Tie Rack, the UK-based retail chain for men’s and women’s apparel and accessories, plans to open about 150 selling points across India by 2012. The brand currently has nine exclusive brand outlets (EBOs) and five multi-brand outlets (MBOs) in the country.
“The 150 doors would be a combination of shop-in-shops and standalones with an investment of Rs.10 lakh for a multi-brand outlet and Rs.20-30 lakh for each standalone store,” said Jacopo Fratini, chairman, Tie Rack Retail Group, UK.
For Tie Rack, India is a potentially large market. “It’s a brand known to Indians and we are very bullish on the market,” Fratini said.
Tie Rack has also increased the average size of its stores from 250 sq.ft in Europe to 500 sq.ft in India. In large format stores, Tie Rack will be present through the shop-in-shop format.
The brand is already present in all key regions such as Delhi, Mumbai, Chennai, Bangalore, Kolkata and Pune. The target audience varies from young executives who are constantly on the lookout for trendy products and well-travelled corporate honchos. Tie Rack entered India through a tie-up with Genesis Colors, the Indian fashion conglomerate and holding company for major fashion retail brands and marketer of international luxury labels.
“The response has been excellent as far as pricing, styling quotient and product categories are concerned,” said Jyoti Narula, MD, Genesis Colors. “The bestsellers have been ties and cufflinks. In terms of sales per square foot, we have done about 20 per cent above the industry average and expect a turnover of Rs.20-25 crore this year. Corporate gifting is a big revenue stream for the brand. We currently have many big insurance and multinational companies as corporate clients.”
Tie Rack merchandise includes premium shirts and accessories such as ties, cufflinks, portfolio bags, belts, wallets, watches, and eyewear. Established in 1981, the brand has expanded rapidly and now offers its products in over 250 stores located in 27 countries.
– IndiaRetailing Bureau