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Interior Textiles in Brazil: A Strategic Reference, 2006
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Description: |
How to Strategically Evaluate Brazil
Perhaps the most efficient way of evaluating Brazil is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance to interior textiles are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm).
Latent Demand and Accessibility in Brazil
This report provides a detailed overview of factors driving latent demand and accessibility for interior textiles in Brazil. Latent demand is largely driven by economic fundamentals specific to interior textiles. This topic is discussed in Chapter 2 using work carried out in Brazil on behalf of American firms and authored by the United States government (typically commercial attachés or similar persons in local offices of the U.S. Department of State). I have included a number of edits to clarify the information provided. Latent demand only represents half of the picture. Chapter 2 also deals with micro-accessibility for interior textiles in Brazil. I use the term “micro” since the discussion is focused specifically on interior textiles.
Chapter 3 is also a stand-alone report that I have authored. It covers proxy pro-forma financial indicators of firms operating in Brazil. I use the word “proxy” because the provided figures only cover a “what if” scenario, based on actual operating results for firms in Brazil. The numbers are only indicative of an average firm whose primary activity is in Brazil. It covers a vertical analysis of the maximum likelihood balance sheet, income statement, and financial ratios of firms operating in Brazil. It does so for a particular Standard Industrial Classification (SIC) code. That code covers “textile mill products manufacturing”, as defined in Chapter 3. Again, while “textile mill products manufacturing” does not exactly equate to “interior textiles”, it nevertheless gives an indicator of how Brazil compares to other countries for a proxy adjacent category along various dimensions.
Chapter 4 deals with macro-accessibility and covers factors that go beyond interior textiles. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Brazil:
Openness to Trade in Brazil
Openness to Direct Investment in Brazil
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are covered in the Chapter 4, which is a general overview of investment and business conditions in Brazil. Chapter 4 is also presented from the perspective of an American firm, though is equally applicable to most firms entering Brazil. This chapter is also authored by local offices of the U.S. government, as is Chapter 2. Likewise, I have included a number of edits to clarify the provided information as it relates to the general strategic framework mentioned earlier. |
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Contents: |
1 INTRODUCTION & METHODOLOGY 1
1.1 What Does This Report Cover? 1
1.2 How to Strategically Evaluate Brazil 1
1.3 Latent Demand and Accessibility in Brazil 3
2 INTERIOR TEXTILES IN BRAZIL 5
2.1 Latent Demand and Accessibility: Background 5
2.2 Latent Demand: Market Composition 5
2.3 Best Prospects 6
2.3.1 Cotton Goods 6
2.3.2 Eco-Sound Goods 7
2.4 Market Trends 7
2.5 Accessibility: Market Entry 7
2.5.1 Distribution Channels: Business to Customer 7
2.5.2 Distribution Channels: Business to Business 8
2.5.3 End Users 8
2.5.4 Trends in Individual Home Textile Segments 9
2.6 Market Issues and Obstacles 10
3 FINANCIAL INDICATORS: TEXTILE MILL PRODUCTS MANUFACTURING 12
3.1 Overview 12
3.1.1 Financial Returns and Gaps in Brazil 13
3.1.2 Labor Productivity Gaps in Brazil 16
3.1.3 Limitations and Extensions 16
3.2 Financial Returns in Brazil: Asset Structure Ratios 17
3.2.1 Overview 17
3.2.2 Assets - Definitions of Terms 17
3.2.3 Asset Structure: Outlook 20
3.2.4 Large Variances: Assets 21
3.2.5 Key Percentiles and Rankings 24
3.3 Financial Returns in Brazil: Liability Structure Ratios 37
3.3.1 Overview 37
