Saurabh Jhingan, Co-founder and Director, Latin Quarters spoke to Images Business of Fashion about the birth of Latin Quarters, its retail presence across the cities, and the future expansion plans.
How did you start this business?
Latin Quarters was founded by a group of fashion enthusiasts with a shared vision of charting an explored territory in an unconventional style. Incepted in 2006, we are a fashion brand that caters to women’s westernwear. Known for fun-chic styles and exquisite designs, we have carved a niche for ourself in women’s apparel industry. Backed by the expertise of our management, we are seasoned professionals with rich experience in designing, manufacturing, retailing, logistics and marketing. At LQ, we strive our best to deliver quality products to our customers.
How has the journey been so far?
The journey so far has been a very interesting one with a lot of learning involved. Watching the organised retail markets of India grow and evolve right in front of our eyes and being part of it has been a lot of fun indeed.
What are the product categories?
Our product range includes blouses, tunics, dresses, shrugs, skirts, jackets etc. We also have accessories and handbags to cater to the complete fashion needs of today’s modern women.
What is the price range of the products?
Our price ranges from Rs 700 for basics up to Rs 6000 for eveningwear. The average selling price is close to Rs 1,700. LQ dresses are the hot-sellers in our collection.
What is your retail store format?
LQ operates through 10 exclusive stores present in all major cities of India and about 100 point of sales overall. Naming few like Shoppers Stop, Central and Planet Fashion, My Ways and e-commerce websites like Myntra and Flipkart. Recently we have come up with our own e-commerce website www.latin-quarters.com.
Who are your target customers?
Our target audience is women between the ages of 18 to 45 years who are fashion conscious and have disposable income to spend. It comprises SEC A and SEC B consumers. We are positioned in the market as a premium brand known for our cutting edge fashion products.
How does the location of a store help?
There is a natural progression currently happening from high streets to malls. This is going to get more pronounced in future as malls offer customers a host of conveniences as compared to high streets.
What have been your marketing strategy / promotional activities?
Attracting customers to our retail spaces is a constant endeavour on our part. It involves constant interaction with consumers whether it be through marketing, e- mailers etc. In terms of innovation, since the advent of social media, we strive to constantly engage our customers on Facebook via pictures, contests, promotional schemes etc. We also have a customer loyalty program called LQ SORORITY which rewards regular buyers. We always endeavour to promote through ATL and BTL activities like newspaper advertisements, editorial coverages, press previews et cetra. We always take out exclusive offers for our customers, rewarding and encouraging them for shopping at our stores.
What was the turnover last year and expected turnover this year?
Our CAGR is 40 percent for the last few years.
What are your future expansion plans?
As for future plans for brand expansion our concern we want to take LQ to Tier II and Tier III cities. Also we want to increase our multi-brand outlets presence in the coming years. In order to fund our ever growing expansion needs we are in various stages of discussion with PE funds. We are open to team up with the franchisee partners who share our passion for bringing high quality fashion products to Indian women. We are currently exploring the market and laying the ground work to foray into kidswear and ethnicwear products.