Business Plan - La Perla

2012 Swinburne University of  Technology Sarawak Campus MUHAMMAD BABUR FARRUKH & SAAD ZAFAR IQBAL

La Perla is an Italian influenced lingerie boutique that will provide high quality lingerie in a wide array of sizes and styles with exceptional customer service. The store is expected to be located in a proven retail center called Suria KLCC Shopping Mall in Kuala Lumpur, Malaysia where the demographics are suitably upscale, traffic counts are high, and compatible retailers offer qualified traffic and potential referral business.

BUSINESS PLAN - LA PERLA Contents Executive Summary ........................................................................................... ................................................................................................................................. ...................................... 3 Company Background ............................................................................................................................. ............................................................................................................................. 6 Company Summary ................................................................................................................. ................................................................................................................................. ................ 7 Hours of Operation ............................................................................................................................. ............................................................................................................................. 7 Company Ownership .......................................................................... ........................................................................................................................... ................................................. 7 Location............................................................................................................................................... ............................................................................................................................................... 7 Start-up Summary ............................................................................................................................... ............................................................................................................................... 8 Merchandise Assortment................................................................... Assortment.................................................................................................................... ................................................. 8 ...................................................................................................................................... ................................................................................... ............. 8 BRA’S ................................................................ BRIEFs.................................................................................................................................................. .................................................................................................................................................. 8 Product Sourcing So urcing & Buying ................................................................................................................. ................................................................................................................. 9 Inventory Management & Technology ............................................................................................... ............................................................................................... 9 Market Analysis Summary ..................................................................................................... .................................................................................................................. ............. 9 Market Segmentation ........................................................................................................................... ........................................................................................................................... 10 Women 25-59 with household income of RM 70K per annum ....................................................... ....................................................... 10 Women 18-24 ............................................................. ................................................................................................................................... ...................................................................... 10 Brides ............................................................... ..................................................................................................................................... ................................................................................. ........... 10 Target Market Segment Strategy .......................................................... .......................................................................................................... ................................................ 10 Industry Analysis ................................................................................................................................... ................................................................................................................................... 11 Competition and Buying Patterns ..................................................................... ......................................................................................................... .................................... 11 Trends ............................................................... ........................................................................................................................................ .................................................................................... ........... 12 Strategy and Implementation Summary........................................................... ............................................................................................... .................................... 13 Marketing Strategy ..................................................................... ............................................................................................................................... .......................................................... 13 Marketing Objective .............................................................. ......................................................................................................................... ........................................................... 13 Tactics ............................................................... ........................................................................................................................................ .................................................................................... ........... 13 Print advertising .................................................................................................................. ................................................................................................................................ .............. 13 On-going use of direct marketing ..................................................................................................... ..................................................................................................... 14 Low or no-cost "guerrilla" marketing............................................................ ................................................................................................ .................................... 14 Employ strategic placement among key websites on the Internet .................................................. 15 Parties for promotion ....................................................................................................................... ....................................................................................................................... 15 Brand Ambassador .............................................................................................................. ............................................................................................................................ .............. 16 Sales Strategy .......................................................................................................................... ........................................................................................................................................ .............. 16 Sales Forecast....................................................... Forecast.......................................................................................................................... ................................................................................. .............. 16

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BUSINESS PLAN - LA PERLA Competitive Edge .................................................................................................................................. .................................................................................................................................. 17 Location............................................................................................................................................. ............................................................................................................................................. 17 Product Quality ................................................................................................................................. ................................................................................................................................. 17 Customer Loyalty ................................................................................................................ .............................................................................................................................. .............. 17 Personnel Plan ................................................................ ...................................................................................................................................... ...................................................................... 17 Financial Plan .................................................................. ........................................................................................................................................ ...................................................................... 17 Important Assumptions ........................................................................................................................ ........................................................................................................................ 18 Financials............................................................................................................................................... ............................................................................................................................................... 18 Break Even Point Po int for the business ........................................................................................................ 20 Exit Plan .................................................................................................. ................................................................................................................................................. ............................................... 21 References ........................................................... .............................................................................................................................. ................................................................................. .............. 22 Appendix .............................................................. .................................................................................................................................... ................................................................................. ........... 23 Chart: Highlights...................................................................... Highlights................................................................................................................................ .......................................................... 23 Chart: Start-up ............................................................ ............................................................................................................................... ...................................................................... ... 24 Chart: Partnership P artnership Breakdown ......................................................... ......................................................................................................... ................................................ 24 Table: Expenditures by Household Income of Lingerie Purchasers .................................................. .................................................. 26 Table: Expenditures by Age of Lingerie Purchasers ............................................................ .......................................................................... .............. 26 Table: Start-up ............................................................ ............................................................................................................................... ...................................................................... ... 27 Table: Start-up Funding.......................................................... Funding..................................................................................................................... ........................................................... 28 Chart: Market Analysis .................................................................................. ...................................................................................................................... .................................... 29 Table: Market Analysis .................................................................................. ...................................................................................................................... .................................... 29 Table: Sales Forecast .............................................................. ......................................................................................................................... ........................................................... 29 Table: Sales ................................................................. ....................................................................................................................................... ...................................................................... 30 Table: Cost of Sales ........................................................................................................................... ........................................................................................................................... 30 Table: Personnel Plan............................................................. ........................................................................................................................ ........................................................... 30 Chart: Break Even Point .................................................................................................................... .................................................................................................................... 31

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BUSINESS PLAN - LA PERLA Executive Summary La Perla is an Italian influenced lingerie boutique that will provide high quality lingerie in a wide array of sizes and styles with exceptional customer service. The store is expected to be located in a proven retail center called Suria KLCC Shopping Mall in Kuala Lumpur, Malaysia where the demographics are suitably upscale, traffic counts are high, and compatible retailers offer qualified traffic and potential referral business. Our budget is close to $800,000, which we are financing ourselves, along with a silent partner who will provide interest free loan. We hope to break even in the third year of business with good numbers on profits as early as the second year. Competition and Challenges

