News: India's Reid & Taylor dons new suit

(TNN 07/04/2006) Bangalore - Diversifying its retail foray from a mainly fabrics and limited ready-to-wear brand for men, Reid & Taylor has firmed up plans to reposition itself as a full-fledged apparels brand over the next few months. Govind Mirchandani, president & CEO, worsted suitings, S Kumars Nationwide (SKNL), said the brand’s complete wardrobe solution offering will include shirts, trousers, blazers, suits and accessories. Targeted at the upper end of the consumers, Reid & Taylor will now compete with the likes of Louis Philippe, Van Heusen, Arrow and Zodiac. The lifestyle suiting brand is seeking to reposition itself as a “premium aspirational brand for those in the 25-45 years age group,” Mr Mirchandani said. Besides its formal wear range — Reid & Taylor Legends — the brand offers casuals under the Reid & Taylor Leisures tag. The shirts have been priced in the Rs 895-2,495 range, trousers at Rs 1,295-2,295 and suits at Rs 6,695-12,995. Its mid-priced offering, World Player, will tap the economy segment of the branded apparel market pegged between Rs 300 and Rs 500. “Amitabh Bachchan will continue as the brand ambassador for the fabrics division. We are in talks with another celebrity to endorse the apparels range,” Mr Mirchandani said. With the domestic apparels retail sector revving up, Reid & Taylor plans to add 50 exclusive stores this year to the existing 22 outlets at an investment of Rs 25 crore. Currently, it is available in multi-brand outlets such as Shopper’s Stop, Piramyd, Central and Ebony and is eyeing a presence in another 150 MBOs by the year-end. “We want to be present in all the top 40 cities in the country in the next couple of years. Of the 150-odd stand-alone outlets to be located in High Street and malls, 50 will be company-owned and the rest will be franchised,” Mr Mirchandani said. The Reid & Taylor brand experience entails premium worsted fabrics, synthetic suitings, ready-to-wear formals and casuals and accessories (belts, ties and cufflinks). Registering a 30% annual growth, the Rs 200-crore brand boasts of a 15% market share of the Rs 1,300-crore worsted suitings segment.