07 September 2023, Mumbai

Sabyasachi's New Flagship Store in Mumbai

• Sabyasachi Mukherjee, a renowned Indian fashion designer, has opened a new flagship store in Mumbai.
• The store is located in a restored early 1900s building in the city's financial district.
• The store is a sign of the growing luxury market in India.

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The Growth of the Indian Luxury Market

• The Indian luxury market is growing rapidly.
• By 2027, it is expected to be worth $100 billion.
• This growth is being driven by a number of factors, including:
• The rise of a wealthy middle-class
• The increasing popularity of international brands
• The government's efforts to promote tourism

Sabyasachi's Store

• The Sabyasachi store is located in a Grade IIA heritage status building.
• The building was originally built in 1913 and housed the British Bank of the Middle East.
• The store has been restored to its former glory and features neoclassical design elements.
• The store sells a variety of Sabyasachi's designs, including wedding attire, jewelry, and home decor.

The Future of Luxury Retail in India

• The opening of the Sabyasachi store is a sign of the growing importance of luxury retail in India.
• Other luxury brands, such as Dior and Hermès, have opened stores in Mumbai recently.
• The Indian luxury market is expected to grow in the coming years, and more luxury brands are likely to enter the market.

Long & short

The opening of Sabyasachi's new flagship store is a significant event in the Indian luxury market. 

The store is a sign of the growing wealth and sophistication of India's middle class, and it is likely to attract even more luxury brands to the country in the years to come.

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04 September 2023, Mumbai

Vietnam's exports: Challenges and opportunities

Vietnam's exports have faced a number of challenges in recent years, including high inventory levels in key export destinations, weakened global demand, and underutilized manufacturing capacity. 

However, there are also a number of opportunities for Vietnam's exports, such as the normalization of US inventories, the relocation of manufacturing from China, and a surge in FDI interest in Vietnam.

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Challenges

High inventory levels: One of the main challenges facing Vietnam's exports is the high inventory levels in key export destinations, such as the United States. 

This is due to the COVID-19 pandemic, which caused disruptions to supply chains and led to businesses overstocking. As a result, there is less demand for imports from Vietnam.

Weakened global demand: Another challenge facing Vietnam's exports is the weakened global demand for key export items, such as electronics and textiles. This is due to the ongoing conflict in Ukraine and the rising inflation, which is reducing consumer spending.

Underutilized manufacturing capacity: 

A third challenge facing Vietnam's exports is the underutilized manufacturing capacity. 

This is because a significant portion of the manufacturing capacity in Vietnam is still under construction, due to recent waves of investment.

Opportunities

Normalization of US inventories: One of the main opportunities for Vietnam's exports is the normalization of US inventories. 

This means that businesses in the United States are starting to reduce their inventories, which will create demand for imports from Vietnam.

Relocation of manufacturing from China: Another opportunity for Vietnam's exports is the relocation of manufacturing from China. 

This is due to the rising labor costs in China and the increasing trade tensions between China and the United States. 

Vietnam is seen as an attractive alternative to China for manufacturing, due to its lower labor costs and its strategic location.

A surge in FDI interest in Vietnam: There is also a surge in FDI interest in Vietnam. 

This is due to the country's favorable investment climate, such as its low taxes and its open trade policies. FDI can help to boost Vietnam's exports by bringing in new investment and technology.

Outlook

Overall, the outlook for Vietnam's exports is positive. The challenges facing Vietnam's exports are expected to ease in the coming months, and the opportunities are expected to outweigh the challenges. 

However, there are some risks to the recovery, such as a global economic downturn or rising protectionism.

Short Message

Vietnam's exports face a number of challenges, but there are also a number of opportunities. The outlook for Vietnam's exports is positive, but there are some risks to the recovery.

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05 September 2023, Mumbai

Market Overview

• The global cotton candy machines market is expected to be worth US$ 108.4 billion in 2023.
• The market is projected to grow at a CAGR of 4.62% between 2023 and 2033, anticipated to be valued at around US$ 170.4 billion by 2033.
• Key drivers of market growth include rising demand for sugar-free candies, increasing number of new product developments, and growing popularity of cotton candy machines in emerging markets.

Key Trends

• Manufacturers are focusing on designing cost-effective and technologically advanced machines.
• There is a growing demand for portable and easy-to-use cotton candy machines.
• Companies are increasingly launching sugar-free and organic candies to meet the growing health consciousness of consumers.

Regional Analysis

• North America is the largest market for cotton candy machines, followed by Europe and Asia Pacific.
• The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period, driven by the increasing popularity of chocolate-based confectionery goods and the growing population in the region.

Challenges

• High maintenance costs and complex installation procedures are some of the challenges that could hinder the growth of the market.
• The market is also facing competition from other confectionery products, such as lollipops and ice cream.

Short Message

Overall, the global cotton candy machines market is expected to grow steadily in the coming years. 

The market is being driven by the increasing demand for sugar-free candies, the growing popularity of cotton candy machines in emerging markets, and the rising number of new product developments.

The global cotton candy machines market is expected to grow at 4.62% CAGR to reach $170.4 billion by 2033, driven by rising demand for sugar-free candies and increasing popularity in emerging markets.

