“What sports taught me is to lose and come back again the next day.”- Siddharath Bindra
In this episode, Ashutosh Garg engages in a conversation with Siddharath Bindra, MD, ‘BIBA Apparels’. The man who invested 21 years of his life in the textile industry shares invaluable lessons for building a great brand. He is a cricket enthusiast.
Siddharath talks about the challenges in his early career. He explains, when fashion is changing rapidly, how BIBA manages to stay up to date. He tells the story of BIBA partnering with Bollywood companies, and how it gave the brand a head start in the market.
Siddharath attempts to foresee how technology will enhance the retail experience. He shares the basic mistakes startup entrepreneurs make. He shares the secret formula to raise money successfully. Before concluding, he shares his biggest learning from his biggest failure.
Siddharath Bindra, Managing Director, BIBA Apparels
Born and brought up in India, Siddharath Bindra is the Promoter & Managing Director of BIBA. He has around 21 years of experience in the Textile and Apparel Industry. Siddharath joined the family business in 1997, with a primary objective to convert the ‘home grown’ product to a national ‘brand’, capitalizing on the retail boom in the country. In a country where ethnic wear was predominantly unorganized, it has been Siddharath’s keen understanding of the Indian consumer and of the prevalent retail scenario, which has transformed BIBA into the country’s most loved ethnic wear brand. BIBA was the first in the Category to raise Private Equity from Future Ventures in 2007 and was also among the first Company to provide a very profitable exit to the Investors. In 2013, BIBA went on to attract marquee investors like Warburg Pincus to invest in the Company, which is the largest private equity investment in the ethnic wear market and probably the Fashion Industry.
In fact, today the company enjoys leadership position and is by far the largest ethnic wear retail chain in the country. With the constant endeavour to expand the business, product profile and consumer reach, Siddharath has also acquired a substantial minority stake in the designer label Anju Modi; thus marking BIBA’s foray in the bridal and luxury ethnic wear category. He has also launched a fashion value brand called Rangriti, to enhance the Company’s presence at lower price points and to be able to cater to a large segment that is still purchasing from the unorganized markets. BIBA today has over 275 exclusive stores present in over 108 cities pan India. It is also available in large format stores such as Shoppers Stop, Lifestyle, Pantaloons and Central, Myntra, Jabong, Amazon, etc. Biba was also the pioneer of Bollywood merchandising in India with its first integration in “Na Tum Janno Na Hum”, followed by other exclusive partnerships with movies such as “Devdas”, “Baghban”, “Hulchul”, & “Bhoothnath” amongst many others. Siddharath is an avid Cricketer and he lives in New Delhi with his wife and two children.