The outlets for intimate apparel purchases in Malaysia are extremely limited than markets of  similar size in neighboring countries. One of the major reasons is that Malaysians, in general, do not feel comfortable being seen shopping for lingerie due to the fact that, it is something intimate that you buy for you or your partner's personal indulgence. They see no reason for anyone else to know where or what they are buying for themselves or their partner. As such, they feel that the most appropriate place to buy intimate apparel such as lingerie is via online boutiques. Another reason for preferring to buy online is the privacy and comfort of their home. Also, lingerie stores are also mainly found in shopping centers in major cities. As such, for residents living in smaller towns, shopping for sexy lingerie via online boutiques is their best  option. Through online boutiques, residents in smaller towns have access to as much as choices as residents in bigger cities. Then, there are mass merchandisers and discount stores that offer mass produced and lesser quality brands; department stores that offer mediocre quality merchandise, but in limited sizes and with varying degrees of customer service. However, in recent years, introduction of some international brands like Lace Petals, Romance Culture, La Senza and Blush Lingerie have brought the locals out of their shell and have captured the market from online stores. These are the only firms to cater for the upper class, who need more variety and are much more brand conscious. Market Potential

Three key target groups are identified in Market Segmentation part of this business plan, based on lingerie spending patterns. The three target groups are: 1. Women 25-59 with a household income of RM 75,000 (Approx. $ 25,000 ) per annum 2. Women 18-24 3. Brides A common psychographic component that we are planning to target amongst all three groups is the Intimate Apparel Enthusiast (IAE). An IAE is a woman who cares enough about her lingerie to want to shop at a specialty store, and is not purchasing her lingerie at department stores. There are large numbers of potential customers who fit these target descriptions within a five mile radius of our store location, which captures Hawthorne Plaza shoppers for impulse purchases, and within a fifteen mile radius for destination traffic (Market Segmentation).

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BUSINESS PLAN - LA PERLA Unique Selling Propositions

Italy is known as one of the most romantic countries in the places to visit, with Venice being a must-see place for travel enthusiasts. Anything exotic or sexy is synonymous to countries like France and Italy. La Perla offers, a direct connection to Italy, with the material being produced in the Emilia-Romagna region. La Perla has achieved worldwide recognition as an undisputed leader in the upscale lingerie fashion industry. Beautiful designs, exceptional fabrics and trims, and the creative use of sheer and opaque in certain intimate apparel, set this company's products apart. The fame of La Perla's fit has won the loyalty of customers throughout the world. Their secret? La Perla fits each pattern to a body, not a mannequin. Through this process, La Perla designers can see how the materials stretch and give support to a woman's curves, producing garments that are both exquisite and truly form fitting. The La Perla line is as varied as it is renowned. Bra styles include lace confections with soft  cups, in a triangle style and underwires, as well as silky smooth tee shirt bras and bandeaus. For a company known for high style, La Perla tee shirt bras are surprisingly popular. Customers say, they are the best bras they've ever owned, soft and easy to wear. For those times when one is going for a more Euro-design look, there are exquisitely delicate lace bras, some of which are unlined and sheer. Other styles are adorned with scalloped embroidery or eyelet lace. Panties are offered in many styles, including G-strings, thongs, tanga pants, hipsters and briefs. Customers love the exceptional style, perfect fit and elegance and say these garments are worth every penny. As such a high-end brand, La Perla is often thought of as special occasion lingerie, but the superb fit, comfort and enduring quality of their bras, panties, chemises and other lingerie make La Perla a go-to brand for many shoppers. Women who appreciate the unique combination of  perfect fit and comfort along with a beautiful design sensibility choose La Perla lingerie for themselves again and again. A full description of La Perla's product offerings can be found in Sections (Merchandise  Assortment and Market Strategy ). Furthermore, the highly trained personnel will get to know each customer's individual needs, and will offer personal bra fitting and other special services, as described in more detail in Section (Market Strategy). Leadership and Vision

Akmal Khan, a Post Graduate in Marketing and Sales, who already has a business, at a lower level, which will be a tremendous asset in analyzing the customer and market potential, as well as in implementing a strong marketing plan which will be outlined by all three stake holders, Akmal Khan, Muhammad Babur Farrukh, Engineering Graduate, currently pursuing Masters of  Management and Sheikh Saad Zafar Iqbal, graduate in Accounting and Finance, currently pursuing Masters of Management, as outlined in Sales Strategy; Section 5.2. As a seasoned strategist, he has a great grasp of numbers, and will utilize his negotiating and strong network  skills with vendors and clients. Running a similar business busi ness he has h as extensive experience in controlling costs for businesses, with a natural penchant for watching the bottom line.

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BUSINESS PLAN - LA PERLA Financial Projections

With La Perla, we expect to produce $439,500 in the first year of operation, with aggressive growth projections of 12% in year three and 19% in year four, fueled by expanded product lines and aggressive marketing. The store is projected to become profitable during the second year of  operation. Objectives

1. To create a shopping environment where women (and men) feel comfortable, pampered and stimulated by the wide array of choices that are available to fill their needs. 2. To utilize superior customer service to create positive word-of-mouth recommendations and repeat sales. 3. To give every customer one-to-one attention. 4. To have 50% of all customers return within six (6) months of their first purchase. 5. To be in the consideration set for all planned Intimate Apparel Enthusiast (IAE) purchases in Malaysia, country wide, by end of year two. 6. To make La Perla the number one destination for bridal lingerie purchases by the end of year one. 7. To have first year gross sales of $425,000. 8. To grow the business by 15% in year two. Mission

La Perla is a specialty lingerie boutique offering classy styles, labels and sizes that are currently unavailable in Malaysia; something the population of Malaysia crave since the inception of  Victoria Secret’s Fashion shows. Our mission is to give the discriminating lingerie shopper what she or he is looking for, whether it is fit, comfort or style, in an atmosphere that is comfortable, exciting and satisfying. We want to create a connection with the Intimate Apparel Enthusiast (IAE) that evokes the feeling that La Perla is "my lingerie store". Keys to Success

1. Offer superior quality products with cutting edge designs that are not available in other outlets in the Kuala Lumpur. 2. Secure a great store location that offers high customer traffic for impulse purchases caters to desirable demographics includes compatible stores (e.g. Bridal, women's apparel), and is in an easily accessible, known destination. 3. Understand La Perla’s target customer to ensure that the correct product mix is available to meet their needs. 4. Offer superior, personalized customer service to create favorable word-of-mouth recommendations recommendations and influence a high h igh rate of repeat business. 5. Continuously monitor inventory levels, and make adjustments as needed. 6. Educate and advise customers on proper fitting and the quality/value relationship of some of  the higher priced (likely European) brands. 7. Offer a variety of price points so that customers do not feel intimidated by the higher priced offerings.

