“The fashion market in India is valued at about Rs 75 billion to Rs 80 billion and while estimates may vary only about 20%-25% is organised.”
Working on Tiger Shroff’s activewear brand PROWL and the launch of Jacqueline Fernandez’s fashion brand next month, Mojostar plans to redefine the way celebrity retail brands are marketed in India. In a chat with Moneycontrol, Abhishek Verma, CEO, Mojostar talks how the organised fashion sector is growing in the country. With his previous experience as head of Myntra Fashion Brands, Verma also talks about the involvement of celebrities in creating these brands.
Tell us about the fashion market in India?
The fashion market in India is valued at about Rs 75 billion to Rs 80 billion and while estimates may vary only about 20%-25% is organised. Out of this the overall online fashion market is only 5%. That is the space we are trying to develop. Growth indices suggest we have a lot to do in the segment and the fashion market is growing in double digits. Three to four years down the lime the market is expected to touch 100 billion dollars and if all goes the way it is at present one third of the market should be organised which would give a lot of scope for new brands in the fashion segment to make the most of the organised market and its growing popularity.
Which celebrity brands are you working with this season?
Mojostar aims to create a portfolio of 3-4 celebrity brands in lifestyle space, with each brand creating value upwards of $100 million over the next five years. We have already finalised Jacqueline Fernandez and Tiger Shroff for its first set of celebrity brands. Though initially the focus will be primarily online, we plan to retail our product in an omni-channel manner.
How does Mojostar function? How exactly do you assist the celebrities when they launch their own brands?
We partner with top celebrities to co-create authentic, high- impact indigenous brands in the lifestyle space. With three celebrity-driven brands lined up for launch in 2018, Mojostar envisions building a world-class ‘house of brands’ which leverages the power, draw, and allure of celebrities to provide enriching brand experiences to fans. We identify high potential consumer white spaces in the lifestyle market and match them with celebritie. Being consumer backed and not celebrity forward in its approach, makes Mojostar different from other players. Mojostar backs this approach with a strong in-house capability of design, product development and supply chain.
You have prior experience of working in Myntra where we have seen Hrithik launching HRX and Deepika launching ‘All about you’. How involved are these celebs in the brand they create?
The celebrities have a four stage involvement with their brand. First they decide what the brand would communicate and what the brand philosophy is then they do the direction setting in regards to design followed by product strategy in terms of quality etc and finally promoting the brand which is the most important part. The brand has a soul and this soul is represented by the celebrity.
What are your plans for Mojostar?I aim to leverage my experience with functions such as design, sourcing, buying, merchandising, marketing, planning, sales, technology, and product to drive Mojostar’s success. With a view to using tech disruption to reorganize value chains and create new business opportunities, I envision combining the power of celebrities, product excellence, and authentic brand development to create a house of multi-million dollar Indian brands in fashion, fitness, and personal care.