Chinese retailer Miniso has tasted immense success after it entered the Indian market in 2017. Specialty retail, where high quality products are sold at affordable prices became a hit among Indians, who are known to be highly price sensitive consumers. It is no surprise then that Miniso today has over 100 stores across India.
When Vaibhav Jain, a serial entrepreneur, travelled to South East Asian countries, he was intrigued by fast fashion shopping, a popular concept in these countries.
“I would always enjoy visits to these concept stores that offer unique, cute and offbeat products. All these products were of good quality and were reasonably priced. We found that in India there weren’t any other Indian brands catering to this segment. We decided to apply the same concept here in India,” he says.
But India already had Miniso, after which other Japanese and Korean brands such as Upuso, Ximi Vogue too, had entered India on the back of Miniso’s success here.
Vaibhav then decide to capitalise on the concept of impulse buying and launch an Indian brand in this segment. The 24-year-old, with Rs 10 crore of investment, founded Tynimo in Bengaluru. “Tynimo is India’s answer to all the foreign brands out there,” Vaibhav says.
Tynimo currently has three stores in Bengaluru at Mantri square mall, Malleshwaram, Commercial street and Jayanagar 4th block with one upcoming store at HSR layout.
Tynimo sells products across 16 categories including toys, home décor, bags and wallets, fashion jewellery, hair ornaments, footwear and socks, seasonal products (sunglass, umbrella, caps etc), travel series, personal care, food and beverages (to be introduced), Indian handicrafts, digital and watches, innerwear, office stationery and sports and fitness.
Entering a market with a concept that was introduced here by Miniso, Vaibhav says that he has ensured to create a differentiated brand.
“There is a huge market here. Being a developing country, India’s retail market is pegged to be at $1.3 trillion by 2020 and being a lifestyle brand with products across 16 categories, the opportunity is huge,” he adds.
Tynimo is also betting big on the tier 2 and tier 3 markets. In terms of customers, Tynimo is mainly targeting women.
“There is scope for more than one brand to exist and have healthy competition. This is visible with reputed foreign brands entering India and they are followed by many lookalikes of their own. Globally, this segment has been successful in most of the developed as well as developing nations,” Vaibhav adds.
One major differentiator, according to Vaibhav, is a range of made-in-India products that it offers. Tynimo sells a number of Indian handicraft products at reasonable prices.
“The Indian handicrafts collection is designed by artists across various regions including Jaipur, Varanasi and Saharanpur. Each artistry collection represents the culture of the specific region they belong to, with raw materials used for these works specific to those regions, like Ambabari and Kadam wood carvings which are native to Rajasthan,” Vaibhav adds.
Tynimo also has a skin care range that entirely made in India with organic elements.
The rest of the product portfolio is products sourced from Japan, Korea, China and Malaysia. Vaibhav says that Tynimo is working on slowly making the shift towards Indian manufacturers.
Its current product portfolio is priced between Rs 50 to Rs 3500.
Launched nearly eight months ago, Vaibhav claims that the store has seen significant growth. “We are witnessing on an average 100 walk-ins everyday per store with 70-80% conversion ratio and average ticket size is between Rs 850-Rs 1000,” he adds.
Going forward, it is planning to open company-owned stores in major towns, cities and metros. Apart from that, it is also inviting franchise partners.
It is planning to invest only Rs 3-4 crore over the next few years. By FY20-end, Tynimo wants to have at least 50 operational stores across the country, of which 40-50% will be in tier 2 and tier 3 towns.