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BUSINESS PLAN - LA PERLA 8. Change in-store and window displays frequently to increase impulse purchases, creating the belief that there is always something new at La Perla.

Company Background The company was founded in 1954 by Ada Masotti in a small confection lab named L’Ape. The name is inspired in the jewellery that came with the garment and the box. In 1960’s the company started a revolution in the underwear tradition with the introduction of coloured pieces and leaving behind the “white” style. By the 1970’s La Perla started to used technology in its production and the elastic strap, tulle, pleated polyester or silk-like microfibers were some of  the most important breakthroughs; also at this decade the firm launched its swimwear line, expanding their business into different segments. With the arrival of Alberto Masotti (son of  Ada) as the new President, the companies started its global expansion and enlarge its brand into different business such as perfumes. At the arrival of the last decade of the century La Perla opened its first boutique store in Milano, the capital of fashion in Italy, and launched its Pret-aPorter division. This was a result of the global trend amongst fashion houses in the world through a democratization of fashion and luxury that boost revenues across industries. By this time, the company also started to have liaison with art, in this decade the famous photographer Mario Parizotto. In the 21st century La Perla decided to change its looks to a more minimalistic approach by relying on Sigurd Steinunn designs. In 2004 was a special year for the company as it celebrated its 50th anniversary with the debut of the Pret-a-Porter catwalk in Milano. In 2008, La Perla was acquired by JH Partners, a private equity firm from San Francisco that specializes in investments on luxury brands. From 2010-2011, the collections of the company will be divided in four areas: La Perla, La Perla Villa Toscana, Studio La Perla and Miss Studio La Perla.

Emilia-Romagna develop a unique characteristic, unlike other industrial districts, the region from the beginning of the industrial development had a strong emphasis on collaboration due to the genesis of its creation. The region has strong socialist backbone that promoted cooperatives and small and medium enterprises with a large i ncentive to collaboration; this added the “strong network” necessary to become an Industrial district. The historical context help the development of entrepreneurship in small and medium enterprise in the post war Italy through external factors (Marshall Plan) and internal dynamics that supported the flourishing of the fashion companies in the region. Specifically in Bologna/Regio-Emilia/Modena (BREM) the development of the industrial district was quite different than for other cities in the region. In this sense, the industrial district of BREM had a unique advantage compare to others; the horizontal diversification in the district had strengthen the collaboration and enlarge the concentration of industries. BREM has a strong heritage in the production of textile and clothing with the presence of  established fashion houses such as Bluemarine, Max Mara, Sergio Rossi, Bruno Magli, Mandarina Duck and Piquadro. Also, the district has attracted major companies as foreign investors in the fashion business such as: • LVMH investing in Bologna through the following firms, Calzaturificio MA.FR SRL, Baldinini SRL and OMAS S.R.L. • Polo and Ralph Lauren investing in PRL Fashions of Europe S.R.L. also located in Bologna. • Arpels investing in Redwall Italia Rossi 1924.

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BUSINESS PLAN - LA PERLA Company Summary La Perla is an Italian lingerie boutique offering quality merchandise and personalized service to Intimate Apparel Enthusiasts (IAEs). It is scheduled to open in October 2013 in Suria KLCC Shopping Mall in Kuala Lumpur, Malaysia. Hours of Operation

Exact hours of operation are to be determined. We plan to follow schedules similar to the other women's apparel retailers in the shopping center. Additionally, we will be sensitive to holiday hours and special group opportunities to maximize our exposure and sales potential. Company Ownership

La Perla will be formed as a privately held S corporation in the Kuala Lumpur, Malaysia. The company will be owned by; Akmal Khan, M. Babur Farrukh and Sheikh Saad Zafar in a 40-30-30 percentage model with the controlling interest lying with M. Babur and Sheikh Saad. They will work full time as an owner/operator, responsible for running the business, sales and buying and will be assisted by 3 store managers and part-time sales personnel. Location

Location is a critical element to any retail business. The right location is paramount to the success of a lingerie boutique since a large share of sales will likely be derived from impulse purchases and influenced by neighboring store traffic. While it should be possible, and is definitely desirable, to build La Perla into a destination location for lingerie purchases, a location with high foot traffic will contribute to strong awareness and impulse purchases. Many locations were considered for La Perla’s store with the following criteria in mind: a. b. c. d. e. f.

Desirable demographic composition Strong foot traffic Complementary retailers Open-air mall or neighborhood center vs. strip mall or i ndoor mall Successful retail reputation Relatively easy access via primary streets

Fortunately, Kuala Lumpur offers many neighborhoods with upscale demographics. This bodes well for a store like La Perla which is selling the type of lingerie that is a desired luxury rather than a necessity. We are very fortunate that within one of the best neighborhoods in Kuala Lumpur metro area, we have found the perfect location for it in Suria KLCC Shopping Mall. Suria KLCC is Malaysia's premier shopping center, located at the base of the PETRONAS Twin Towers in the Kuala Lumpur City Centre. It has shops on 6 floors, with anchor tenants Isetan, Parkson Grand, Cold Storage Supermarket, Tanjong Golden Village, Signature's Level 2 Food Court and Marks and Spencer. "Suria" is a native Malay word derived from Sanskrit "surya", meaning "sunshine". It houses mostly luxury and fashionable shops such as Alfred Dunhill, Burberry, Calvin Klein, Chanel, DKNY, Emilio Pucci, Emporio Armani, Giorgio Armani, Gucci, Hugo Boss, Jimmy Choo, Louis Vuitton, Marc Jacobs, Miu Miu, Paul Smith, Prada, Rolex and Versace. There are also a 12 screen cinema, a concert hall, the PETRONAS Art Gallery, and a Science Discovery Centre.

