Rangriti is a women’s wear brand providing high-end fashion at very attractive prices making it a perfect answer to every woman’s wish of making every day exceptional. With a wide range of beautiful kurtas, kurtis, Anarkalis, churidars, palazzos, skirts and dupattas in pleasing prints, colors and patterns, the brand aims at bringing freshness, variety & style to every woman’s closet. In an exclusive conversation with Sanjeev Agrawal ,CEO, Rangriti talks about the growth plans of the brand.
Indian fashion market is heavily penetrated by premium international brands. In such scenario, what is your assessment about ethnic wear fashion in India. According to you, what are the factors propelling growth in this segment?
In recent times, with India’s Online retail boom, Changing lifestyle and rapid urbanisation, the ethnic market has seen tremendous growth. Since we are in the ethnic wear category there are no international brands and there is still immense opportunity for growth here. Majority of the market is unorganised and there is immense scope for growth. The increased demand for ethnic wear is not only attributed to festivals and special occasions but also the increased demand of fusion wear. The women’s ethnic wear category will remain the fastest growing category in the next 5 to 10 years. The trend will be more towards fashion consciousness and there will be greater demand for high quality, fashionable and affordable fashion.
Tell us about the brand Rangriti, how did the brand started and journey so far?
Rangriti as a brand was launched under visionary and leadership of Mr. Siddharth Bindra, as a lesser priced subsidiary in 2015. It was started with the concept that in an affordable costing, everyone can wear brand centric outfits, slowly which became a style statement. We conceptualised Rangriti as a brand that will target the unbranded segment and provide a superior quality product at a fantastic price to its customers. The company, including Biba and Rangriti is targeting a Rs 1,000 crore business (overall) in the next financial year and plans to add at least 100 stores over the next 2-3 years. Earlier this year fashion jewellery was also be launched at Rangriti stores across India to diversify the brand’s product categories. Today, Rangriti has 94 stores and intends to reach a count of 100 by the end of this financial year.
Tell us about your current distribution in the online as well as offline space. Going forward, what are the plans to scale up the distribution? what would be your location strategy for new stores?
Today Rangriti has 94 stores in 56 cities. The company is also planning to launch more exclusive stores of Rangriti in the coming years. So far, it has strengthened itself especially in North India .There are 500 districts in India, and the aim is to have Rangriti in all of them.
However, in spite of its extensive offline plans, the company is not ignoring the online space and aims to engage with its customers through digital medium a lot more."Now we get about 10-12 per cent of our business from online including our site and market places, but in the next three years it would contribute about 15-18 per cent. Rangriti is also retailed online through Flipkart, Amazon, Ajio, Myntra besides their own e commerce platform. It is also available in large format stores like Reliance Trends, Central and Lifestyle besides many others.
How consumers' behavior has evolved towards ethnic fashion. What is your strategy to tap new-age consumers?
The new-age customers are very smart and they seek affordability, style statement, and value for money whatever they buy. At Rangriti we provide fashionable clothing through our Parineeti for Rangriti range which is a fantastic mix of dresses, Kurtis, lehengas, indie tops, slim pants which gives our customers a variety of options from everyday wear to occasion wear.
We are also working on an aggressive plan on digital which is a great way to interact with the new age consumer across geographies.
According to you, what are the major challenges of ethnic fashion retailing?
To be able to stay relevant in this fast-evolving market and keep pace with our customers and getting customers to move from the unorganised market to the organised one.Rising real estate rentals and infrastructure bottlenecks are also some of the challenges in this sector.
Tell us about your best selling product categories and pricing strategy?
We have various categories in Rangriti- Dresses, Smart Kurtas, Indie Tops, Slim Pants, Reversible Jackets which provide a fantastic range to our customers. The best performing ones have been the Indie dresses and the kurtas. We believe in providing fashion at very affordable process and the range starts from Rs 699 onwards, bottom wear is available at 399 onwards