The Sounding Board with SashaMirchandani: Arpita Ganeshbuttercups sashamirchandani
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THE SOUNDING BOARD with Sasha Mircandani ARPITA GANESH [email_address] @arpitagan Your Picture BUTTERCUP CLOTHNG P LTD.
THE PROBLEM THAT WE SOLVE <ul><li>The Indian lingerie market caters to ONLY 15-18 sizes as opposed tothe 65-70 sizes available in other parts of the world. </li></ul><ul><li>No lingerie retailer has expertise of sizing and fitting or providing personalised consultations to solve the problems that Indian women face with their lingerie. </li></ul><ul><li>Buttercups provides not only sizing and fitting services by experts, we also keep all 70 sizes. And all this is provided in a very private and luxurious ambience, giving the clients a lingerie buying experience like never before. </li></ul>THE SOUNDING BOARD with Sasha Mirchandani
TARGET MARKET <ul><ul><ul><ul><li>TOTAL MARKET SIZE > 600 Million </li></ul></ul></ul></ul><ul><ul><ul><ul><li>MARKET GROWING AT > 30% </li></ul></ul></ul></ul>Source: Images Yearbook Vol. VI No. 1 and Koncept Analytics Survey <ul><ul><ul><ul><li>Market size in 2010 : 614 (in USD Million) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Super Premium : 61.4 </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Premium : 122.8 </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Middle : 153.5 </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Low : 276.3 </li></ul></ul></ul></ul>Our market THE SOUNDING BOARD with Sasha Mirchandani
THE PRODUCT/SERVICE PRODUCTS: The products span luxury wear, daily wear, sportswear and maternity & nursing wear, shape-wear, bra accessories, bra bling and “problem solvers”, which are ONLY available in India with us. None of the brands we import are commercially available anywhere in India. SERVICES: Sizing & Fitting: 90% of women do not wear the right size of bra! At Buttercups, our experts not only help with sizing but also assist the client in finding the perfect fit. Consultation: This includes a complete analysis of the client’s size and body shape, advice on what type of clothes and lingerie she should wear, how to choose them, what should be worn under what, how to care for the lingerie (storage, washing etc.), and addressing any specific problems that she may have with regards to her lingerie needs. DIFFERNTIATION: Our differentiation is that no other brand / retailer in India stock the variety of sizes and quality of products that we do. Nor do they attempt to engage the customer beyond a single sale. We on the other hand, develop a meaningful relationship with our customers by understanding and fulfilling their needs in detail . THE SOUNDING BOARD with Sasha Mirchandani
THE COMPETITION Source: Survey carried out across a sample of 522 Buttercups clients in January 2010 THE SOUNDING BOARD with Sasha Mirchandani Factor Buttercups Marks & Spencer La Senza Triumph Product Range 5 3 4 4 Price 3 3 3 5 Quality 5 3 3 3 Selection 4 3 4 5 Service 5 2 3 2 Reliability 5 4 3 2 Expertise 5 2 1 1 Company Reputation 5 5 4 4 Location 3 5 5 5 Appearance of outlet 5 3 4 3 Sales Method 5 3 2 2 TOTAL: 50 36 36 36 Scale of 1-5, 1 being lowest and 5 being highest degree of satisfaction.
STATUS & PROSPECTS We have had a boutique in Hyderabad since Jan 2009 and are planning to launch in Mumbai by end of August 2010. We have a business plan in place to go across 12 Tier 1 & 2 cities in India, in the next 3 years. After this we plan to start shop-in-shops in high-end retail malls, across these cities as well as, in 6 other Tier 2 cities. We look at starting an online model for existing customers ONLY, where they can log in and purchase online, in the next 3 years. We look at expanding the same model to Sri-Lanka, after year 5 as well. THE SOUNDING BOARD with Sasha Mirchandani
THE TEAM ARPITA GANESH - Managing Director. She has established Quicksilver Advertising with her husband Dhananjay Ganesh and turned it into one of Hyderabad’s leading creative agencies. Buttercups is entirely her baby. When she discovered first-hand the difference the right size and fit of bra can make to a woman’s confidence, she decided to start a venture in India to help Indian women experience the same change. She is also considered India’s ONLY lingerie expert and has conducted several workshops on lingerie including one for the “IAM SHE”, Ms. Universe India pageant. She is also the honorary secretary of FICCI LADIES ORGANISATION , Hyderabad. DHANANJAY GANESH - Director. A creative person, he spearheads Quicksilver Advertising. He came up with the branding for Buttercups. He is integral in all brand building that has gone into Buttercups and advises on all marketing and branding strategies. ASHUTOSH MALPANI – Financial Advisor. Ashutosh is a Chartered Accountant (CA) and a Certified Public Accountant (CPA) and helps with financial planning and management for Buttercups. RAHUL GAUTAM-Advisor to Board. Managing Director of the Sheela Foam group, India’s largest manufacturer of foam and the group behind the highly successful Sleepwell brand of mattresses. Mr. Gautam brings over 3 decades of experience to the table, and advises Buttercups on strategy, planning and growth. THE SOUNDING BOARD with Sasha Mirchandani
CHALLENGE AREAS The biggest challenge we are facing is fund raising for our growth plans. We are unable to figure out where we are going wrong in our approach to investors. We are unsure of : 1. What investors are looking for? 2. Why we do not fit the bill? 3. If there may be a different Business model that we need to look at (like manufacturing our own label) to make the growth more viable. THE SOUNDING BOARD with Sasha Mirchandani
MENTOR’S FEEDBACK… THE SOUNDING BOARD with Sasha Mirchandani ARPITA GANESH [email_address] @arpitagan BUTTERCUP CLOTHNG P LTD.