A premium silk brand with heritage values wanted to re-launch their offering. Over the past few decades, the brand had declined steadily in terms of sales and the promoters were looking for Retail Strategy support to help relaunch the business. They approached Centric for support, given our credentials in apparel marketing and trade management.
Engagement Overview : The client wanted us to delve deep into the market and understand the barriers to growth and triggers for sale. As a result, we worked to gain a better understanding of the brand across both consumer and customer perspective in order to effectively re-position the offering. Based on the same, we made our recommendations for the relaunch of this heritage brand.
Methodology : As part of the engagement we worked in three phases to identify the underlying trends impacting retail strategy:
Phase 1 : Brand research to understand the competitive context, current trade practices, consumer needs and attitudes towards silk apparel. For this purpose we identified relevant consumer insights based on Primary & Secondary research + Customer Interviews + Wardrobe Audits + Shopping Observation Research.
- Based on the same we recommended a revised Brand Positioning and relevant Merchandise Mix (Staples and Fashion offering)
Phase 2 : Trade Brand Equity to understand the attitude of trade partners towards the brand and contrast real triggers to stocking with internal perspectives. For this purpose we conducted extensive market mapping exercise and subsequently interviewed a large cross section of key trade partners to determine Barriers and Triggers to Stocking the brand .
- Based on the same we recommended a Sales Strategy that encompassed premium Stand Alone Stores and Key Accounts across Southern India
Brand Review : Based on our suggestions, the client identified a relaunch retail strategy. The team re-worked the merchandise mix and distribution strategy to address new category drivers.
- As part of the engagement, we were able to identify the direction in which the market was moving. This helped facilitate a staple vs fashion product mix to reduce working capital investment.
- Our retail consultant also were able to initiate relationships for the client in key counters which had been ignored or come up recently and hence not being addressed across multiple locations.
Retail Strategy and Merchandise Mix : Based on our recommendations, the client has relaunched the brand. The team has streamlined their production to focus on staple and fashion mix to manage the product line. The firm has also re-vamped their distribution systems to ensure key account focus and proper servicing of the market. The business has grown profitable and is meeting the projected numbers.
Read more about Centric’s approach towards Retail Strategy in Action