CREDITS: Future Market Insights report

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02 September 2023, Mumbai

Retail sales in India have grown 9% YoY, as reported by the Retailers Association of India (RAI). QSRs, food, grocery, jewelry, and sports goods were the main drivers of growth, while apparel sales grew 8%. The report also indicates a rise in online-to-offline shopping.

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Data points

South India saw the highest growth at 12%, followed by West India at 9%.

Apparel sales grew 8%, whereas End-of-season sales boosted sales in July. Retailers saw an uptick in business activity in the final week of July. 

This was largely attributed to the commencement of their end-of-season sales. 

End-of-season sales boost sales in July

Retailers saw an uptick in business activity in the final week of July, largely attributed to the commencement of their end-of-season sales. 

This is in line with the global trend, as apparel retail sales have surged in the US and other countries.

Online-to-offline shopping becoming common

As consumer routines return to normalcy, a pattern of online-to-offline shopping is emerging. Customers are exploring products online but making purchases in physical stores. 

This is a positive sign for the retail industry, as it suggests that consumers are still willing to shop in person.

Apparel retail surges globally

2022 has been a good year for fashion retailers across the globe. Sales revenues of apparel retail in the US increased 36.37% over 2020. Growth continues in 2022 with apparel retail sales surging 13.76% from January to April ’22 to $81 billion. 

This is due to a number of factors, including the return of social events, the increasing popularity of athleisure, and the growing demand for sustainable clothing.

Retailers in India hope for a good festive season

This year’s festive season is expected to be different from the last two years as there are no COVID-19 restrictions. 

Footfalls at both standalone retail outlets and shopping malls are expected to increase steadily. Retailers are optimistic about the upcoming season and are gearing up to meet the demand.

Prognosis

Early indications suggest that the upcoming festive season will be a busy one for retailers

Online-to-offline shopping becoming common

Phydigital 

As consumer routines return to normalcy, a pattern of online-to-offline shopping is emerging. Customers are exploring products online but making purchases in physical stores. Brands are actively working to create a favorable shopping environment for customers as confidence keeps improving by the day given pre-festive season sales.

Conclusion

The Indian retail industry is in a good position to capitalize on the upcoming festive season. With no drastic curbs required, shopping malls can anticipate big crowds and retailers can look forward to a good season by adhering to all COVID-19-related norms.

Let's hope Diwali will come early this time!

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31 August 2023, Mumbai

Challenges Faced by the Garment Industry

To Overcome Challenges and Grow; The garment industry in Bangladesh is facing a number of challenges, including rising costs, increasing competition, and changing consumer preferences. 

Despite these challenges, the industry is investing in new technologies to improve efficiency, reduce costs, and stay ahead of the competition.

Context

The garment industry in Bangladesh is facing a number of challenges, but it is also investing in new technologies to overcome them.

The investment in new technologies will help the industry to improve efficiency, reduce costs, and stay ahead of the competition. This will help the industry to grow sustainably and competitively, and overcome the challenges it faces.

Investment in New Machinery and Technology

Eight leading garment companies in Bangladesh are investing Tk12,000 crore (US$1.2 billion) in new machinery, recycled fibers, and robotic technology. 

This investment will create 50,000 new jobs and help the industry to boost production and exports.

Benefits of the Investment

The investment in new technologies will have a number of benefits for the garment industry, including:

• Increased production efficiency: The new machinery will be more efficient and use less energy, which will help to reduce costs.
• Reduced costs: The use of recycled fibers and robotic technology will also help to reduce costs.
• Improved quality: The new technologies will help to improve the quality of garments, making them more competitive in the global market.
• Increased exports: The improved quality and efficiency of garments will help to boost exports.
• Creation of jobs: The investment will create 50,000 new jobs in the garment industry.

Optimism about the Future of the Industry

Industry leaders are optimistic about the future of the garment industry in Bangladesh. They believe that the investment in new technologies will help the industry to overcome its challenges and grow further.

Commitment to Sustainability

The investment in sustainable technologies is also a reflection of the industry's commitment to sustainability. 

Bangladesh is a signatory to the Paris Agreement on climate change, and the garment industry is playing its part in reducing emissions and protecting the environment.

Short & long

The investment in new technologies is a major step for the garment industry in Bangladesh. 

It will help the industry to grow sustainably and competitively, and overcome the challenges it faces.

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04 September 2023, Mumbai

The Indian textile and apparel industry is grappling with a decline in exports and a significant loss of jobs. 

Exports of textiles and apparel fell by 13.55% from April to July 2023, amounting to $10,154.83 million. This has led to the loss of millions of jobs in the sector.

Indian textile and apparel industry facing a decline in exports, government considering fiscal incentives.

Government response

The Indian government is considering providing fiscal incentives to the industry by the end of the year. 

These incentives could be channeled through the production-linked incentive (PLI) program, which has been designed to inject financial support into various manufacturing sectors.

PLI program

The PLI program offers incentives to companies that invest in and produce goods in specific sectors. In the case of the textile and apparel industry, the PLI program could be used to incentivize companies to set up new factories or expand existing ones. This would create jobs and help to boost exports.