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BUSINESS PLAN - LA PERLA A 14-year old shopping venue, it offers the perfect mix of boutique retailers and customers for La Perla. According to demographic research provided by THEAN LEE CHENG, CHENG, the median household income of persons who shop at Suria KLCC Shopping Mall is 90,000 RM (Approx. $30,000) per annum. This is higher than any other major shopping center in Kuala Lumpur. Not only does KLCC Shopping Mall offer ideal demographic composition, composition, but it offers high traffic volume as well. It also offers some popular restaurants that help to maintain high traffic counts. Start-up Summary 

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Start-up expenses and proposed financing are outlined below. La Perla will open with several months of inventory. The majority of the company's assets will reside in inventory. The major start-up expenses include $300,000 in start-up inventory, $400,000 in franchise cost, and $60,000 for lease and $20,000 for lavish grand opening events. Start-up requirements include sufficient working capital to help meet the running costs for the first 2-3 months of operations. The total start-up requirements are estimated to be $171,750. The start-up costs will be financed through a combination of owner investment, line-of-credit  (LOC) and long-term borrowing: Owner's investment $171,750 cash (For Saad and Babur) Merchandise Assortment  La Perla’s main inventory for sale will be bras and panties; BRA’S

THE CLASSIC BRA: - This bra is characterized by cups that almost completely cover the breasts,

with central straps and by a shaped, high back. THE BALCONNET BRA: - This bra is characterized by the cut of the cups which reveals and

highlights the upper part of the breasts. THE PUSH-UP BRA: - This bra is characterized by a special slant of the cups and it highlights

the breasts by pushing them up and together. THE BANDEAU BRA: - It is, by definition, strapless or with removable straps: its cups cover the

breasts in a horizontal fashion, the back is high and it c an be with or without padding. BUSTIER: - Descended from the old-style corset, with whalebones replaced by softer supports

that go down to the waist leaving the hips free. It highlights the breasts utilizing underwire cups that offer support. BRIEFs

A piece that is considered essential to go along with a brassiere, they can be high, medium or low cut depending on the hip shape and size. TANGA: - Reduced in size both at the front and the back and narrows the hip to a thin strip of 

fabric. G-STRING: - Briefs with much reduced dimensions at the back leaving the buttocks completely

bare.

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BUSINESS PLAN - LA PERLA CULOTTE: - In the more classical version they completely cover the hips and the buttocks or the

upper part of the thigh. BODY SUIT: - The body suit is extremely versatile: it can be made of lace or tulle or smooth and

concealing fabrics. GARTER BELT: - This item is a band that goes around the waist with four pieces of elastic (or

metal hooks) hanging down to which stockings are then attached SHORT SLIP: - This is the "glamorous” version of the well -known "slip”; short so as to reveal

most of the legs and also made of stretch and smooth fabrics so as to outline the body even more. BRIDAL: - We expect bridal to be a big category for La Perla since the opportunity for personal

service works especially well for this category. We will establish a strong referral network with the bridal store that is a few doors down as well as other bridal stores in Suria Mall KLCC. Product Sourcing & Buying

We will purchase the products from directly from the regional representative in Italy. We plan to track and monitor inventory through QuickBooks. Saad Zafar is a graduate in accounting and he how to use QuickBooks POS system. We are using QuickBooks software because it’s a basic software that are that are kept in -stock by suppliers will be re-ordered on a continual basis, as needed. Furthermore, Seasonal designs will be ordered several months in advance. Akmal Khan already owns a lingerie shop in Kuala Lumpur. We will use his knowledge of  industry and his supplier relationships to determine the ideal styles, colors, sizes and quantities for our Kuala Lumpur target market. After we open the shop, we will carefully monitor what is the top selling and least selling item in our shop, plus we also plan customer feedback, and keep a careful eye on ever-changing fashion trends to optimize future orders. We also plan on attend 3 industry show per year to stay up to date on new trends. Inventory Management & Technology

As discussed earlier, for our retail shop in Kuala Lumpur we plan on using QuickBooks Pro system for cash register, inventory and customer information tracking. This software was developed for a retail environment and has the capacity to handle up to 40,000 SKUs. We will be continuously monitoring this system and how it serves our needs to determine if an upgrade will be necessary in the future. Market Analysis Summary

There is little reason to doubt that the Suria KLCC shopping mall is a reflection of the national and international market. Suria KLCC mall is Malaysia's premier shopping destination located at  the foot at the Twin Tower at the heart of Kuala Lumpur City Centre, Alamanda Shopping Centre located at Putrajaya, Malaysia's administrative capital and Mesra Mall located in Terengganu, on Malaysia's East Coast known for its it s picturesque islands and scenic beaches. With a combined area of more than 2 million square feet and over 550 specialty outlets, the three malls cater to the th e diverse and discerning shoppers, both local and international. This portion of the plan will explore the key target audiences we have identified as best  prospects for the products and services La Perla will provide.

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BUSINESS PLAN - LA PERLA Market Segmentation La Perla will target specific market segments: Women 25-59 with household household income of RM 70K per annum

Our store location for La Perla will be on ground floor of Suria Mall KLCC which includes many of the top designer brands from both Asia and Europe. According to Yeow, the average income in 10miles radius of Suria mall is RM 7500/month (approx.). Since one of our goals is to build La Perla into a destination location for lingerie purchases, it is also pertinent to look at households with 75,000 RM incomes in a 15 1 5 mile radius of our location. hat plays host to most of the KLCC (Kuala Lumpur City Centre) is the city’s diplomatic enclave t hat city’s top-end hotels. Plus extravagant mall is located directly underneath the PETRONAS Twin Towers building which is the hub of tourist area. Suria mall is surrounded by 4-5 star hotels which caters for high end, pampered tourist who have a more refined taste and can easily afford La Perla. Women 18-24

Women in the age of 18-24 are much more likely to be impulse purchasers. Many in this age group are attracted towards luxury lingerie brand. However, at this customer at this age have income under 5,000 per month but it is realistic to assume that their boyfriend of parents can help them purchase it, as per the culture in Malaysia where parents are open minded and more willing to pay for their expenses at this age. Brides

According to the statistics, approximately 10,000 women get married in city ok Kuala Lumpur. According to statistics, 68.93% women get married in between 25-29 and it is expected increase with time. La Perla is one of 5 star brands that can motivate bridal to buy luxury bridal items.

