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Genesis made its mark when they revamped the 1985 brand Satya Paul from just another designer brand to be the country’s leading home grown fashion brands catering to the high end segment. Since then, Genesis has redefined the market for luxury brands in India. The man with the midas touch, Sanjay Kapoor, MD, Genesis Colors, shares his ever progressive journey with Deepankar Hemnani.
Please tell us in detail about your company’s ideology behind bringing luxury brands in India?
We feel the time is right in India for luxury. After China, we are the fastest growing global market for luxury brands. The market has been consistently growing at an average of 20% over the last few years and there is a lot of potential in the next 15-20 years to come. Hence all brands are making a beeline to enter India with the right partnerships in place.
What franchising models have you adopted to distribute global brands in India? What are the strengths of these models regarding different brands?
There are two models by which we are bringing the brands to India. One is the marketing and distribution route and the other is via Joint Ventures. Mostly brands entering the market for the first time come through the marketing and distribution route, once they are entrenched and more confidants they opt for a Joint Venture partnership, which gives them more stake in the business.
What scope does this industry has for a potential investor?
The industry has tremendous growth potential as India is one of the youngest consuming markets globally with a rapidly growing upwardly mobile population, where the actual growth will come from for these brands. Hence it is a great investment opportunity. However, the key thing for an investor is to consider this a slightly long haul opportunity unlike the here today and gone tomorrow models in the online space we are witnessing. Luxury is an omni channel business and has potential in India in the long run.
To keep up with the digital era, what Omni Channel strategies do you plan to implement for sustainable growth of your brand?
All the brands under the Genesis portfolio are currently present at India's top luxury destinations such as DLF Emporio (Delhi), UB City (Bangalore), The Palladium (Mumbai) and Quest (Kolkatta). Soon we plan to offer these brands online too to widen the scope of availability across the country and for ease of shopping. However, we cannot deny the fact that luxury retailing thrives highly on the touch and feel experience, so we will always keep the brick and mortar stores along with e-commerce channels.
What are your expansion plans?
Our expansion plans include opening stores at the new Palladium mall that is coming up in Chennai by early next year. Apart from that we are also open to other luxury retail destinations whenever they come up.
