Success is something that every business man looks to achieve through expansion and brand awareness. Audelade, a luxury brand known for its apparels including bags and shoes with gold and silver work is all set to enthrall Indian consumers. In an interview Kripesh Sanghvi, Director, Audelade briefs us about the brand’s franchise expansion plans.
Abha Garyali (AG): How was Audelade incepted? Share with us its success and journey so far. How has been your entrepreneurial journey?
Kripesh Sanghvi (KS): The first piece was created by one of the Directors of the company exclusively for his spouse and the rest as they say is history. Appreciation, that the product generated lead to the creation of the brand, Audelade. The concept as well as the product has been really appreciated by people. In these two years we have been able to create brand awareness to the right target group and in the right way. To add to our success we have now started a new store at Mumbai’s largest shopping mall, Phoenix Mall. I started working at a very young age when I was in my 12th (1998) and continued with my studies side by side. I have no regrets because all these years I have learnt a lot about the business and I am still learning.
AG: When and what motivated you to take the franchise route for Audelade?
KS: Success is something every business man looks to achieve through expansion and brand awareness. Audelade would also like to reach out to a bigger markets and the right target group by taking the franchise route.
AG: In what ways is it different from other luxury brands?
KS: Audelade is India’s first home grown luxury brand and not only do we aim at providing luxury products, we also deliver our customer with investment opportunity as all our products have been hand woven gold in 14k, 18k and 22k and 92.5 per cent sterling Silver that is rhodium plated with anti- tarnish finish.
AG: The concept of shoes and bags made from gold and silver is quite unique in the Indian market. Do you think that the concept would be widely accepted and liked? What are your views regarding its future growth?
KS: The concept is the first of its kind in India. Indian consumers are always looking for newer and innovative products therefore the concept is being accepted and liked. This concept also gives our customers an opportunity to spend their money on a luxury product which is also an asset. Being one of its kind people are appreciating the products, they are looking for quality products and they are ready to pay any price for it. With the success so far we see a prosperous future for Audelade.
AG: What are the new initiatives for success that the company has taken in the present year?
KS: This year we are looking at franchising, building the right associations and started an initiative to be present in MBO’s.
AG: Where do you see the brand in five years time? What are your plans till the end of 2012?
KS: In five years we would like to see Audelade present in major cities of India like Delhi, Hyderabad, Bangalore, Pune and countries like Riyadh and Dubai as well. We plan to open up our outlet in Delhi by this year end.
AG: How many franchise outlets does the brand presently has?
KS: We have started franchising recently. Therefore, at the moment there are no franchise outlets but we are aiming at opening a franchise soon.
AG: What according to you is the scope for aspiring franchisees in this business? Is the future bright in the years to come?
KS: Concept of franchising has become very popular with mostly all big brands taking the franchise route. It gives them an opportunity to reach out to a bigger audience and also build their brand name. The future will have a lot of franchise outlets. This would be profitable for both the franchisor and franchisee.
AG: What are the qualities and qualifications that you seek for in your franchisees? How much investment is required by aspiring franchisees?
KS: The franchisees should have great knowledge and a good taste in luxury, which will help in providing the customers with the quality service which Audelade promises to deliver every time. As Audelade has a quality bench mark which it expects from its franchisees the investment would be around Rs 90 lakh to 1.2 crore.
AG: Share with us the challenges that can be faced by your franchisees? How can these be overcome?
KS: Finding a proper location would be the key challenge. This would include the area, the type of competition around and the people that will visit the area, etc. Audelade provides a product which has never been seen before, this is a challenge itself as it becomes difficult to educate the people of the same. These challenges can be overcome by doing different exercises and branding techniques to educate and attract the right target group. The right place can be found after doing an extensive study about the areas and the response of the people.