Tie Rack, a UK-based retail chain for men and women’s apparel and accessories,
has major expansion plans on the cards in India. It plans to open 70 exclusive brand outlets and 60 MBOs by the end of 2015. Currently, there are nine EBOs and five MBOs. Also, the retail chain plans to be present across UAE by October 2010.
Tie Rack merchandise includes premium shirts and accessories like ties, cufflinks, rich leather portfolio bags, belts, wallets, watches, and eyewear. Established in 1981, Tie Rack has expanded rapidly and now offers its products in over 250 stores located in 27 countries. Moreover, the average size of their store has been upped from 250 sq. ft. as in Europe to 500 sq. ft. in India. In large format stores, Tie Rack will be present through the store-in-stores format.
Tie Rack London has a presence in all the key regions of Delhi, Mumbai, Chennai, Bangalore, Kolkata and Pune. The target audience varies from young executives who are constantly on the lookout for trendy products and well-traveled corporate honchos. Tie Rack has entered India through a tie up with Genesis Colors, the Indian fashion conglomerate and holding company for major fashion retail brands and marketer of international luxury labels. It’s the market leader in the necktie and accessories business in India, with over a 100 retail points in India and a huge overseas market.