Soch, a prominent player in the women's ethnic wear market, has emerged as a go-to destination for fashion-conscious women seeking affordable and stylish ethnic wear. With a laser-sharp focus on evening occasion wear, the brand has carved a niche for itself and has become the largest single-label brand in this segment. Soch's unique hybrid business model, which involves harnessing the manufacturing and design capabilities of its extensive supplier base while maintaining complete control over its overarching aesthetic, has enabled the brand to stay ahead of the curve and deliver exceptional value to its customers. 

In this interview, we speak to Vinay Chatlani, Co-Founder & CEO of Soch, about the brand’s success, future product expansion plans, online growth, and plans for national and international expansion. Learn more about how Soch is redefining the women's ethnic wear market and meeting the changing needs of its customers.

Brand & its Personality

Tell us in detail about your brand with its key achievements. How has your brand adapted to the new changing dynamics of the fashion industry and women’s western wear segment?

Soch, a prominent player in the women's ethnic wear market, has carved a niche for itself by offering a wide range of products, including ready-made garments, sarees, ready-to-stitch outfits, kurtas, dresses, lehengas, skirts etc. With a laser-sharp focus on the evening occasion segment, the brand has scaled unprecedented heights, becoming the largest single-label brand in this space. From casual get-togethers to fancy cocktail parties, Soch caters to every woman's ethnic wear needs from any part of India.

To keep pace with the ever-evolving fashion industry and changing dynamics of the women's ethnic wear segment, Soch has adopted a unique hybrid business model. By harnessing the manufacturing and design capabilities of its extensive supplier base, the brand generates the design and creative direction for the range in-house, thereby maintaining complete control over its overarching aesthetic. This approach enables Soch to stay ahead of the curve while drawing inspiration from diverse parts of the country.

Soch's unwavering commitment to quality control, product exclusivity, and the regular introduction of new concepts reflects its proactive approach to staying relevant and adapting to changing trends. By striking a balance between its signature aesthetic and evolving customer needs, the brand has become the go-to destination for discerning women who seek ethnic wear that is both stylish and statement-making.

Are you an aspirational brand for your consumer? Tell us in detail about your target group (TG)? How have your customers evolved?

Soch has emerged as a highly aspirational brand which prioritizes fashion-forward ethnic wear that does not break the bank. By leveraging social media, bringing the latest trends to the market, and maintaining affordable pricing, the brand has succeeded in catering to the ever-changing needs of its target audience. Soch's core focus on evening and occasion wear has enabled it to differentiate itself from other organized retail brands in the ethnic wear space and establish a dominant presence in this segment.

The brand's target audience comprises fashion-conscious women who seek ethnic wear that is both stylish and affordable, without compromising on quality. Over the years, Soch's customer base has expanded to include not just those seeking traditional ethnic wear but also those looking for fusion wear and modern outfits that make a statement.

Soch's ability to evolve its range and remain relevant to its customers has been instrumental in maintaining its aspirational status. By staying true to its commitment to affordable pricing and evening/occasion wear, the brand has built a loyal following among women seeking premium-quality ethnic wear that reflects their unique style and personality.

Tell us about your investments in terms of innovation for future business. How is the brand using technology for growth?

Soch is committed to driving innovation to improve its future business prospects. The brand has invested heavily in a Business Intelligence (BI) platform that utilizes advanced analytics and "Root Cause Analysis" techniques to provide incisive insights. The BI tool's ability to detect exceptions and alert the appropriate stakeholders whenever certain business rules are violated has been a significant step forward for the brand.

Soch is also introducing an AI/ML-driven Planning, Buying, and Merchandising tool that provide intelligent recommendations to improve decision-making processes. The tool's real-time data is especially valuable during End-of-Season Sales when the brand needs to keep a closer eye on stock levels of fast-moving merchandise.

Additionally, Soch is implementing a personalized product recommendation engine powered by AI/ML algorithms. This engine provides customized recommendations to customers both online and offline based on their past trends and preferences, while also factoring in the items currently in their cart to maximize upsell potential.

