Buy And Sell

Suits might not be familiar office fashion for most Indians, nor is India’s hot tropical weather condusive to one. Even so Indian business people are increasingly mimicking western corporate fashion trends. To cash in on this opportunity Arvind brands (a division of Arvind Mills) has an exclusive license agreement with the Hartmarx Corporation, a US-based men’s tailored clothing company, to design, distribute and retail three global brands – Hart Schaffner Marx, Pierre Cardin and Sansabelt – in India. J. Suresh, CEO, Arvind Brands, says, “Our suit making technology and quality is rather poor. This partnership gives us access to technology and will allow us to gain a strong foothold in the suits market, currently an apparent gap in our product portfolio.” However, do not be fooled by the premium tag, a ready Pierre Cardin or Marx suit costs Rs. 25,000-30,000. “We hope to target a young, stylish, fashion forward lot, one that might not be ready to spend a lakh for a premium branded suit,” says Suresh. Currently, the total Indian suit market is about Rs. 2,500 crore of which Rs. 600-700 crore is the ready-to-wear suits market. Arvind expects Rs. 150 crore in sales from the brands in the next three years; and will also have the option to bring in more brands from the Hartmarx stable. It will set up about 15 exclusive outlets, as well as sell through large department stores and multi-brand outlets, in 2009 in Delhi, Mumbai and Bangalore with the first couple of stores scheduled to open in November.

Arvind Mills markets a number of international brands like Tommy Hilfiger, Arrow, ZOD, USPA, Lee, Nautica Kipling, Jansport and more. The company’s strategy is to aggressively pursue a multiple brand, multiple channel and multiple price point strategy to expand its retail presence and gain a fair share of the fast growing branded apparel market. The focus is not only on its own brands but also on growth through partnerships, a suitable proposition for the company.

Author: Delshad Irani Source: Business India

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