17 May 2023, Mumbai

Agilitas Sports, a sportswear and athleisure solutions platform, has been launched by top executives of Puma India, led by Abhishek Ganguly, the outgoing managing director.

What all you need to know

The platform aims to revolutionize the sportswear industry in India by integrating innovation and technology throughout the product value chain.

Agilitas Sports secured a total investment of ₹400 crore, with Convergent Finance LLP providing advisory services and funds, while individual investors contributed ₹30 crore. The founding team of Agilitas Sports consists of Abhishek Ganguly, Atul Bajaj, and Amit Prabhu, who will be departing from their positions at Puma India.

The partnership with Convergent Finance LLP will support Agilitas Sports in operations, capital allocation, and long-term business strategy.

The global sportswear and athleisure market is projected to reach USD 358.08 billion by 2023, with a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030. While in India, the sportswear and athleisure market is expected to reach $40.64 billion by 2027, growing at a CAGR of 7.82% from 2022 to 2027.

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12 May 2023, Mumbai 

E-commerce growth in India is experiencing a slower pace than expected, with the pandemic-induced surge in online shopping waning. Data from Unicommerce, an e-commerce-focused warehouse solutions provider, reveals a 16% year-on-year volume growth in the March quarter, compared to an estimated 35% growth for the fiscal year 2023.

Industry executives attribute the slowdown to factors such as a consumption slowdown, decreased discounts from new-age brands amid a funding winter, and a decrease in disposable income.

Smartphones, a major driver of sales on platforms, have witnessed declining volumes for three consecutive quarters. Furthermore, the beauty and personal care category has also seen a downturn, expanding only 11% in the March quarter compared to a significant growth of 143% in the previous fiscal year.

As a result, companies are reassessing e-commerce as just another sales channel, emphasizing the need for a balance between online and offline channels.

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 06 May 2023, Mumbai 

India's premier sneaker reselling platform and streetwear aggregator, Crepdog Crew, has opened Mumbai's biggest and most experiential sneaker store, CDC Experience.

The store, located in the trendy shopping estate of Bandra, features the largest sneaker wall in Asia, boasting over 600+ limited edition collectibles, including the entire collection of the iconic Off White X Nike Dunk Low Lot 50.

The store also offers an exclusive collection of over 30 designer streetwear and accessories brands, featuring exciting and edgy Indian brands like Natty Garb, Toffle, Prxkhxr, Warping Theories, Odd Mood, Kilogram, Blue Brew, Sugga, and Balav.

Designed like a Scandinavian art gallery by the much-in-demand creative genius Faizan Khatri, CDC Experience's modern minimalist interior is the perfect platform to showcase streetwear as wearable art. The store delivers an unmatched retail experience by offering a unique 'coffee & kicks' experience with Dope Coffee Roasters.

Crepdog Crew's journey began in 2019 and has since grown into a profitable multi-crore business, establishing itself as India's biggest one-stop-shop for sneaker and streetwear lifestyle. The company has collaborated with Jägermeister to create a wearable art piece commemorating the brand ethos of the two companies, exclusively available at CDC Experience, Delhi and Mumbai.

The recently-funded company, which counts Pharmeasy founders Dharmil Seth and Siddharth Shah, and fashion designers Masaba Gupta and Nikhil Mehra as its investors, has also opened experiential stores in Delhi in 2022 and now in Mumbai, expanding its retail footprint.

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16 May 2023, Mumbai 

India falls behind in the global market for plus-size clothing despite having a large consumer base with sizes beyond UK 12, according to Statista.

What all you need to know

The global plus-size clothing market is expected to exceed $696,712 million by 2027, which presents a significant opportunity for India to create stylish and good-quality garments for the oversized segment.

With an abundance of different textiles, Indian designers can create comfortable outfits while playing with prints, textures, and embroidery on a larger canvas of fabric.

While there has been a change in attitude towards body positivity and inclusivity in fashion, there is still a stigma attached to plus-size fashion in India. This has resulted in a limited variety of styles available in physical stores, causing discomfort and shame for those who want to wear plus-size clothes.

However, with the rise of e-commerce and social media, there has been a slow shift toward creating garments for different body shapes and types.

Designers can combat the issue of disparity in sizes by providing custom fits to boost buyers' confidence and put them at ease.

Additionally, oversized clothing is not exclusive to the plus-size segment; those with smaller frames can also appreciate the comfort and breezy fit of loose outfits.

India also has the opportunity to tap into the global market for plus-size clothing by creating stylish and good quality garments for the oversized segment.

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11 May 2023, Mumbai 

Khadi and Village Industries Commission (KVIC), the statutory body under the Ministry of MSME, has achieved remarkable success in promoting khadi and village industries' products.

