The Exchanges

Q Is it like in a pharmacy where you pay rent to get shelf space?

A It's, it's a lot more than that. You have, they let you, you have to give them products that you can use on, on a service. So you basically craft an entire treatment menu with your, with your product. And then that's how you actually sell your product. Cause it's all about the after sales service and after sales purchase, right? So if I like a product, if I go to my hair hairstylist who I trust, because again, beauty is all about trust and, you know, believing in someone who you believe is an expert. So when I go to them, And you know, my hairstylist told me Bhakti, your hair is falling. Why don't you use this serum? You know, and let me, let me use it after I, you know, shampoo your hair before blow dry. This is how you use it. And oh, you know, um, the weather's really dry outside. So maybe you should try this shampoo that's moisturizing and that'll make your hair, um, you know, uh, hold, hold well in this weather. And then at the end of it, he's used all of that on me. And then he'd be like, listen, do you want to buy it? And I'm like, oh, I really like my hair, because again, then it goes back to validation.

AI assessment note: “It's, it's a lot more than that. You have, they let you”

Q Is there a product you're looking for right now? The odds will be higher if I build that.

A No, I don't think so. I think, see, we're a retailer. We want to be able to give the variety to the audience. Yeah, that's your job. I think what our job is to make sure that your brand is going to the right consumer. So we spoke about hyper-personalization. So if I can, if I understand who my consumer is, and if that consumer is, uh, is your consumer, then I'm doing right by you, and then it makes sense for you to list with me, and then I would want you, right? So I think for us, it is about having A large portfolio of brands, but also then making sure that the right brand is going to the right, we're connecting to the right consumer. And that is all about the personalization.

AI assessment note: “No, I don't think so. I think, see, we're a retailer.”

Q But that's a disincentive for me to then sell on Tira, right?

A No, I don't think so. I think first and foremost, we're a retailer, right? So I think that we will always make sure that we, we will always support the brand. And if we're getting into something, it's, it's great for the consumer because you're giving the consumer choice and they can decide what they want to. I think it's, it's pure retail. So I don't think it's about, it's also, there's, there's so many different ways now of working with brands as collaborations, there's exclusivity. So if you tell me that I'm going to be exclusive to you, and you know, we get into, I get, I make money off your brand, then I'm like, great, because it also takes that much amount of time and effort to create another brand, right? So I would also want to create a brand in a white space that I know is going to win quickly.

AI assessment note: “No, I don't think so. I think first and foremost, we're a retailer”

Q Do you find that tier two is going to purple, not coming to Tira?

A No, tier two is coming as well. I think it's about, as I said, it is about premiumization at every lever. We are, uh, we're really, we, I don't think that we are only speaking to the, uh, the metro audience. What, what, I think what we wanted to create is, A platform for, for the Indian consumer of today, right? And that consumer is not just sitting in tier one, they are sitting in tier two and tier three. And in fact, there is at least five X headroom, five X times headroom to grow in terms, uh, in terms of acquisition and, uh, you know, even premiumization, like a huge amount of prestige sales come from, uh, tier two and tier three cities. So we, we should not assume that those consumers are buying value. They have the ability, they have the, um, uh, uh, they also have the, uh, uh, wallet share to be able to spend, spend on those things. So, there is huge amount of untapped, uh, uh, untapped revenue acquisition all in, all beyond metros. Because those consumers, there is aspiration at every level. There's, as I said, there's aspiration and premiumization at every level. And there's so much untapped potential there.

AI assessment note: “No, tier two is coming as well.”

Q Okay. Last word guys, any advice to somebody starting tomorrow?

A I think mine would be definitely identify your white space, have a hero product strategy. And really, I think there's, there's this thing about like perfection, right? You want to get everything right. I think keep, keep building that momentum and getting out there. And it's not about beauty. It's just about really keep on going. And, uh, it's about progress, not perfection. So I think that is something that really, that I keep telling myself that, okay, What's the next move? So be agile and that'll really help you because you're, you can adapt. So I think for me, that's, that's what I would tell anyone that yeah, in beauty, definitely white space, storytelling, and, um, hero product are three things and community to kind of build your brand.

AI assessment note: “definitely identify your white space, have a hero product strategy.”

Q Interesting. Digressing from our subject for a second, you didn't tell us about how you started Tira. And you didn't finish what happened after McKinsey. Maybe we do a little bit of your lives. You want to go first? Okay.

A Um, so I had nothing to do with beauty. I started, you know, uh, did my undergrad in psychology and communication, graduated, and I was, got, got my first job at Macy's, but, um, you know, in, as a management trainee, and then in fashion, you weren't really going to get You know, anything post your OPT. So, um, my dad was like, come home and, you know, figure it out. So had nothing, had no, no plan. I think I've always kind of been, um, I like to say good at many things and, you know, uh, like I, I, I was, I was average at a lot of things. I was good at a lot of things. And I think, uh, so always trying to find that one purpose, that kind of. You know, what is it that, that will make me feel, oh wow, I've got it as well, you know, because you keep looking at other people and everyone has something about them or they know what they want to do.

AI assessment note: “I started, you know, uh, did my undergrad in psychology and communication”