How Seriously Are International Brands Looking at Indian Apparel Sector
03 June 2022, Mumbai:
The first nearly universal factor for success in India is for the different headquarters to acknowledge that India should be judged on its own merits and that there are virtually no surrogates from which to learn anything from elsewhere in the globe.
While most international managers are aware that India is a tough market, just a few are aware of the degree of its complexity. This richness and variation extend beyond demographics, religion, and socioeconomic status to behavioral subtleties, existing and rising goals, and societal mores.
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Over several years, India has become a hotbed for multinational businesses. The interest that global brands have exhibited in India in recent years demonstrates that it is now one of the rapidly growing and most competitive fashion marketplaces.
Armani Exchange, Muji, Innamorata, North Face, Massimo Dutti, Cath Kidston, and a slew of other famous international fashion labels, to mention a few, have made their debut in India this year. On the other side, many companies, including Hermes, Louis Vuitton, Gucci, Chanel, Jimmy Choo, Burberry, Dior, Bvlgari, and others, are swiftly expanding their businesses after establishing a foothold in the past. India is one of the largest marketplaces in the world in terms of sheer population, accounting for around 14.2% worldwide.
It has one of the world's most promising and rapidly rising economies and a large population with tremendous purchasing power.
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As a result of increased globalization and international commerce, the country has become a land of opportunity for various worldwide companies.
Although many international brands have entered the Indian market over the years, not all have been able to crack the success mantra for the mysterious, complex, and diversified market where customers' tastes and preferences change after only a few kilometers and where brands must adapt to local market conditions to attract customers to their brands.
Furthermore, a major stumbling block in India is the sizeable rural-urban divide, which presents enterprises with another hurdle in developing an effective distribution network.
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There has also been a new tendency in the previous couple of years.
Several high-end fashion labels are entering India only over the internet, taking advantage of the lack of laws around the sale of goods through third-party portals and factors such as poor infrastructure and expensive real estate expenses. Under present legislation, global brands do not need a license to sell through internet portals in India if they do not have operations here.
Mobile advertising has altered the attention of garment retailers and manufacturers away from traditional marketing channels such as billboards, print ads, and television commercials. Smartphones are increasingly being used to make retail transactions on the fly, and marketers are taking note.
Thus, with the various episodes happening worldwide, India has grown into a massive source of trading, exports, and imports.
With this opportunity, India can make a lot of growth in the upcoming years. Companies are intensely eyeing the Indian market and are highly urged to get into the Indian market.
There is a huge scope for International companies in India to flourish and grow rapidly.
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