 Hasbro to launch design studio
In order to introduce refreshing new lines with emphasis on fashion wear, Hasbro has decided to launch a design studio in Chennai shortly.
The focus on fashion will gain further momentum in the coming year. Hasbro plans to increase the investment on R&D, and also leverage the immense talent pool of NIFT, Chennai, its director, Hanif Sattar, said.
The company is launching the Hasbro Design Studio in the next few months, he said, adding the studio is the centre of Hasbro's gameplan to stay a step ahead of competition in terms of fashion. In the proximity of the corporate offices, the facility will have access to the latest in international fashion, and will be primarily working on the new lines for two brands.
Hanif said the decision to invest in R&D is a critical part of the new strategy. Currently, the scope includes extensive travelling to fashion capitals around the world and access to international literature on trends and fashion. The company has started recruiting fashion designers from NIFT to help plan a new range of products.
A business growth of 40 per cent was observed across markets, director Suhail Sattar said. Markets like Kerala have experienced a huge change as consumers are becoming more upwardly mobile, discerning and conscious of the brand and product quality. The response to 'Basics' and 'Genesis' in these new markets has been very encouraging and the learning from last year is the cornerstone of the company's plan for 2005.
Hasbro launched over six new ranges last year, including 'Fully Loaded', 'Saturday Nite', 'Rewind' and the 'Diwali Collection'. The company also opened one store in Kochi and finalised the blueprints for 10 - two each in Bangalore, Coimbatore, Chennai, Hyderabad and
Kerala.
The company achieved a turnover of Rs. 35 crore between the period April 1, 2004, and March 31, 2005, and is targeting Rs 50 crore for 2005-2006. This includes revenues from their retail operations, multi-brand operations and exports.
The year 2004 saw 'Basics' and 'Genesis' emerge with a fresh business strategy, with a clear focus on fashion. The product line itself has evolved significantly in the last year. The brands experimented with fabrics and designs and sought to bring the latest in international fashion to the Indian racks. Trendy lines (like the Light Up and the Nite Collections), new fabrics (like linen), and interesting fits were representative of this shift.
Suhail Sattar said, "Fashion is the way forward. Value and pricing are not the only things that will excite the customer, who is now better informed and fashion-conscious. We have developed some cutting-edge work in 2005 to cater to their evolving needs."
R Rangaraj
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