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Esprit foresees two-fold topline growth in 10-11
12
Jan '10
Adopting a brand refresh strategy, a high street brand 'Esprit' looks forward to double its topline in next fiscal 2010-11. This strategy includes selling value-added products at a better price point.

There are over 640 directly managed retail stores in 40 countries across the globe being operated by the brand and has forecasted above Rs 700 million revenue for fiscal 2009-10 from its retail stores in India.

Esprit, with its headquarters in Germany, offers 12 clothing lines comprising women's wear, men's wear, kid's wear along with accessories. It has joined hands with Madura Garments, a wholly owned subsidiary of Aditya Birla Nuvo, to distribute its products in India.

Esprit Madura Garments operates 50 stores in India in Mumbai, Delhi, Ahmedabad and Chennai and aims to have presence in Kolkata and other cities in coming fiscal. It has reported a 100% CAGR on a year-on-year basis, informed Ms. Manjula Tiwari, COO, Esprit Madura Garments.

Indian operations offer vital contribution in company's overall revenue. Indian market is significant for the company, even though its share in brand's annual revenue of $5billion is not notable at present, she said.

The brand has to meet the changing needs of consumer as various markets have different climatic conditions, size and fits, added Ms. Tiwari. Presently, Esprit enjoys fourth position internationally amid the largest high street fashion brands. It has recently cut down its prices by 25 percent to attract consumers.

At the time when Esprit entered into the country, there were many other brands already existing in the market, including, Aldo, Burberry, Canali, Versace, Debenhams, Gucci, Guess, Hugo Boss, Mango, Marks & Spencer and Tommy Hilfiger.

But, the brand managed to compete with all the brands and acquired growth in the Indian market by studying it well, said a fashion consultant, Mr. Gurbir Singh Gulati.

Fibre2fashion News Desk - India


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