Accessories complement the attire. But in the midst of need-based segments like apparel, food and grocery, automobiles; accessories have the risk of being sidelined. Here we have experts take on how accessories market can grow via penetration within the s
Brand awareness is growing in small cities and so is the disposable income. The lifestyle of people is improving and which is the most significant factor boosting the accessory market accessory market can in smaller towns in India. Harkirat Singh, MD, Woodland India says, “The so-called small towns are no more smaller; rather have huge potential. In the last four to five years, we have grown exponentially in smaller towns and have got a great response. Currently, at least 45% of our stores are in non-metros. However, there are few locations that might not be viable as a virgin territory at this moment and time. For places like these, we are open to invite franchise stores. We have just opted for this route to strengthen reach and address ever-growing demand.” Baggit also unfolded its plans to spread wings across tier II and III cities, which it intends doing via facilitating more franchise stores across India.
The booming North East region
North East region accounts for diversifying growth opportunities for entrepreneurs as it been declared as Special Economic Zone (SEZ) by the government. For Woodland, North East is a world in itself. “We have seen a lot of demand from that market and have also supplemented the same through a series of Above The Line (ATL) and Below The Line (BTL) activations that had got us recognition and encouraging response. At present, Woodland has a total of 60 stores across Eastern India and we aim to make it 100 in the next one or two years,” opines Harkirat Singh of Woodland India. Baggit is also eyeing expansion in this zone. Nina Lekhi, Founder and Owner, Baggit says, “We are opening 12 to 15 stores this year in the North–East region. These stores will be set up in high street, centres and malls in tier I and II cities like Bhubaneswar and Kolkata. Average area required to open each store will be of 200-250 sq. ft with an investment of Rs 50 lakh per store.”
Brand extension as a means to grow
Not limiting to one particular commodity, franchisors are seeking diversification to generate opportunity for the investors and expand customer base at the same time. Dilip Kapur, President, Hidesign says, “We are looking at brand extensions such as footwear, pens and stationery that appeal to the same consumer base. We are also looking to expand our airport stores and seeking international expansion majorly in the USA, Gulf and Singapore.”
Growing demand for travel gear
A recently released study shows that adventure travel has been growing 65% year over year since 2009 in India. Presently, it is a $263 billion industry and is still growing. “The growing trend in this market has created a platform for brands like us to experiment with new launches and reproduce gears, products and accessories to complement and enhance the travellers’ outdoor experience,” adds Harkirat Singh of Woodland India.