Being an internet savvy generation, the youth has been exposed to international standards, trends and styles.
With Fibre2Fashion Correspondent Cindrella Thawani, Lacoste India Director and CEO Rajesh Jain, expresses his views about the perception of men and women towards fashion.
Synopsis:
A symbol of relaxed elegance since 1933, Lacoste is a leading French lifestyle brand operating in more than 114 countries.
Lacoste ventured into the domestic market through Sports and Leisure Apparel Ltd (SLA) - its exclusive partner for India, which is promoted by the Turner Morrison group.
Rajesh Jain is Director and Chief Executive Officer for Lacoste India. Before taking over as CEO, Jain was the CFO for Lacoste India for three years.
Jain is a Master of Commerce from the University of Delhi and a Chartered Accountant from the Institute of Chartered Accountants of India.
Further, he obtained his Company Secretary degree from Institute of Company Secretaries of India. Besides, he is complete family man; he loves spending time with his wife and daughter, and is also an avid golfer.
Excerpts:
What are those challenges that you expect with retail industry of textile?
India’s high retail development and rental cost is our most difficult challenge. Indian property prices are amongst the most expensive globally. To tackle this challenge, we specifically screen properties with good catchment and brand environment.
Also, current Indian consumers are an evolved generation. Armed with global experiences they appreciate attention to detailing and desire for superior quality. The challenge lies in pleasing the customer and making him/her want to come back to you again and again.
Since the last decade, Lacoste has been promoting a whole new lifestyle corresponding to its original spirit in India. Our brand has been increasingly attracting a youthful audience and our customer is typically in the 20 to 45+ age bracket.
The transformation has also been evident in our designs that are more fashionable and trendy, offering wider selection of fits and fabric innovations.
Therefore, with the all these new changes, innovations and increased offering I am happy and proud to state that Lacoste enjoys steadfast loyalty and customer satisfaction.
Over the years, we have experienced a shift in the customer-shopping pattern. Lacoste customer today walks in to purchase a complete ensemble; hence our Lacoste Polo fans are now increasingly looking for denims, shirts, footwear, jewelry, bags and a lot more.
Hence, customer loyalty and retention are two variables that are extremely important for any brand. At Lacoste, with a special training and development cell, we try to inculcate keen sense of observation to help identify customers’ need, taste and preference.
Thus, a personalized shopping experience, superior quality products and a balanced marketing mix helps us counter this challenge.
Many international players are looking forward for the opening of their brand stores. How do you take up this competitive market place?
We take competition in a very healthy and positive manner. With the introduction of many international luxury and premium brands in the Indian market Lacoste remains an exclusive brand, building on its strong heritage roots of sports, innovation and elegance. Hence, all our products follow the legacy of style and quality and further blend with the latest trends and fashion.
On communication front, continuing our brand legacy with Rene Lacoste all our communication efforts follow a globally synced strategy. The Brand, taking inspiration from its heritage supports and signs sporting celebrities who have an international appeal or have the elegant personality in league of the brand image, hence we in India follow the same paradigm.
The brand was always positioned as an uber premium brand, and has today created its own niche as an affordable luxury brand, in the dynamic Indian market.
How do you envision fashion oriented youth in India and overseas? Further, how are you planning to move ahead with the ongoing trend?
Youth of today are a much-evolved consumer set. With the increase in the disposable income, changing lifestyle patterns, the consumer of today has become more brand conscious than ever before. Hence their spending ratio on fashion related purchases have increased in leaps and bounds. Being an internet savvy generation the youth has been exposed to international standards, trends and styles.
Moreover increase in disposable income has given them global exposure. Gone are the days when only the uber rich segment could afford foreign travel. The youth of today love to earn and spend on themselves to experience finer things in life.
Having knowledge of their own body, they love to wear styles that fit, flatter and complement them. To attract a consumer with this evolved taste, Lacoste offers an array of lifestyle products in casual and formal segments, across different fits: Classic/Stretch/Italian fit Polos to Comfort/Regular/Italian fit Shirts.
Recently we have, introduced ultra slim fit through Lacoste L!VE, which is also becoming popular with our patrons, specially with fitness conscious consumer.
Thus, these well aware, well travelled aspiring youth can expect a shopping experience at Lacoste that is parallel to their experience aboard.
How do you see the outlook of women vs. men towards fashion?
