Latin Quarters fashioning apparel!

Latin Quarters with the vision to offer fashion merchandise to the Indian women has emerged as one of the leading women’s wear fashion brands in India. Saurabh Jhingan, Director and Co-Founder, Ikon Retail Pvt Ltd (Latin Quarters, India) shares his success and future business plans.  

Subhro Prakash Ghosh (SPG): Tell us about Latin Quarters.
Saurabh Jhingan (SJ): Ikon Retail Pvt Ltd, a subsidiary of Mayur Group of Companies of worth US $ 40 million has brought Latin Quarters in India. The first store of Latin Quarters was launched in 2006 at Square One Mall in Delhi. Latin Quarters is a women’s western-wear brand, which intends to offer the latest trends in international fashion and imparts a complete international shopping experience. 

SPG: How is the apparel market expected to grow in 2010?
SJ: India is on the verge of a great organised retail boom and as per our research, the women western-wear segment will see the largest growth amongst the entire apparel category. Several brands are diversifying into retail, whereas a majority of them are considering the women wear segment to achieve quick success. I must say, we are going to attain a compound annual growth rate (CAGR) of 17 per cent. 

SPG: How many stores do you currently operate?
SJ: Currently, we are running five exclusive stores in Delhi, Kolkata and Mumbai. We also retail our products through departmental stores. Altogether, we are present in eight cities. 

SPG: Who are your target audiences? What is the price range of your merchandise?
SJ: Latin Quarters completely caters to the women of upper-middle and elite classes aged 21 to 45. Latin Quarter’s apparel range is further classified as LQ, LQ Classique and LQ Signature. Each of these sub categories is made specific to the demographic profile of the consumers. Classique range is made for a matured age group with classic silhouettes and styles, whereas LQ is for the young fashion conscious women.

Our basic camisoles start at Rs 400. The average price of the merchandise would be around Rs 1200-1300, but our premium range, that is, Signature range goes upto Rs 4000. So, I can say there is a whole range of products that is viable for a wide range of consumers. 

SPG: What are your expansion plans?
SJ: We are planning to have at least 50 stores (both company-owned and franchised) by the end of 2010.