After witnessing a slow and stagnant market last season, Hard Currency brand from the house of Aru Enterprises has introduced an economical offer called 10 Pound. With a turnover of Rs 12 crores, the company is now aiming for a 50 percent growth in the next two to three years.
“Inflation and a rise in raw materials cost have already resulted in our MRPs going up. This has started influencing bookings since the last season itself. Even though it was a festive season, sale was not as expected. In order to not compromise on quality and policies with regard to Hard Currency, we launched these two collections,” opines Paresh Chandan, Proprietor, Aru Enterprises.
company now plans to expand the retail presence of newly launched collections, in places where Hard Currency has already established its presence.
Economy sub-brand on offer“Consumers are price conscious and with the state of affairs, it is very hard for us to squeeze prices anymore. In order to not compromise on quality and policies with regard to Hard Currency, we launched a subsidiary sub brand ‘10 Pound’ which is under the portfolio of Hard Currency but at an economic price,” explains Chandan.
Interestingly, the company has also unveiled a premium collection called ‘Hard Currency Limited Edition’ made from premium fabrics, special designs, unique washes and finest finish for the less price conscious audience, who seek quality without compromising on the price points. The company continues to grow and evolve as a true denim lifestyle brand, expanding its product line to include casual trousers. Hard Currency primarily targets the middle income fashion conscious customers who appreciate quality products in the age group 16 to 50.
For Spring/Summer 2014, Chandan feels that continuing from the last few seasons, cross pocket denims are here to stay. “We have also used solid colours for inner trims for the next season with brighter threads and embellishes. Stretch denim has completely overthrown the rigid denim demand. However, in Hard Currency Limited Edition we have used some rigid fabrics for vintage washes,” he adds.
10 Pound spreading its presenceThe brand is currently sold in more than 450 MBOs across Karnataka, Kerala, Andhra Pradesh, Gujarat, West Bengal, Chhattisgarh, Assam, Jharkhand, Orissa, Bihar, Uttar Pradesh and Madhya Pradesh. The brand also has its presence in the Middle East. Tier II and Tier III cities in the south contribute the majority of company’s sales with Kerala, Karnataka and Andhra Pradesh being its biggest markets so far.
Elaborating on the retail expansion plans, Chandan says, “Market for Hard Currency is already growing towards the North as we have recently added many states to our portfolio. The plan is to introduce ‘10 Pound’ and ‘Hard Currency Limited Editions’ in our existing and newly added markets as well.”
Hard Currency Jeans was launched in 1995 in Bangalore. It started on a small scale with limited manpower and production capacity. In a short span it has grown into a company that is equipped with modern machinery and a production capacity of half a million pieces per annum. Hard Currency has become both an established modern classic for its sophisticated fits as well as a leading trendsetter for its newest fashion forward washes and custom-made designs, paying much attention to quality control.