08 August 2024, Mumbai

Mumbai-based outdoor clothing and gear brand Gokyoplans to launch over 30 stores including exclusive brand outlets (EBOs) and shop-in-shops by FY 2026-end. The D2C brand also plans to generate revenues worth over Rs 100 crore within the next five years with ambitions to achieve triple growth annually.

The brand will soon launch its debut store across 1,000 sqft at the Canada Corner inNashik. Despite having a significant trekking and outdoor community, as well as mountaineers, there is a noticeable lack of quality clothing and gear shops in Nashik, says VenkateshMaheshwari, Founder, Gokyo.

The brand’s franchise store in the city will offer over 150 stock-keeping units (SKUs) across outdoor apparel, accessories, gear, and footwear, including a tailored collection specifically for the city’s customers.

Incepted as an online-only brand in 2022, Gokyotransitioned to offline retail with its first flagship store in Mumbai in April 2023. The brand currently operates nine outlets across Mumbai, Bengaluru, West Bengal, and Srinagar. It plans to soon enter the Delhi NCR market and expand further into South India and Kolkata, adds Maheshwari.

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07 August 2024, Mumbai

Manish Tiwary, Country Head, Amazon India has resigned from his position in the e-commerce company with effective from October 2024 after serving in it for eight years.

Tiwary’s resignation comes at a time when Amazon plans to invest $26 billion in the Indian market by 2030. However, the company also faces a strict regulatory environment that forces it to run only a marketplace.

The e-commerce giant faces an antitrust investigation for favoring select sellers on its sellers, alleges AmitAgarwal Senior Vice-President-Emerging Markets, who plans to continue remain closely involved with the India team at the company during this crisis period.

In 2021, Amazon ran a systematic campaign of creating knockoff goods and manipulating search results to boost its own product lines in India - practices it has denied engaging in, as per a report by Reuters.

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06 August 2024, Mumbai

The Retailers’ Association of India (RAI) has praised the Telangana Government's decision to allow all shops and establishments, excluding liquor shops, to stay open until 1AM. This initiative aims to enhance ease of doing business (EoDB), create additional jobs, and offer greater convenience to customers.

In addition to the extended hours, the government has approved 24x7 delivery and takeaway operations for restaurants, further supporting the food and beverage industry.

Kumar Rajagopalan, CEO of RAI, expressed strong support for the move, highlighting that extended hours of operation benefit consumers, businesses, and the government. He noted that this step offers consumers greater flexibility to shop at their convenience, boosts tourism in the state, creates jobs, and energizes the restaurant sector, making the state more vibrant. Rajagopalan emphasized that a dynamic retail environment is crucial for economic growth.

The RAI has been actively engaging with the Telangana Government to implement this policy, following issues with local police enforcing early closures despite a previous 24x7 operation notification.

RAI continues to advocate for similar policies in other states like Maharashtra, Karnataka, and Tamil Nadu to support India's retail sector, projected to reach $2 trillion by 2032.

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 07 August 2024, Mumbai

Observed on August 7, National Handloom Day honors India's vibrant tradition of handwoven textiles while promoting the handloom industry. Established in 2015 to commemorate the Swadeshi Movement, this day emphasizes the significance of indigenous products and the critical role of handwoven textiles in India’s independence struggle.

The handloom sector is a vital economic contributor, employing approximately 3.52 million workers, of whom 2.55 million are women. It accounts for nearly 15 per cent of India’s cloth production and is a significant player in export earnings, producing 95 per cent of the world’s handwoven fabric.

Handloom crafts preserve cultural heritage through traditional processes and designs. Unique creations, such as Toda shawls from the Nilgiris and Ikat textiles from Telangana and Odisha, exemplify this legacy. Collaborations with artisans are crucial for sustaining these crafts and empowering them economically and socially.

As Indian fashion increasingly incorporates handloom textiles, the fusion of tradition and modern design creates appealing garments for contemporary consumers. This evolution fosters sustainable fashion while supporting artisan communities.

On National Handloom Day, recognizing the efforts of artisans, designers, and consumers is essential for preserving India's textile heritage. By valuing handwoven products, the future of the handloom industry can thrive, bridging tradition with innovation and ensuring a sustainable fashion landscape.

