19 October 2023, Mumbai

The metaverse, a virtual world that offers endless possibilities for social media users and fashion enthusiasts, is fashion's new horizon.

The internet and fashion are constantly evolving, and the metaverse is the latest frontier. 

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A close look

This virtual world offers designers and customers new ways to experiment with fabrics, designs, garments, and accessories. 

It also enables more than just fashion purchases, facilitating brand management, supply chains, recruitment strategies, career and education prospects, and customer experience.

The metaverse is still developing, but it promises to change the fashion industry in amazing ways.

Key Points

• The Metaverse: Fashion's New Horizon: The metaverse is a virtual world that offers new opportunities for fashion designers and consumers.
• How the Internet is Changing: The Internet is constantly evolving and expanding, and the metaverse is its newest domain.
• How Fashion is Changing: The fashion industry is also changing dramatically, moving away from fast fashion towards more sustainable practices and adopting advanced technologies like augmented reality (AR) and virtual reality (VR).
• How the Metaverse and Fashion are Compatible: The metaverse is ready to transform the fashion scene, giving a new platform for designers, brands, and consumers to experiment with.
• How Designers Can Express Themselves: In the metaverse, designers can unleash their imagination, without any physical constraints, and display a variety of fabrics, designs, garments, and accessories.
• Customers can choose functionality over aesthetics: Customers can also choose functionality over aesthetics through easy-to-use interfaces designed for different purposes, such as 3D experiences, gaming, virtual worlds, NFTs, AR, and VR.
• How the Gulf Region is Leading the Way: The Gulf countries are well-placed to lead the metaverse fashion movement, thanks to their young, tech-savvy population and favorable regulatory environment.
• How the Metaverse is More than Fashion: In the metaverse, fashion goes beyond just buying clothes. It enables innovative brand management, efficient supply chains, novel recruitment methods, improved career and education opportunities, and the creation of a unique and immersive customer experience.
• How the Future Looks Bright: The metaverse is still in its early stages, but it has the potential to revolutionize the fashion industry in ways that are hard to imagine. With its unlimited possibilities and immersive experiences, the metaverse is set to be fashion’s new horizon. 

  5 key insights :

  • Metaverse: Fashion's new frontier
  • Virtual world, endless possibilities
  • Designers and customers experiment
  • More than fashion purchases
  • Revolutionizing the fashion industry

In Summary

The metaverse is a virtual world that offers new opportunities for social media users and fashion enthusiasts. It allows designers and customers to experiment with different fabrics, designs, garments, and accessories. It also enables more than just fashion purchases. 

It facilitates brand management, supply chains, recruitment strategies, career and education prospects, and customer experience. 

The metaverse is still developing, but it promises to change the fashion industry in amazing ways. The metaverse is fashion’s new horizon.

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17 October 2023, Mumbai

Consumer Spending Drives Economic Growth

India is witnessing a strong festive shopping season in 2023, backed by a recent study from the Reserve Bank of India that shows the importance of consumer spending, which makes up 60 percent of GDP. 

The study also confirms the prediction of a 6.5 percent economic growth for this fiscal year.

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E-Commerce to Benefit from High Spending Activity

E-commerce platforms are set to benefit from this high spending activity, with forecasts suggesting not only a boost in the vibrant economy during the festive season but also a consistent spending trend in the next year.

Rise of E-Commerce Sales

The rise of e-commerce sales is especially remarkable. The Ministry of Commerce’s estimates indicate that the e-commerce market will grow to $350 billion by 2030, a significant jump from the estimated $63 billion in 2023.

Indians to Spend $1 Billion on E-Commerce This Year

Indians are likely to spend around $1 billion between October and November this year—a record-breaking amount, 20 percent more than the previous year, according to a consultancy firm based in Bengaluru that specializes in tracking 100 Indian e-commerce platforms, which account for nearly 90 percent of India’s e-commerce sales.

E-Commerce Giants See 15% Rise in Order Volumes

E-commerce giants such as Amazon, Flipkart, Myntra, Ajio, Nykaa, Meesho, and Snapdeal are seeing a 15 percent rise in order volumes during the initial days of their festive sales campaigns, due to the large number of orders.

Consumers Unaffected by Inflation and Higher Interest Rates

E-commerce platforms are happy that inflation and higher interest rates have not affected the excitement of Indian consumers.

This is consistent with the Reserve Bank of India’s finding that consumer confidence reached a four-year peak in September, supported by stable inflation and better employment conditions.