3.3.2 Liabilities and Equity - Definitions of Terms 37
3.3.3 Liability Structure: Outlook 39
3.3.4 Large Variances: Liabilities 40
3.3.5 Key Percentiles and Rankings 43
3.4 Financial Returns in Brazil: Income Structure Ratios 56
3.4.1 Overview 56
3.4.2 Income Statements - Definitions of Terms 56
3.4.3 Income Structure: Outlook 58
3.4.4 Large Variances: Income 59
3.4.5 Key Percentiles and Rankings 62
3.5 Financial Returns in Brazil: Profitability Ratios 77
3.5.1 Overview 77
3.5.2 Ratios - Definitions of Terms 77
3.5.3 Ratio Structure: Outlook 79
3.5.4 Large Variances: Ratios 80
3.5.5 Key Percentiles and Rankings 83
3.6 Productivity in Brazil: Asset-Labor Ratios 98
3.6.1 Overview 98
3.6.2 Asset to Labor: Outlook 99
3.6.3 Asset to Labor: International Gaps 100
3.6.4 Key Percentiles and Rankings 103
3.7 Productivity in Brazil: Liability-Labor Ratios 116
3.7.1 Overview 116
3.7.2 Liability to Labor: Outlook 117
3.7.3 Liability and Equity to Labor: International Gaps 118
3.7.4 Key Percentiles and Rankings 121
3.8 Productivity in Brazil: Income-Labor Ratios 134
3.8.1 Overview 134
3.8.2 Income to Labor: Outlook 135
3.8.3 Income to Labor: Gaps 136
3.8.4 Key Percentiles and Rankings 139
4 MACRO-ACCESSIBILITY IN BRAZIL 154
4.1 Executive Summary 154
4.1.1 Government Role in the Economy 154
4.1.2 Infrastructure 155
4.2 Political Risks 155
4.2.1 Economic Relationship with the United States 155
4.2.2 The Political System 155
4.3 Marketing Strategies 156
4.3.1 Distribution Channel Options 156
4.3.2 Agents and Distributors 156
4.3.3 Franchising 157
4.3.4 Direct Marketing Options 157
4.3.5 Joint Ventures and Licensing Options 158
4.3.6 Creating a Sales Office 159
4.3.7 Selling Factors and Techniques 159
4.3.8 Advertising and Trade Promotion 159
4.3.9 Pricing Issues 161
4.3.10 After Sales Service and Customer Support 161
4.3.11 Selling to the Government 161
4.3.12 Intellectual Property Risks 162
4.3.13 Hiring Local Counsel 167
4.3.14 Performing Due Diligence and Checking Bona Fides 168
4.4 Import and Export Regulation Risks 168
4.4.1 Taxes and Fees Assessed on Imports 169
4.4.2 Customs Regulations 172
4.4.3 Import Licenses 172
4.4.4 Export Controls 173
4.4.5 Documentation Required for Trade 173
4.4.6 Temporary Goods Entry Requirements 173
4.4.7 Labeling and Marking Requirements 174
4.4.8 Restrictions on Imports 175
4.4.9 Standards 175
4.4.10 Free Trade Zones and Warehouses 178
4.4.11 Membership in Free Trade Arrangements 180
4.5 Investment Climate 180
4.5.1 Openness to Foreign Investment 180
4.5.2 Conversion and Transfer Policies 181
4.5.3 Expropriation and Compensation 182
4.5.4 Dispute Settlement 182
4.5.5 Political Violence 182
4.5.6 Performance Requirements and Incentives 182
4.5.7 Right to Private Ownership and Establishment 183
4.5.8 Protection of Property Rights 183
4.5.9 Transparency of the Regulatory System 184
4.5.10 Bilateral Investment Agreements 184
4.5.11 OPIC and Other Investment Insurance Programs 185
4.5.12 Labor 185
4.5.13 Capital Outflow Policy 186
4.5.14 Major Foreign Investors 186
4.5.15 Efficient Capital Markets and Portfolio Investment 187
4.6 Trade and Project Financing 188
4.6.1 Banking System 188
4.6.2 Foreign Exchange Controls Affecting Trade 189
4.6.3 General Availability of Financing 189
4.6.4 How to Finance Exports and Methods of Payment 190
4.6.5 Availability of Project Financing 193
4.6.6 Banks with Correspondent Banking Arrangement 194
4.7 Travel Risks 195
4.7.1 Travel Advisory and Visas 195
4.7.2 Infrastructure for Conducting Business 196
4.7.3 Country Data 197
4.8 Key Contacts 197
4.8.1 Brazilian Government Contacts 197
4.8.2 Brazilian Trade Associations and Chambers of Commerce 203
4.8.3 Market Research Companies 228
4.8.4 Commercial Banks 232
4.8.5 U.S. Mission in Brazil 234
4.8.6 Attorneys in Brazil 235
4.8.7 U.S. Government Agencies 239
5 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 243
5.1 Disclaimers & Safe Harbor 243
5.2 Icon Group International, Inc. User Agreement Provisions 244
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