For the rising tribe of sneaker followers in India, referred to as sneakerheads, Mainstreet Market is an Aladdin’s cave. Any unique, hard-to-get sneaker design is discovered right here and the corporate’s clientele consists of names like Bollywood actor Ranbir Kapoor, who as soon as received a pair of Dior Jordan 1, a collaboration between Christian Dior and Nike’s Air Jordan model, from right here.
Final yr, Mainstreet raised an undisclosed quantity in seed funding and in November, opened its second outlet, in Delhi. Now, it’s in talks with institutional traders to boost a multimillion greenback spherical.
Behind the model is an entrepreneur from Pune; Vedant Lamba was 18 when he began the corporate in 2017 in Koregaon Park. Now, at 23, he’s pushing to raised the corporate’s 2020-2021 turnover within the subsequent fiscal. Mainstreet Market doesn’t retail however resells sneakers — linking its enterprise mannequin to a subculture that’s outstanding within the West. At its coronary heart are the enduring Air Jordans that American basketball star Michael Jordan wore when he was taking part in. Lots of people wished footwear like his to point out that this was what they subscribed to as a tradition and there was even an advert marketing campaign titled ‘Be Like Mike’.
“As a result of demand was excessive and provide was low, they ended up forming a resale market. That’s what we do. Sneakers which are restricted in nature are what you discover at our retailer. Something you don’t get anyplace else, you get with us. It is extremely primal to need gadgets which are, each, scarce and wanted by different individuals. Sneaker tradition is constructed on id,” says Lamba.
Among the many retailer’s catalogue are the coveted Air Jordan 1 Mochas, which had been launched a couple of years in the past and price round Rs 25,000 a pair. As we speak it will possibly fetch round Rs 60,000 within the resale market. “In India, the market has solely simply began rising. There aren’t sufficient merchandise within the area for customers to actually develop the market. It would take a couple of years. We’re very early. You discover people who find themselves not sneakerheads make enjoyable of those that are,” he provides.
Mainstreet Market was among the many first movers within the area when it began a YouTube channel devoted to sneakers in 2017. Inside two months, it had a retailer that offered these coveted sneakers. “There was no sneaker tradition on the time and we noticed that as a chance. Smarter individuals would know that the market was not developed so there was no actual alternative. However my naive enthusiasm had me pondering we might construct it. Looking back, we all know that a person or an organisation can’t construct a tradition. We will take part in it and facilitate it at some stage, however there are too many stakeholders and gamers concerned. Everyone has their very own person journey and client story connected,” he says.
Inside a couple of months, and all of the errors that faculty college students might make in a enterprise, Lamba shut the bodily retailer and moved to Mumbai, the place he struggled for 2 years and constructed a community in addition to a finer sense of enterprise.
By the tip of 2019, income had simply begun to stabilise and the main focus had shifted to getting Mainstreet Market its personal retailer in Mumbai. “We had a grand launch deliberate for my twenty first birthday — which turned out to be the primary day of the nationwide lockdown (on account of Covid-19). So, we needed to indefinitely push the opening and I needed to come again to Pune,” Lamba says.
For the subsequent six months, dwelling together with his dad and mom in Pune, Lamba circled his nascent firm — registering round 600 per cent month-on-month gross sales progress. “We made extra money in my first two months in Pune than my whole two years in Mumbai mixed,” he says.
Shoppers come from all ages and lessons, however they observe the sneaker hype and traits. Mainstreet Market as soon as offered a Rs 4.50 lakh pair of sneakers to an eight-year-old, purchased by his mom. “You should buy a pair for Rs 20,000 and promote it for a revenue after carrying it too, typically. It doesn’t essentially must be an expense, individuals also can have a look at sneakers as property,” says Lamba. One other profile is people who find themselves conscious of the standing related to sneakers and need to flaunt the kinds.
After Mainstreet Market exited Pune in its infancy it has not returned. “I don’t assume the issue was with Pune as a lot with me on the time. The enterprise ecosystem in Pune facilitates all kinds of commodification enterprise and IT providers as actual property is simple and the price of dwelling is low, amongst different advantages. In terms of constructing a model, nonetheless, I see there’s a restriction on its progress,” he says.
The proximity to Mumbai additionally implies that “with regards to dwelling an opulent life-style, individuals from Pune choose procuring in Mumbai”. ”As a startup ecosystem, I hear the town is thrilling. Rising up in Pune was good however I really feel the town can be a bit laid-back. In cities like Mumbai, there’s a completely different sort of power and you’ve got entry to great alternative,” he says.
Developing, Mainstreet Market is stabilising operations, automating a number of facets of the enterprise and deploying know-how to enhance its buyer expertise, amongst different issues. “As soon as that’s performed, the cash that we’re elevating now will go into pouring gasoline on the hearth we’ve already ignited and scaling lots sooner,” he says.
