Power Dressing for Wills Lifestyle

ITC to revamp its product portfolio with more designer wear and international designs

WRITANKAR MUKHERJEE KOLKATA

ITC plans to take its flagship Wills Lifestyle apparel chain upmarket, transforming it into a luxury brand to profit from the upgrading Indian buyer who is willing to pay more.
In a move analysts consider risky, Wills Lifestyle will revamp its product portfolio with more of designer wear and international designs and explore newer retail formats like boutique stores and specialised luxury stores to reach out to luxury buyers. This will increase the average price of products at Wills Lifestyle to around . 3,000 from . 2,500 now. “The premium consumers are upgrading themselves to the luxury segment… A transition to the luxury segment will make our business model future-proof for the next ten years,” says ITC’s Divisional Chief Executive (Lifestyle Retail) Atul Chand.
ITC wants to carve out a niche presence in the increasingly crowded apparel retailing business where margins are under pressure due to competition and increase in commodity prices. Wills Lifestyle has been facing competition from the flurry of international brands entering India like Zara, Promod, Diesel, Tommy Hilfiger and Mango.
Analysts, however, say it will be an uphill task for an Indian apparel brand to position itself in the luxury segment.
“Indian consumers are still little sceptical to accept Indian luxury brands, except may be jewellery,” says consultancy firm Technopak Advisors Chairman Arvind Singhal. “Whichever Indian brand had tried to raise prices has met with a significant challenge in growth, more so in the apparel, accessories and footwear space,” he adds, citing the failure of Titan’s luxury wristwatch and Raymond’s Manzoni range.
Wills Lifestyle plans to launch products on cashmere wool, including Pashmina jackets priced upwards of . 25,000 and international design women wear on premium silk and chiffon starting at around . 6,000.