The commission recorded sales worth Rs 1.08 lakh crore until January 31, 2023, in the previous fiscal year. Furthermore, during this period, KVIC generated employment opportunities for 1.72 crore individuals.

In the entire fiscal year 2021-2022, KVIC reported a production value of Rs 84,290 crores, with sales reaching Rs 1,15,415 crore. This impressive growth showcases the increasing popularity and demand for khadi and village industries' products.

The Khadi and Village Industries Commission plays a vital role in promoting employment and skill development. The program provides aspiring entrepreneurs with credit up to Rs 50 lakh for manufacturing units and up to Rs 20 lakh for service units.

With its continued commitment to skill development and promoting employment, KVIC is set to further contribute to India's economic growth and rural prosperity.

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 06 May 2023, Mumbai 

Turtle, the men's western wear brand, has announced the opening of a new store in Lucknow's Lulu Mall. The spacious store offers a complete range of semi-formal and casual wear, along with accessories.

The store's interior is designed in slate grey and cool white, with a colourful collection of t-shirts and shirts. The formal wear section features a mix of classic and berry-hued blazers, along with fusion-style waistcoats paired with bright or printed shirts.

Turtle's recently launched spring/summer 2023 collection is designed to epitomize its slogan, "modern style, fuelled with passion." The collection features a variety of layered shirts and t-shirts, as well as polo shirts.

Turtle retails from over 150 exclusive brand outlets throughout India, as well as multi-brand outlets such as Centro, Pantaloons, and Shoppers Stop.

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15 May 2023, Mumbai 

India's domestic fashion brands are witnessing remarkable growth, particularly in Tier II and III cities, as they continue to dominate the fashion market. These domestic brands accounted for an impressive 60% share of the total fashion market in India in 2020, according to a recent report by the Confederation of Indian Industry (CII).

What all you need to know

The report projects that this upward trend will persist, with domestic brands expected to grow at a compound annual rate of 10% from 2020 to 2025.

These brands have a deep comprehension of the cultural nuances and sensibilities unique to the Indian market, enabling them to create products that resonate with their target audience.

Another factor contributing to the triumph of domestic brands is their ability to offer products at more affordable prices compared to their international counterparts. This affordability factor holds particular significance in price-sensitive Tier II and III cities, where consumers are conscious of their budget. By providing cost-effective options without compromising on quality, domestic brands have gained a competitive advantage and successfully gained market share in these cities.

The success and growth of India's domestic fashion brands signify a shift in consumer preferences and the rising influence of indigenous fashion. As these brands continue to expand their reach and cater to the evolving demands of Indian consumers, they are poised to further strengthen their dominance in the fashion market, especially in Tier II and III cities.

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07 May 2023, Mumbai    

Tasva, the menswear ethnic brand, is on an unstoppable journey, rapidly expanding its footprint across India. With the recent inauguration of its third store at MG Road in Indore, Tasva proudly marks Tasva's 54th franchise store in the country.

Alongside the Indore store, Tasva has recently unveiled two additional stores in Jabalpur, Madhya Pradesh, and Gorakhpur, Uttar Pradesh, Pitampura, New Delhi as part of its ambitious offline expansion strategy.

As Tasva's journey unfolds, each store offers fusion of traditional aesthetics and contemporary designs, Tasva continues to redefine menswear, making every man feel confident and stylish.

The story of Tasva is one of passion, innovation, and a commitment to sartorial excellence. With every new store that graces the Indian landscape, Tasva is ensuring that fashion-conscious men have access to the finest attire.

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 06 May 2023, Mumbai 

Queen Sixteen, a women's bottom wear brand has emerged as a pioneer in the fashion industry with its niche offerings and franchise model strategy.

Queen Sixteen has also maintained a high standard of quality through its internal manufacturing unit, ensuring uniformity in its products. The brand offers all shades under one roof, which has made it a go-to option for colors.

Despite the challenges faced during the Covid-19 pandemic, Queen Sixteen has emerged as a successful startup and has been recognized by the Indian Industrial Association for its manufacturing unit in Shamali, Uttar Pradesh. The brand plans to expand its product line and target 100 outlets by the end of 2023 with more investments in the franchise model.

The brand's primary focus is on research to fulfill contemporary fashion trends. The brand's success can be attributed to its unique offerings and commitment to quality, making it a top choice for customers and the industry.

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15 May 2023, Mumbai

Western luxury brands are not exactly strangers to India as they have inspired luxury concepts and designs and many Indian suppliers have been catering to Western luxury houses for years. However, it wasn’t really considered a hot ticket in the market.

Well, all that’s changed as the nation emerges as the fifth largest global economy, and the domestic appetite for luxury is fuelled by a growing number of millionaires and unicorn entrepreneurs who can’t seem to have enough touches of luxury in their lives.

