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Tie Rack plans expansion into Indian market
19
Apr '10
A London based retailer for men and women's accessories, Tie Rack, is mapping major expansion in India, as it intends to open 150 new outlets in India by 2012.

These shops will consist of a blend of both shop-in-shops and standalone outlets. Wherein the standalone outlets each, would necessitate an investment of around Rs 2-3 million, the multi-brand outlets will each call for an investment of Rs 1 million, said Jacopo Fratini, Chairman, The Rack Retail Group, UK.

The brand, which arrived in India in November 2009, by now, has launched seven standalone points of sale in Delhi, Mumbai, Bangalore, Chennai, Kolkata, Pune and Ludhiana. It also shares space in multi-branded stores like William Penn and Shoppers Stop.

According to Fratini, this year itself the company also intends to start three new stores in Kolkata and Chandigarh.

Tie Rack, famous for its ties and scarves, is looked upon as a bridge-brand; or what is called a bridge to luxury, with a collection of ties ranging from Rs 1,000 to 4,000. The brand, arrived in India, when it signed a licensing agreement with Genesis, a holding company for leading fashion retail brands.

India is the most promising market for the brand, as the country has a great deal of purchasing power, Fratini said. According to him, they are quite optimistic regarding the markets, as the brand has already succeeded in making an impression in the Indian mind-set.

Jyoti Narula, MD, Genesis Colors, stated that, in connection with pricing, styling quotient and the product categories, they have tapped very good responses. The brand in India has recently presented its line of men's accessories with men's shirts and contemporary portfolio bags. As of now, ties and cufflinks have proved to be the bestsellers.

She further said that, considering the sales per square foot, they have already generated 20 percent, in excess of the industry average and in the current year they anticipate a turnover of around Rs 200-250 million.

Narula said that, due to tradition of corporate gifting, their brand has highly benefited and gets a good amount of business too, also, many leading insurance companies and MNCs are their corporate clients.

Fibre2Fashion News Desk - India

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