Despite having limited resources and a plethora of challenges, some of the new and emerging buying houses are doing good or satisfactory business. Nearly four years old, Noida-based Myriad Sourcing is one such buying house which is moving forward consistently despite initial hiccups. The company, already having nearly 10 clients in US and the EU, is now targeting Latin America and South African market. In terms of product categories, the organization is currently focusing on the junior fashion market (for girls) and is also adding plus-size value added garments to its existing basket.
Expecting 10 to 15 per cent growth in the current fiscal, Pankaj Khanna, CEO of the buying house informed Apparel Resources , “Reverse seasons of these markets compared to our prevailing ones, is the main reason that we are entering into this segment. Our previous experience of working with buyers of these markets make us even more familiar with the tastes and requirements of these region.” Despite the existing challenges in these markets like the declining Brazilian currency, he is hopeful about these markets as he has direct contacts and own marketing team in these countries which will help him to grab orders effectively.
Talking about the plus size, value-added garments, Pankaj insists that there is certainly a major gap in this particular product domain as basic product dominates the same. “Our clients which are mostly mid-level brands and stores do have plus-size brands or segments in their offerings. They ask for value added stuff in plus-size which is not that much common in India. We will definitely do fair amount of business in this niche segment,” he added.
Pankaj, with a widespread experience of working with top export houses of Delhi-NCR like TCNS, New Delhi Export House and buying houses like East End Apparels, is managing this business fairly well with his small team. His many years in the industry motivated him to become an entrepreneur. Having strong relations in most of the apparel manufacturing hubs, he is working smoothly with good vendor base. “I started my organization from scratch but believe in maximum output by minimum resources, slow and steady growth. We are growing well and are sure to continue with it,” he concluded on an optimistic note.
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