09 August 2024, Mumbai

The Indian handloom industry, with its rich heritage, is facing significant challenges, including competition from synthetic fibers, limited investment, and a decline in the weaver community as younger generations seek more stable incomes. Despite government efforts to support this sector, more is needed to preserve its cultural significance.

Birla Cellulose, part of the Aditya Birla Group, has stepped in with an initiative to revitalize this struggling industry. Partnering with regional stakeholders, they are introducing weavers to sustainable fibers like Viscose, Modal, and Excel. These alternatives offer stability against price fluctuations and preserve the luxurious feel of traditional materials like silk.

Their Liva brand plays a crucial role, enhancing the Indian textile value chain by ensuring a consistent supply of high-quality yarn. Through seminars and hub meetings, Birla Cellulose prepares weavers for future demands, aligning with the "Make in India" vision. The initiative also supports projects like developing Ikat using Excel yarn in Odisha, dyed with natural organic colors.

Birla Cellulose’s efforts have already trained 5,000 weavers across seven states, supplying around 15 lakh kilograms of yarn annually. Their mission is to support the revival of India’s handloom industry by promoting sustainable, biodegradable fibers, ensuring the industry’s future while advancing environmental sustainability.

Latest Fashion news

09 August 2024, Mumbai

India is rapidly emerging as a key market for global fashion and lifestyle brands, with online sales expected to skyrocket in the coming years, according to a new study, "E-Styling India: Decoding India’s Online Fashion and Lifestyle Shopping Trends." Conducted by Bain & Company in collaboration with Myntra, the report paints a rosy picture for the country's e-commerce landscape.

The study reveals that the Indian e-lifestyle market, currently valued at $16-17 billion, is poised to reach a staggering $40-45 billion by 2028, representing a growth rate of approximately 20% annually. This growth is being fuelled by a combination of factors, including rising disposable incomes, increasing internet penetration, and a burgeoning young population with a penchant for online shopping.

Gen Z leading the charge

One of the most striking findings of the report is the dominance of Gen Z consumers in the online fashion and lifestyle space. Over 175 million Indians shop for lifestyle products online, with Gen Z accounting for a significant portion of this figure. These young consumers are not only early adopters of trends but also have considerable spending power, making them a coveted demographic for brands.

"Gen Z is driving the growth of the online fashion and lifestyle market in India," said Anusha Ravi, Partner, Bain & Company. "Their digital-first mindset and willingness to experiment with new brands and styles are reshaping the industry."

Global brands flock to India

India's growing attractiveness as a lifestyle market is evident in the influx of global brands. The study found that 90% of the top 50 global brands are already present in the country, with half of them generating revenue exceeding $30 million. Moreover, over 60 new international brands are planning to enter the Indian market, underscoring the immense potential of this burgeoning sector.

"India offers a unique opportunity for global fashion and lifestyle brands to tap into a massive consumer base," said Amar Nagaram, CEO, Myntra. "The country's growing middle class, coupled with its increasing affinity for online shopping, creates a fertile ground for expansion."

Key trends driving growth

The report highlights several key trends shaping the Indian e-lifestyle market:

• Rise of ‘Trend-First’fashion: Consumers are increasingly seeking out fast fashion and trendy products, driving the growth of this segment. "There is a clear shift towards trend-based fashion, with consumers wanting to stay updated with the latest styles," said Rajiv Nair, CEO, Lifestyle International.

• Tier II and III cities: Beyond the metros, online fashion and lifestyle shopping is gaining traction in smaller cities, expanding the market reach for brands. "The penetration of smartphones and affordable internet has democratized access to fashion, leading to a surge in online shopping in Tier II and III cities," said Ankur Bisen, Senior Vice President, Technopak Advisors.

• Mobile dominance: Smartphones are the preferred device for online shopping, emphasizing the importance of mobile-optimized platforms. "Mobile shopping has become the norm for Indian consumers, and brands need to ensure a seamless mobile experience," said Nitin Bawri, Head of Marketing, Flipkart.

• Focus on Sustainability: Consumers are becoming more conscious of environmental impact, creating opportunities for sustainable fashion and lifestyle brands. "Sustainability is no longer a niche concern; it's a mainstream expectation. Brands that prioritize sustainability are gaining a competitive edge," said Sunita Narain, Director General, Centre for Science and Environment.

As India's e-lifestyle market continues to evolve, brands that can adapt to changing consumer preferences and leverage digital technologies are likely to emerge as winners in this dynamic and competitive landscape.

Latest Fashion news

08 August 2024, Mumbai

A leading retailer of pop culture merchandise, The Souled Store has inaugurated its first flagship store in Delhi.

Founded in 2013, The Souled Store, which began as an ambitious project by four friends to introduce authentic, high-quality pop culture merchandise in India, the Souled Store has grown rapidly boasting over 200 partnerships with major entertainment entities including Netflix, Disney, Warner Bros., and the Harry Potter franchise. The brand’s collaborations have established its credibility and ensured the availability of genuine merchandise.