Target Market Segment Strategy Women have varying attitudes towards the role of undergarments in their lives. This is evidenced by the different personalities that are projected through the contents of their underwear drawers. For example, there's the "low involvement" segment, who buy just enough lingerie to get them through the week. For them, underwear is a functional necessity, and they really don't care if it's all white or all black, as long as they have a clean pair of panties to wear. The fact that a woman spends a fortune on designer suits does not necessarily translate into designer labels on her bras. La Perla wants to capture the attention of the Intimate Apparel Enthusiast (IAE). According to a segmentation study done by the Cambridge Group, the IAE is aged 18-34, wears matching bras and panties, and loves to shop for underwear, especially on impulse. Although IAEs are only 18 percent of the market, they account for 25 percent of the sales. Their entire underwear collection looks like most women's "special occasion" section of their lingerie drawer. Many of these local IAEs are currently La Senza’s customers because that is the only specialty retailer in Malaysia that offers the variety they are looking for. Although the young IAE is buying a lot of undergarments, she is not necessarily the most  profitable customer. Mediamark Research (MRI) from fall of 2003 shows that adults who spend over $100 per year on lingerie tend to be in the 25-59 age group. Adults in the age group of 2559 account for 65.5% of all Adults 18+, whereas Adults spending over $100 per year on lingerie account for 80.7% of all Adults 18+.

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BUSINESS PLAN - LA PERLA Income is another key factor in amount spent per year on lingerie. It also influences the types of  brands that a consumer purchases. La Perla is most interested in consumers who are spending at least $100+ per year on lingerie. These consumers tend to have a household income of RM 75000+ ($ 25000).

Industry Analysis Mass merchandisers lead the women's innerwear market in share, as they do in a variety of  consumer products. Mass merchandisers not only offer the convenience of one-stop shopping for a variety of needs, but they are increasing their selection of designer labels at lower prices. Department stores hold second place in terms of market share, offering a wider variety of  merchandise, more high-end products, more hard to find sizes, and, if you're lucky, some customer service. La Senza is the leading specialty chain and garners approximately a 29% share of the Malaysian bra market, according to NPD Group. The rest of the women's intimate apparel sales are primarily through non-chain specialty stores, other national chains and Internet/direct mail (catalog sales). All of these stores lack the quality and innovation which La Perla brings to the table.

Competition and Buying Patterns In Malaysia, the choice of outlets for women to purchase intimate apparel is more limited than many other markets in their neighboring countries. The only stores that can be classified as a lingerie boutique in Kuala Lumpur, Malaysia are, Lace Petals, Romance Culture, La Senza and Blush Lingerie. Most of them opened at the back end of  the last decade and are primarily trendy and youth oriented with low to moderate pricing. Although they are in high traffic area (easy to find), they do very little promotion with little retail surrounding it. Except for La Senza we don't consider the rest as big competition in their current state, but they do have some awareness amongst the masses. The fact that there is a La Senza franchise in a close by mall, across the street, is considered a positive. Customers who are lingerie shopping and do not find what they want at there can easily cross the street to visit La Perla. Although both malls are, technically different retail venues, traffic patterns suggest that consumers treat them as one destination. The challenge will be to attract the younger customers. According to a survey conducted by La Senza, over one third of La Senza shoppers in Kuala Lumpur are 18-24, 18 -24, and 56% 5 6% are 18-34. 18- 34. Since the demographics of Suria KLCC Shopping Mall are bitter than that of the other mall, we should try to encourage mothers to bring their daughters into La Perla to shop. Other chain specialties, Lace Petals, Romance Culture and Blush Lingerie, all have franchises in nearby areas. However, these companies are only dealing in regular lingerie. Being hesitant to introduce the intimate line of their brand, at the time of inception of their franchise, in Malaysia, they are still dealing in everyday lingerie. La Senza was the first brand to introduce their Intimate line in Malaysia and received rave reviews. Other chains are following suite and will be introducing their own lines of intimate underwear , but we are confident that La Perla’s reputation and better innovation will prevail over others.

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA Tom Wyatt, President of Warnaco--"The department store is confusing. It's hard to find a product, there's no service and it's very sterile. Until a decade ago, the department store dominated the bra industry. But it has ceased to be at all inspirational. It's no longer a place where a woman shops and feels special." According to Warnaco focus groups, women HATE the underwear shopping experience at  department stores. Bras and underwear are jammed onto racks that are packed too close together; the layout is determined by brand rather than purpose; and customer service is nonexistent, which is a crucial component to bra shopping, hence about 80 percent of women wear the wrong size. Bottom Line is “LA PERLA HAS A TRUE VOID TO FILL”.

Trends The U.S. Intimate Apparel industry appears to be healthy. Women's Wear Daily reported that for the 12 months ending October 2009, total volume in dollars was up 4.3 percent, and total volume units were up 6 percent. The largest percentage increases came from the daywear category with sales up 27.1 percent and units up 27.5 percent. Women's Wear Daily reports that department stores and chain specialty stores are losing market share, around the world. We assume that much of that erosion is a result of the increasing confidence in Internet shopping and where available, specialty retailers. IAEs recognize that a specialty boutique such as La Perla will offer excellent customer service, product knowledge, personal fitting service, custom order options and wonderful product. Innovations in textiles and manufacturing have caught consumer's attention. Seamless undergarments that permit a greater range of motion and a smoother silhouette as well as new generations of microfibers that keep a body warmer, cooler or drier have encouraged consumers to seek out garments and fabrics that meet and exceed their demands.

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA Strategy and Implementation Summary Specific details regarding our strategic and tactical plans will be covered in greater detail in the following sections. However, to create an overview of the opportunity opportunity that exists for La Perla, we offer the following SWOT (Strengths/Weaknesses/Opportunities/Threats) (Strengths/Weaknesses/Opportunities/Threats) Analysis: Strengths Franchise’s location – Suria Mall KLCC. 