Major Players Breaking Records

Major players in the industry are breaking their records this year. Amazon India’s Great Indian Festival of 2023 has been their most profitable festive campaign so far, with Vice President Manish Tiwary stating that this year’s start has been “unprecedented.”

Long & Short

The strong festive shopping season in 2023 is a testament to the resilience of the Indian economy and the growing popularity of e-commerce. 

With consumer spending driving economic growth, e-commerce platforms are poised to benefit significantly from this trend.

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5 key insights:

• Consumer spending drives growth
• E-commerce sales to reach $350B by 2030
• Indians to spend $1B on e-commerce this year
• E-commerce giants see 15% rise in order volumes
• Consumers unaffected by inflation, higher interest rates

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14 October 2023, Mumbai

The Indian textile industry, which relies heavily on cotton for its products, is facing a crisis due to the high domestic prices of raw materials. 

ASKS

The industry has been asking the government to remove the 11 percent import duty on cotton, which was imposed three years ago to encourage local sourcing and reduce environmental impact.

However, the government has not responded to the industry’s demand, even though the domestic cotton prices have increased by 18 to 19 percent compared to the imported ones. 

The industry claims that importing cheaper cotton is the only feasible option to remain competitive in the global market, especially during the off-season from April to September when the domestic supply is low.

Representations

The Southern India Mills Association (SIMA), a representative body of the textile mills, has been lobbying for a temporary suspension of the import duty during the off-season. The government, however, has not agreed to this proposal, citing that the domestic prices have not risen significantly during this period.

The textile industry is also facing challenges from other factors such as climate change, which affects the natural yield and quality of cotton, economic slowdown, which reduces the demand for non-essential items like apparel and home furnishing, and sustainability activism, which criticizes cotton farming for its high water consumption and soil degradation.

Govt support

Last year, the government granted an import duty exemption until October, but this year it has not announced any such relief. 

The textile industry hopes that the government will reconsider its decision and allow duty-free imports of cotton to ease its woes.

Analysis:

The Indian textile industry is a major contributor to the country's economy, employing millions of people and generating billions of dollars in export revenue. However, the industry is facing a number of challenges, including rising cotton prices. The government's decision not to remove the import duty on cotton is putting the industry at a disadvantage in the global market.

The government should consider the industry's demands and take steps to support it. 

This could include providing temporary relief from the import duty on cotton, especially during the off-season. The government could also invest in research and development to help the industry produce cotton more efficiently and sustainably.

By supporting the textile industry, the government can help to create jobs, boost exports, and grow the economy.

Gist

ASKS:

• Remove 11% import duty on cotton
• Import cheaper cotton during off-season

Challenges: climate change, economic slowdown, sustainability activism

Govt support: grant import duty exemption until October

Analysis: Govt should reconsider decision and allow duty-free imports of cotton to ease industry's woes.

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12 October 2023, Mumbai

The Indian fashion industry is one of the most dynamic and innovative sectors in the world, with a global reputation for its creativity, diversity, and sustainability.

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According to an industry credible report published earlier, the industry is expected to grow at a CAGR of 11-12%, reaching a value of $115-125 billion by 2025. However, the industry also faces various challenges and opportunities in the changing market scenario. Here are some of the key trends, challenges, and opportunities that will shape the future of Indian fashion in the next two years.

• Sustainability: With the increasing awareness of environmental and social issues, sustainability has become a core value for the fashion industry. Indian fashion brands are adopting eco-friendly and ethical practices in their supply chains, production processes, and marketing strategies. For example, many brands are using organic and recycled materials, reducing waste and carbon emissions, and promoting fair labor practices. As consumers become more conscious of their environmental impact, the demand for sustainable fashion is likely to increase.
• Digitalization: The COVID-19 pandemic has catalyzed the digital transformation of the fashion sector. Many Indian fashion brands are enhancing their online presence by launching e-commerce platforms. Social media has become an essential tool for marketing and customer engagement. This digitalization trend is expected to continue over the next two years, with more brands investing in e-commerce, virtual try-on experiences, augmented reality, and artificial intelligence technologies.
• Inclusivity: Another emerging trend in the Indian fashion industry is inclusivity. Brands are embracing diversity and inclusivity in their designs, models, and campaigns. They are catering to different segments of customers, such as plus-size, gender-fluid, ethnic, and regional. They are also celebrating the rich cultural heritage and diversity of India through their collections and collaborations. Inclusivity is not only a social responsibility but also a business opportunity for the fashion industry.

