The bag brand also aims to open 50 exclusive stores a year as part of its expansion plans
Bengaluru: Fashion accessories brand Lavie aims to increase its multi-brand store count to more than 1000 in the next few years from its current presence in 200 stores, its chief executive officer Ayush Tainwala told IndiaRetailing.
“Currently, our multi-brand store count is quite small,” said Tainwala adding that the company plans to open more stores in malls and fewer on high streets.
Parented by Bagzone Lifestyles, Lavie also aims to open 50 exclusive brand outlets (EBOs) annually, as part of its strategic expansion plan, Tainwala said.
Mumbai-based Bagzone Lifestyles owns and markets its flagship brand Lavie, along with its subsidiaries Lavie Sport and Lavie Luxe.
At present, Lavie operates over 120 exclusive brand stores including full-fledged stores as well as kiosks.
The retailer is also strategising to broaden its business reach into the global market within this fiscal year. “We are currently experimenting with exports to the UK and the Middle Eastern markets. We are approaching this opportunity methodically, step by step,” he added.
Lavie’s story began in 2009 when Shobha Tainwala, the mother of the current CEO, designed colourful handbags for guests at a private family event, which became an instant hit.
Encouraged by her friends to keep making handbags, Shobha sought her brother’s assistance to manage the growing number of orders. Between 2010 and 2012, the sibling duo journeyed through the vibrant locales of Europe and Asia to gather design inspirations and source materials. These travels ultimately led to the creation of Lavie.
Lavie’s name was derived from the French phrase ‘La Vie en Rose’, which means ‘life in pink hues’. The offline-first brand ventured into online in 2014.
“At present, our sales ratio between online and offline channels stands at 50:50. We anticipate this percentage to remain relatively consistent in the future,” said Tainwala.
Currently, Lavie offers up to 3,000 different stock-keeping units (SKUs) and is experiencing the highest traction for laptop bags. The company is in discussions to expand into new categories such as perfumes, cosmetics, watches, and eyewear.
“Every week, we create approximately 20-30 new products at our manufacturing unit located on the outskirts of Nashik, Maharashtra. We generally update around 50% of our collection every six months,” he added.
Speaking about the Lavie’s financial aspects Tainwala said, “In terms of customer value, we are close to Rs 500 crore. Looking ahead to the next fiscal year, we anticipate a growth range of approximately 30%, give or take.”
In addition to EBOs and the online website lavieworld.com, Lavie and its sub-brands are currently available through multi-brand outlets (MBOs) such as Shopper Stop, Lifestyle, and Pantaloons, as well as on various online marketplaces including Amazon, Flipkart, TataCLiQ, Nykaa, Ajio, and Myntra.