Right since its inception, the Souled Store prioritised profitability and sustainability. Operating without external funding for the first five years, the company focused on revenue generation from the very first order. Their strategy included building strong partnerships to enhance brand trust and delivering excellent customer experiences to foster loyalty.

The opening of the brand’s flagship store in Kamala Nagar underscores its commitment to expand its physical presence and enhance customer engagement.

The store offers a comprehensive range of merchandise, reflecting the brand's evolution from a startup to a major player in the pop culture market

Latest Fashion news

09 August 2024, Mumbai

The 27th Garment Fair was inaugurated today at the Chennai Trade Centre by R Gandhi, Tamil Nadu's Minister for Handlooms and Textiles.

Accompanied by D P Yadav, Principal Secretary for Handlooms and Textiles, Gandhi was honored with a shawl by Organizer President Bharat Sarada.

Running until August 9, the fair features over 350 brands showcasing their latest collections, serving as a vital platform for networking, business opportunities, and insights into market trends in the fashion and textile industry.

Latest Fashion news

08 August 2024, Mumbai

The much-anticipated End of Season Sale (EOSS) this July has failed to deliver the desired boost to the Indian fashion and apparel industry. Despite aggressive discounting and promotional offers, retailers are grappling with sluggish sales and mounting inventory pressures. Experts attribute this lackluster performance to several factors, including changing consumer behavior, inflationary pressures, and the early onset of EOSS.

Early onset of EOSS a dampener

A recent report by ICICI Securities revealed a 15 per cent year-on-year decline in sales for leading retailers like Shoppers Stop, Pantaloons, Reliance Trends, V-Mart, Max, Lifestyle, and Westside. To clear inventory, many brands initiated EOSS two weeks earlier than usual, some even in June, hoping to offload excess stock. This diluted the impact of the traditional sale period. While some retailers like Shoppers Stop offered discounts as high as 62 per cent, others like Reliance Trends, Lifestyle, and Pantaloons were in the 41-25 per cent range. Mall operators too reported lower-than-anticipated foot traffic during the EOSS period, suggesting a decline in consumer interest in traditional sales events.

Despite aggressive discounting, Reliance Trends witnessed a slower-than-expected sales growth during July. Industry analysts attribute this to increased competition and changing consumer preferences. Similarly, Shoppers Stop managed to clear a significant portion of its inventory, overall sales growth was muted compared to previous years.

Analysts attribute the lackluster EOSS performance to a shift in consumer behavior. Customers are becoming increasingly discerning and are no longer swayed solely by discounts, say market analysts. They are seeking value for money, quality products, and unique offerings, rather than blindly following sales.Moreover, the growing preference for online shopping and the rise of private labels have also impacted traditional brick-and-mortar retailers. And the early start of EOSS might have cannibalized sales from other periods, leading to a diluted impact overall. Retailers need to re-evaluate their discounting strategies and focus on building long-term customer relationships.

Then online platforms offering year-round discounts and personalized shopping experiences too have eroded the appeal of traditional sales events. And rising inflation and job insecurity might have impacted consumer spending on non-essential items like apparel.

Way forward

To revive the EOSS and drive sales growth, retailers need to focus on the following:

Personalized Offers: Offering tailored discounts and promotions based on customer preferences can enhance the shopping experience.

Omni-channel Strategy: Integrating online and offline channels to provide seamless shopping experiences can attract more customers.

Focus on Value: Instead of relying solely on discounts, retailers should emphasize product quality, sustainability, and unique offerings.

Indeed, the subdued performance of EOSS raises concerns about the overall health of the Indian fashion industry. Retailers are expected to focus on inventory management, strategic discounting, and omnichannel strategies to navigate the challenging market conditions.

Latest Fashion news

08 August 2024, Mumbai

To revamp its appeal and offer trendy apparel for various occasions, India’s leading men’s garment brand, Oxemberg has roped in Indian actor-producer RanaDaggubati as the new face.

Known for his roles in blockbuster films like Baahubali and Netflix’s Rana Naidu, Daggubati'sis popular amongst the youth, his fame helping Oxemberg connect with fashion-conscious audiences.

Designed by the brand’s team in collaboration with D&A and Barcode agencies, Oxemberg’s new campaign promotes individuality. The integrated campaign redefinesOxemberg as a youth-centric brand, guiding youngsters to express their unique style.

This partnership helps Oxemberg strengthen its presence and market position in India. The brand offers a diverse range of clothing for casual, formal, and special occasions, with their latest collection tailored to the preferences of the younger generation.

GauravPoddar, Executive Director, Siyaram’ss says, going beyond star power; Daggubatti embodies the energy, style, and confidence that define the Oxemberg tribe and resonate with the youth, among whom he is idolised for his style and personality.