Weaknesses 

Babur Farrukh and Saad Zafar inexperienced in this industry. Closed society.

are

Expertise in production of fashion goods. Superior customer service. Akmal Khan’s experience in this industry. Comfort and Verity. Creativity combined with quality and design. Quality and pioneering techniques being its strong features. Opportunities Threats Only lingerie shop in ground floor. Slow recovery from recent economic downturn. Attractive retail environment in Suria Mall KLCC, and especially around the store location. Talk of Victoria's Secret adding lines from international designers in the near future. With high level promotion, we can let the customers know its brand value and its Victoria Secret is already available in KL intimate appeal. International airport. Establish relationships with complementary retailers (e.g. Bridal shops) to share customers. 

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Marketing Strategy Marketing Objective

Generate awareness through various marketing communications tactics to generate customer trial visits in support of the business goals and objectives for La Perla. 1. Utilize print advertising to generate awareness among the target audience and to emphasize key shopping periods. 2. Ongoing use of direct marketing to keep La Perla top-of-mind among a portion of the target  audience at all times. 3. Develop and implement on-going in-store promotions, guerrilla marketing tactics and crossretail marketing to generate on-going awareness, trial and repeat visits to La Perla. 4. Employ strategic placement on the Internet. 5. A big parties and lavish events organized/funded on behalf of La Perla, the week before it opens. 6. Appoint a brand Ambassador

Tactics Print advertising 

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Employ key print advertising vehicles to build awareness among the target market: Advertise in Malaysia’s Premier Sunday magazine on an on-going basis to generate awareness as well as advertise call-to-action messages during key shopping periods, e.g. Christmas holidays, Hari Raya Holidays, Chinese New Year Holidays, wedding/bridal season. Advertise in the annual weddings magazine to create awareness amongst the all-important  wedding/bridal audience.

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA  

Advertisements in girls and women’s magazine. The circulation is 126,000 annually. Periodic advertising in other publications focusing on specific audiences within the target segments to generate awareness and highlight key shopping periods, e.g., e.g. , Chinese Newspaper or any small papers with a decent circulation. On-going use of direct marketing

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Direct mail will target a portion of the trade area (defined as a 15 mile radius) on a monthly basis. From 500 to 1,000 post-card mailings mailings will be sent out on a monthly monthly basis. Messages Messages will run the gamut from "Now Open" to introduction of product product lines to special shopping events. In the case of special shopping events, larger quantities will be mailed (see below). Our rationale for limited quantity mailings on a monthly basis is to keep the La Perla name a "new news" message among a portion of the th e target audience at all times. This will generate awareness, which will lead to trial visits and word-of-mouth interest.

Special Shopping Event mailings will be generated to reach a higher percentage of the target  audience in the trade area. These events will include the all important 4th quarter holiday shopping season and mark down events. For these events, we anticipate mailing to as many as 1,500 to 2,000 customers and prospects minimum. As La Perla generates its track able customer data base, we will utilize direct mail to target  specific interests, whether that is based on particular products, products, brands or seasonal purchases. purchases. A "preferred customer" mailing list will also be utilized to inform those important friends in advance of special shopping events. We intend to implement a birthday program and quarterly trunk shows to also be driven by direct mail. Low or no-cost "guerrilla" marketing

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This will be a key strategy in the first 12-24 months that La Perla is open for business. Cross-promotion/marketing with complementary stores in Suria KLCC - We will create incentives for the nearby women's apparel and specialty stores to refer their customers to La Perla. Whether that is by honoring a similar sale incentive (percentage off retail) or limited time discounts to employees, we will find ways to make it worth the effort to send their customers to our shop.

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA 

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Emphasis on Bridal Shops - Recognizing the important role that lingerie plays in completing a bridal wardrobe, La Perla will cross-market with area bridal shops to provide those customers with the total positive experience. Our staff will be available to provide advice, special fittings, and group pricing for wedding parties. Generate awareness - Whether it's classy introduction cards under windshield vipers, participation in bridal and fashion shows, or telling our story to women's groups and organizations, the staff of La Perla will look for those no-cost opportunities to generate awareness within our target audience. Drive increased customer traffic with a customer referral program targeting our preferred customer base. Employ strategic placement among key websites on the Internet 

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Purchase ad space on the popular wedding advisory website. Negotiate with key product vendors for a regional listing as a key retailer for the brand. Negotiate with The Borneo Post, premium newspaper across Malaysia, for ad space on its website for occasional exposure. The following is a month-by-month overview of our marketing plans execution: The Star Magazine

Wedding Magazine

Direct Mail

Sep

1x

1,000

Oct

1x

1,000

Nov

1x

1,000

Dec

2x

Jan

1x

1,500

Feb

1x

2,000

Mar

1x

500

1x

Apr

1,000

May

1x

Jun

1x

Jul Aug

500 1x

500 500

1x

1,500

Parties for promotion

Local night clubs will be funded to advertise the La Perla night, with small events to be hosted by the DJ’s. Gifts will be provided for the participants, which will help in introducing the brand to the party goers. One night before the Grand Opening there will be a fashion show at a 5 star hotel where models will promote various ranges that La Perla will offer.

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA Brand Ambassador

We have decided to appoint Amber Chia as our Brand Ambassador for La Perla.

Amber Chia (born December 14, 1981) is a Malaysian model. She was born in Ipoh, Malaysia, but grew up in the city of Tawau, in Sabah, East Malaysia. She began her modeling career at  seventeen in Kuala Lumpur. She gained exposure after being a finalist in the 2004 Guess Watches Timeless Beauty Contest, which was a model search for Guess Watch's brand ambassador. She has appeared in her local Sony, L’Oreal, and Mitsubishi advertisements. Chia was subsequently voted Model of the Year by the Malaysian International Fashion Awards in 2004 and 2005. Her most defining features are her pouty lips and her curvaceous figure.

