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Provogue (India) Ltd is amongst the top retail companies in India. After completing 10 years of success in retailing, with a network of over 130 stores spread across 67 cities, the company is now ready to take the brand to the next level of growth through
Provogue (India) Ltd is amongst the top retail companies in India. After completing 10 years of success in retailing, with a network of over 130 stores spread across 67 cities, the company is now ready to take the brand to the next level of growth through geographical expansion. Salil Chaturvedi, Deputy Managing Director, Provogue, shares company’s expansion plans with TFW.
What are your overseas expansion plans?
The company is looking at the Middle East together with a few Western Asian markets for expansion. The focus is on locations with a diaspora of Indian population coupled with a media spillover.
What will be your criteria while selecting your franchise partners in Middle East and West Asian market?
Internationally, the success of the brand will depend on the right partner and the choice of the right business model. We are trying to explore franchise partners in the West Asian markets along three lines. For a successful partnership, it is imperative that our franchise partner is strong on these grounds. The franchise partner should have an in-depth knowledge of the market and have well-established relationships with the key malls. He or she should also have an entrepreneurial vision and be financially sound to ensure no set-up hiccups. We will give priority to those with prior experience in setting up and running the master franchise model for other international brands. The franchisee should also have an acquisitive proposal with good sites and location that the company will keenly explore.
What are your expansion plans in India?
In India, the company is looking at 50 stores in the next two years. This exponential growth will be the outcome of the availability of sites at low rentals.
Is the company looking at franchise model to aid expansion plans?
The option of venturing into these markets via franchise arrangement is what we are willing to explore. This, however, will be a sales-linked model to bring in a sense of ownership for the business, besides being an effective way to share the business risk equally.
What are the requirements from an aspiring franchisee?
The total area required to set up a store could range between 500 sq.ft to 2,500 sq.ft. Depending on the location and the size of the store, total investment can vary between Rs 20 to Rs 60 lakh. As far as the type of location is concerned, the store should be situated on a high street with good visibility, or in a new or upcoming mall. The site must enjoy the presence of good brands and stores.
What are the benefits of franchising model?
One of the key benefits of this model is that the franchisee represents a business model that absolves him of the worry of the product. The responsibility of brand promotion is taken care of by the brand. It serves to be a great cash-flow engine for the investor, who is looking at it more from an entrepreneurial perspective.