8282 l l ENTREPRENEURENTREPRENEUR l l JJUULY 2019LY 2019
deposit. Apart from this, the
brand will charge Rs 60 lakh
as bank guarantee. On an
average, a franchise store
can generate Rs 75 lakh
every month.
While the average footfalls
on weekdays are 800, it
could be over 1000-1200
on weekends and special
occasions. The gross margins
(40-70 per cent) vary from
product-to-product.Men’s Fashion
Making Waves
Fashion for men no longer
means just formals and
casuals; it now has interesting
possibilities including
customised designs, cuffs, fits
and even installing Bluetooth
chip in ‘smartwear’ collection.
As Suman Saha, Chief
Operating Officer, RaymondApparel and MTM, observes,
this is quite a change from
the days when men’s fashion
was an alien word. “Men were
once hesitant to spend money
on clothing, but today they
are willing to pay a premium
for high-quality products. The
coming-of-age masculine men
are starting to make fashion a
priority,” points out Saha.
An upward spiral has led
to an increase in customer
spends; the average spend per
customer is about Rs 4,000.
“For us, formal shirtscontribute the highest at 33
per cent to the overall sales
while suits and jackets add 25
per cent and casual shirts are
at 8-9 per cent but growing
the fastest,” says Sharad
Walia, Director, Park Avenue.
Clearly, the line between
formal and casual clothing
is now blurring. “Customers
earlier used to follow a strict
formal dressing to office and
casuals for other events. With
cultural shifts, the corporate
work environment has begun
to accept, and even encourage,relaxed clothing,” adds Walia.
As per industry experts,
men’s fashion is further
closing the gaps between
metros and upcountry
markets.
“We have a huge customer
base in Tier II and III cities.
For us, these markets are
extremely crucial as about 50
per cent of our revenue comes
from these regions. In fact,
customers are not extremely
price-sensitive if the quality
is excellent,” adds Sanjay
Vakharia, CEO, Spykar.WHILE THE AVERAGE FOOTFALLS ON
WEEKDAYS ARE 800 IN EASYBUY STORES,
IT COULD BE OVER 1000-1200 ON
WEEKENDS AND SPECIAL OCCASIONS
Fashion