Established in 1993, Kolkata-based retailer Turtle has presence in over 400 cities across the country. They are among the few indian brands that have established a foothold in the overseas markets. Clocking a turnover of more than Rs 120 crore in FY 2012, the group is targeting a growth of over 30 percent in FY 2013.
Betting Big on Menswear Market in India
Turtle currently has two brands under its umbrella (Turtle and London Bridge) and the retailer is optimistic about the steady growth of both of these in the near future. The retailer has 70 plus exclusive stores and the Turtle merchandise is available in over 1,200 multi-brand outlets and in more than 140 large-format retail stores.
Keeping with the steady growth in menswear category, the company has also introduced new product ranges for men such as eyewear and a limited edition in Khadi collection. Such initiatives have been taken to make it a holistic men’s lifestyle brand. Turtle is also planning to introduce footwear range in their product offerings soon and is in talks with partners for the same.
According to Shitanshu Jhunjhunwala, Co-Director, Turtle: “The menswear sector has been growing at a rate of 8-10 percent each year, which has been fuelled by new acquisitions, expansion into newer territories, FDI, etc. The Indian consumer is more educated and fashion conscious today. As opposed to the inclination towards formals earlier, casuals are more in demand now. The sector is also getting exposed to modern retail.”
Talking about the products portfolio, Jhunjhunwala says: “We offer a wide array of products in apparel and accessories such as trousers, T-shirts, suits, blazers, denims, ties, cuffl inks, wallets, belts, socks, innerwear, handkerchiefs, nightwear, travelling kit, document bag, laptop bag, and key rings. The brand Turtle contributes to 80 percent of our total sales, whereas the contribution from London Bridge is 20 percent.”
“High quality at attractive prices is the USP of our brand. Our products are suited for every occasion and maintain the highest standards in quality. Moreover, they are in tune with the latest international design and fashion trends. Our positioning as a brand that offers excellent value for money has worked well with the Indian consumers. We offer the best quality items at the most affordable prices which makes our customers brand loyal,” informs Jhunjhunwala.
He further adds: “We are a premium menswear brand and our target group is young males between 25 and 35 years who are tech savvy, mobile, trendy and are always looking for the latest in fashion. We witness a lot of youngsters visiting our stores now and the demand is mostly for casual wear.”
The brand Turtle is keen to expand in the tier I, II and III cities of Bengal, Assam, Andhra Pradesh, Karnataka, Maharashtra and Odisha. They have plans to set up stores in South East Asia and other international locations. Turtle is also exploring partnership opportunities with leading players in the country such as Inorbit and Phoenix MarketCity malls. “We are present in malls at primary locations as well as high streets. We have plans to extend our association with Shoppers Stop and Lifestyle. Our products are now available at Reliance Trends,” states Jhunjhunwala.
Talking about the investment, he reveals: “Average investment for Rs 25 lakh per store and the expected ROI is between 18 and 24 months.”
Talking about Turtle’s CRM initiatives, Jhunjhunwala says: “Our customer loyalty programme ‘Threads’ entitles each customer to gain points on every purchase made at our exclusive outlets. Every point can be redeemed for a discount on the next purchase or donated for our ‘Save a Turtle’ conservation programme, which is our CSR initiative that we had taken up for saving the endangered turtles. Our eco-friendly loyalty programme has gained immense popularity in other parts of the country as well, and we have more than 1.5 lakh members.”
Turtle is a family-run business with Sanjay Jhunjhunwala, Amit Ladsaria and Shitanshu Jhunjhunwala holding key positions in the company as directors. They also have Arnab Pandey as the retail head. The company also has a strong back-end support staff of visual merchandisers and design team. Regarding manpower in stores, they have one in-store sales staff per 200 sq.ft. and one store manager who possesses entrepreneurial skills to drive the business. Their incentive schemes are based on sales from time to time.