16 August 2024, Mumbai

To connect with the brand’s shoppers in Madhya Pradesh, sportswear and accessories brand Nike has launched an exclusive brand outlet in Indore.

Located within the city’s Phoenix Citadel Mall, the store caters to men and women. It has an open façade and a large white tick on its exterior symbolising the brand’s tagline ‘just do it.’ The store houses the brand’s men’s and women’s collections including workout gear, casual wear, innerwear and sports accessories designed for a range of activities.

The new Nike store also has a curved wall dedicated to sneakers including Nike’s signature ‘Air Force’ range and models tailored for running and workouts. With this new store, Nike joins other brands like H&M, Aldo, Steve Madden, Label Ritu Kumar, Baggit, Mamaearth, Nykaa, Bath & Body Works, Lifestyle and Mango, etc.

Latest Fashion news

 16 August 2024, Mumbai

India's fashion landscape is undergoing rapid transformation. The fast fashion segment, once a niche category, has emerged as a dominant force, outpacing the broader apparel industry by a significant margin. With a growth rate of 30-40 per cent in FY24 compared to the sluggish 6 per cent growth of the overall apparel category, fast fashion is undeniably capturing the imagination of both consumers and investors. But is it the future of Indian apparel brands and retailers?

Fast fashion’s meteoric rise

As per to Redseer Strategy Consultants, Indian fast fashion market, currently estimated at around $10 billion, is projected to touch $50 billion by FY31, growing at a CAGR of 25-30 per cent. This is in stark contrast to the overall apparel market, which is growing at a much slower pace.

Several factors are boosting this rapid growth. Firstly, India's burgeoning youth population with high disposable incomes is a key driver. Secondly, the rise of e-commerce has made it easier for fast fashion brands to reach a wider audience. Thirdly, the growing preference for affordable fashion, coupled with the desire to stay updated with the latest trends, is boosting demand.

Someinfluencing factors that are pushing up the fast fashion market in India are:

Digital-first approach: Fast fashion brands have effectively leveraged e-commerce to reach a wider audience, offering convenience and a vast product range.

Rapid product cycles: These brands swiftly identify and respond to fashion trends, ensuring that their offerings are always in sync with consumer desires.

Aggressive pricing: Affordable prices make fast fashion accessible to a larger consumer base, democratizing fashion.

Strong influencer marketing: Collaborations with influencers help create a buzz around new collections and drive sales.

Can traditional brands transform?

While the concept of fast fashion is relatively new in India, its interpretation is evolving. The fast fashion business model is built on speed, efficiency, and scale. It requires a robust supply chain, strong design capabilities, and efficient logistics. However, replicating this model in India comes with its own set of challenges.

Unlike the ultra-low-cost, disposable fashion often associated with the term, Indian fast fashion is gradually moving towards offering affordable yet quality products. Brands are focusing on catering to the diverse tastes and preferences of the Indian consumer.

The transition to a fast fashion model is not without challenges for established brands. It requires a significant overhaul of their supply chain, design processes, and marketing strategies. Traditional brands often have legacy systems and processes that hinder their ability to move quickly. Moreover, they may face challenges in terms of pricing and brand image. However, the potential rewards are substantial. Some Indian brands have successfully made the shift, demonstrating that it is indeed possible.

Creating new demand or just shifting market share?

One of the key questions is whether fast fashion is expanding the overall apparel market or simply cannibalizing sales from traditional brands. While there is evidence to suggest that fast fashion is driving overall apparel consumption, especially among young consumers, it is also clear that it is impacting the sales of traditional brands. While it might lead to increased spending on clothing, there's also a possibility of sales shifting from traditional brands to fast fashion players. Experts believe that both scenarios are likely to occur. As the market matures, it's expected to expand the overall apparel market while also reshaping the competitive landscape.

The fact is, the fast fashion phenomenon is undeniably reshaping India's apparel industry. While challenges persist, the growth potential is immense. As the market matures, we can expect a more diverse and competitive landscape, with both new and established players vying for consumer attention. The future of Indian apparel undoubtedly lies in embracing fast fashion while addressing its environmental and ethical implications.

Latest Fashion news

14 August 2024, Mumbai

Gearing up for a significant expansion, Raymond Lifestyle plans to add over 500 stores within the next three years. The company aims to achieve 15 per cent sales growth and a 20 per cent increase in EBITDA over the same period, notes GautamHariSinghania, Chairman and Managing Director, Raymond Ltd. The company is placing strong bets on its Ethnix brand while also venturing into new categories like innerwear and sleepwear.

