International accessories brand Ilex-London is planning to invest around ₹5 crore over the next five years to open 10 exclusive stores in India.
Ilex began Indian operations from Kolkata earlier this year.
Its bouquet includes totes, handheld grabs, cross body satchels, day-to-evening clutches and small leather goods such as purses, wallets, belts and iPad covers.
According to Sunil Bansal, Founder, Ilex, apart from Kolkata, the company is eyeing entry into Delhi, Gurgaon and Punjab in the North; Mumbai in the West; and Hyderabad, Bangalore and Kochi in the South.
“We intend to have 10 company-owned stores over the next five years. Stores will have an average size of 500-600 sq ft, with an investment of around ₹50 lakh per store,” he told Business Line .
Ilex, founded in 1993 in London, is a British brand, which is currently available across eight countries including England, Austria, Germany and Russia.
The brand Ilex-London, however, is owned by Kolkata-based Lexus Exports.
ManufacturingCurrently, all products are manufactured in Kolkata and exported. Ilex’s existing facility has a monthly capacity of 10,000 handbags and 30,000 small leather goods.
According to Bansal, the company would further invest ₹20 crore towards setting up a new unit here. Likely to be operational in 2015, the coming facility would double the capacity.
Offering in India, he said, will be priced nearly 30 per cent lower than international products. Products are priced in the range of ₹5,000 to ₹20,000.
MarketingAs a conscious decision, the company has stayed away from introducing its products at multi-brand outlets (MBOs) or on e-commerce sites.
According to Bansal, the company is targeting a niche, yet aspirational segment. As a result, tying up with MBOs would mean compromising on price points and competing with other brands.
“Neither are we competing with in-house offerings of MBOs; nor the brands displayed there,” he added.
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