21 November 2023, Mumbai
Accessorize London, a prominent fashion brand, is planning an ambitious expansion strategy, targeting Tier II cities and smaller cities. Currently, with a presence in major metros such as Mumbai, Delhi, Bengaluru, Hyderabad, Pune, and Kolkata, the brand aims to broaden its footprint by opening stores in smaller cities.
The company, under the stewardship of Kumar Saurabh, CEO of Planet Retail Holdings (owner of Accessorize London), has outlined plans to establish 10 to 15 new stores annually. The aim is to reach a total count of 90 stores within the next five years. Presently, Accessorize London operates around 30 stores. Anticipating the evolving landscape of retail, the brand envisions a significant shift towards e-commerce in coming years. Saurabh foresees a dominant role for online sales in the overall revenue stream. The current focus of Accessorize London lies in two primary channels – exclusive retail outlets and e-commerce platforms.
Over the next half-decade, the brand aims to strike a balance between online and offline growth, targeting a distribution of 60 per cent from e-commerce and 40 per cent from physical retail expansion. Currently, the brand's website constitutes 20 to 25 per cent of its sales, while the majority, 75 per cent, is generated through third-party applications.
A hallmark of Accessorize London's business philosophy has been its customer-centric approach. The brand prides itself on offering products meticulously curated to meet the unique needs of its diverse customer base. Content and marketing strategies are intricately designed to align with customer preferences, product range, and prevailing fashion trends.
Looking ahead, Accessorize London is poised to intensify its focus on e-commerce, strategic retail expansion, and a diverse product range that resonates with the dynamic and evolving Indian market. This multifaceted approach reflects the brand's commitment to staying attuned to customer preferences while navigating the ever-changing landscape of the fashion industry.
