In the last few years, innerwear industry has seen big changes happening on all fronts. Today, the market has expanded, the market size has increased, there is availability of quality raw material, manufacturing and production capabilities and all of this is a result of the change in the customer choices and awareness. A rise in the disposable incomes and exposure to global trends have unfolded major shifts in the industry. Also the current CAGR growth show promising results for the industry.
To understand further about the women’s innerwear segment, we spoke to Siddharth Grover, director, Groversons Paris Beauty. Let’s hear it from him, as to…
How the innerwear retail segment has grown in the last few years?
Previously, lingerie buying was a taboo for a long time in India, but with the technology and new generation’s contribution, we are seeing see a lot of changes in the entire inner-wear sector. Now, women are very assertive and also are very independent in everything. They know what they are looking for and this change has made us become more trendy and quick with updating our product offerings. Today the market is customer centric and we are moving ahead with the same approach and evolving with our organization.
Digitization has also been a major driver that is responsible for this change and we have seen in the industry and we feel that it is an important aspect to be in sync with the trends and technology.
You have been doing business for so long, what do you think where did you fall behind from the competition?
Challenges are a part of every business. The biggest challenge in the past two decades was bringing in constant Innovation, keeping up with trends and understanding the Indian customer requirements. Matching up in this race, we have always provided new designs with the best of fabric quality and perfect fittings of the product. We have been experimental with our categories which gave us chance to understand these challenges in a better way.
How the ongoing situation of Coronavirus has impacted your business, what are you doing about it?
This Pandemic has not only had an effect on our business or industry, it has a major effect on our nation and the entire world. As we’re aware the situation is very serious, we need to ensure the safety and health of our people and their families which is a top most priority for us right now. Looking at the current situation we have also closed operations till we are not sure of that it’s safe for everyone to be going out and resume to their regular business activities. We are closely monitoring the situation and are in touch with government agencies to keep updated with the latest developments and shall be moving accordingly.
What is Groversons' USP, how's your brand managed to stay relevant for your customers in such testing times
At Groversons, we try and provide the best value to our customers. Our motto is to achieve customer delight at every point of their purchase cycle. We have been in the business for over 6 decades and our constant evolution is the key to our success. We have been evolving as an organisation keeping a strong customer centric approach. Innovation and service is the most important aspects we focus on today to keep up and maintain our brand in the market.
What ideas you have on opening large format retail stores and regional high-end multi brand outlets?
As a company we feel it’s the correct time for us to move strongly into the organised retail format of the business, this includes Exclusive Brand Outlets, Large Format Retails and High end Multi Brand Outlets. We have recently opened our second EBO in South Ex, Delhi, after the first in Karol Bagh.
We are working with a few good big box retailers to and hopefully will begin with 50 Doors in this year followed by tripling the number in the coming few years.