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07 August 2024, Mumbai

For Q1, FY25 ending June 2024, Bata India reported a 62.84 per cent increase in its consolidated net profit, reaching Rs 174.36 crore. This growth was driven by margin expansion and gains from the sale of industrial land. In comparison, the company had posted a net profit of Rs 106.89 crore in the same period a year ago.

However, Bata India's revenue from operations declined by 1.41 per cent to Rs 944.63 crore during the quarter under review from Rs 958.14 crore in the corresponding period last year.

Total expenses for Bata India increased by 6 per cent to Rs 877.03 crore in the June quarter. The company's total income decreased by 1.08 per cent to Rs 960.86 crore.

Bata continued its expansion during the quarter. The company added 33 franchise stores in Tier III-V towns, to cater to the demand for branded products and achieve better returns on capital. Bata also expanded its presence in new-age channels and saw significant growth in digital sales over the previous quarter.

Gunjan Shah, Managing Director and CEO, highlights, the company successfully navigated through a challenging consumption environment, further impacted by elections and an extreme heatwave. It sustained its gross margins through a premiumisation strategy while continuing to invest in marketing and technology platforms, Shah adds.

Along with cautious control on costs and a focus on efficiency and productivity, Bata also managed its inventory well, ensuring strong in-store availability of fresh merchandise in anticipation of a festive season-driven consumption uptick.

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06 August 2024, Mumbai

US-based sports footwear and apparel manufacturer, New Balance has launched its first retail store in Bengaluru.

Spanning two floors, the store features a curated selection of performance and lifestyle products, highlighting proprietary technologies like Fresh Foam X and FuelCell. Founded in 1906 by William J. Riley as the New Balance Arch Support Company, New Balance initially specialised in manufacturing arch supports and accessories to improve shoe fit.

The brand first entered the Indian market in the early 2000s but exited shortly afterward. It re-entered India in 2016 through a distribution agreement with Mumbai-based The Major Brands Group, opening its first store at DLF Mall of India in Noida. New Balance established its India subsidiary in 2022.

In February 2024, New Balance opened its first company-owned store in India in Hyderabad, followed by additional stores in Pune and Mumbai. The company reported global sales of $6.5 billion for 2023.

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 07 August 2024, Mumbai

The CMAI Achievers Club recently hosted an event with industry leaders Kamal Khushlani and Basesh Gala. Kamal Khushlani, Founder of Credo Brands Marketing Ltd., shared the successful journey of Mufti, emphasizing market gaps, adaptability, and building a unique brand identity. He highlighted resilience through financial challenges, a people-centric approach, and strategic brand evolution.

Basesh Gala, Founder of 39Solutions, conducted a session on thriving in competitive markets. He addressed MSME challenges, stressing the importance of a unique value proposition, effective systems, and a resilient mindset. Gala likened resilience to being like a coffee bean that transforms under pressure, inspiring attendees to adopt proactive, calculated risk-taking.

CMAI President Rajesh Masand explained that the goal of the CMAI Achievers Club is to host impactful sessions featuring esteemed speakers who share their business logic and experiences. He emphasized that distinguishing between a regular label and a genuine brand is becoming increasingly important in today’s evolving business environment.

Ashok Thakkar, Chairman of CMAI Achievers Club, conveyed gratitude for the inspiring presentations, noting that both sessions provided significant benefits to the members and are expected to have a positive impact.

The event, attended by over 50 members, was lauded for its insightful and engaging presentations, reinforcing the importance of strategic growth and resilience in business.

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07 August 2024, Mumbai

Compared to Rs 12 crore reported in the same quarter last year, Monte Carlo Fashions extended its net loss to Rs 13 crore ($1.5 million) in Q1, FY25 spanning Apr-June’24.

The company's revenue for the quarter decreased by 9 per cent to Rs 126 crore from Rs 139 crore in the corresponding period of the previous fiscal year.

During the quarter, Monte Carlo opened six company-owned and operated stores and five franchise stores. It plans to open additional 45-50 exclusive brand outlets across India, including in the West and South regions. The company has also reported a notable rise in its online sales, especially through its own website.

