With the fast increasing economy driving the upward trend of spending habits and capacity, on fashion in particular, we indians have become more aspirational ever since we started becoming brand conscious. But access to luxury labels has remained limited to only a few. Many can’t afford it while others residing in non-metro cities don’t have access to stores by such brands. Priya Lakhanpal from Gurgaon has founded The Best Price Show (TBPS) to facilitate the pockets of all such aspirational consumers with luxury labels through 16 countrywide pop-up store festivals in the coming year.
“When it comes to shopping, most Indians love to strike a hard bargain and prefer to shop where they can negotiate a good discount on a product or service. The upmarket labels being offered at discount upto 75% will definitely be something a lot us have been secretly wishing for,” ends Priya with a laugh.
With Delhi and Mumbai, TBPS also plans to penetrate Jaipur, Indore, Ahmedabad, Chennai, Chandigarh, Ludhiana, Bangalore, Pune and Hyderabad among other cities since spending on fashion has spread much beyond just tier 1 cities into tier 2 and 3 cities as well. The elite class of our country is expected to grow from current 10 million to 26 million households by 2025. And according to the Top of the Pyramid 2015 report by Kotak Wealth Management, 44 percent of India’s multi-millionaires live outside metros. But lack of efficient retail spaces and low ROI values in non-metro regions discourage luxury labels to set up infrastructure there. TBPS, through its innovative model of “bridge to luxury” will help facilitate both the brands with access to a ready customer base as well bring these labels within buying capacity of consumers from such regions. “We understand that demand is primarily driven by price. Hence, I am sure our exhibitions will be in demand in non-metros as well,” shares a confident Priya.
In a scenario where retail ventures lead to a high value to be paid for stock holding and wastage, TBPS promises to offer them a new revenue stream by helping liquidate their excess stock which they have to clear off the shelves to give space to the new season’s collection, offering it on a discount with a “get it while it lasts” urgency. Along with ethnic haute couture, the pop-up stores will also feature other luxury products as well as pret culture as we have already begun to see the launch of ready-to-wear labels by designers of the likes of Tarun Tahiliani, Anita Dongre, Manish Arora as they eye India’s growing generation of young, successful and fashion-conscious millennials.
Since all luxury brands pamper their customers with an overall experience of the look and feel of the apparels coupled with an inviting store ambience, buying from such brands is a part of that experience. TBPS will allow them to communicate the brand’s promise to their customers through the use of a unique and tech-enabled physical environment to create an immersive shopping experience suited to the image of such labels. The shows will be a host to Virtual Reality shopping experience, personal styling recommendation from brands in addition to trial rooms, a cafe cum lounge area and high-tech kids’ play area.