Daniel, Senior Vice President of Oxemberg, adds, with Daggubati as the new face, Oxemberg is set to be the preferred brand of the youth. The brand’s collections continue to strike a fine balance between professional and personal styles of expression for men.

Sharing his enthusiasm, Daggubatti notes, one of the most trusted fashion brands in India, ,Oxemberg is renowned for its high fashion, innovation, and commitment to unmatched quality. The brand focus on comfort, confidence, helps men express their true selves.

Latest Fashion news

09 August 2024, Mumbai

Indian Terrain Fashions posted a Q1 net loss of Rs 15 crore, widening from Rs 3 crore year-on-year.

Revenue dropped 26 per cent to Rs 68 crore, driven by weak market demand and the discontinuation of boy's wear.

Despite challenges, the company expects a revenue rebound in upcoming quarters.

Latest Fashion news

08 August 2024, Mumbai

Multi-brand, omni-channel fashion and lifestyle retailer Shoppers Stop has teamed up with cross-reward program identifier Single.id to launch a new app aimed at elevating the consumer rewards experience.

Kavindra Mishra, Customer Care Associate, Managing Director, and CEO, Shoppers Stop’ semphasises, the company remains committed to customer-centricity and enhancing the shopping experience. Including 10 million First Citizen Club members, the strong loyalty program constantly offers new opportunities to make hopping more rewarding. This partnership allows the retailer to extend the benefits of its loyalty program beyond the Shoppers Stop ecosystem, adding real value to every purchase customers make. The new app is designed to optimise the rewards experience for First Citizen Club members, allowing them to earn rewards not just at Shoppers Stop but also at partner brands such as Truefitt & Hill, Himalaya, and McDonald’s.

Both ChandraBhushan, Country Head-India, Enigmatic Smile, and BishSmeir, Global CEO, Enigmatic Smile, expressed enthusiasm for the collaboration. Smeirnoted, the integration of seamless card-linked offers into the Shoppers Stop First Citizen Club rewards system will provide customers with the easiest retail savings experience in India. Secured by a single.id, the new app will revolutionise how millions of loyal customers save money every day, he added.

Founded in 1991, Shoppers Stop operates 114 department stores across India and offers over 500 fashion and lifestyle brands.

Latest Fashion news

08 August 2024, Mumbai

Reliance Retail plans to expand its store network further. In FY24, the company opened 1,840 new stores with its EBITDA growing by 28.4 per cent Y-o-Y to Rs 23,802 crore during the year.

The company continued to drive growth during the year by offering an assortment tailored for target customer segments, and opened new stores in the right catchment areas, as per its annual report.

Through its retail subsidiaries, the company also increased its customer base by 300 million during the year, making Reliance Retail one of the most preferred retailers in the country," the report noted.

In FY24, Reliance Retail formed several strategic partnerships and acquisitions. Besides, it undertook an equity fund raise of Rs 17,814 crore, with the business recording over a billion footfalls across its stores.

Latest Fashion news

09 August 2024, Mumbai

Shein, the global fast-fashion behemoth, is back in India, but this time, it’s not alone. The Chinese retailer has formed a strategic partnership with Indian conglomerate Reliance Retail, marking a significant shift in the country's fashion landscape. This alliance promises to reshape the online fashion market, presenting both challenges and opportunities for existing players.

The Reliance-Shein partnership, a game-changer

The collaboration between Shein's trend-driven, affordable fashion and Reliance Retail's vast distribution network and digital prowess is a formidable one. By leveraging Reliance's vast retail network and deep understanding of the Indian market, Shein gains a powerful platform to re-establish its presence. In return, Reliance expands its fashion portfolio with a brand that has a proven track record of captivating the youth. This partnership addresses the key concerns that led to Shein's ban in 2020. By hosting data within India and ensuring local operations, the duo has mitigated the government’s apprehensions.

However, the partnership also comes with its share of complexities. Shein's previous controversies and the Indian government's stringent data privacy regulations have necessitated a cautious approach. The company's operations will be entirely managed by Reliance, with Shein receiving a licensing fee. This structure is designed to address data security concerns and comply with Indian laws.

Disrupting the Indian fashion market

Shein's return, backed by Reliance, is poised to disrupt the Indian fashion e-commerce market in several ways:

Higher competition: Existing players like Myntra, Ajio, and Nykaa Fashion will face heightened competition. Shein's affordability, coupled with Reliance's reach, could significantly impact their market share.

Shift in consumer behavior: Shein's fast-fashion model, characterized by rapid product turnover and affordable prices, has the potential to influence consumer preferences. This could lead to increased demand for quick fashion cycles and lower price points.

Supply chain revolution: Shein's plans to source goods from India for its global operations could boost domestic manufacturing and create new job opportunities. However, it may also pose challenges for local fashion brands competing for resources.