According to the company, the home textiles segment continues to grow at a healthy rate. Additionally, Monte Carlo's brand ‘Rock It’ performed well during the quarter and was well received by the market. Monte Carlo sells its products across India through a wide network of exclusive brand outlets (EBOs), multi-brand outlets (MBOs), national chain stores, and major e-commerce platforms.

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06 August 2024, Mumbai

In Q1, FY25 ended June 24, the net profit of textiles major Siyaram Silk Mills increased by 15 per cent to Rs 12 crore as against Rs 10 crore in the corresponding quarter of the previous year.

However, the company’s revenue for the quarter declined by 14 per cent to Rs 307 crore, as against Rs 355 crore in the corresponding period of the previous fiscal year.

GauravPoddar, Executive Director, Siyaram Silk Mills says, during the quarter, subdued consumer demand was further affected by severe heat waves that not only shifted spending priorities but also caused significant disruptions to sales channels due to election-related events. These factors combined to create a challenging environment for consumer driven sectors.

To further boost its sales, Siyaram Silk Mills is setting up 30 fast fashion and ethnic retail outlets in Tier I, II, and III cities. It plans to invest approximately Rs 50 crore by Mar 31, 2025 to establish these stores that will operate on a company-owned, company-operated model. This will boost the company’s overall financial stability and growth, positioning it more favorably for future success, Poddar adds.

Having a strong presence in the menswear market, Siyaram is especially popular in the suiting and shirting segment with its private-label brands like Mistair, Royale Linen, Moretti, Miniature, Unicode, J Hampstead, and Oxemberg.

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07 August 2024, Mumbai

The Indian fashion industry, a vibrant tapestry of tradition and modernity, is undergoing a dramatic metamorphosis. At its heart is technology, a potent tool that is empowering brands and retailers to stand out, grow, and redefine the fashion landscape.

Data-driven design and demand forecasting

Gone are the days of gut feelings and market speculations. Today, fashion is increasingly driven by data. AI-powered analytics are helping brands understand consumer preferences, predict trends, and optimize inventory. "Data is the new fabric of fashion," says Rakesh Nesari, CEO of Stylumia, a Bengaluru-based fashion intelligence company. "By analyzing vast amounts of data, we can help brands reduce unsold inventory by up to 60 per cent while boosting sales and profits."

Stylumia's success story is a testament to how data can revolutionize the fashion industry. By providing real-time insights into consumer demand, the company has helped numerous Indian fashion brands make data-driven decisions, leading to increased efficiency and profitability.

From the bustling fashion hubs of Delhi and Mumbai to the emerging design centers of Bengaluru and Hyderabad, Indian fashion is increasingly leveraging technology to differentiate itself. "Technology is no longer a luxury but a necessity," says Ritu Kumar, a renowned Indian fashion designer. "It's about creating unique experiences for our customers, understanding their needs better, and staying ahead of the curve."

Artificial Intelligence (AI), the fashion stylist

One of the most significant technological disruptions is AI, which is reshaping the industry from design to retail. Designers are using AI-powered tools to analyze trends, predict consumer preferences, and create innovative designs. For instance, fashion giant Myntra's AI-driven 'Style Mynt' feature curates personalized outfits based on customer preferences, enhancing the shopping experience. "AI is helping us understand our customers at a granular level," says Ananth Narayanan, CEO of Myntra. "It's enabling us to offer hyper-personalized recommendations, reducing return rates, and increasing customer satisfaction."

VR/AR, the dressing room of the future

Virtual/Augmented Reality (VR/AR) are transforming the way customers interact with fashion. Brands are using these technologies to create immersive shopping experiences, allowing customers to virtually try on clothes, visualize outfits, and make informed purchase decisions. For example, Lenskart, an eyewear retailer, has successfully implemented AR try-on features, driving significant sales growth. "VR/AR is bridging the gap between online and offline shopping," says Peyush Bansal, Founder of Lenskart. "It's empowering customers to experience products in a realistic way, leading to higher conversion rates."

Supply chain optimization

The fashion industry is notorious for its complex supply chains. Technology is streamlining operations, reducing lead times, and improving sustainability. Blockchain technology is being explored to enhance transparency and traceability. Blockchain has the potential to revolutionize the fashion supply chain, say stakeholders. By tracking the journey of a garment from raw material to the final product, one can ensure ethical and sustainable practices.

