Ready, steady, fly!
Planet Superheroes recently announced its store expansion footprint to go beyond the metros of India. With six new retail stores in the last quarter – they have expanded into towns like Jabalpur, Surat, Mangalore, and Vapi making the total count at 25 across India. With 10 more stores opening in the next quarter, Planet Superheroes is leading the way in terms of its omnichannel footprint across both physical and online channels.
Planet Superheroes was launched in 2014 to cater to the huge comic fan community of India which was hungry for a brand focused on providing officially licensed character merchandise. In a market that had been widely polluted with counterfeit products, Planet Superheroes took the leap of faith that Indian customers wanted value for money and preferred official merchandise with consistent quality over counterfeit products. They have now established themselves as a market leader in just under five years both in terms of retail footprint and in the breadth of characters and categories they sell. They have also established a pan India distribution in the toys category to cater to the Mom and Pop Stores of India that still rely on traditional distribution channels.
In terms of licensing partnerships, they work with almost every major licensor from Disney, Warner Brothers, EONE, Viacom, Spin Master and Hasbro bringing joy to its end customers across age categories from Pre-School to hardcore Action Figure Fans who have no age limit! They sell 50+ categories from Apparel, Toys, Collectibles, Electronics and Accessories to name a few. They have also been winners of the Comic-Con Gold Awards for two years in succession.
Licensing in India
The Annual Global Licensing Industry Survey 2018 estimated that the global licensing industry is worth $271.6 Bn. However, licensing in India is still at a nascent stage. But the entry of licensees like Planet Superheroes, coupled with advancements in technology and ever-expanding marketplaces have provided the much-needed tailwinds needed for the growth of this sector. There is still a lack of retail players as traditional retailers do not understand the power of curation. As one of the earliest licensed merchandise brands, Planet Superheroes started focusing on creating ‘character merchandise’ as a category in itself and became a forerunner in bringing this concept to end consumers. While brands like Hamleys, Reliance, Lifestyle etc. also sell character merchandise in silos under Apparel, Electronics, Toys, Planet Superheroes has taken a contrarian “curated category” approach on the lines of other global players in the world that have succeeded in this space.
The most important challenge in retail is managing the expectations of the mall owners who often expect Planet Superheroes’ “trading density” (Revenue per square foot) to be on par with other premium fashion brands. This is a challenge because, despite the better than average conversion, the average price of these products are much lower compared to the bigger brands who command a much larger premium. However, after successfully executing its first 5 stores and proving the value addition, most mall operators now approach them to become a part of their upcoming mall launches because of the uniqueness and customer engagement value that they bring to the mall. They currently work with almost all the marquee mall developers from Phoenix Mills, Viviana, Nexus, Infiniti, VR Mall and Forum to name a few.
Planet Superheroes will continue to expand its retail footprint into territories that are under-served. Their next focus will be in the Eastern and Northern parts of India going as far as Guwahati in the North East of India. Planet Superheroes is a brand with a technology DNA – their technical ambitions surpass their current scale. While most retailers 5 times their size have started thinking about these problems, Planet Superheroes has been quietly investing in leveraging automation, data-warehousing and intelligent algorithms to crack the complex world of omni-channel inventory management. They strongly believe that their robust tech infrastructure and process-driven expansion would be key differentiators as they scale from store number 25 to 100.
Originally published as a Press Release on Licensing International. Read it here: PSH on a mission to take over the country. Written by yours truly 🙂