Tie Rack London, a UK-based retail chain for men’s and women’s apparel, clothing and accessories, has major expansion plans on the cards in India, as it intends to scale up its exclusive brand outlets from 9 to 70 and more. Pravda Godbole spoke to Jyoti Narula, managing director, Genesis Colors.
Q: Tie Rack is promoted by which company?
A: Tie Rack is being promoted by the Fingen Group Italy.The brand has its headquarters in the United Kingdom. In India and in the UAE market, the brand is promoted by Genesis Colors as the company has signed an exclusive license for the same. In UAE, the company has partnered with the Emke group to open shop-in-shops (SIS).
Q: What kind of expansion plans are in the offing?
A: We have an ambitious plan for the India market. In India we plan to have 70 EBOs (exclusive brand outlets)and 60 MBOs (multi brand outlets) / SIS by end of 2015. Currently we have 9 EBOs and 5 MBOs.
Q: What is the expansion target and by when?
A: Genesis Colors Pvt Ltd is the exclusive licensee of Tie Rack London in India and UAE. From present 9 EBOs, we plan to have 70 EBOs by 2015 and present 5 SIS to be 60 SIS by 2014. We will be present in premium outlets in UAE from October 2010 onwards. Rolling luggage has not been licensed for the Indian/ UAE market so we would not be able to comment on the same.
Q: Can you share more of your overseas plans, for instance, any new market to be explored?
A: We plan to be present across UAE by October 2010. This is a new market for Tie Rack London so we would first like to assess the response there before moving on to newer markets.
Q: What kind of production figures is the brand looking at for the India market?
A: We are aiming for 200,000 units for this financial year for Tie Rack London.
Q: Where do you have your manufacturing base?
A: Our products are manufactured and imported from the best markets overseas and all over India.
Q: Will the brand look to change the compact nature of its stores to large retails shops?
A: An average size of the store has been upped from 250 square feet as in Europe to 500 square feet in India. In large format stores, Tie Rack will be present through the SIS format.
Q: In how many countries is Tie Rack London present?
A: Tie Rack London is present across 27 countries.
