Mustang is leading socks manufacture which is catering to brands like Adidas, Ginger, Next, Debenhams, to name a few. Lubeina Shahpurwala, Co-Director, Mustang Socks and Accessories, feels that the country has a huge potential for category like socks.
What is your assessment about Indian socks and accessories market?
The socks and accessories market in India has grown tremendously over the past 6 years. This has led to various opportunities as well and created a huge market for accessories in India. Today, you have standalone stores for niche products, like Tie Rack for ties and other accessories, Accessorize for bags, scarves and fashion jewellery and many others. Although, Indian socks and accessories market is still customizing and nurturing, socks are graduating from a simple accessory to a more sophisticated product largely supported by continued innovations.
Where do you see the most business potential?
Metros have the largest business potential at the moment, because of the increasing demand of products influenced by global trends and styles as well as the global brand penetration in the Indian fashion industry. The next wave of growth in this industry will be seen in the tier I and II markets; where brands have achieved significant awareness but limited availability. There is a potential if you cater to the right segment at the right time.
What is the USP of your brand?
Our key USP’s are our innovative styles, novel design concepts, vibrant colours and shades, and most importantly our fusion of all these concepts with perfect cotton quality and latest technology.
In a category where brand loyalty is extremely less, how does your brand above the competition? Please elaborate on your promotional strategies and retail distribution network.
We feel that even though most sales are impulse driven, this category has a high value of loyalty. Customers and retailers alike are brand loyal. They are loyal to products which are consistent on quality, service and innovation. As Mustang, we have not invested money in various mediums of promotions and have constantly been in touch with our customers. We firmly believe that every rupee invested in the product will garner enough goodwill and word of mouth with our consistent efforts. This has been the core ideology and foundation of our growth. We have a pan India distribution set-up. We also use our retailers and distributors feedback in product innovation and design.
What is your current market share? Please share numbers.
The sock and accessories being the unorganized and fragmented sector the entire industry size and figures cannot be estimated. As a contribution Mustang holds approximately 10-15% of the entire market share.
Where do you see your brand in five years from now?
Mustang has manufactured for brands such as Adidas, Ginger, Forca, Kappa, Indian Terrain, Pepe, Next, Debenhams, Austin Reed and many others. We see ourselves creating a brand focussing on the style and innovative designs that resonates with customers worldwide and bringing footfalls eventually into our own retail outlets. We are aware of the concerns of getting into direct retail but are very confident on creating an identity to be reckoned with.
Are you planning for exclusive retail outlet in near future?
Yes, we are looking forward having our own retail outlets. But primarily we want to expand our distribution network and we aim to establish Mustang as the most preferred brand for socks and accessories in the industry.
What are you planning to leverage from upcoming Diwali festival.
We tend to offer our customers with assortment of socks for every occasion. We have launched our exclusive Autumn-Winter collection for upcoming Diwali festival, where we have an adorable range for kids as well as toddlers, unique collection for girls and women with effervescent shades and we also have special work wear as well as casual wear socks for men.