“The Budget 2023 is hopeful for the whole Indian economy, as well as for consumers’ pockets,” said Varun Moolchandani, Executive Director-Archies.
Despite the rising tax on soft toys, the Chinese toys industry, Archies, is optimistic about the future year. Moolchandani said that the government’s action is to boost the “Made in India” movement.
“We delivered our soft toys and toy sector from India around a year and a half ago. So we’re all happy and excited about it,” he remarked.
He said that ‘Made in India’ has really provided a benchmark in terms of expenses and price. “We’ve adjusted our M retail pricing somewhat, and it is now significantly lower than the import factor,” he said.
The corporation intends to increase its marketing budget, he added.
Valentine’s Day has begun, and Archies is prepared with its distinctive gifting selection.
“Our Indian manufacturers are all designed by artists, so it becomes an exclusive product rather than China having the same item we have in store. As a result, it has become a more specialised product. Our artistic creative team developed and conceptualised everything,” he added.
In addition, the firm has several activities for Women’s Day in March.
“We’re launching a major social media, influencer blogger campaign right now in store activities for Women’s Day. Everything is occurring on YouTube, Facebook, Instagram, and other social media platforms. So we’re also preparing a large Woman’s Day celebration,” he stated.
When asked about the company’s profitability, he stated, “Mother’s Day, the rocky Diwali was a surprise element for us, these two quarters brought us in profits.”
“We launched our site in January, so it’s a new baby we took it after pandemic and then probably from next fiscal year, we should have a contribution of about 15 per cent for online sales and 85 per cent for offline sales compared to franchise company, all stores retailers that will be the bifurcation,” Archies said.
Last year, Archies’ revenue surpassed Rs 75 crore. In Q2 and Q3, the company was profitable, active from the industrial financial year; it did business of 63.5 crore against 52 crore last year, a 21 per cent increase, according to Moolchandani.