In an interaction, Jasvinder Arora, Franchise Head & General Manager - Retail, Siyaram’s, shares the business growth through franchising and way forward
Siyaram’s has been growing on a pan-India basis. How do you find the market growth in India?
We have been opening five stores a month on an average since past three years, and currently have over 200 operational stores. The market is growing at a steady pace, but the tier II and III towns are growing much faster.
How do you see the fabric market of India? What kind of challenges do you envision?
Fabric has a vast market. The preference is still for tailor-made garments, especially in tier II and III towns. Purchases are also made for occasions, traditions, festivals and gifting. The challenge can be from RMG as the younger generation want instant gratification and hence spend more on ready to wear. Also, tailoring as a profession is receding. The next generation of tailors does not view it as a prolific profession. There is also a lack of professional tailoring institutes to fill this gap.
How does Siyaram’s go with the competitive scenario of textile industry?
We are one of the oldest and largest textile manufacturers with presence in every part of the country. Apart from multi-brand outlets, we are rapidly growing in exclusive brand outlets (EBOs). We offer affordable to premium range, and apart from fabric, we also provide quality tailoring facility at our EBOs.
How has franchising fuelled your business growth?
Franchising has immensely contributed by giving scalability to the business. It is difficult to penetrate pan-India by opening company-owned outlets, particularly in tier-II and tier-III towns, where business is growing rapidly. Franchisee’s goodwill, understanding of the market, local compliances, brand value and support work in perfect harmony for the benefit of both.
What are your expansion plans?
Going forward, we are planning to reach 550 stores pan-India.