Van Heusen opens first exclusive accessories store
Oct 09 2013 , Kochi
"We are talking to various Malls in the country. At least five exclusive stores are being planned in the Metros and Mini Metros during this fiscal," Van Heusen Brand Head Vinay Bhopatkar told reporters here.
Bangalore, Delhi and Mumbai were the other cities they were looking at for opening such exclusive stores, he said speaking after launching the first store at the Lulu Mall, in a 200-250 sq ft space with an investment of Rs 15 lakh.
Shoes, tie, wallets, and bags both for men and women would be among the products that would be available at the accessories stores.
The company would focus more on accessories as their role in enhancing a person's looks had increased in the last few years, he said, adding that consumers were also more brand conscious now.
They were targetting an average business of Rs 40 lakh-to Rs 50 lakh a year from each of the exclusive accessories store, he said.
The accessories contribute a business of 15-20 per cent to the apparel brands abroad, while in India it was only five per cent, he said, adding the market had not yet been tapped.
In south India, Van Heusen has a market share of 25 per cent in formals. The brand has 200 stores in the country.
Van Heusen, which recorded a sales turnover of Rs 1,000 crore last fiscal, was looking at a 25 per cent growth this year in revenue, he said.
"For us South, which is strong in formal sales, is the largest contributor (40 per cent)," he said, however adding that following the Telangana issue, business had been affected in coastal Andhra Pradesh.