Clovia CEO on overcoming hurdles to ensure hyper business growth

During the Be Unstoppable, an HP for Business launch, Pankaj Vermani, MD and CEO, Clovia, shared his journey about how it began as a startup, and has now become a big name in women’s innerwear fashion.

The women innerwear fashion is not some regular apparel. It is a crazy numbers of sizes, and based on multiple body types. This is a big market, and a very challenging category of women’s fashion. By 2019, the women’s innerwear business will increase to 18% CAGR, making it the fastest-growing segment with a $9 billion opportunity.

The traditional ‘manufacturer mindset’ approach focuses only on few sizes and fits to manage working capital (inventory). It passes through a majority of margins in distribution, and also depends on the retailer for sales and consumer feedback (red alert). The traditional manufacturers try the shirt-approach on innerwear, and hit the ceiling fast. Also, they deal with cut-sizes and leftovers to further eat into your margins.

Web and use-of-tech changed traditional mindset

There are a lot of variations tried by Clovia. These are:

• Making a lot of solutions and sizes for different body types
• Tracking sales, and feedback from over 20 consumer aspects tracked.
• Data fed into a replenishment engine.
• Staying closer to the customer and listing to her.
• Learn from the Internet and implement everywhere.
• Develop tools to help the consumer make the right choices.

Here are the steps to follow: 

Get the right team and delegate: Having a good team is primary to drive your business. A strong team is the foundation of any business, and accountable for the success and smooth running of the company.

Have a crazy, positive attitude and positive people around you: Clovia has followed a process map, believing that it will work out, included planning, pricing and designing, quality assurance, production, warehousing and logistics, sales, and CRM/feedback.

Play to your strength and pick your battles: Affordable, premium fashion solution is at the back of technology. Clovia made a tech stack: from production management to reporting engines, including the frontend and feedback engine, further eliminating barriers to scale.

Have the right network or make one ASAP: Multiple battles lead to multiple expertise. Clovia now has an exclusive brand outlet with multi-brand outlets across the country through various channels like Myntra, Jabong, Amazon, Nykaa, Flipkart, etc.

Think big, and you can only get as far as you plan to: Thinking big is the key to accomplishing your biggest or most complicated goals. Just know where to start. 

Don’t burn out: Play the long-term game and enjoy what you do.

Always have a plan B: In case of pre-EMT cashflow challenges, be ready with a backup plan, if/when they come.

Vermani concluded, “Keep digging, till you find your gold, but be smart enough to know when to stop and pivot.”