avourite words is an African word ‘ubuntu’. It means ‘I am what I am because of who we all are’. We’ve just had our best year ever. In a way, the pandemic was a driver. It made us reflect on the way forward,” Raul Rai, co-founder of Nicobar, told Inside Retail. Where it all began For Nicobar, the pandemic provided an opportunity to evaluate what was going right and what was not really working in the business.  “When I launched Nicobar with my wife, we were very focused on creating a brand that constructed products in a mindful manner. We wanted products that last longer, materials that last longer and [to] approach design with a philosophy that is everlasting,” he explained. Rai saw an opportunity to mine India’s rich history of cultural art and reinterpret designs in a way that is mindful yet contemporary. A prime example is the brand’s latest apparel collection, Bodhi, which features bold and floral prints and flowing silhouettes to evoke feelings of serenity. “Next year, we are going to announce two big collaborations,” Rai said. “One is with a global alcoholic beverages company, where we create a line extension, and then another one with a large Indian conglomerate where we launch into a new category of beauty.”  It’s been a busy period for the brand. Two weeks ago, it launched Nico Sport, a new sporting line that has shirts, pants and accessories made from blends of organic cotton, recycled polyester and biodegradable materials. “We’re using mindful fabrics, and we wanted to design sports clothes that can be worn on and off the court. Our designs are whimsical. They are tigers and eagles playing golf, goats playing tennis, referring to the greatest of all time,” he said. A bit of background Rai grew up in India, but he went to university and business school in the United States, where he worked in investment banking and private equity for 18 years. His time at Goldman Sachs was a defining period for him, and he learned lessons there that are still relevant today. “As a 27-year-old associate at Goldman Sachs, I had the opportunity to ‘shadow’ one of the most senior people there for four hours, once a week. My task was then to write about it after reflecting on it. I can’t tell you what a game-changer that was,” he revealed. He also received mentoring and valuable advice, such as: “Stop trying to be the smartest guy in the room. People will figure that out over time. Try and make sure people enjoy working with you and try making others successful.” At Nicobar, Rai aims to create a culture where people genuinely care about the success of others, not only themselves. He strives for authenticity, where there is alignment between what you’re thinking, saying and doing. “We’ve got a lot of great talent here, and we are focusing on building a great organisation too. It’s about creating a design environment which has a balance between chaos and discipline,” he explained. The philosophy is everything In both his personal and professional life, Rai aims to live mindfully and be in sync with the planet. His wife, Simran Lal, has been appointed as the “guardian of the soul” of the company, a role that Rai believes is essential to keep the brand grounded. “What happens in most companies is that they start drifting into a search for near-term revenue and profitability, but at Nicobar, we are constantly looking at deepening the aspiration factor, done in a fun and whimsical way,” he stated. The aim for Rai is to keep Nicobar mid-sized and special. He is neither interested in creating mass appeal nor catering to the uber-luxury niche. Sixty per cent of the brand’s customers are in their 30s, 40s and 50s. The other 40 per cent is split between the over-50 and under-30 demographics. “Our customers have a global mindset, they’re passionate about their life pursuits, and it turns out that customers in the 30-to-50 age group are quite comfortable in their own skin and have made some independent decisions,” he said. This demographic is known for their brand loyalty and higher spending power, but Rai is also aware of the importance of reaching younger customers, and ensuring the brand is top of mind for them as well.  “I can’t tell you how many resumes we get from design schools in India. Kids want to come and work over at Nicobar. Young Indian consumers are increasingly environmentally conscious, digitally native and exposed to global trends and designs,” he noted.  The physical store For Rai, bricks-and-mortar stores are the best place for customers to learn about the brand, and for the brand to learn about its customers.  For example, one of the biggest insights the company has gained is that many customers purchase items as gifts for friends and family. This wasn’t evident through its online store. “We have 14 stores across the country, and we are hoping to add eight to 10 more stores this year,” Raid said.  He feels that the company has barely scratched the surface of its potential. The biggest challenge is getting more customers to buy into the brand’s philosophy. Nicobar has about 200,000 customers to date, and Rai is keen to grow that figure. “2023 is going to be all about doing things better. Can we run our stores more efficiently? Can we get better feedback? Can we make our teams understand the customers better? Of course our two exciting collaborations next year are also very exciting,” he said. With the upcoming collaborations, Rai hopes to tap into greater market access and distribution networks to grow the brand. He is also looking for a commercial partner to venture beyond Indian shores. “When a foreigner walks into a Nicobar store, the conversion rate is at 80 per cent. With locals, it’s around 50 per cent. So there’s a deep connection with the global audience. Twenty per cent of our online revenue already comes from abroad anyway,” he shared.