Max Fashion celebrates new milestone with its 200th store in India
Bangalore, November 20th, 2017: Max Fashion opened its 200th store in Chennai today, marking the occasion as one of the many milestones achieved in the past eleven years of the brand’s presence in India. Mr. Raghu Rajagopalan, who inaugurated the 200th store along with actress Andrea Jeremiah, shared this symbolic opening with his ten-year anniversary with Max Fashion.
Max has seena rapid growth since its inception. From a growth rate of only 20-25 stores perannum till four years back, to this year, which saw Max double its growth rateby opening 50 stores in this calendar year. Max is planning to leverage on thenationwide acceptance of the brand and focus on continuing the expansion allover India, with a focus on the northern and eastern markets. In fact the 201st storeof Max is coming up in Bangalore at Gopalan Arcade Mall, just two days afterthe 200thstore launch.
Mr.Vasanth Kumar, Executive Director, Max Fashion, who is all set to take up theposition of Managing Director of Lifestyle International from April 1,2018commented, “We expand cautiously, in a manner that our store failure ratesare kept under 1%. In addition to that, all our 200 stores are profitablewhen compared to other retailers. Underlining the fact that we are a 97%private label brand and have a 99% penetration success rate, this serves astestament to the confidence our industry stakeholders have in our business.They are assured about the success of Max in their property, which is thereason behind having another 50 stores in the pipeline by the end of 2018.”
The openingof the 200th store has enabled the brand to take things to thenext level. Everything seems to be right in sync – the brand, the people, thetransition into omnichannel, the rapid expansion and the awareness towards thebrand.
“It has beenan exciting journey for me throughout my tenure at Max. First five years at Maxwere more of a learning curve which involved a comprehensive understanding ofthe market and the consumers. The last five years have been a growth phase,which entailed associating with brand properties, putting systems in process, supervisingcross functioning of teams and delivering the best solutions to the consumers.We are also eyeing a growth of Rs. 5,000 crores by 2020”, mentioned Mr.Raghu Rajagopalan, COO, Max Fashion.
MaxFashion’s mission has been to establish a customer connect revolving around theidea of making every day fashionable at an affordable price. It has also beenabout democratizing fashion by addressing the needs of the contemporary middleclass and incessantly meeting the emerging needs of customers, not only interms of fashion but also towards covering their interests, aspiration andcareers.
Mr. JitenMahendra, Head of Marketing, Max Fashion pointed out, “ We are able to democratize fashion for15 million families and to make this possible the company’s marketing mix isbased on engagement and experiential marketing. With the current TVC andDigital campaign #MaxYourLook and #Endlessways Max wants to reinforce itsposition as an International Fashion brand. Brand Properties is anotherinitiative to target 18 – 24 years, which focuses on design through Max DesignAwards, Bollywood through Max Emerging Stars where we help people pursuecareers in Bollywood and modelling through Max Elite Model Look. We areextremely happy to see the above initiatives yield us results. Our Digitalfashion ecosystem has resulted in 2.3 million followers, Over 200K app visitorseveryday and a 60% growth in youth contribution”.
Max is theonly brand to address the current aspirational youth as well as establishitself as a destination for a contemporary family. It is a provider of anend-to-end fashion solution for families, yet 70% of its shoppers are below theage of 30. Max sees it as an achievement, as they have seamlessly managed tocapture the top of mind awareness of both.