Luxury products might be a niche market but this market has grown over the past years through thick and thin. The financial downturns have not affected this market as one might think it would. A CII- A.T. Kearney Report says that the luxury market in India is set to touch USD 14.7 billion by 2015. Also Grail Research report - Global Fashion Industry Growth in Emerging Markets identifies India, UAE and Singapore among a few others as emerging markets for the Fashion Industry. Apart from this, the demand for luxury has rarely seen a dark day in the American and European countries if recent history is any indication. Grabbing on to this opportunity, entrepreneurs, Mallika Singhania and Kunal Jain, started Indian Hanger. YourStory caught up with the duo to know more about the venture. Excerpts:Tell us about IndianHanger. How and when did you startup?
Indian Hanger is a one of a kind luxury fashion e-commerce venture. We cater to shoppers in India as well as abroad. We launched end of last year and have been growing quickly ever since.
Tell us a bit about yourselves.
It was just the two of us to start out with. I have written books and done TV shows on fashion, and take control of the designer relations while Kunal has completed his Computer Engineering degree from Northwestern, and looks after the tech space of the venture. We are building a strong team, focusing on designer relations, tech, design and marketing to take it from here on in.What led you to startup Indian Hanger?
Given that we have both lived in the US, we found a clear market for Indian designer products for NRI's as well as Indians. With our individual forte's, we found that we could provide a great platform for customers and designers through our site and hence, Indian Hanger.How has your journey been?
The best way to put it would be that it has been a steep learning curve. However, this has helped us set up great relations with the fashion industry as well as set up efficient processes that have assured a permanent place for us.
You've got a lot of big names on board. How did you manage to get all these designers?
I have worked closely with the fashion industry since the beginning of my career. I’ve had quite an experience in this industry which helped me to form a rich network and this helped us to create relations with designers.
Indian Hanger ships products all over the world. Which are the countries other than India that provide good business?
Currently, we are seeing a lot of traction from the US, UK and the UAE.
How much revenue do you generate?
We are currently expecting Rs.25,00,000 to Rs. 50,00,000 revenue annualised.
How do you plan to expand? Do you plan to start up any other line of products?
We see a lot more market potential for the products that we are currently selling, and we are focused on growing that exponentially. An in-house brand is also on the cards.
What is your marketing model?
We have adopted a combination of digital, print and offline marketing strategies. Some of these are focused directly on growing sales while others help us increase brand recognition and consumer trust.
Does Indian Hanger have competition in this field? If yes, how are you unique?
This space is heating up very quickly, and there have been entrants in both the fashion e-commerce and flash sales models. Our exclusive relations with designers as well as our approachable brand image from the customer's perspective, is what I’d like to believe makes us unique.
To hang all your other doubts, visit http://indianhanger.com/
Want to make your startup journey smooth? YS Education brings a comprehensive Funding and Startup Course. Learn from India's top investors and entrepreneurs. Click here to know more.