“Our plan is to become a 1,000 crore company by the end of 2025,” Anant Tanted of The Indian Garage Company

Anant Tanted, founder and chief executive officer of the Indian menswear brand The Indian Garage Company on the brand’s fast-paced journey, industry challenges and future objectives

Bengaluru: Around twelve years ago, Anant Tanted set out on a path to create his own apparel brand. Armed with a Rs 10 lakh loan that he obtained from a government initiative, he founded The Indian Garage Company (TIGC) in an office block located in Koramangala, Bengaluru, and began his journey with a team of just four individuals.

Presently, the fast-fashion D2C (direct-to-consumer) brand has become a force to reckon with clocking an annual turnover of Rs 220 crore. What started with a four member team, the company at present has swelled to about 400 employees and its office currently spanned around  20,000 sq. ft. in Bengaluru.

The company currently sells 5 – 6 lakh units of garments a month and has generated a 250% YoY (year over year) growth in GMV (gross merchandise value) in the last 2 years.

In an exclusive interview with IndiaRetailing, Tanted, founder of the menswear brand The Indian Garage Co., shares about the brand’s fast-paced journey, industry challenges, and ambitious future objectives.

What is the backstory of TIGC?

Growing up in a family of manufacturers, my inclination towards the industry led me to organize an exhibition of overstocked branded clothing during college. This experience sparked my desire to delve deeper into the technical aspects of fashion which led me to take up work in my uncle’s factory, a leading Indian apparel manufacturer.

I launched The Indian Garage Company in 2011 to fill a gap in the Indian menswear value fashion market focusing on quality, design, and affordability. As the founder, I take immense satisfaction in building a brand that reflects my passion, family heritage, and commitment.

What sets TIGC apart from other Indian fast-fashion brands?

The USP (unique selling point) of The Indian Garage Co. is twofold: our end-to-end design process led by a young team and our monthly fashion launches that offer over 300 options. We have complete control over design and manufacturing which has helped us to automate and provide quality merchandise.

TIGC started as an offline brand and then forayed into e-commerce later. Why?

Starting as an offline brand we faced challenges with product lead time which would take anywhere between 3 to 4 months for products to reach stores and limitations as the retailers had their own preferences. To overcome these obstacles we recognized the potential of e-commerce.

By pivoting towards a direct-to-consumer model, we are able to provide real-time adjustments and quick delivery. This shift allowed us to bridge the gap between customers and designers.

Any measures to avoid negative environmental impacts as a fast fashion brand?

We have taken concrete steps in our production and sourcing methods such as incorporating materials like recyclable man-made fibers (MMF) and cotton, which not only reduce waste but also contribute to the circular economy.

Any challenges faced as a fashion brand?

One of the biggest challenges we faced in our early times was the consumer perception of value brands. Popularly it is believed that value-oriented fashion brands compromise on authenticity and quality.

Another situation that is common to all apparel manufacturers is the problem of surplus inventory. We have implemented strategies to minimize surplus by introducing proportionate product manufacturing which helped us in maintaining control over production procedures to ensure cost efficiency thereby giving impetus to scalability.

What is the current turnover of TIGC?

In the FY (fiscal year) 2023, we achieved a Rs 300 crore GMV, which roughly translates to AGAIN RS 220 crores of turnover. We are aiming at Rs 600 crore, out of which we have achieved RS 100 crore in revenue in our current quarter, reflecting a growth rate of 100%.

From where do you source raw materials?

When it comes to raw material sourcing, we have established partnerships with suppliers located in multiple regions across the country. These regions include industrial centers such as Bengaluru, Gurgaon, Ludhiana and Surat. Our regional office, strategically located in Gurgaon, serves as a central hub for our operations.

How does the brand support micro-entrepreneurship?

We support micro-entrepreneurship by means of providing the right guidance and support to run their manufacturing setups. Since we source the raw materials on our own, the financial bearing on our manufacturing partners is relatively low. This entrepreneurial manufacturing model further transforms multi-product firms and assists smaller entrepreneurs in order to establish captive and committed capacities that are equivalent to the efficiency of contemporary manufacturers.

We also offer the technological know-how and sometimes financial assistance that is required for micro businesses to become independent. This contributes to the development of a beautiful ecosystem for all.

Any plans to introduce the brand overseas?

Our international foray is on the cards. We will be opening up our market to a global audience shortly starting in the Middle East.

Goals for 2023?

This year, the focus is on new product development, category expansion and new technology integration. We are currently planning to broaden our portfolio and launch categories like womenswear and plus size fashion under ‘House of Brands’ format.

Currently, we have a retail presence in Reliance Retail‘s multi-brand fashion retail chain Fashion Factory and we have plans to increase our retail footprint with EBOs (exclusive brand outlets) across the country shortly. Along with increasing the marketing push on Myntra, Ajio and Flipkart, we also plan to grow TIGC’s e-commerce platform, tigc.in.

Where do you see the brand in the next 2 years?

Our plan is to become a Rs 1,000 crore company by the end of 2025 and will be making a big bang international foray.

The post “Our plan is to become a 1,000 crore company by the end of 2025,” Anant Tanted of The Indian Garage Company appeared first on Retail News | Retail Industry | Business Information & Latest News.

from Retail News | Retail Industry | Business Information & Latest News https://ift.tt/yEF6Y0Z
via IFTTT