Splash Fashions plans full makeover for Indian stores
The CEO of Dubai’s Splash Fashions, Raza Beig, has announced that he wants to take the Indian store count from 18 to 50 in the next three years and is planning to reposition and overhaul the brand.
Beig has stated that the business, part of Dubai’s Landmark Group of which he is also a Director, will be spending between 100 and 150 crore rupees (approximately between 15 to 23 million US dollars) to open new stores in India and foresees a revenue of 1,000 crore rupees (approximately 150 million dollars) in the next four to five years.
Splash Fashion’s retail expansion will also be accompanied by an overhauling of the brand’s positioning within the Indian market. “We will be repositioning all of our stores in malls – we are already in talks with mall developers for the same, and we will also start looking for spaces in existing and new malls,” said Beig. The rejigging of the brand’s retail spaces will follow a reshuffle of their products and pricing. “We went back and revisited the entire India model– from product to pricing. We had to re-engineer products to a certain extent to meet the demands of the Indian consumers and the traction that we have received in last seven to eight months has been really good,” explained Beig.
One reason that the Dubai based fashion retailer is focusing a lot of their attention on India is the positive growth in its market. The Indian fashion retail market is currently worth 297,091 crore rupees (approximately 46 billion dollars) and will grow at a Compound Annual Growth Rate (CAGR) of 9.7 percent. It is therefore expected to reach 748,398 crore rupees (approximately 115 billion dollars) by 2026.
“We have been operating in India for about seven years now but… we have not been able to give a lot of attention to our Indian model,” explained Beig. “Earlier, our India operations were done through a franchise model. However, two to three years ago, we decided to take over and conduct operations internally. Honestly, we have started working on Splash India only over the last eight or nine months,” said Beig. As the brand’s expansion plans continue, India promises to be a big part of their future.
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