As per Credit Suisse Global Wealth Report 2022, the number of millionaires in India is expected to double from 796,000 in 2021 to 1.6 million in 2026. Euromonitor International states, India’s luxury goods market will grow by 4.8 percent over the next five years and is expected to reach an estimated $7.5 billion.

Western luxury brands have now included this dynamic and thriving market as a “must-have” destination. In 2002, Louis Vuitton was the first international premium luxury brand to arrive, followed by Dior, Hermes, Burberry, and Chanel.

Entry of global luxe conglomerates

The iconic Paris department store, Galeries Lafayette in India’s financial capital, Mumbai is the mark of growing demand for all things luxury in India. The store has taken over and refurbished two-hundred-year-old buildings in the Swish Fort area.

With a portfolio of over 200 luxury brands in a space that spans 90,000 sq. ft, Galeries Lafayette will open its doors in Mumbai in 2024 with a second store in Delhi spread over 65,000 sq. ft in 2025.

The grande dame of Boulevard Haussmann has tied up with Aditya Birla Fashion and Retail (ABFRL) in a strategic partnership that truly heralds that India has indeed arrived in the circles of luxury.

Nicolas Houzé, CEO, Galeries Lafayette and BHV Marais is excited. He says the Indian entry in 2024 is the store’s strategic plan to have 20 outlets outside France and for this reason, it is focused on the Gulf region, China, and other parts of Asia.

The Galeries Lafayette tie-up with ABFRL reinforces the entry of such Indian conglomerates unto the echelons of luxury brands. Reliance Brands (RBL) is India’s largest player in the luxury market and has partnerships with 60 brands, including Tiffany, Burberry and Giorgio Armani.

Spend on luxury to grow

Ernst & Young recently published a report that said India’s GDP will reach $26 trillion and its per capita income will touch $15000 by 2047, placing it among the top developed economies.

Over the next decade, India will be the fastest-growing economy owing to its strong domestic demand, physical and digital infrastructure, and global competitiveness.

As per a Bain and Company report, India’s luxury market is expected to grow 3.5 times the current size and reach the $200 billion mark by 2030, propelled by a rising number of UHNWIs (net assets with $30 million or more), growing entrepreneurship, strong middle class, greater penetration of e-commerce and demand from Tier II and III cities.

The number of ultra-rich grew 11 times in the last decade in India, making it third in the billionaire population globally after US and China in 2021, as per Wealth Report 2022 by Knight Frank.

For all the opportunities that India represents for Western luxury brands, this complex market can yield tremendous returns on investments if these brands acquire the deep knowledge of India’s diverse local cultures that end of the day drive perceptions and decisions.

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06 May 2023, Mumbai 

Under Armour, the renowned sports apparel brand, has achieved a significant legal victory in India. The company, which has been operating in the country since October 2018, successfully won a trademark infringement lawsuit against Aditya Birla Fashion & Retail.

The Delhi High Court ruled in favor of Under Armour, ordering Aditya Birla Fashion & Retail to cease using any marks or logos that are similar to or may cause confusion with Under Armour's trademarks.

Under Armour, known for its prominent use of the 'UNDER ARMOUR/UA/UNDR ARMR' mark on sports apparel, initiated the lawsuit to prevent the defendant from engaging in trademark infringement and counterfeiting activities. Under Armour discovered that Aditya Birla Fashion & Retail was using the marks "STREET ARMOR or SA or STRT ARMR" on identical goods.

The court has granted Aditya Birla Fashion a period of three weeks to file an undertaking agreeing to comply with the court's decision.

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 05 May 2023, Mumbai  

Brandwala, a Rajasthan-based store, is taking the Indian apparel market by storm with its innovative approach to inventory liquidation. Brandwala aims to transform this burden of deadstock into an opportunity to provide end customers with affordable fashion clothing.

Established in 2015, Brandwala offers year-round discounts on more than 300 brands, including apparel, toys, luggage, large appliances, mobile accessories, smartwatches, FMCG, groceries, personal care, and health and beauty products.

What sets Brandwala apart from other players in the market is the fact that it aids its associate partners to procure inventories at an affordable price. It helps investors by providing a ‘pick and choose’ option and also helps the retailer to rotate their inventories. The organization deals with major e-commerce sites to procure all return inventories at a reasonable price.

Brandwala's impressive portfolio includes three lakh satisfied consumers, a sprawling 1 lakh sq ft retail area, 300 brands, and 1000 distributors across India. The organization is bolstering its digital capabilities by scaling up its digital base to provide an immersive experience for customers and expand its portfolio into emerging consumer segments.

It has managed to set up 16 outlets in India and has a gross profit of over 45 percent. With an annual turnover of Rs.15 crores, Brandwala has seen exponential growth in the last 8 years and aims to expand its business to every state and city in India.

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