'Fashion Thrives On Advertising'

STARTING OUT

It all began in 1981. I had finished my studies. Schooling at Manav Mandir and a commerce degree from HR College, Mumbai. Dad had his business called Bansi Silk Mills which I knew I would enter. But he belonged to the old school. Conventional, conservative and very orthodox. He was a cloth trader who could never associate textiles and fabrics with glamour and models oozing sex appeal from every pore of their skin. So we carried on in a way that did not require much to be changed.

After a while the boredom got to me that I began to feel restless and if I didn't get out I knew I would sink. I wanted to start my own yarn manufacturing unit. For that I needed Rs 7 lakh. I had about Rs 2 lakh saved as margin money I made through a few deals I traded in over the years. Two brothers chipped in with an equal amount. Dad, helpful as ever, loaned me Rs 1 lakh. And so we started Pantaloon Fashion (I) Limited.

 

It was 1987. For me the amazing thing was being witness to a revolution. In the old days people dealt with fabrics. In the new era, it was called fashion. From fabrics to fashion, the word changed, a newer meaning developed and the concept metamorphosed into a whole new game ever since Adam stood behind a fig leaf in the garden of Eden. Dressing was in, people were becoming fashion conscious. Instead of going to tailors, they started buying from readymade stores.

CHANGING TRACKS

Initially we began to make trousers and hawk them to shops selling multibrand clothes. The response was good, but it could have been better. That same year, I decided to change tracks, start operating from a regular base. Dad owned a 6,000 sq ft gala (shed) in Andheri. I used the place, installed plant and machinery worth Rs 20 lakh raised through bank loans using the machines as collateral, and then we began the first of our series of advertising.

Clothes need to be advertised. That's how a fashion business grows. It worked. The first year our turnover was Rs 70 lakh on an advertising budget of Rs 17 lakh. The company made a reasonable profit of Rs 8 lakh which was used to pay off part of the bank loan. My aim was to slot Pantaloon in the office and casual wear segment and make it available all over India as well. That was a dream. The harsh reality was expansion cost money. We needed our own retail shops so customers would get Pantaloon in everything: Shirts, trousers, blazers, socks, ties, kerchiefs, etc. Raising funds meant going public, which in turn meant outsiders coming in. Look around and see what happens when control is divided in the hands of many. Treading on toes could spell disaster for the company. I had a clear goal, what I needed was a smooth approach.

TURNING POINT

Luckily Arvind Mills arrived on the scene and seeing my efforts with Pantaloon offered me a deal I couldn't resist. To sell their brand of denim. I agreed and the popularity of the denim temporarily staved off the money crisis. In