Latin Quarters: New markets, raising funds on agenda

While summer business was in line with the company’s projections, women’s wear brand Latin Quarters (LQ) is now looking to achieve its turnover goals this fiscal. “We were awarded the Best Brand-Ladies western wear at Shoppers Stop, Pinnacle Awards 2014 recently. It was satisfying to be recognized for all the efforts our team has put in to make this possible. Overall we are pleased with business so far this year,” says Saurabh Jhingan, Director, Latin Quarters.

Going forward, LQ has decided to work hard on achieving its targets. Over the last three years, it has maintained a CAGR of 40 percent. Now the team would focus on having the right merchandise, at the right place, at the right time to keep the momentum alive. The priority now is to enter international markets, explore small towns to push up the EBO count to 60 and have over 200 points of sales in the next 3 years. Also on its agenda is raising funds through private equity firms to fund its growth plans.

Exploring retail in smaller towns

Jhingan believes the next wave of expansion will come from small towns as the number of women wearing western wear is increasing. “Therefore, the opportunities of growth in these towns are significant. We expect every major western wear brand to be present in Tier II, III cities in the coming few years. Early movers get an advantage to establish themselves,” he explains.

Jhingan says they are planning a merchandise mix taking into consideration the sensibilities and tastes of the people living in these towns. “In general, these towns tend to be more conservative. Procuring trained retail staff, efficient logistic partners for stocks and good delivery, are some of the other issues that need to be dealt with,” he adds.

About 70 percent of LQ sales still come from big cities, however Jhingan expects that number to even out in the coming years as the company plans to strengthen its hold in Tier II, III cities. He also believes that areas like Raipur, Bhubaneswar, Durgapur, Siliguri and Northeastern region like Guwahati are the untapped markets for women’s western apparel and have huge business potential in the coming few years.

The brand enjoys a pan India presence. Currently, it has 15 EBOs, over 100 points of sales and also partners with major online players like Myntra, Flipkart and Amazon. The company also has its e-commerce platform. “Our future plans are expanding LQ to Tier II, III cities. Every year we come up with 30 new points of sales. For the next few years, we plan to target all small towns. In addition, we are also exploring opportunities in Middle East, South East Asia and African markets as a part of our expansion plan,” informs Jhingan.

New merchandise for Festive/Winter

The Festive/Winter range at LQ is all about varied designs and patterns. Classic checks, folk prints with interesting animal, abstract and bird prints and lace dresses and blouses are a big trend winners for the season. The major shades in the colour palette include water colours like blues, pastels, striking crème, royal red, black and all shades of grey. Burn-out shrugs and sequence dresses are the highlight of the collection. “We have an exclusive range of PU leather jackets, woven coats and woolen shrugs for high winter days. Also, our team of designers and merchandisers constantly draw inspiration from the latest trends and international fashion to provide our customers with cutting edge fashion and chic styles and silhouettes,” explains Jhingan.

LQ collection includes blouses, tunics, dresses, shrugs, skirts, jackets and basics. It also has exquisite range of accessories and handbags to cater to the complete fashion needs of today’s modern women.