Responsible for the evaluation of the value of parent brand, sub-brands are the new trend in the footwear industry. Harkirat Singh, MD, Woodland, reveals the need for and perks of a parallel brand in the present market scenario.
From where did the need for a parallel brand arise?
For long we have been known for being the adventure gear makers but as we observed the growth in the luxury market with a rise in demand for premium products, we launched WOODS as an initiative to cater to this segment. Woods is an iconic British-style brand which offers formal and semi-casual footwear, apparel and accessories. Before its standalone launch, the company has test-marketed the product separately as it is already earning over 25% of the Woodland's parent firm Aero Club's revenue both via offline-online routes.
What is the current demand in the market?
The trend observed in footwear segment reflects great demand in the formal shoes in past few years. Shoes have undergone major fashion makeover from being simple black or brown leather shoes to those with edgy designs and colours. Innovation in this segment has created fashion-enthusiastic consumers who choose to reflect their personality through choice of statement shoes and doesn’t hesitate to pay for the price.
What are the advantages of having a parallel brand instead of expansion under the same brand name?
With WOODS we created an opportunity to build and sustain relationship with new segment of consumers under Aeroclub. The major advantage of having a parallel brand is you can cater to different segments and categories. WOODS caters to the premium fashion and lifestyle segment in footwear and accessories.
What is the ratio/percentage increase in revenue from the sub-brand?
WOODS as a parallel brand contributes 25% of the total turnover of the group.
What are your plans to strengthen this prodigy?
To strengthen this prodigy we have launched several stand-alone showrooms for WOODS in Delhi and Mumbai and we look forward to introduce multiple stores for WOODS in metro cities in the next 2- 3 years.