“We expect to have at least 100,000 customers by the end of this year”: Shubham Khare
In an exclusive interview with Shubham Khare, Co-Founder, Incosi Fashions shed light on the business strategy of newly included Ralph Pierre.BY Shipra Srivastava | August 24, 2018 | comments ( 0 ) |
Fast Fashion is emerging as an aggressively growing category in the Indian Retail Sector. Indian fashion retail market has witnessed several significant changes in recent years, which speaks for country’s evolving fashion retail market. To tap the potential Incosi Fashions has introduced a new brand called Ralph Pierre to its brand portfolio.
How do you see the luxury watch segment is evolving in India? What are the factors propelling growth in this segment?
India is a promising market for the luxury watch segment owing to the economic growth and advancement in living standards of people. Today, customers don't just buy products but they buy brand instead with which they can associate themselves. Fashion Accessories as a segment has seen tremendous growth in last five years due the increased exposure to international fashion. This has happened due to the growth of internet and smart phone usage that has made people aware about the international trends and fashion standards.
Luxury watch segment too is bound to grow owing to all the aforementioned reasons. Today's customers want quality with international standards and with higher disposable income, they are ready to pay up for the desired brands as well.
What is the rationale behind bringing Ralph Pierre to India? What is the initial business projection for the brand?
Ralph Pierre has been launched in Indian market to bring Premium watches to customers at the most affordable rates. Indian customers today spend a lot of money in buying a Premium or a luxury watch. Ralph Pierre watches match the quality and standards of all the premium watches' brands and yet they are available at reasonable prices. There is a huge segment in Indian market that aspires to own luxury watches as they want to put on quality products but are not able to find the same in Indian market at a reasonable price. I believe Ralph Pierre will fill this gap by making premium watches available to people who love to own an international standard design and quality. With the kind of market size, we expect to have at least 100,000 customers by the end of this year.
What kind of distribution is planned for the brand in the online as well as offline space? Are you looking to open exclusive stores? Going forward, what would be the strategies to scale up the distribution?
Currently the distribution is focused online via owned platforms and multiple marketplaces. Idea is to make Ralph Pierre a known brand and then spread it out. EBOs are definitely something we would love to venture into but have not thought about it as of yet.
Also tell us about the existing brand portfolio of Incosi Fashions? Apart from Ralph Pierre what new brands are expected to be the part of Incosi Fashions in near future?
Incosi Fashions has two brands under its umbrella right now. Crossloop focuses upon designer audio whereas Ralph Pierre has its focus on the wearable category. The scope in these categories is immense and we currently plan to focus on building them to the best.
In India, luxury watches are primarily retailed via Ethos or Titan Nebula? How do you plan to cater the competition from them?
We don’t think they are our competitors. The idea behind the brand is fresh designs at affordable price points and the existing retailers either have redundant designs or they cater to the upper middle calls and above segments. Moreover, the idea is to be in vogue, which you can never be if you have to repeat your accessories every single day.
How are you looking to tap the online segment?
With and annualized growth rate of 115% and 120 million shoppers, online is the future of retail and we are going ahead with an online first strategy. Ralph Pierre merchandise is available on its own website and all the leading market places like Amazon, Flipkart, PayTM, Limeroad, Snapdeal, etc.