Data-driven dominance: Shein's expertise in data analytics and consumer behavior is a formidable asset. By combining this with Reliance's vast customer base, the partnership can create a powerful data-driven engine that could redefine personalized shopping experiences.

Impact on D2C brands: Emerging D2C fashion brands, which have gained traction in recent years, might face increased pressure. Shein's scale and resources could overshadow smaller players, making it difficult for them to compete on price and speed.

While Shein’s foray might seem daunting, it also presents opportunities for Indian fashion brands. By specializing in specific segments, such as sustainable fashion, ethnic wear, or luxury, Indian brands can carve out their own niche. Moreover upgrading product quality and targeting a premium customer base can help differentiate Indian brands from fast-fashion competitors. And building a strong online and offline presence can help Indian brands compete effectively with Shein.

Not an easy road to success

Despite the potential benefits, Shein's re-entry is not without its challenges. Navigating India's complex regulatory environment can be a hurdle for both Shein and Reliance. Also Reliance will need to ensure that Shein's supply chain aligns with its sustainability and ethical sourcing commitments. Building trust with Indian consumers, especially after the previous ban, will be crucial for Shein's success. Shein will also need to adapt to India's diverse fashion tastes and preferences.

For existing players, the key to survival lies in differentiation. Focusing on unique product offerings, superior customer service, and building strong brand loyalty can help them withstand the competition. Moreover, investing in technology and data analytics will be crucial to understanding evolving consumer trends.

The bottomline is the return of Shein, in partnership with Reliance, marks a new era for India's fashion industry. While the market is likely to be more competitive, it also presents exciting opportunities for innovation and growth. As the market evolves, consumers are likely to benefit from a wider range of choices, more affordable options, and faster fashion cycles. Ultimately, the success of Shein's re-entry will depend on its ability to deliver on its promise of style, affordability, and speed, while navigating the challenges of a complex and dynamic market.

Latest Fashion news

08 August 2024, Mumbai

Gokaldas Exports recorded consolidated revenue of Rs 939.7 crore in Q1, FY, a significant increase from Rs 522.2 crore in the corresponding quarter last year. However, its consolidated profit after tax decreased to Rs27.2 crore from ₹32.6 crore in Q1 of the previous year.

SivaramakrishnanGanapathi, Vice Chairman and Managing Director, Gokaldas Exports, states, the company maintained revenue growth momentum. However, its profitability was impacted by several challenges. Production disruptions in most factories during April and May led to shipment delays, resulting in extra costs from overtime and airfreight. The company also experienced a slower-than-expected ramp-up of its new units and continued airfreight costs at Atraco. Although these issues affected profitability, Gokuldas Exports hopes to offset some of these impacts in the upcoming quarters."

Ganapathi further highlights, the company achieved progress in integrating newly acquired entities, which are expected to enhance operating leverage. Additionally, their strategic investment in BTPL, a fabric processing unit, will help optimise vertical integration, thereby improving speed, quality, and cost efficiency.

In April 2024, the company raised Rs600 crore in equity capital through a Qualified Institutional Placement (QIP). After acquiring two companies through a mix of debt and equity, along with the fundraising efforts, Gokaldas Exports now has a net cash position of Rs58 crore as of June 30, 2024. With operations spread across multiple geographies, a well-trained workforce, a diversified customer base, and preferential access to raw materials through vertical integration, the company is well-positioned to target substantial growth in the future.

Founded in 1979, Gokaldas Exports has grown into a leading one-stop solution for some of the world’s most recognised apparel brands and is one of India’s largest apparel manufacturers and exporters, with a global presence in over 50 countries.

Latest Fashion news

08 August 2024, Mumbai

To strengthen ethnic fashion globally, D2C ethnic fashion brand Shobitam has acquired the ready-to-wear saree brand Isadoralife. The collaboration will pave the way for an upward growth trajectory in the fashion startup ecosystem in India.

AparnaThyagarajan, Co-founder and Chief Product Officer, Shobitam, says, the partnership between the two brandswill help enhance their position in the global ethnic fashion market. It will enable Shobitam leverage its established global presence and extensive distribution network to amplify Isadoralife's market reach.

Through this collaboration Shobitamwill also introduce a new category of innovative, easy-to-drape saree designs for consumers seeking both traditional and contemporary fashion elements. Besides, the partnership will help both the brands integrate traditional ethnic wear with modern design elements. Shobitam's robust online and offline presence will makeIsadoralife's ready-to-wear sarees more accessible to a broader audience, both in India and internationally.

Highlighting the timely nature of this partnership, NehaTandon Sharma, Founder and CEO, Isadoralife, notes, with sarees gaining popularity as both traditional and contemporary attire, Indian fashion is undergoing a significant transition.

Latest Fashion news