These innovations will help Soch gain a better understanding of its customer's needs and preferences while providing valuable decision-making support. By leveraging advanced analytics and AI/ML algorithms, the brand is well-positioned to stay ahead of the curve and deliver exceptional value to its customers in the future.

Product & its strength

Tell us about the key product categories and the bestsellers. What are your average price points?

Soch's diverse product range includes over seven major categories of ethnic wear for women, with its bestsellers being evening occasion wear. Its product offerings span a wide variety of outfits, including salwar suits, dress gowns, kurta sets, layered kurtas, sarees, heavy dupattas and ready-to-stitch outfits. The brand's commitment to delivering high-quality and stylish outfits for every occasion has made it a go-to destination for fashion-conscious women.

Soch's pricing strategy is based on the latest fashion trends, the category of the product, and the materials utilized in those products, ensuring affordability without compromising on quality. The brand believes in providing customers with the latest fashion at a reasonable price point. The starting price goes as low as Rs 798 and the average price is around Rs 1799.

What are your future product expansion plans? Do you wish to expand more categories?

Soch's future product expansion plans include entering into complementary categories such as accessories and jewellery, which will complement its existing range of ethnic wear and provide customers with a holistic shopping experience. In addition to this, Soch plans to expand its international presence, both through physical stores and e-commerce platforms, bringing the latest Indian ethnic wear to customers across the globe. The company aims to cater to the needs and preferences of its customers worldwide, providing them with a seamless shopping experience.

Retail Mapping

Tell us about your key markets. Mention their names and define their retail spread.

Soch’s key markets are the southern cities and regions where a majority of its stores are located and successfully operate for over a decade now.

How many retail points do you have currently?

Soch currently has more than 150 exclusive stores in 60 plus cities across the nation.

How well have you scored online? How has this changed the business for you?

Soch's investments in technology and digital transformation have significantly strengthened its online presence, driving growth and efficiency across various functions. The brand has a robust D2C website and is present on leading marketplaces. Soch has also been an early adopter of endless aisles and save the sale with Arvind Internet, enabling fulfillment from stores for three leading marketplaces, which is expected to boost sales by providing customers with more choices and faster fulfillment.

Soch's digital transformation journey has helped the brand stay ahead of the curve and remain a dominant player in the Indian ethnic wear market. With stunning imagery and highly engaging content, Soch features its curated collection through digital catalogues, for its consumers. Soch’s endless aisle purchasing options and omni-channel strategy provides a seamless shopping experience, leveraging the thousands of options across all Soch outlets. Moreover, Soch’s revenue from online business grew by 130% during the financial year of 2022-2023, and it aims at growing in a similar fashion for the next year.

This impressive growth is a testament to the effectiveness of Soch's digital strategy, which has allowed the brand to reach a broader audience and serve its customers' evolving demands with greater ease and efficacy. Soch’s impressive presence of a combined following of over 1.1 million on the major social media platforms and over 1.6 million visitors to its website in the past six months alone, highlights its strong digital footprint and continued success in the online space.

Expansion Details

Soch aims to exceed the Rs 500 Crore benchmark in terms of top-line revenue for the Financial Year 2023 – 2024, and subsequently surpass the Rs 750 Crore and 1000 Crore milestones within the next three and five years.

To facilitate this growth, Soch plans to open 40 new stores in India during the next financial year. Soch is actively exploring expansion into international markets especially markets such as Dubai, America, Canada and also the Asian market with Malaysia, Indonesia, Singapore and Sri Lanka being some of the places of interest. They are also exploring entering international markets through multi-brand formats.

Soch's pioneering hybrid business model, which combines in-house design and direction with extensive supplier network capabilities, has been the driving force behind its success. The brand's focus on quality control, exclusivity, and the regular introduction of new concepts has set it apart from the competition. Going forward, Soch is poised to continue pushing the boundaries of ethnic wear fashion while staying relevant to evolving customer needs. With Vinay Chatlani at the helm, Soch is set to carve a niche for itself in the ever-evolving ethnic wear market.