Blackberrys targets Rs 1500 cr turnover by 2020; to aggressively expand in South India
Ramesh Kaushik, VP, Blackberrys, on new brand identity, improving presence in South India and working on fabrics and designs to suit regional preferences
Blackberrys, the menswear brand may have been founded in the bylanes of Chandni Chowk in the year 1991, but that did not stop it from having what is today a pan India presence with 230 exclusive stores across the country. The company closed the fiscal year 2017-18 with a revenue of around Rs 900 crore. Recently, Blackberrys also unveiled its new vision and identity with a new tagline ‘Keep Rising’ and gave the brand a refreshed look.
“We started as a garment company and expanded with time from wholesale to retail. We are very confident about growing strong and already have workforce of 2400+. Just like the brand’s ideology, it was and always will be to Keep Rising," said Ramesh Kaushik, VP, Blackberrys, while talking about the brand's incredible journey.
Under the new design identity, Blackberrys will do a mix of new store launches as well as revamp existing stores. The brand also has plans to reach a mark of 100 stores between the three brands (Blackberrys, Blackberrys Casual and Urban) by the end of this fiscal year. The 100 stores will be divided into 35 company owned stores and the rest 65 will be franchise operated.
The brand is also targeting a growth rate of 60% over the next two years to reach a turnover of Rs 1,500 crore by the year 2020.
The Indian retail market was worth Rs 41,66,500 crore in 2016 and is expected to reach Rs 1,02,50,500 crore by 2026, growing at a CAGR of 10%. “It is envisaged that the current fashion retail market worth Rs 2,97,091 crore will grow at a promising CAGR of 9.7 % to reach Rs 7,48,398 crore by 2026. We are at around Rs 865 cr and are growing at a CAGR rate of 16% plus over the last five years. This would be y-o-y growth of 17 %," said Kaushik.
The brand already has a strong foothold in North India and is now planning to play a bigger role in the southern market too. "We have revamped the entire model of Blackberrys and added new categories as well. Hence the key focus would be to enhance the visibility of the brand and create recall for our consumers. As a market, our focus would largely be around improving our presence in the southern states of India," added Kaushik.
Sharing the strategy and the approach the brand will take to ensure a seamless transition, Kaushik said, “Our products are classy and timeless. It has a universal appeal across India. However, keeping in mind the weather and regional outlook we will work towards the fabrics and customise design as per the regional preference. We will also launch festive collections across India as per the popular festivals in the respective regions”.
e-commerce constitutes only around 5-7% business of the brand; the volume is minuscule considering the enormous presence of consumers on the digital medium. Expressing his views on this, Kaushik said, “The consumers irrespective of the city understand what the brand offers are, the look that the brand is offering for the season and so it is a fantastic opportunity that digitisation is offering. However, customers still crave the experience of physical stores. They enjoy the touch and feel of products. We have been exploring the online medium, but we are more aggressive offline. At the moment, our volume in online is not very high but it will catch up soon."
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