Raymond plans to open 100 more stores of Ethnix by fiscal 2025,says Singhania. The brand plans to also expand its garmenting capacity by one-third, a move making it the third-largest suit maker globally once fully operational.

Discussing India’s consumption trends, Singhania highlights, outpacing most global economies, Indian economy is growing the rate of 7-8 per cent. The country is poised for exponential growth in the future, he affirms.

The recent crisis in Bangladesh can prove to be a significant opportunity for Indian companies, Singhania opines. Having invested Rs 200 crore into CAPEX and capacity expansion over the past two years, Raymond is now poised to capitalise on this situation, he adds.

Latest Fashion news

16 August 2024, Mumbai

The Q1, FY25 net profit of KewalKiran Clothing (KKCL) declined by 25 per cent to Rs 25 crore ($3 million) as against Rs 34 crore in the year-ago quarter.

The company’s revenue for the quarter declined by 15 per cent to Rs 151 crore as against Rs 178 crore in the corresponding quarter of the previous fiscal year.

Kewalchand Jain, Chairman and Managing Director, KKCL says, the addition of women’s casual wear brand Kraus and Junior Killer provides the company an edge to transform into a brand powerhouse with portfolio across age and gender.

The company was able to withstand the external challenging environment in Q1FY25 by putting its growth levers in place for the period ahead. It continues to expand its national footprint through EBOs, enhancing the visibility of its brands, Jain adds.

KewalKiran Clothing is one of India’s largest branded apparel players with a portfolio of brands like Killer, Intergiti, Lawman Easies, Junior Killer, and Kraus.

Latest Fashion news

16 August 2024, Mumbai

Driven by the company’s expansion of its omni-channel strategy, the Q1, FY25 revenue of Cantabil Retail India increased by 14.4 per cent Y-o-Y to 127.9 crore. The company’s net profit rose to Rs 11.4 crore during the quarter ending June 30, 2024.

During this period, Cantabil launched 11 new stores, marking a strong start to the financial year.

The company also delivered an 18 per cent increase in total volume and achieved positive same-store growth, says Vijay Bansal, Chairman and Managing Director. It achieved this success despite challenges like lower demand during the wedding season and a heatwave in northern India that impacted consumer spending. In future, an above-normal monsoon and the government’s focus on boosting consumption will help boost discretionary spending amongst consumers, thus benefiting companies with strong brand loyalty and customer connections, adds Bansal.

During the quarter, Cantabil Retail’s earnings before interest, tax, depreciation, and amortisation (EBITDA) r grew by 14.5 per cent to Rs 39.4 crore compared to the same period in the previous year.

Looking ahead, the company plans to expand its reach, reinforce its brand, and diversify across segments and categories to enhance customers’ shopping experience. An anticipated surge in demand during the festival season in Q3, followed by the wedding and winter seasons will help Cantabil to capitalise on its growth platforms and drive further success.

Latest Fashion news

14 August 2024, Mumbai

Ethnic wear brand Fashor plans to use the $5 million funds, acquired through a funding round led by early-stage venture capital firm Blume Ventures, to expand the brand’s omnichannel presence and boost its supply chain.

Founded by Vikram and PriyankaKankaria, Fashor offers a range of products available on its website, app, and popular fashion platforms such as Flipkart-owned Myntra, Reliance Ajio, and Nykaa Fashion. The startup plans to open over 100 exclusive brand stores in the coming years.

As per the estimates by industry executives, currently valued at Rs 30,000-35,000 crore, the branded or organised ethnic wear market in India is experiencing growing at the rate of 20-25 per cent.

Apurva Dixit, AVP Investments, Blume Ventures, states, Fashor is making quality fashion more accessible to women, bringing a fresh approach to ethnic wear. The founders have embedded a strong product DNA in Fashor, supported by a scalable supply chain, which allows them to offer competitive price points unmatched by national incumbents.

Latest Fashion news

16 August 2024, Mumbai

Renowned for her eponymous luxury fashion label, Indian designer AnamikaKhanna plans to launch her new collaborative collection with H&M on Sep 5, 2024.

