Softlogic opens new outlet ‘Fossil’; looks for another store for ‘French Connection’
View(s):US iconic mid-century brand ‘Fossil’ was launched in Sri Lanka at the Arcade Independence Square last week at the same venue where UK’s ‘French Connection’ (FCUK) opened two years ago. There were two outlets of FCUK in Sri Lanka, one at the Arcade Independence Square and the other at the Fairline Building in Kollupitiya. Both brands were launched under the Softlogic franchise.
Recently ‘The Body Shop’ was launched at the same venue as the FCUK in Kollupitiya.
At the ‘Fossil’ launch, when the Business Times asked Natarajan Govindarajan, Head of Operations and Head of Business Development, Softlogic Brands and ODEL PLC, as to why FCUK was removed from the two locations, he said, “We are looking for another outlet for FCUK at the Arcade Independence Square and have requested the Urban Development Authority for approval.” He did not give a clear response as to why Softlogic withdrew FCUK from the two locations.
On the investment of ‘Fossil’, Mr. Govindarajan said the investment on the Fossil outlet depends on which country they bring the products in, may be from India, Hong Kong or Singapore. The rates differ from country to country. Softlogic has invested heavily in bringing down the brand to Sri Lanka. There are lines of dozens of other world renowned brands that will be coming into Sri Lanka under the Softlogic franchise, he added.
He also stated that globally consumers who go for international brands are the middle and upper-middle income people. The poor are moving towards lower middle income, middle income, upper middle income and then become rich and the richest. The aspiration level starts from the lower level and keeps moving up. As they keep moving, the larger number of people are in the lower middle income, middle income and upper middle income. That is where 70 per cent of the chunk of business holds the market, everywhere across the globe, may be a developed, developing or a Third World country.
With 21 million population in Sri Lanka, the government is looking at more tourists visiting the country and a lot of tourist entertainment is going on. Within the next 10 to 15 years with the Port City and road developments, Arcade Independence Square will be the shopping destination, he noted.
Fossil is an American watch and lifestyle company creatively rooted in authentic vintage and classic design. It strives to create high quality watches, bags and more that preserve the best of the past while updating it for today’s use. (RM)