Industry request

The industry has requested that the government provide incentives specifically aimed at smaller manufacturers. They have also asked the government to reconsider the 11% import duty on certain varieties of cotton. This duty makes it more expensive for Indian manufacturers to produce textiles, which makes them less competitive in the global market.

Concerns

The industry is concerned about potential job losses and is urging the government to take comprehensive measures to support the sector. They are also concerned about the impact of the decline in exports on the overall economy.

The textile and apparel industry is a major employer in India, providing jobs to millions of people. The decline in the industry is having a significant impact on the economy and the livelihood of many people. 

The government needs to take urgent steps to support the industry and prevent further job losses.

In addition to the fiscal incentives and the PLI program, the government could also take other measures to support the textile and apparel industry. 

These measures could include:

• Providing infrastructure support, such as roads, ports, and power, to make it easier for companies to operate in the sector.
• Facilitating access to credit for small and medium-sized enterprises.
• Promoting research and development in the sector.
• Investing in skills training for workers.

By taking these measures, the government can help to revive the textile and apparel industry and create jobs for millions of people.

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01 September 2023, Mumbai

The custom t-shirt printing market is estimated to be worth $3.88 billion in 2023 and is projected to reach $9.88 billion by 2033, at a CAGR of 9.7% from 2023 to 2033.

Key Drivers

The growth of the custom t-shirt printing market is being driven by a number of factors, including:

The rising preference for customized, fashionable, and unique clothing.

The increasing disposable income of young people.

The growing popularity of outdoor sports and other industries.

The use of custom-printed t-shirts to raise social awareness, voice one's opinion, and support a cause.

The growing popularity of e-commerce and the expansion of the apparel industry.

Key Trends

Some of the key trends in the custom t-shirt printing market include:

The increasing use of digital printing techniques.

The growing popularity of pre-printed custom t-shirts.

The expanding demand for unisex t-shirts.

The growing popularity of online sales.

Key Regions

The North American region is the largest market for custom t-shirt printing, followed by Europe and Asia Pacific. The market growth in these regions is being driven by the factors mentioned above.

Key Players

Some of the key players in the custom t-shirt printing market include:

Spreadshirt

CustomInk

Printful

Teespring

Redbubble

CustomCat

Short Message

The custom t-shirt printing market is expected to grow in the coming years, driven by the abovementioned factors. The market is expected to be more competitive in the coming years, as new players enter the market and existing players expand their offerings.

CREDITS: Future Market Insights (FMI) report

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28 August 2023, Mumbai

According to an analysis conducted by IGP, a prominent direct-to-consumer gifting platform, non-metropolitan customers constitute approximately 50% of the online shoppers purchasing rakhis and gifts for Rakshabandhan.

The remaining 50% of buyers originate from metropolitan cities.

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Delhi, Mumbai, Bengaluru, Hyderabad, Pune, and Lucknow are the top cities for online Rakshabandhan gift shopping. The cities at the forefront of online Rakshabandhan gift shopping are Delhi and Mumbai, followed by Bengaluru, Hyderabad, Pune, and Lucknow.

Nevertheless, a significant number of non-metro locations contribute to the overall pool of buying locations.

Perspective 

50% of Rakshabandhan gift buyers are from non-metro cities, most are in the 25-34 age group, NRIs make up 29%, rakhis + sweets are the most popular.

Most buyers are in the 25-34 age range

• Within the buyer demographics, the majority, accounting for 33%, fall in the age bracket of 25 to 34.
• This phase represents a period when buyers typically begin to possess substantial disposable income.
• The subsequent largest buyer group falls within the 18 to 24 age range, constituting 23% of the total buyers.

Women make up only 56% of the buyer base

• Despite Rakshabandhan's association with sisters tying rakhis to their brothers, women constituted only 56% of the buyer base.
• This disparity can be attributed, in part, to the broader internet access enjoyed by men in India, which enables them to partake in online buying decisions even if not directly involved.

Non-resident Indians (NRIs) make up a substantial 29% of the buyer demographic.

Furthermore, the analysis highlighted that non-resident Indians (NRIs) comprised a substantial 29% of the buyer demographic, sending gifts to their relatives in India.

Rakhis accompanied by sweets are the most popular items

• In terms of the purchased items, rakhis accompanied by sweets proved to be the most favored, closely followed by rakhis with dry fruits and those paired with chocolates.
• Additionally, items from the "Gifts for Kids" and "Gifts for Brothers" categories gained popularity.
• Among the sweet offerings, Kaju katli, a cashew nut and sugar-based Indian delicacy known for its extended shelf life, emerged as the preferred choice.
• Notably, 5% of buyers chose to personalize their gifts, adding a unique touch.

Semi-precious stone rakhis are the top sellersConcerning the types of rakhis selected, those adorned with semi-precious stones were the top sellers, trailed by traditional rakhis featuring Kundan & meena patterns, pearl rakhis, Bhaiya-Bhabhi Rakhi with lumba, and Rajwada work designs. 

Rakhis intended for children and spiritual rakhis also garnered significant interest.

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