‘Madame’ is one of the favourite brands to those who believe that fashion is a statement. The man responsible for deploying the company’s strategic vision and building the brand name ‘Madame’ is none other than the Executive Director Akhil Jain himself. In an exclusive interaction, he shared his takes on the fashion industry during this Covid-19 pandemic.
Here are the excerpts:
Q. Is there any specific consumer base you are appealing to?
A. When it comes to appealing to a consumer base, Madame is primarily targeting the young Indians who are looking for access to high-quality western wear. So, our products appeal to those within the age group of 18 to 35, but not only limited to them. We have brands like ‘Madame, Madame’ M Secret, and Camla, which appeal to a diverse set of consumers and tastes. Additionally, Madame has always tried to reach out to the modern women in today’s India who are conscious of style and their personality. Our products are designed keeping those values in mind which appeal to today’s youth.
Q. We already have crossed a complete year with pandemics. Do you have to change your strategy to remain sustainable?
A. Yes, the pandemic has come as a huge surprise and a shock for us just like any other business. Madame also had to put some of its plans on hold because of the corresponding market conditions, and bring in innovations that were needed. In the end, this is a brand that has been in the market for decades and we have seen many ups and downs like this. So, we believe that Madame has the capacity to remain sustainable in the longer run. This is just one of the many challenges that we have witnessed, but it has also given us stronger motivation because of the way we were able to implement the changes quickly.
Q. E-commerce has changed the marketing structure and strategies. How much growth have you experienced after e-commerce started capturing counter sales?
A. Definitely, e-commerce has changed the way market operates and also how consumer sales are generated. It has also opened the brands to a much diverse consumer base because now we can reach out to people, we could not reach through counter sales. The Covid-19 pandemic has also changed things significantly and rapidly as nobody had imagined. This has pushed businesses to adopt the new model because of the needs of the market. Madame has always kept pace with the changing needs of the market, and we have been working on our e-commerce marketing. Our e-commerce revenue has gone up to 8 per cent from 2 per cent in a short time. We are continuously working towards building our e-commerce infrastructure to further drive this growth.
Q. How much of your sales are coming from E-commerce? How much was your turnover in the last fiscal?
A. Our turnover in the last fiscal year was 20 crores, and e-commerce, as mentioned before, contributed 8 per cent to our total revenue. This percentage is further set to increase in the coming years as we innovate with our processes.
Q. E-commerce also has intrigued price war more than at any time. What’s your take on this?
A. In a big and diverse market like India, competitive pricing is something that we have always had to deal with. Madame products have always been offered at a competitive price. Certainly, e-commerce has further made it easier for the customers to access different brands from the comfort of their homes and compare the prices. However, it is not always just about offering the products at a lower price. You might find products online which are offered at a cheap price, but the quality is sub-par. Madame has had a reputation in the market because of the kind of quality that we offer. The brand value and loyalty of customers have helped us in remaining competitive in the market. At the same time, we also make sure that we provide competitive pricing for the best quality products.
Q. What keeps you going in this tough situation? How do you tackle challenges?
A. We are glad to have established a highly motivated team. We all work towards a common goal of achieving great heights for our brand. This thought process itself makes us work together with great force under any circumstance. Additionally, we have developed robust processes to ensure that our business continues to run smoothly even during tough situations. This has all been a result of long experience. Further, we invest in new technologies. The world is growing at a very high speed, we must adopt the best possible solutions as early as possible. Lastly, we don’t compromise on the quality of our products.
Q. What are the next growth frontiers for Madame?
A. If we must talk about our future, we will say that our next growth frontiers would be to grow the omnichannel. We have a strong presence in offline, counter-sales and now our online presence is also growing at a fast pace. It’s all the more important for us to explore the best of both worlds through omnichannel. Other than that, we will be expanding our home-grown website Glamly.com with online exclusive collections. These collections will be limited and curated to the demands of the customers.
-By Atanu Roy