CelebratingKhanna’s unique approach, the collection blends glamour and craftsmanship with contemporary tailoring and luxe loungewear. It aims to introduce the sartorial traditions of India in the international market, with Khanna reimagining traditional silhouettes through a modern lens.

Rich in graphic designs, vibrant colors, and intricate hand-embroidered embellishments, the collection includes womenswear, menswear, jewelry, and accessories. The womenswear features draped skirts and airy kaftans, while the menswear offers traditional cuts updated with graphic motifs and sportswear influences.

The collection offers designers an opportunity to reinterpret Indian fashion in a more global and contemporary way, says Khanna.

Ann-Sofie Johansson, Creative Advisor, H&M, adds, Khanna’s designs encourage self-expression. The shapes in this collection are fluid and draped, allowing for personalisation with the captivating prints combining traditional colors with bold graphic elements.

The collection is set to be available from September 5, 2024 in stores across India, the UAE, the UK, Singapore, Vietnam, South Africa, and online worldwide at h&m.com.

Latest Fashion news

14 August 2024, Mumbai

Highlighting the brand’s growing presence in the rapidly developing city, India’s leading premium ethnic wear brand, Sabhyata opened its second store in Bhubaneswar, Odisha. This is also the brand’s 123rd store in India.

Renowned for its seamless fusion of traditional aesthetics with contemporary fashion, Sabhyata’s new store in Bhubaneswar is designed to cater to the city’s dynamic fashion scene. It reflects the city’s rich cultural heritage and rapid economic growth. As a cultural and commercial hub of Odisha, Bhubaneswar offers significant potential for fashion and ethnic apparel, perfectly aligning with Sabhyata’s mission to celebrate and modernize traditional wear.

In keeping with evolving fashion trends and the increasing participation of women in the workforce, Sabhyata offers a wide range of attire that blends traditional and modern elements. The brand’s new store will also feature fashion-forward ensembles suitable for various occasions, with prices ranging from Rs. 1,399 to Rs. 17,999.

PankajAnand, Co-founder, says, the store will provide a fresh perspective on ethnic fashion, in line with the brand’s vision of making ethnic wear accessible and relevant to today’s women.

Anil Arora, Co-founder, adds, each of the brand’s new stores enriches its journey, and enables it to celebrate ethnicity in new and exciting ways.

Sabhyata’s distinctive designs, vibrant colors and affordable pricing have helped the brandestablish itself as a leader in the ethnic wear segment. The brand has an extensive network of stores across India reflecting its commitment to making ethnic fashion accessible to all.

Latest Fashion news

14 August 2024, Mumbai

Driven by a slowdown in its apparel sales growth, Indian retailer Nykaa reported a significantly lower-than-expected profit in Q1, FY25.

Listed as FSN E-Commerce Ventures (FSNE.NS), the e-commerce company’s consolidated net profit nearly tripled to Rs96.4 million ($1.2 million) during the quarter. However, this figure fell well short of analysts' average estimate of Rs226.8 million, according to LSEG data.

Like many other companies selling discretionary products, Nykaa faced challenges as consumers prioritised spending on essential items during the intense summer. The general elections, which occupied half of the April-June quarter, along with heatwaves, also contributed to a decline in store visits.

Revenue in Nykaa's fashion segment, which includes clothing, footwear, and handbags from brands like Cider, Steve Madden, and Superdown, declined to 21 per cent from 27 per cent in the previous quarter. Growth in the fashion business' gross merchandise value (GMV), which represents the total monetary value of orders, slowed to 15 per cent.

As a result, while Nykaa's total revenue increased by only 23 per cent to Rs17.46 billion. It fell short of analysts' average estimate of Rs17.58 billion.

Latest Fashion news

16 August 2024, Mumbai

A leading name in the garment and hosiery sector, Dollar Industries reported a 12.1 per cent Y-o-Y growth in gross profit to Rs 11,887 lakh in Q1, FY25 with the company’s gross profit margin rising by 330 basis points to 35.6 per cent.

Dollar Industries’ EBITDA increased by 30.7 per cent Y-o-Y to Rs 3,630 lakh during the quarter with the EBITDA margin increasing by 241 basis points to 10.9 per cent.

In Q1, FY25, the company also achieved a 5.3 per cent growth in PAT to Rs1,530 as against Rs1,453 in Q1, FY24. It’s PAT Margin expanded by 16 basis points Y-o-Y to 4.6 per cent. The total incomeof the company rose by 1.7 per cent Y-o-Y to Rs 33, 443 lakh during the quarter. Its revenue from e-commerce expanded by 161.4 per cent Y-o-Y, to 5.5 per cent of the total income during the quarter while exports grew by 17.5 per cent Y-o-Y.

