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Bengaluru-based William Penn is planning to stock more lifestyle products, particularly men’s luxury accessories, even as it re-brands the store logo.
Apart from the logo, there will be new store patterns. The exercise, which began February onwards, is expected to be completed in another three months at a cost of ₹1-2 crore.
Although William Penn is mostly known for premium pens (above ₹500 per piece), writing instruments and stationeries, the mix is expected to change with an increased portfolio of accessories.
Over the next six months, the portfolio break-up between accessories and writing instruments and premium stationery is expected to be 50-50.
According to Nikhil Ranjan, Founder and Managing Director, William Penn, there is a conscious effort to increase its portfolio of men’s accessories.
The accessories that the company stock include cuff links, scarves, cravats, and collectibles travel items and so on. The mix varies depending on the store and demand (from customers).
“Over the last few years we got a loyal base (of customers). There is also an increasing interest towards luxury accessories which we are now tapping into,” he told BusinessLine .
Currently, the company has a portfolio covering 30-odd brands which include the likes of Cross, Victorinox, Lamy, Cruiser, Fisher Space Pen, Hugo Boss, Lapis Bard, Shaeffer, Troika, Philippe, Moleskine.
The average customer spending is around ₹5,000 consisting of two units across categories.
“Typically a store would have 20-odd brands and around five to six new accessory brands have now been added,” he pointed out.
Between pens and accessories the turnover break-up stands at around 70-30.
This will change over the next 12 to 18 months with accessories expected to have a faster growth. The turnover mix is expected at 60-40 (pens to accessories).
The company, Ranjan said, is expecting a turnover of ₹100 crore by the end of this fiscal (FY-18). The target got delayed by a year because of demonetisation.
“By the end of this fiscal we should have an ₹100 crore turnover,” he said without sharing turnover details.
In terms of retail presence, Willaim Penn has 30-odd stores across nine cities that include the four metros, Ahmedabad, Bengaluru, Kochi, Pune, Ahmedabad and Hyderabad.
Addition of five to six new stores, at a cost of ₹1 crore each, are expected this fiscal.
The company will also tap tier-II cities like Chandigarh, Lucknow and Coimbatore this year onwards.
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