Sales Strategy 1. Offer personalized customer service by well-trained, well compensated and appreciated employees. Develop customer relationships relationships and loyalty loyalty that creates a desire for return visits. 2. Utilize the QuickBooks POS system to record customers' contact and purchase information, enabling us to follow up with direct mail and/or phone calls to communicate special events and the arrival of new products of interest. 3. Offer a 14-day exchange policy to give customers an option to return undesired selections without losing revenue from the sale. 4. Establish two major markdown events per year and promote the events to customers and prospects. These events will be used to move old old inventory and create a special special reason to visit  La Perla. Except for during the markdown markdown events, merchandise merchandise will be sold at full price to maintain the integrity of of the quality products products we are offering. We do not want to train our our customers to wait for a sale. 5. Net purchases of 250$(750RM) and above will be delivered free of cost. 6. Network with bridal shops throughout Kuala Lumpur City to promote gift registry and the personalized attention that La Perla offers brides and their wedding parties. 7. Employees will receive added incentive to help meet/exceed customer service and sales goals.

Sales Forecast  La Perla projected projected average transaction is $250(750RM). This figure was derived using a couple of different sources. We’re projecting a rate of growth of 15% in year 2 and 20% in year 3. This will come from garnering a larger market share based on increased awareness, positive word-of-mouth recommendations, and customers adopting La Perla as their exclusive lingerie outlet, as well as increased offerings in high demand areas such as maternity and hard-to-find sizes.

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA Competitive Edge Location

Suria KLCC has been one of the most popular tourist malls for ages. Locals always call it a tourist  mall, but still many tens of thousands come to this mall every weekend to relax and hang out. Tourists may find many shops offer different products that at other malls, Suria KLCC has many shops that sell familiar international brands (and is also know for carrying western sizes). La Perla will have edge over other brands. Product Quality

La Perla is known for high level of quality and value to the consumer by offering a wide range of  styles and sizes, with little or no crossover of brands with other retailers in Kuala Lumpur. Customer Loyalty

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La Perla will create customer loyalty by offering one-to-one attention to all of their shopping needs. The following is an initial list of services that will be offered: Professional bra fitting. Signature gift wrapping to reinforce the store image and make the recipient feel special. Online Purchases and free delivery in net purchases are at 250$(750RM) or above. Gift registry & wish list for wedding, birthday and anniversary. This allows spouses and friends to know just what the recipient would like and simplifies the shopping experience. Bridal showers--By special arrangement, La Perla will offer space and catering for bridal showers with incentives to purchase merchandise. Custom/special orders. Record of customers' size needs and purchase history.

Personnel Plan We owners, Babur Farrukh, Sheikh Saad Zafar Iqbal and Akmal Khan are ready to work full time and have decided to share profits only. There will be on qualified manager who will draw a full time salary of $30,000 (90,000RM) per annum. We will appoint 3 part time sales people with a salary of $8,800 (RM 26,400) each. These sales people will provide professional bra fitting service. The salaries are expected to increase every year with improved performance.

Financial Plan 

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A line-of-credit up to $18,200 will be used to cover any monthly cash-flow shortage and greater than anticipated inventory requirements. Sales growth is expected to be aggressive with projections of sales increases of 15% in year two and 20% in year three. Profits will be reinvested to reduce debt, expand product lines and increase personnel, as and if  needed. La Perla is a retail store, and will not be selling on credit. La Perla will will accept cash, checks and all major credit cards. Marketing and advertising will be no greater than 4% of sales. A tax of 24% on profit will have to be paid.

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA Important Assumptions 

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We need to make sure that the rent remains the same for tenure. There should be no fluctuations in the rent. The crew are being given a career choice; not a job. They will be given gi ven special training, customer care ethics from La Perla’s professionals . Contracts need to be drafted in such a way so as to discourage employees for jumping ship, and preserve the La Perla way of things.

Financials Following are the profit and loss account, cash flow statement and the balance sheet for the proposed operation. Many of the figures are approximations, although they have been taken from researches and data finding missions. Pro Forma Profit and Loss

Year 1

Year 2

Year 3

Year 4

Year 5

Sales

$600,000

$690,000

$720,000

$800,000

$912,000

Direct Cost of Sales

$300,000

$325,000

$350,000

$397,000

$412,000

$0

$0

$0

$0

$0

Total Cost of Sales

$300,000

$325,000

$350,000

$397,000

$412,000

Gross Profit 

$300,000

$365,000

$370,000

$403,000

$500,000

Payroll

$56,400

$59,000

$61,300

$62,600

$64,900

Marketing and Advertising

$35,000

$30,000

$34,000

$36,000

$38,000

Depreciation

$3,000

$3,000

$3,000

$3,000

$3,000

Lease

$60,000

$0

$0

$0

$0

Rent

$5,000

$5,000

$5,000

$5,000

$5,000

Packaging

$2,500

$2,500

$2,500

$2,500

$2,500

Cell Phone

$1,000

$1,000

$1,000

$1,000

$1,000

Travel

$2,250

$1,200

$1,200

$1,200

$1,200

Web Design

$1,420

$1,000

$1,000

$1,000

$1,000

Insurance

$2,500

$2,600

$2,800

$3,000

$3,200

Credit Card Fees

$10,110

$11,626

$13,604

$14,204

$15,908

QuickBooks

$3,000

$0

$0

$0

$0

Other Start-up expenses Franchise Cost

$26,300 $400,000

$0

$0

$0

$0

$0

$0

$0

$0

Total Expenses

$608,480

$116,926

$123,204

$129,504

$135,708

($308,480)

$248,074

$246,796

$371,920

$364,292

$0

$59,538

$59,231

$89,260

$87,430

($308,480)

$188,536

$187,565

$282,660

$27,6862

Other Costs of Goods

Expenses

Profit Before Interest and Taxes Taxes Incurred (24%) Net Profit 

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA

Pro Forma Cash Flow 

Year 1

Year 2

Year 3

Year 4

Year 5

Cash from Operations Cash Sales

$600,000

$690,000

$720,000

$800,000

$912,000

Subtotal Cash from Operations

$600,000

$690,000

$720,000

$800,000

$912,000

$0 $0

$0 $0

$0 $0

$0 $0

$0

$0

$0

$0

$0 $0 $0 $0 $690,000

$0 $0 $0 $0 $720,000

$0 $0 $0 $0 $800,000

$0 $0 $0 $0 $912,000

Cash Received

Additional Cash Received Sales Tax, VAT, HST/GST Received $0 New Current Borrowing $0 New Other Liabilities (interest$250,000 free) New Long-term Liabilities $0 Sales of Other Current Assets $0 Sales of Long-term Assets $0 New Investment Received $0 $850,000 Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending

