Startup business of a IIM graduate. Female entrepreneur Fashion Business

1. ENTREPRENEURSHIP
MANAGEMENT
PRESENTED TO:- PROF. ANJU
PRESENTED BY:
ROLL NO. NAME
B-01 ABISHEK AYARE
B-10 RIMA JADHAV
B-21 ABHISH PATIL
B-27 TUSHAR SHELKE
B-33 ADITYA VIRKAR

2. RUBY
ASHRAF
FOUNDER OF PRECIOUS
FORMALS

3. BACKGROUND OF RUBY
• Ruby grew up in Delhi and from an early age she was exposed to
business, meetings, clients.
• She had heightened sense of self awareness. And the ability to
take tough decisions.
• She quit medical school and got a bachelor’s and master’s in
science from Delhi University.
• She got admission in Birmingham, England to do a PhD in Fish
Embryology. That was her special interest.

4. • She got an admission in IIM Ahmedabad which groomed her
very drastically in 1983
• Ruby's first job out of campus was in the HR department of
BHEL.
• Ruby got married with Javed who was a professor in Rice
University in Houston and shifted to America in 1987
• An old and enduring love for clothes took her in a different
direction.
• Ruby always had the title ‘Best Dressed Girl’ of the batch.
• Ruby wear a dress designed by her own on X-Mas party of
collage and it was appraised by every one

5. • Ruby her self started creating case studies and searching for
information regarding to clothing industry in all over America .
• She believed in shlock of GEETA ‘Karmanyewadhika raste maa
phaleshu kadachana’ Kuch toh karte rahna chahiye.
• As per ruby, “At the end of the day, you should feel that I have
given my 120% to it. And the day should not be wasted.”
• Ruby chose to focus on evening wear as the margins were high in
evening wear and design and demand were high.
• Ruby’s lucky break came when she designed a dress for the wife
of her husband’s boss, and a photograph of it appeared in Rich
and Famous magazine.

6. • This gave her the drive to turn her passion into a business.
• She started designing her own clothes and for her friends with
no formal training
• She went to school in Delhi to learn the art of dressmaking and
then spent a year visiting retailers across the country to build up
her knowledge of market demands and retailer needs.
• She got her husband’s company for opening the factory in Delhi
but not in America as the hand work on material is needed which
is not done in America.
• According to Ruby, “You have to go door-to-door, you have to do
things at the grass root level.”
• “The first thing in business is, you have to sell yourself. And
people should trust you. Do your work sincerely”

7. • She found a lot of weaknesses in her as a designer, after that she
realized that you should always look around and future trends in
fashion world
• The above qualities helps her to establish and sustaining in
market of India, America and China as well.
• Javed resigned her job to help Ruby in her business.
• Her husband turned his hobby of photography into business to
help in issuing catalogue for her dresses.
• He handles IT and FINANCE as well as ACCOUNTS of the
company
• As a couple and backbone of the company, they both discuss the
problems regarding the business and solve it out.

8. PRECIOUS FORMALS
A $10 million Company
Precious Formals was founded
in 1990 by Ruby Ashraf

9. • It has 10,000sq ft showroom in Atlanta and does its ramp shows
there
• Employees are graduated from fashion school and Some are
from Ralph Lauren.
• Every garment is checked and then they are Shipped to USA
• “It was consistently introduced fresh new trends to the
formalwear industry in the USA.
• PF styles have made an impact on prom, pageant, and evening-
wear markets by combining traditional designs with imaginative
and creative appeal.
• PF garments are sold in 2000 retail stores and is also sold in
Europe

10. • In 1992, Manufacturing was shifted to China from India not only
because of cost advantage but as a designer she realized that
there were many limitation while manufacturing in India.
– Factory in India were not so mechanized
– Finishing were not perfect in India
– In China, there are excellent pattern maker
– Technology is better in China
– Pre-trained and Skilled employees

11. PRODUCT CATEGORIES

12. BRIDALS/BRIDAL ACCESSORIES

13. GIRL’S APPAREL

14. PROM/SOCIAL OCCASION

15. TWEEN

16. PRODUCT LINES
• 15 Teen
• Glam Gurlz
• Lux Gal
• Posh Precious
• Precious Angels
• Precious Brides
• Precious Divas
• Precious Formals
• Ruby's Gems

17. PRICE OF PF PRODUCTS
• Precious Formals dresses - $400-800
• 'Posh Precious‘ - $600
• ‘Glam Gurlz’ - $200

18. REASONS FOR HIGH PRICE OF PRODUCTS
• As a designer, she wants to design only expensive Cloths.
• In expensive cloths she can put many ornaments
• If prices are kept low than they have to sell in higher quantity to
earn a descent profit.
• Even the prices are not too high as too high price are not
appreciated.

19. DOWN PHASES
• Things get difficult when stock in inventory are unsold.
• Money get stuck in inventory
• Causing problems in cash flows
• Treads and state of economy keeps on changing
• Grows has slowed down recently due to internal as well as
external factor
• Firms value has stuck to $10m since 9/11.

20. CHARACTERISTICS OF RUBY AS AN
ENTREPRENEUR
• Opportunistic
• Hardworking
• Passionate
• Goal oriented
• Has an eye for detail
• Convert interest into
business
• Futuristic
• Self awareness
• Tough decision maker
• Updating of market trends
• Dedication and sincerity

21. JAVED’S CONTRIBUTION
• In 1996, a devastating illness left her wheelchair-bound. Ruby’s
husband Javed gave up his work as a university professor.
• He is photographer and converter his hobby into a major assets
for the firm.
• He handles Finance, accounts and IT of the firm.
• His photography was better than other expensive photographer
as he gives his total dedication as it was his own company.
• He looks after designs and touchup work.

22. FUTURE PLANS
• Ruby and Javed wants to make PF a Billion$ company
• They want to make a legacy

23. AWARDS FOR PRECIOUS FORMALS
• The Dallas Fashion award and the Atlanta DIVA award.
• Contestants in popular pageants, including the Miss America,
Miss USA, and Miss Teen USA competitions, have adorned PF
designs
• Photos of dresses on the Cover page of many Magzine.

27. MOTIVATIONAL WORDS
• You can achieve beyond your dreams, so it’s OK to dream and
make an action plan to turn it into realty.
• There is not one formula to be successful; everyone who is
successful has gone through failures in the process. It depends
upon how hard we kick that failure and learn from it and take
up the challenge stronger to be successful.
• As an entrepreneur you don’t say that ‘I have to reach a
particular place in five years’. You just keep doing whatever you
are doing. You have plans, you have goals, and you know a
strategy. But still one doesn’t even anticipate that so much work
will be done… you just keep doing it.

28. THANK YOU!!!!