Business Daily from THE HINDU group of publications
Tuesday, Nov 20, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Nov 20, 2007 ePaper | Mobile/PDA Version |
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Marketing
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Strategy Raymond Apparels tapping into premium kidswear segment
The branded kids’ wear market is huge and is pegged at Rs 3,000 crore and is growing at 20 per cent. Purvita Chatterjee Mumbai, Nov. 19 Four years after acquiring the Color Plus brand, Raymond Apparels is extending its equity to launch kids’ wear in the premium smart casuals category. Mr Vineesh Chadha, CEO, Color Plus Fashion, told Business Line, “Kids’ wear is a category that we are actively looking at. We believe the premium kids’ wear segment is non-existent, a market where international brands have yet to come and that is the segment we would like to tap into.” While there are brands such as Gini & Jony, Lilliput and even Raymond’s own brand Zapp, none of these kids’ wear brands capture a premium positioning and neither has any international brand made its mark in this segment. “The branded kids’ wear market is huge and is pegged at Rs 3,000 crore and is growing at 20 per cent. We would be creating a sub brand in this segment, leveraging the premium positioning of Color Plus, the mother brand,” says Mr Chadha. The textile company plans to manufacture its kids’ wear range at it own manufacturing facilities based in Chennai. In fact, Raymond has been steadily increasing the franchise of its acquired Color Plus brand with more outlets and line extensions (the latest being women’s western wear). With plans of adding another 20-25 standalone stores in the next two years for Color Plus, Raymond would be bringing in innovation and new product offerings drawing insights from its company’s design studio in Italy. As Mr Chadha says: “We have a dedicated resource centre for Color Plus at the design studio in Italy. This would give the brand additional momentum in the innovation process.” Graduating from a being a smart casual wear brand for men, today Color Plus has emerged as a lifestyle brand within Raymond’s portfolio. “Being part of a bigger group such as Raymond has given the brand new opportunities. Earlier, it stood for smart casual wear but today it has become a complete lifestyle brand,” says Mr Chadha. Today, the brand is pitted against international brands such as Nautica, Espirit, Dockers and Tommy Hilfiger and also domestic brands such as Allen Solly and Wills. With adequate retail push through an additional 170 Raymond-owned outlets across the country, apart from the 200-odd points of sale, today distribution is no longer a hurdle for the 13-year-old profitable brand. “The brand has been taken to a different scale considering it has far more resources and ideas that have come from being part of a big company,” says Mr Chadha. Color Plus is expected to grow at 30 per cent this fiscal with a sales turnover of Rs 250 crore. More Stories on : Strategy | Brands | Children & Parenting | Readymade Garments
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