The company also on-boarded 11 new distributors under Project Lakshya in Q1 FY25, increasing its contribution to 31.1 per cent of total revenue from 26.3 per cent in FY24. The company aims for Project Lakshya distributors to contribute 65-70 per cent of revenue by FY26.

The integration of SAP’s advanced technology will accelerate the execution of Project Lakshya, providing end-to-end data access for more effective strategy implementation.

Latest Fashion news

14 August 2024, Mumbai

A dominant force in the Indian denim industry since its inception in 1987, Numero Uno is gearing up for significant expansion. The brand aims to grow its market share and revenue by 30-40 percent in the next two years, says Jaiwant S Dhingra, Director - Marketing and Business Development.

Traditionally strong in northern India, Numero Uno also plan to expand into South India with large-format stores, multi-brand outlets (MBOs), and exclusive brand stores (EBOs) in states like Andhra Pradesh, Karnataka, and Telangana. The brand is also tapping into the potential of Tier II and Tier III cities, with Bihar identified as an untapped market with substantial spending power.

In addition to geographical expansion, Numero Uno is exploring designer collaborations, particularly in the denim segment, signaling its intent to innovate and stay relevant in a rapidly evolving fashion landscape.

To align with its forward-looking strategy, Numero Uno recently underwent rebranding, a meticulous in-house effort that spanned six to eight months. While simple, the brand’s new logo encapsulates its ethos and resonates with both its heritage and its future vision. The rebranding process is being implemented gradually across the brand’s numerous stores, with three phases completed and two more to go.

Latest Fashion news

14 August 2024, Mumbai

India's MSME sector is the backbone of its burgeoning apparel industry, contributing significantly to the nation's GDP and employment. With a market estimated at Rs 140 billion ($17 billion) in FY23, the sector has been growing at a CAGR of around 12 per cent in the past few years. Experts predict this growth will continue, with the market projected to reach Rs 220 billion ($26 billion) by FY27.This sector, characterized by its agility, adaptability, and employment generation, is experiencing a period of robust growth, albeit with its share of challenges.

What is driving the market

Several factors are pushing up growth of the MSME apparel sector. Ever growing domestic consumption along with rising disposable incomes and urbanization is a major driver. Moreover, the growing preference for ethnic wear, coupled with the government's initiatives to promote 'Make in India,' has created a conducive environment for MSMEs.

The sector has also benefited from the growing popularity of e-commerce platforms, providing a wider reach for these businesses. The domestic market is booming for apparel, and MSMEs are well-positioned to capitalize on this opportunity. The government's focus on skill development and infrastructure is also creating a positive environment, say experts.

Despite the promising growth prospects, the MSME apparel sector faces several challenges. Access to finance, particularly for working capital and expansion, remains a significant hurdle. Fluctuations in raw material prices impact profitability. The sector also grapples with infrastructure bottlenecks, such as power shortages and inadequate transportation facilities. Additionally, the lack of skilled manpower and the rising cost of raw materials are impacting profitability. As a stakeholder points out MSMEs often face difficulties in securing loans from banks and financial institutions. This hampers their ability to scale up operations and invest in technology. And then there is growing global competition, especially from countries like Bangladesh and Vietnam, which hinder growth.

Integration with supply chains

The MSME apparel sector is deeply integrated into both domestic and global supply chains. Most large apparel brands rely on MSMEs for manufacturing, embroidery, and other value-added services. However, there is scope for further strengthening these linkages through better coordination and technology adoption.

The sector needs to focus on adopting advanced technologies like automation and AI to improve efficiency and reduce costs. This will help MSMEs become more competitive in the global market,says an industry analyst.

The Indian government has recognized the importance of the MSME apparel sector and has implemented several initiatives to support its growth. These include:

Financial assistance: Schemes like MUDRA and NSIC provide credit facilities to MSMEs.

Infrastructure development: Investments in textile parks and common facility centers are improving infrastructure.

Skill development: Programs are being implemented to enhance the skill set of the workforce.

The future of the MSME apparel sector is promising. With continued government support, technological advancements, and a focus on sustainability, the sector is poised to become a global leader.

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