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Brand 2015-08-21

International and online brands present both opportunities and challenges

By Senior Copy Editor
International and online brands present both opportunities and challenges

After making a name in the men's ethnic wear segment, Manyavar is soon going to launch its women's collection. Franchise India spoke with brand’s Director Ajay Modi who threw light on company’s expansion, challenges, strategies and its new venture.  

Do you wish to only cater to the men segment or are you planning to move to other segments in the near future?

Manyavar is looking at launching its women’s collection in the next six months. It will be a natural step for us to get into women’s label after leading the men’s ethnic market for a while now.

How is the competition for you in the ethnic wear market at present?

Manyavar produces high-quality products. Since, buyers have become more vocal in their choices and emphasise on designs, fits, cuts, patterns and colours, they prefer buying Manyavar products. The company competes with all small and big players in the ethnic wear segment, but Manyavar does not have any close competitor in reality. We are a pan-India brand and our competitions are local players, like small shops, boutiques, and labels which offer customised clothing. The organised market is small.

What business opportunities do you offer to probable franchisees?

We give franchisees the opportunity to grow with Manyavar. They are being given best of return towards their investment. The franchisees are being given full assistance in connection with merchandising of stock in stores, advertisement, brand awareness among customers‎ and all the support in connection with staff training, store maintenance etc.

Share with us challenges and opportunities you face in your business venture?

Multinational companies and online websites present both opportunities and challenges. Despite the rapid growth, the Indian retail industry remains highly fragmented and unorganised. The organised retailing is still in its formative stage and will take some time to get structured. The opportunities available are huge in the form of Indian population with high disposable income willing to spend on quality products.

Share your views on the present state of the ethnic wear market in India?

India has a young population and since the country celebrates festivities and weddings as grand occasions, ethnic wear is a preferred choice. The category is growing and so is the demand. However, styles and trends are changing, earlier, people would wear suits or formal cloths for marriages, but now they are more inclined towards ethnic wear. A rise in disposable income has also given a boost to the segment’s growth. Moreover, young people are dynamic when it comes to spending money on things which matter to them, and to make events such as marriages memorable, they are ready to splurge. It is a fact that the segment is growing at a rapid pace and holds tremendous potential.

What are your expansion plans?

By 2018, Manyavar will be aiming to open 600 exclusive stores, 1 million square foot of retail space which will include 100 flagship stores and 50 global stores.

Franchise facts:

Area

Investment

ROI

Breakeven

Total number of stores:

Expansion plans

1000 sq ft

40 lakh

30%

Within 1 year

383 stores in India and abroad

50 stores in FY-15-16

Comment
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