Year 1

Year 2

Year 3

Year 4

Year 5

$56,400

$59,000

$61,300

$62,600

$64,900

Subtotal Spent on Operations

$56,400

$59,000

$61,300

$62,600

$64,900

$0

$0

$0

$0

$0

Additional Cash Spent  Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current  Borrowing Dividends Subtotal Cash Spent 

$0

$0

$0

$0

$0

$0 $56,400

$0 $59,000

$0 $61,300

$0 $62,600

$0 $64,900

Net Cash Flow Cash Balance

$796,300 $631,000 $658,700 $737,740 $847,100 $600,000 $1,231,000 $1,889,700 $2,627,440 $3,474,540

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA Balance Sheet 

Year 1

Year 2

Year 3

Year 4

Year 5

$121,325 $20,790 $0 $142,115

$108,546 $43,185 $0 $151,732

$131,215 $51,413 $0 $182,628

$164,765 $47,900 $0 $212,665

$207,864 $57,548 $0 $265,412

$15,000 $12,000 $154,115

$15,000 $9,000 $160,732

$15,000 $6,000 $188,628

$15,000 $3,000 $215,665

$15,000 $0 $265,412

Year 1

Year 2

Year 3

Year 4

Year 5

$31,234 $0 $0 $31,234

$32,113 $0 $0 $32,113

$35,623 $0 $0 $35,623

$36,001 $0 $0 $36,001

$41,042 $0 $0 $41,042

$140,092 $171,326

$129,552 $161,665

$117,697 $153,320

$104,729 $140,730

$90,544 $131,586

Paid-in Capital $21,750 Retained Earnings ($38,550) Earnings ($410) Total Capital ($17,210) Total Liabilities and Capital $154,115

$21,750 ($38,960) $16,277 ($934) $160,732

$21,750 ($22,684) $36,241 $35,308 $188,628

$21,750 $13,558 $39,627 $74,935 $215,665

$21,750 $53,185 $58,891 $133,826 $265,412

($934)

$35,308

$74,935

$133,826

Assets Current Assets

Cash Inventory Other Current Assets Total Current Assets Long-term Assets

Long-term Assets Total Long-term Assets Total Assets Liabilities and Capital Current Liabilities

Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities

Total Liabilities

Net Worth

($17,210)

Break Even Point for the business Break even point is the point where the total cost equals to total revenue. For this business, we are expecting to recover the total cost c ost to be recovered in year three.

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA Exit Plan A good exit strategy, although a last resort, should always be included along with the business plan. Having an exit plan does not necessarily mean that we expect our business to fail, but is more of an assurance for the investors the measures we plan to take if it i t does not work out. This will dictate how we operate our company. Here are some of those measures that we have in mind in the eventuality that thi s goes south: 

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Other companies might want to acquire our business, particularly if we are doing well. We will make sure that the sale price is equal to our own valuation of the business. This is so that we do not incur any losses. We could sell the company outright for an easy exit. We will make sure that our business is sold at the right price so that we do not make any losses (preferably make a large profit). If either partner decides to leave the company we will split the company into two. The financials fi nancials that the leaving partner receives will be directly proportional to the profit the company is currently making. In case of the company being a success, we would like to expand it and introduce new franchises in Penang, Kuching, Kota Kinabalu and Johor Bahru. We would also like to introduce new lines which we have so far not introduced; for example, the perfume range, night wears, swim wears and men’s undergarments.

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA References 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

http://www.jhpartners.com/overview http://www.jhpartners.com/investments http://www.steinunn.com/Home/BIO/ http://sam223.hubpages.com/hub/Sexy-Lingerie-Malaysia http://www.lasenza.com.my/ http://www.lacepetals.com/ http://www.blushlingerie.com/#/en/home/ http://www.romanceculture.com/ http://www.herroom.com/la-perla.shtml http://investing.businessweek.com/research/stocks/privat http://investing.businessweek.com/r esearch/stocks/private/person.asp?per e/person.asp?personId=33961307 sonId=33961307 &privcapId=33451880&previousCapId=33451880&previousTitle=Intimacy%20Management, %20LLC http://blendnewyork.com/fashion-dictionary/p http://blendnewyork. com/fashion-dictionary/pret-a-porter.htm ret-a-porter.htm http://www.just-style.com/news/la-perla-to-ente http://www.just-style.com/new s/la-perla-to-enter-market-with-murjani-d r-market-with-murjani-deal_id95582.aspx eal_id95582.aspx http://www.suriaklcc.com.my/about-us/leasing-information.dot  http://www.starproperty.my/PropertyScene/ http://www.starproperty .my/PropertyScene/TheStarOnlineHighlightBox TheStarOnlineHighlightBox/12296/0/0 /12296/0/0 http://www.travelblog.org/Photos/1432435 http://www.backpackingmalaysia.com/things-to-do/sur http://www.backpackingmal aysia.com/things-to-do/suria-klcc-shopping-ma ia-klcc-shopping-mall/kuala-lumpur ll/kuala-lumpur http://www.suriaklcc.com.my/corporate/about-us.dot  http://www.starproperty.my/PropertyScene/ http://www.starproperty .my/PropertyScene/TheStarOnlineHighlightBox TheStarOnlineHighlightBox/12296/0/0 /12296/0/0 http://marriage-statistics.findthedata.org/d/d/Malaysia http://en.wikipedia.org/wiki/Amber_Chia

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA  Appendix

Chart: Highlights 1,000,000.00 900,000.00 800,000.00 700,000.00 600,000.00

Sales

500,000.00

Gross Profit

400,000.00

Net Profit

300,000.00 200,000.00 100,000.00 Year 1

23

Year 2

Year 3

Year 4

Year 5

MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA Chart: Start-up

Start up 800000 700000 600000 500000 400000 300000 200000 100000 0 Expenses

Assets

Investment

Loans (Interest free)

Chart: Partnership Breakdown

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA

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MUHAMMAD BABUR FARRUKH AND SHEIKH SAAD ZAFAR

BUSINESS PLAN - LA PERLA Table: Expenditures by Household Income of Lingerie Purchasers

Night/Bras/Panties/Shape HH Income

18+