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Richlook plans 100 stores till FY18-end. In an interview with Shiv Rattan Goyal, Founder of Richlook, discusses the potential and opportunity in the menswear business
How was Richlook started and what is its strategy?
Richlook took its inception in 1993 with the cash and carry model for our multi brands outlet and then the company began its retail chain in 2006. Our strategy has always been the same, delivering the best of the trends on time and at an economical price. Working in a price-conscious country like India is always a challenge but we have overcome that with our price strategy.
Having a niche and renowned menswear brand, what were the factors that helped in the growth?
Richlook is known for its product’s quality. We have always delivered the best of the quality at an economical price. Having stores on high street & B-category malls also helped us reaching our targeted audience.
What is the current market size and potential of the menswear industry?
The current market size of menswear is Rs 1,30,000 crore in India, which is expected to grow at a rate of 8-9 per cent per annum.
What is the USP of your brand?
The latest trends, quality and price are our USP. We have one of the best supply chain systems in the retail industry. We change our total collection by 60 per cent in every 45 days.
What kind of growth you see for your brand in the next five years?
We are expecting 30-35 per cent Point-to-Point growth per annum and 40 per cent growth in number of stores every year. Within next couple of years, we are planning 500 more stores throughout India via franchise model.
What makes the concept relevant for franchising?
Richlook is a mass brand. The average number of visits by a customer is 6 per annum in comparison to the industry standard of 3-4 per annum. With RoI between 36 and 48 per cent, this business is a sure shot hit for an investor/ franchise.
What criteria do you follow to select the franchisees & what kind of training and support do you provide to the franchisees?
We prefer franchisees, which have their owned space though not mandatory. Franchisee with previous interest/experience in retail is an add on. We provide end-to-end training with a franchise manual that includes the standard operating procedures, staff hiring criteria, staff training, using the pos software, visual merchandising support, etc.