The luxury e-commerce space has been growing at a fast pace. Meet Priya Sachdev, the Founder and CEO of rocknshop.com, an online extension of the popular multi brand luxury retail chain Kitsch. An alumnus of the University College London and a former analyst with Credit Suisse, Priya pursued her passion for fashion and forayed into the retail luxury space.
In this interview with YourStory, Priya shares her journey.
What inspired you to create Kitsch and now transition into the luxury e-commerce space with RocknShop?
Rocknshop is an extension of Kitsch. It is the future for retail in India. Kitsch actually powers rocknshop.com
What is your business mantra that helps you grow?
My business mantra is to always learn, and grow toward your dreams!
How did you convince so many luxury brands to trust you with their brands online?
It wasn’t hard. We work with them offline for our stores. They know us and trust us.
How are specialty boutiques different from brands or department stores with e-commerce?
Specialty boutiques are bespoke and chic! They are not overwhelming in size or scale. The SB mostly carry more fashion forward or runway pieces that department stores lack.
They are more focused on content, customer experience and satisfaction.
As business partners and sisters, how did you go about dividing business responsibilities?
We both divide our time and energy in the area of our expertise. Charu is more involved in day to day operations and I am more involved in the creative direction and in our e-commerce venture.
What have you learned about business partnerships (especially with family) that you wish you would have known from the beginning?
It is difficult to disconnect from work with family as we bring work back home during family time.
What qualities do you look for when hiring someone?
Qualities I look for are confidence, out of the box thinking, and diverse work experience.
What kind of challenges have you faced so far with RocknShop and how have you overcome them?
Every new business has teething issues and challenges. The challenges are not important, it is the belief that we can overcome the challenges.
Tell us about your work before starting Kitsch. What got you to take the road less travelled of entrepreneurship?
Before kitsch I was working at CSFB credit Suisse first in Boston as an Investment Banker, then I worked with my father in the automotive retail business.
With so much competition in the luxury e-commerce space lately, how have you set RocknShop apart from the rest?
There is not much competition in the luxury e-commerce space presently. I am sure there will be many players who might enter this space soon as the e commerce space is growing fast and repent!
How have you handled the marketing/PR for RocknShop since you began? Based on your experience, are marketing and PR services something you would advise other entrepreneurs to outsource, or keep in house?
You should do both outsource and have in-house. It helps with communication and the correct information to be communicated through PR activities.
Words of encouragement for women entrepreneurs?
Continue to realise your dreams and believe in your entrepreneurship skills!
- investment banker
- Credit Suisse
- University College London
- fashion forward
- online extension
- Priya Sachdev
- retail luxury space