Men are brand and fit conscious, looking for cleaner and simpler styling. Our female customers had earlier been associated with Lacoste as a brand for the men in their lives-father, brother, friend, husband or boyfriend. Therefore, this year Lacoste has undergone a major shift in its brand strategy on a global platform. We have dedicated more focus to our women customers.
The perception and attitude of women towards fashion has changed. With the rising disposable income, women are also ready to spend a substantial amount for personal grooming and styling. Whether be the workplace, a casual get-together, a formal evening party, or an outing with friends; it’s all about looking good and eventually feeling confident.
Having understood and respecting their preferences, we believed we should give them more opportunities to wear Lacoste. Hence, the shift in focus, leading to creation of more innovative styles and fits.
Accordingly, in future what kinds of trend could be in vogue?
Following the change in strategy, this season we have introduced new fits in our Polo offering for women that are more feminine, and have a flattering fall with a very supple fabric.
Therefore, the solid Polo range itself offers more than six different styles in a host of colors. The LBD’s have also gone through a makeover, with A-line cuts, provision for belts and are available in short and long avatars.
Diligent details like these collectively add to a greater appeal of the garment. All these styles are offered with different color palates in line with new seasons’ trends. The sailor neck tops, dresses with dropped armholes, softer fabrics like supple petit pique, cotton silk, and cotton viscose have been introduced into the collection.
The straight cut Polo shirts have become flattering, this classic style is also extended to tunic tops, rugby dresses and elegant evenings wear. Refined fabric treatments, luxurious fabric combinations with use of silk in summer keeping the garment cool.
However, all these changes never compromise on the relaxed elegance which is the ethos of the brand.
Trends in vogue this season include luxurious tailoring with the use of indulgent fabrics, attention to detail and color blocking.
After your collection, Lacoste L!VE for men, how do you see the response of Lacoste L!VE for women?
L!VE targets the young and trendy consumer who are not only aware of the fashion trends across the world, but are also enthusiastic about blending culture and creativity along with fashion.
There is also a quick adaptation of trends in the market as women are more open to experimenting with different fits and designs to find their own personal style. With this, our female customers have patronized L!VE as the younger Lacoste.
Teens and young women, particularly pick up L!VE Polo for its very feminine fits . Apart from this, its bags are also attracting attention.
This year, you have also come up with the feminine and modish beachwear collection. How do you see its market mushrooming, currently?
Since the past two years, we have been offering an exciting beachwear capsule each summer. Other than offering swim wear, the collection also offers outer wear that is perfectly suited for an outing at the beach or at the pool.
With temperatures rising globally and popularization of overseas travel to beach holidays, this segment is naturally picking up. We have observed an increase in demand of beachwear during the summer months (June – August) as well as November - December, with summer approaching in the southern hemisphere.
Moreover, these are two periods when beachwear gets sales upsurge. Many brands between premium and luxury offer beachwear capsules as part of their summer offering in India.
While at present it does not contribute a big number to the season’s revenue contribution. We at Lacoste, believe that beachwear is an important offering in an effort to address complete lifestyle needs of the consumer.
Many countries are emerging from the global recession and in this what kind of prices are you considering for your collection?
Lacoste, internationally plays in “Affordable/Accessible Luxury” space and we in India have the same positioning for the Brand.
While global recession does have an impact in most segments, our discerning customers understand that quality and innovation are very important. They patronise Lacoste and continue to remain loyal to the brand due to “relax elegance” it provides.
On pricing front, our accessories start with INR 450 for a pair of socks to, INR 2500-6000 for a belt. Men apparel starts at a price point of INR 2,750.
L!VE Polos and Round necks start at INR 2150 and go up to INR 3450, L!VE bottoms range from INR 5500 to INR 7250 for men and INR 4000 for women, L!VE woven products start at INR 2400.
How do you see your market in semi-rural and built-up areas? Moreover, where are you planning to expand your footprints?
We currently, have our presence in metros with more than 37 points of sales – flagships, boutiques, franchise and MBO’s across India.
We have recently opened a point of sales at Maldives. Over the past 18 months we have opened boutiques in Mumbai, Pune and Hyderabad. An exclusive Lacoste L!VE - boutique has been opened at Select CityWalk, New Delhi.
We are closely monitoring the new developments in Tier 2 markets, as well.
At present, our focus is to strengthen our footprint in the metros and then following it up with key Tier2 markets like Pune, and Chandigarh.
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