Hoffmen launched in 1991 is optimistic about reaching a turnover of Rs 35 crores this year. It’s eyeing 20 per cent year-on-year growth. Present in 40 EBOs and over 400 MBOs, the brand is looking at expanding its reach beyond East India.
Aayush Rungta, Director, Hoffmen Fashions explains, “We will have 50 EBOs by April 2012 and after that we plan to open EBOs outside eastern India. We also want to target specific MBOs in a strategic and planned manner to expand our reach.” Targeted at 18-30 year olds, Hoffmen believes in keeping in tune with latest trends. As a part of its product portfolio expansion plan the brand will add shorts and bermudas for men and capris for women.
Rungta feels increasing FDI limit in India is bound to affect the market. While some good global brands will foray into the Indian at the same time domestic brands who maintain a good price and quality will remain unaffected. He further adds that due to the excise duty on branded apparel and increase in inputs costs, prices have gone up by 25 per cent. “We have not seen any impact of the price hike till date but we have followed the prices of other brands. Hoffmen as a brand delivers its product at competitive prices and that’s why we should remain un-effected from this excise issue,” he explains.
Talking about the denim industry he says designer denims are now being accepted in India and the market for such products is growing. Rungta says, “Mid-rise and slim fit denim with stretch is the best seller at present. In terms of embroidery, prints and patch works – these detailing have become very sober in comparison to earlier.” According to him, in next 2-3 years the major growth focus in the denim market would be women’s jeans. Demand for this category, he feels, is growing well. He says that the women’s denim market is largely dominated either by unbranded or premium brands and there’s a major gap in the mid-upper segment, which would be driving growth for the denim industry. “The ladies denim market in India is at a nascent stage, since the demand has now started picking up in non-metros. Once the segment establishes itself, the next step would witness consumers understanding and accepting real fashion products and their inclination towards spending more on denims would rise,” Rungta asserts.