Fashion brands like Fabindia are exploring blockchain to track the journey of their products, ensuring ethical practices and building consumer trust. "Blockchain is revolutionizing the way we operate," says William Nanda, CEO of Fabindia. "It's helping us build trust with our customers by demonstrating our commitment to sustainability and ethical sourcing."

Sustainable fashion a tech-driven imperative

Sustainability is no longer a buzzword; it's a business imperative. Technology is playing a crucial role in making fashion more eco-friendly. Smart fabrics or innovative fabrics with features like temperature regulation and self-cleaning are being developed using advanced textile technologies. Technology is aiding in the development of processes to recycle and upcycle old garments, reducing waste and conserving resources.

Building brand image beyond the product

Technology is transforming how brands communicate with their audience. Social media and influencer marketing with platforms like Instagram and TikTok have become essential for fashion brands. Collaborating with influencers and creating engaging content is key to building a strong brand image. Moreover, the pandemic accelerated the adoption of virtual fashion shows. This format offers greater reach, cost-efficiency, and opportunities for interactive experiences.

The road ahead

While technology offers immense potential, challenges remain. Investing in technology requires significant resources, and there's a need for skilled talent. Additionally, data privacy and security are paramount. However, the rewards are substantial. By embracing technology, Indian fashion brands can not only survive but thrive in an increasingly competitive market. And technology is not just a tool; it's a strategic imperative. Those who adapt will lead, and those who don't will be left behind.

The integration of technology into the Indian fashion industry is still in its early stages. As technology continues to evolve, we can expect to see even more innovative applications in the coming years. From personalized fashion recommendations to virtual fashion shows, the possibilities are endless. "The future of fashion is digital," says Sunil Sethi, President of the Fashion Design Council of India. "Brands that embrace technology will not only survive but thrive." By harnessing the power of technology, Indian fashion brands and retailers are poised to become global leaders, captivating audiences with their creativity, innovation, and customer-centric approach.

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07 August 2024, Mumbai

Kitex Garments sees the recent shift of multinational garment retail brands away from China as a significant opportunity for the Indian garment sector. Sabu M. Jacob, Managing Director, Kitex Garments, says, about 80 per cent of US garment buyers have already moved away from China, and this trend is expected to reach 100 per cent by 2025. This emerging scenario could greatly benefit the Indian garment sector, provided it can boost productivity to meet the demands of overseas buyers, he emphasises.

Countries like Vietnam, Cambodia, African nations, Bangladesh, and India are positioned to gain a competitive edge over China. However, Vietnam's focus on the automobile and electronics sectors and political instability in some African countries pose risks for retail brands considering investments there. In this context, India and Bangladesh emerge as the primary options for these companies.

Kitex Garments' new manufacturing facility in Telangana is set to provide a viable alternative. The first phase of the Rs 3,500-crore facility will be operational by the end of the year, with the second phase expected to complete by December next year. This expansion will triple the company's production capacity from 7 lakh pieces per day to 21 lakh pieces per day.

The recent unrest in Bangladesh could be a ‘bonus boost’ for the Indian garment industry, as buyers may seek more stable and secure production locations, notes Jacob. Despite global recessionary trends, the Indian garment industry has remained stable, with demand staying flat.

Given these circumstances, India's robust economy presents an attractive alternative for international brands, many of which have relied heavily on Bangladesh for outsourcing, he adds.

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06 August 2024, Mumbai

Fitness brand by HrithikRoshan and Exceed Entertainment, HRX has promoted Ajay Singh as the brand’s new business and marketing head.

In his new role, Singh will lead the marketing and business verticals of HRX to further strengthen the brand’s position in the country’s fitness market.

A seasoned professional with a proven track record and extensive experience in the industry, Singh has played an instrumental role in conceptualising the brand’s expansion through collaborations with other brands such as HRX by Eatfit, HRX Café, HRX Gyms with Cult Fit, etc.

AfsarZaidi, Co-founder & CEO, HRX says, Singh’s dedication, passion, and in-depth understanding of the industry make him the perfect choice for the role of business head. He will drive the future growth of HRX, setting new benchmarks in the fitness world.

Singh adds, in his new role he looks forward to achieving new milestones and strengthening the brand’s position as one of biggest names in the fitness industry.

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