In 2003, Vinay Chatlani’s family business of multi-brand clothing retail had just five stores in their repertoire. It was then that Chatlani took the decision to create a separate store format, for the family’s private label clothing line, Soch. It was a decision that reaped rich rewards.
More than a decade later Soch has established itself across India as a key player in women’s retail with more than 100 stores, and now has plans to expand into the South East Asian markets. Soch plans to open their first international outlet by end of FY 2018.
“Even when we reached ten outlets, we never imagined we would grow this big. We could reach 1,000 stores one day, as the market is far from saturation,” says Chatlani.
Soch retails salwar suits, kurtis, sarees, tunic and bottoms with an focus on fusion and casual designs as well as traditional occasion wear making them a staple in most women’s wardrobes around festival time. They have recently started adopting western trends, and plan to get into office wear in the near future.
Soch expects to earn a revenue of Rs 425 crore in 2017-18 and is targeting a growth of 40 per cent on that in 2018-19. The company aims to end the year with 120 exclusive outlets, with 40 more in the pipeline.
The Indian womenswear market was estimated to be worth Rs 1.128 trillion last year and grew at a compound annual growth rate (CAGR) of 11.4 per cent between 2011 and 2016, according to data from research firm Euromonitor International. And Soch believes they are perfectly poised to grow bigger than what they are today.