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Ayesha Fashion Accessories was started in the year 2010 and has over 94 stores pan-India. They also deal in EBOs (Exclusive Brand Outlets) and are in partnership with MBOs (Multi Brand Outlets) like Shopper’s Stop, Central and Project Eve.
In conversation with Franchise India, ShantanuBhardwaj, Regional Manager, Ayesha Accessories, talks about emerging trends in the fashion accessories industry, the role of technology and things to consider before pitching to an investor.
Current Fashion Accessories Market
An accessory is not a planned purchase; it is always a sub-product. But nowadays fashion orientated people who know what to wear with what thing, have started using accessories as a major part of their look.
Bhardwaj said, “We were the pioneers who brought chokers to the Indian market. So when we introduced chokers, a lot of people came to purchase those, and then what we witnessed was something called‘reverse buying’. People bought chokers first and then bought apparels complimenting those. So, the accessories’ market has started to get its due importance but it has its own challenges as well.”
However, the positive aspect of accessories’ market is that, in comparison to clothing products, accessories margins are quite high.
USP is the Key
We are the ones who brought trends in India. One contrary to our competitors, who are completely western, Ayesha Accessories is a mix of western plus ethnic. In our store, you will find everything, from jewellery to bags and that too for every gender and age-group.
Catering To Various Sections of People
Your customers are the most important part of the success of your business. So, it is really important to keep in touch with your customers and get to know their feedback, needs, demands, etc.
“Catering to a very diverse section of the audience is definitely a challenge. But we always learn from our experiences and R&D process. So, now we have come to a point where we know what the customers want,” added Bhardwaj.
Emerging Trends
Initially, accessories were only limited to earrings, necklace etc. “Now, you will see a lot of wearable jewelleries emerging in the market. Statement necklaces and multilayer jewelleries are also in vogue. Another trend which I have noticed recently is watches along with bracelets; many high range brands are also cashing on this,” asserted, Bhardwaj.
Role of Technology
Technology has really helped many businesses to grow. “It helps us to get the knowledge of what people are actually looking for. They might like a specific accessory they saw in a movie or on Instagram,” stated, Bhardwaj.
“Whatever the people are looking for through cookies, we are getting the data; our team accumulates the data and based on that, we modify our data to cater to the needs of people,” he added.
Pitching to an Investor
If you are going to an investor, you should have three things very clear:
- What is your business plan;
- What is your proposition i.e. what are you offering to the customers;
- Last but not least, how good you can be.
Major Challenges
The major challenge is that fashion accessories remain a sub-product. Despite the emergence of reverse buying trends, it still has a long way to go.
“Another thing which can be considered as both a boon and a bane is the onset of e-commerce platforms. Unlike clothing, accessories are not trial bound. You can buy an accessory online without worrying about the right fit. So, although e-commerce portals have given us huge profits, this way we are also losing our offline retail customers,” commented, Bhardwaj.
