Earlier, brands use to open through foreign investment in single-brand retail format. But in recent times, brands rely upon joint ventures, licensing or franchising to enter the market and scale up their businesses. In this way the parent company does not have ownership through foreign direct investment in the market.
Arvind Fashion Brands Ltd. announces its joint venture partnership with the legendary Sachin Tendulkar to launch an iconic premium men’s wear apparel and accessories brand called True Blue. As the name suggest, true Blue re-interprets traditional Indian heritage in the modern context, making it relevant to the spirit of the global Indian - a modern traditionalist - comfortable in his skin and someone who seamlessly blends - in either New Delhi or New York.
The brand represents modern India and Sachin Tendulkar being home grown, admired and loved all over the world yet unchanged by success; mirrors the brand DNA and brings in perfect synergy between both the partners. The growing menswear category has been a strong decision maker to launch True Blue.
The apparel range designed and led by Sachin’s persona will showcase 300 styles inspired from the heart of India and is priced at Rs 1,199 onwards. The brand will see its first offline store launch in May 2016 in Mumbai. The brand will launch 25-30 stores across India and plans to target a turnover of Rs 200 crore in the next five years.
“Arvind is already known to be a dominating and leading retail giant in the business of brands. The retail industry and the overall sentiment towards home-grown brands are very strong. Our expertise combined with Sachin’s unmatched love for anything Indian boosted our decision and that brought into play this significant joint venture partnership”, pointed Rajiv Mehta, CEO Arvind Fashion Brands Limited.
He further added, “Built and launched with a vision to become one of India’s most iconic and admired brands, True Blue is an independent strong brand targeted towards the modern Indian consumer segment, creating a long-term brand equity value. Our apparel aims to dip into every Indian sentiment and it has something to offer to everyone who loves anything Indian with that modern touch to it. We believe the brand has all the right ingredients for its success.”
On the same occasion, Sachin Tendulkar said, “The thought of crafting something highly iconic and that every Indian can talk to has been on my mind for a long time. When Arvind Fashion Brands shared this vision with me, there was a real synergy in our thought. Through our partnership, we will deliver an unmatched and never seen before range of clothing experiences that combine Indian elements with a modern artistic touch to it”.
Similarly, Lenskart an online eyewear retailer plans to expand by opening 1,000 brick-and mortar shops through the franchise model. These shops, which will also enable delivery, service and return of products ordered online, will enable the company to expand quickly while remaining asset light, said Peyush Bansal, CEO, Lenskart to ET.
According to Livemint report, Amit Judge, licence holder, Lacoste India is in talks with at least two retailers, Arvind Ltd’s retail arm and Raymond Ltd for the global executives of the brand.
