{"id":5639,"date":"2019-03-11T11:59:00","date_gmt":"2019-03-11T11:59:00","guid":{"rendered":"https:\/\/www.thirdeyesight.in\/?p=5639"},"modified":"2022-11-11T12:13:43","modified_gmt":"2022-11-11T12:13:43","slug":"marks-spencer-knows-what-women-want","status":"publish","type":"post","link":"https:\/\/myechoproject.com\/TES\/marks-spencer-knows-what-women-want\/","title":{"rendered":"Marks & Spencer knows what women want"},"content":{"rendered":"\n

After restructuring its prices, the British retail giant is focussing on womenswear and lingerie to expand in India.<\/p>\n\n

Written By Ankita Rai<\/p>\n\n

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After nearly two decades of operations here in India, British retailer Marks & Spencer (M&S) has launched Rethink, its first India-specific marketing campaign. It seems like the brand has done a bit of rethinking itself. The retail major has launched a revamped product range at competitive prices, and also brought in a service proposition by introducing in-store stylists. M&S India has identified womenswear and lingerie as its key focus areas, with an eye on tier II markets for expansion.

\n\n\u201cIndia is the second largest market outside the UK with 71 stores. It is the only market where we have a dedicated approach focussed solely on the Indian consumer, rather than repurposing any products launched elsewhere,\u201d says James Munson, MD, Marks & Spencer India.<\/p>\n<\/div><\/div>\n\n

\nGlobally, M&S faces stiff competition from fast fashion brands such as H&M and Zara. In India, both H&M and Zara have crossed the Rs 1,000-crore sales mark, while M&S claims to have done so, too, in February this year. Will M&S\u2019s revamped efforts help it create impact in a highly competitive market?

\n\nDevangshu Dutta, chief executive, Third Eyesight, says that Zara and H&M have clear audiences in the bigger cities \u2014 the young, fashion conscious lot with high disposable incomes. \u201cMarks & Spencer\u2019s pricing strategy is to focus on the upper-middle-class consumers, not limited to the metros. There is growth opportunity there.\u201d

\n\nAccording to company filings, Marks and Spencer Reliance Retail India\u2019s revenue has shown a steady growth of around 10% CAGR from Rs 620.82 crore in FY15 to Rs 899.93 crore in FY18. This growth has been attributed to price restructuring, local sourcing and a strong focus on women\u2019s fashion.

\n\n\u201cWomenswear and lingerie are our fastest growing businesses. In fact, the lingerie business has seen 40% growth in the last two years. At present, menswear and womenswear contribute equally to our business,\u201d says Munson.

\n\nCurrently, M&S has 10 standalone lingerie stores in key metros and tier II cities like Lucknow and Jaipur. It plans to open six stores in the next two months, of which three will be lingerie and beauty stores.

\n\nRationalising the price tag<\/b>

\n\nGetting the pricing right has been vital to M&S\u2019s India story. \u201cWhen M&S entered India, it merely duplicated what it was doing in the UK. It was out-priced in the market. The local sourcing supply chain was not developed, while sizing was a big issue,\u201d says Ankur Bisen, SVP, retail and consumer product division, Technopak.

\n\nHowever, today, a t-shirt for women could be priced at Rs 599, while a dress could cost Rs 1,499. \u201cAround 65% of our range in women\u2019s tops is below Rs 2,500. Last year, we reduced the prices of kidswear by 20% across the range,\u201d Munson informs.\n<\/p>\n\n

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Almost 30% of its products are sourced from India itself.<\/p>\n<\/div>\n

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\nSourcing locally has helped cut prices further. Almost 30% of its products are sourced from India itself. In fact, India is one the top five sourcing hubs for the company\u2019s global business. It works with 111 factories in India, with over one lakh employees.

\n\nMaking inroads<\/b>

\n\nWith rising competition in metros from other global players, M&S is strengthening its e-commerce play and also expanding its footprint beyond the metros. A fifth of its turnover is from the non-metro markets, such as Ahmedabad, Bhubaneswar, Guwahati, Kochi and Coimbatore. Munson shares that upto 44% of the company\u2019s online sales (via Amazon, Flipkart, Myntra, Ajio and Jabong) comes from tier I and II markets. In fact, M&S is seeing online sales growing at 75% y-o-y.

\n\nAt present, it has 22 stores across 19 tier II cities; each store reflects the local trends and needs. For instance, at M&S Kochi, linen clothing is on offer all year round, given the climatic conditions, Munson shares.

\n\nAccording to experts, M&S needs to work on its product range and positioning to drive growth. \u201cUnlike fast fashion brands, M&S\u2019s global positioning is core fashion and basics, with a gender-neutral positioning; it is a family store. Therefore, it will see growth in small cities,\u201d says Bisen.

\n\nBisen believes that M&S will also need to connect with the millennials \u2014 the cohort H&M and Zara appeal to \u2014 with relevant products. Besides, he says, \u201cthe casualisation of fashion and online integration\u201d could pose challenges for the brand.\n<\/p>\n<\/div><\/div>\n\n

Source: financialexpress<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After restructuring its prices, the British retail giant is focussing on womenswear and lingerie to expand in India. Written By Ankita Rai After nearly two decades of operations here in India, British retailer Marks & Spencer (M&S) has launched Rethink, its first India-specific marketing campaign. 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