We are looking at a turnover of Rs 500 crore in the next six years: Jiggy George, Mojostar
Jiggy George, MD, Mojostar, shares some insights about the performance-wear market and how Mojostar is looking at the category
Mojostar is fast emerging as one of the leading performance merchandising brands in the country. According to Euromonitor, the total size of the performance wear market is Rs 44,000 crore and India presents a big opportunity for the segment.
With celebrities such as Tiger Shroff and Jacqueline Fernandez on board, Mojostar is already on its way to leverage the immense opportunity that this market offers.
In an interview with exchange4media, Jiggy George, Managing Director, Mojostar, shares some insights about the performance-wear market and how Mojostar is looking at the category.
Would it be right to call Mojostar a celebrity-driven brand?
I don't believe we are a celebrity brand. How we approach the business is little different. Our objective is not to take a celebrity and build a brand with them; it is to look at white spaces. We look at opportunities that exist which are untapped, for example, most performance wear brands in this country are just focused on men. And, if they serve women, it’s a very pinkish, ‘skimpish’ strategy-- that if I make it for men, I make it smaller for women.
Once we identify the white space or gap, then only do we look at the roster of stars which most authentically drive that promise.
What is the size of the performance wear market and what kind of market share are you looking at in the next few years?
The entire performance-wear space is a Rs 44,000 crore market, according to Euromonitor, growing at a rate of 20 per cent and the top players are just 10 per cent of the market. So there is massive headroom for more brands. We are looking at a turnover of Rs 500 crore in the next six years.
You already have Tiger Shroff and Jacqueline Fernandez on board, by having celebrities on your side, does it make brand building easier?
We are very aware of the fact that if you only look at the celebrity and not care about your product, this is not going to be long-term at all. The biggest advantage of having a celebrity on your side while building a new brand is that you tap into their huge fan following, this phenomenon is particularly popular in the west, for example, what Kayne West has done with Adidas and what Michael Jordan has done with Nike is commendable. So it is a model that works. Jacqueline and Tiger are both partners in the business and they both hold equity in the business, so it is their brand as much as ours.
What are some of the biggest hurdles for the performance wear category in India?
Building brands is a long, hard process overall. In our case, we look at the world of retail through a media and entertainment lens, primarily because we have been a lot in the media and entertainment business. At this moment, the challenges in this category continue to be the retail spaces and distribution. Right now we are exclusively available on Amazon and we have our own websites which have a very decent reach, almost 45 per cent of the traffic that comes to our website is organic. In the coming time, our big focus will be on our offline presence and we would like to opt for an omnichannel approach when it comes to market strategy.
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