
Product brands turn lifestyle: Portfolio extensions towards ‘casualisation’ and 'accessorisation'
With most brands turning lifestyle brands, they are opening larger Exclusive Brand Outlets (EBOs) to showcase their complete range of merchandise and give an international feel. The past few months has seen brands opening up very large format stores in India. |
The Indian consumer is empowered not only by sheer numbers, but also by the state of evolution he/she is witnessing. With increase in purchasing power, increasing globalisation and better discretionary spending incomes, lifestyle changes have lead to newer opportunities for apparel companies operating within this domain. Apparel brands have realised that they need to evolve themselves along the lines of consumer evolution. Brands do not want to be restricted to one aspect of consumer life but wish to encompass all his needs. This can only be done by expanding their product portfolio. It is thereby seen that most brands that traditionally offered formal wear are expanding their portfolio by adding new categories such as casual wear, accessories&footwear. While formal wear only gave them access to the 8 hour span of working customers with a desire to look good, casual wear gives them the access to a larger spectrum of customers and to their needs 24x7. ITC Lifestyle introduced 'John Players' in 2002 as a budget formal wear brand similar to 'Peter England'. The response was not as expected due to unclear positioning. However, in 2005 it was re invented as 'style with a playful side' or 'brand with a cool attitude'. Since then it has grown to over Rs. 90 crore brand at retail level. Similarly, Raymond's bought over ColorPlus to add premium casual wear to their portfolio and is now introducing womenswear. Arvind Brands Ltd, launched Arrow Sport in 2005 due to the growing popularity of the 'sporty-feel' i.e. casual shirts and trousers category. Today, this sub-brand comprises 22% of sales by volume and 12%-13% by value. Similarly, brands are rapidly including accessories & footwear to offer an entire gamut of products besides apparel. Benetton, a brand that is traditionally known only for casual wear has also introduced footwear, time wear, eyewear, perfumes, luggage, wallets, belts etc. Likewise, Park Avenue has introduced footwear, both formal and ethnic. 'Study by Janak', a men's occasionwear brand also has footwear, belts, ties and scarves in their stores. Pepe Jeans which started off as a jeans brand in India is in the process of launching its range of innerwear and time wear soon. It has already introduced perfumes and sunglasses from its global accessories basket into India. Spykar Jeans and Lee Cooper have entered into multi-accessory categories such as footwear, eyewear and time wear recently. |
Some of these brands are: |
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