men, 16 women age 18-23

$who Frequencies

Responses Percent of

Cases N Percent

Who would use gel or

hairwaxa

Young people 17 27,9% 77,3%

Businessman 6 9,8% 27,3%

Celebrities 5 8,2% 22,7%

Skaters 3 4,9% 13,6%

Men with problems with

hairdo 4 6,6% 18,2%

Gay 5 8,2% 22,7%

Modern men 6 9,8% 27,3%

Students 5 8,2% 22,7%

Professionals 6 9,8% 27,3%

Hipsters 4 6,6% 18,2%

Total 61 100,0% 277,3%

a. Dichotomy group tabulated at value 1.

$culture Frequencies

Responses Percent of Cases

N Percent

Which youth culture would use

thisa

Tennis players 4 7,3% 28,6%

Footbal Players 4 7,3% 28,6%

Students 6 10,9% 42,9%

Professionals 6 10,9% 42,9%

Celebrities 9 16,4% 64,3%

Hipsters 6 10,9% 42,9%

Stylish men 6 10,9% 42,9%

Skaters 5 9,1% 35,7%

Theater 6 10,9% 42,9%

Fitness guys 3 5,5% 21,4%

Total 55 100,0% 392,9%

a. Dichotomy group tabulated at value 1.

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Descriptive Statistics

N Minimum Maximum Mean Std. Deviation

How much would people be

willing to pay for this

product?

24 50 1,000 432.29 252.001

Valid N (listwise) 24

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7.2 Data set and variables

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7.3 Calculation import duty

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7.4 Sources

https://teamvadim.wordpress.com/2013/05/18/industry-analysis-russian-hair-

care-market-overview-and-m-porter-5-forces/

Research company websites

Euromonitor International, Hair Care market in Russia Report (May 2012)

http://www.premiumbeautynews.com/en/russia-the-new-cosmetic,3765

http://www.euromonitor.com/hair-care-in-russia/report

Documents

Red One hair wax