When Priyanka Kheruka, a third-generation member of the Kheruka family, which owns 52-year old glassware major Borosil, wanted to expand the company’s product portfolio, she found that there was no one store where the company could showcase its entire range. That made her come up with the idea of going online and launch MyBorosil.com.
Similarly, Amrish Kumar, son of the upmarket fashion designer Ritu Kumar, convinced his mother to launch an affordable line of apparel under the brand ‘Label’, in a bid to scale up the business into new market segments through sub-brands.
Like the Kherukas and Kumars, home-grown brands and chains are finding mentors and risk-takers in next-gen family members who are spurring growth by branching out, launching international operations and even venturing into e-commerce.
Take, for instance, Delhi-based Ahujasons Shawl Wale, which opened its maiden store in Japan recently after Bhuvan Ahuja took the initiative to take the brand beyond Indian shores. “We plan to expand in international markets such as China and the UK by next year through the franchisee model,” says Ahuja, who is also the retail head of the company.
Kavil Ramachandran, Executive Director, Thomas Schmidheiny Centre For Family Enterprise, ISB, notes: “Most heirs-apparent already have an ecosystem to start an entrepreneurial venture. The desire to start a new venture is backed by opportunities, education and high awareness about technology”.
Another home-grown chain, Karol Bagh Saree House (KBHS), has introduced Bollywood inspired sub-brand Diva’ni under the guidance of Sanya Dhir, the founder’s daughter. Dhir, who is the Brand Director of KBSH, said there was a huge demand for sarees from the international market.
Others such as Good Earth, the home-grown luxury lifestyle retail brand, are setting up web boutiques to tap overseas clientele. Simran Lal, CEO of Good Earth and daughter of founder Anita Lal, said the e-commerce venture was launched a couple of months ago and 50 per cent of its orders were from international destinations.
Says social commentator Santosh Desai: “For next-gen family members, it is a combination of financial capability and education which makes them want to branch out of family-owned concerns. Also scalability of mid-sized firms can be restrictive but a new venture is idea-intensive and can be backed by existing capital.”