Groversons the popular lingerie brand which holds 23 per cent market share in the organized bra segment is working on a blueprint to open company owned stores across India. The brand which has only two company-owned stores now plans to open 50 exclusive stores across India. “We are aiming for 300 per cent growth from exclusive brand outlets (EBOs). Initially, the plan is to open 10 stores and then scale it up to 50 EBOs,” says Rakesh Grover, MD, Groversons Group. Incidentally, they already have 12 EBOs, these are run by franchisee and go by the name Poem. They also have two company-owned stores for more than 20 years. “We are planning to invest about Rs 10 lakh per store for an area of about 250 to 500 sq. ft.” Groversons is best known among women for brands like Paris Beauty, Sparsh, Miss-T and Poems to name a few.
Meanwhile, the Groversons is also planning to spread to three states where they are not present at the moment. Their focus will be on the South Indian market where they have a relatively small presence. “We are aiming to be the number one lingerie brand in the south in the next few years. The north-east too has given us an overwhelming response,” says Grover.
At the moment 40 per cent of their revenues come from the north. Groversons is also present in large formats like Reliance, Big Bazaar and Max among others. The brand contributes 40-45 per cent of sales in large format for this category. However, it’s the EBOs which rake in the moolah. In fact, sale in EBOs is almost three times that of large formats. The brand is also present in 15,000 to 20,000 MBOs, which also gives the most revenue.
Grover says, unlike in Europe, in India fashion is a not priority when it comes to buying undergarments. Nearly 70 to 75 per cent of bra sales come from basics. However, buying habits are changing and people are asking for more colors and styles. Fashion is in demand but its moving in a more modest way. He says the Indian lingerie market is undergoing a transformation. Ten years ago, the organized sector had only 25 per cent share of the market. Today, it has increased to 33 to 35 per cent. “The growth of organized market is much faster than the unorganized one. Now the customer is aware of a good quality product and that can only be given by a brand,” he says. With a turnover of a little less than Rs 100 crore this year, Groversons is looking for a 30 to 35 per cent growth.
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