Inmark Retail currently operates 13 stores in Bangalore, Mangalore, Hyderabad, Hubli, Kochi, Belgaum, Mysore and Gulbarga in India and two stores in Riyadh, Saudi Arabia. In an exclusive conversation, Naseer Ahmed, Managing Director, Inmark Retail Pvt Ltd highlights the growth strategy of the company.
When we talk about fashion retailing, apparel & accessories as a category appears as a strong growing segment. What is your take on this?
Fashion in India is at a very interesting evolution. Indian customers are becoming fashion conscious with more and more international fashion brands making their foray into the Indian market. One of the most remarkable changes in fashion retail over the past few years is the introduction of eCommerce. We see fast fashion becoming more and more relevant as the gap between the brand and the consumer is reduced.
In this context, what is the size of the Indian apparel & accessory market and what
is the percentage of growth of this segment?
India’s apparel market is in the throes of change. Rapid growth and rising urbanisation have spawned a new class of consumers with more money to spend, and a growing passion for fashion. In India’s high-growth, fast-changing retail clothing market, we see significant new growth opportunities for foreign and domestic players.
Apparel brands are trying to ensure they retain customers by expanding their product range. I feel, unless the product offering is sufficiently unique, the competition will only get tougher. Fashion accessories is a very high growth area as there are hardly any branded players present in this segment. And as fashion awareness in India is growing astronomically, the growth in accessories is a natural progression. The apparel industry is witnessing a CAGR of over 7.5 per cent, while the accessories and jewellery is over 13.5 per cent.
What is your market share in this segment and what are the retail offerings you have?
We are a start-up and it is too soon to comment on market share. Our retail vision is to ‘democratise international fashion’. We intend to offer our customers ‘oxford street latest fashion trends’ at half or one-third the cost.
The design and trends are international, while the price is truly reasonable making fashion affordable to the young population across Tier A and B cities, which otherwise people have to wait for the End of Season Sale (EOSS) period, to buy from the international brands.
You have associated with online retailer Myntra. What has been your experience in retailing with them?
Myntra is our online partner and the experience so far has been fantastic. The eCommerce sites drive traffic and from the brand point of view, one has to invest in getting the best designs and be fully stocked up across sizes to service the customer needs. Online medium works in a favour as we have seen considerable traction and response from the TG, and yes, we are getting spotted.
Who forms your target group of customers? Do you find dealing with today’s ‘connected & informed’ customer more difficult?
Inmark is a young family store, offering latest in fashion merchandise and accessories for men, women and kids. We target men and women between the age group of 18 to 32 years, while in kids’ segment, we offer merchandise for both girls and boys ranging from 2 to 14 year olds.
We have a strong well travelled in-house design team, which churns out the latest in fashion. Also, being manufacturers to the biggest names in international fashion, we have access to latest international trends and fabrics, which may not be accessible to other retailers. This combination of having a large export manufacturing base with excellent design set up allows us to offer the customers the latest in international trends, at the best quality and price.