The Indian fashion industry is poised for a bright future, with its unique blend of creativity, diversity, and sustainability. However, it also faces some challenges and opportunities in the competitive and evolving market environment. Some of the challenges include:

• Quality: The Indian fashion industry needs to maintain high standards of quality and craftsmanship in its products and services. Quality is a key factor that influences customer satisfaction and loyalty. The industry needs to ensure that its products are durable, comfortable, and aesthetically pleasing.
• Innovation: The Indian fashion industry needs to constantly innovate and adapt to the changing customer preferences and market trends. Innovation is a key factor that drives differentiation and competitiveness. The industry needs to explore new materials, techniques, designs, and formats that can offer value and delight to customers.
• Regulation: The Indian fashion industry needs to comply with various regulations and norms that govern its operations and transactions. Regulation is a key factor that affects the legal and ethical aspects of the industry. The industry needs to abide by the laws and regulations related to taxation, labor, environment, intellectual property rights, consumer protection, etc.

The Indian fashion industry also has some opportunities that can help it grow and thrive in the future. Some of the opportunities include:

• Expansion: The Indian fashion industry has a huge potential for expansion in both domestic and international markets. Expansion is an opportunity that can increase the reach and revenue of the industry. The industry can tap into new markets by offering customized products and services that suit the local tastes and preferences.
• Collaboration: The Indian fashion industry has a great opportunity for collaboration with other sectors and stakeholders. Collaboration is an opportunity that can enhance the value proposition and impact of the industry. The industry can collaborate with other industries such as technology, entertainment, education, etc., to create innovative products and services that can benefit customers and society.
• Education: The Indian fashion industry has a significant opportunity for education and skill development. Education is an opportunity that can improve the quality and productivity of the industry. The industry can invest in education and training programs that can equip its workforce with the relevant skills and knowledge that are required for the future.

The Indian fashion industry is on a journey of transformation, with its vision of creating a sustainable, digitalized, and inclusive future for itself and its customers. By overcoming its challenges and leveraging its opportunities, the industry can achieve its goals and aspirations in the next two years.

5 key insights :

1. Sustainability: Eco-friendly practices in supply chain, production, and marketing.
2. Digitalization: E-commerce, social media, and new technologies.
3. Inclusivity: Catering to diverse customer segments.
4. Quality: Maintain high standards of quality and craftsmanship.
5. Innovation: Constantly innovate to adapt to changing trends.

Latest Textile Events

17 October 2023, Mumbai

A majority of Indian fashion designers blend Indian culture, modernity, and superb craftsmanship.

They have made a name for themselves in the premium apparel segment, creating both casual and lavish outfits.

Some are famous worldwide for their creative designs, while others work behind the scenes, providing exquisite embroidery, embellishments, and fabrics to renowned brands.

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Successful Indian Fashion Designers

Manish Malhotra is regarded as India's richest fashion designer.

Other successful designers include Tarun Tahiliani, Ritu Kumar, Rohit Bal, Sabyasachi Mukherjee, Neeta Lulla, Masaba Gupta, Anamika Khanna, and Anita Dongre.

New Trend: Collaborations

A new trend is emerging where designers collaborate with big corporates and companies with technical expertise to expand their reach and growth.

These partnerships benefit both parties and offer more opportunities than solo ventures.

Examples of Collaborations

Tarun Tahiliani got funding from ABFRL because of his long-term association with Chairman Kumar Mangalam Birla, who is a fan of Tahiliani's Ensemble.

ABFRL also bought a 51% stake in House of Masaba Lifestyle, owned by Masaba Gupta, and counting.

Reliance Brands also invested in Ritu Kumar, Abu Jani Sandeep Khosla, Manish Malhotra, and counting.

Conclusion

These collaborations are changing the luxury market landscape and offering more opportunities for Indian fashion designers.

5 key insights:

• Indian fashion: culture, modernity, craftsmanship
• Premium apparel: casual and lavish outfits
• Global recognition: creative designs, behind-the-scenes
• New trend: collaborations with big corporates
• Changing landscape: more opportunities for designers

Latest Textile Events

14 October 2023, Mumbai

The Indian fashion industry is a global leader in innovation and diversity, with a reputation for creativity, sustainability, and cultural richness. According to a recent industry report, the sector is expected to overgrow, with a Compound Annual Growth Rate (CAGR) of 11-12%, reaching a market value of $115-125 billion by 2025.

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Key Trends

Sustainability: As environmental and social awareness increases, sustainability has become a key value for the fashion industry. Indian fashion brands are adopting green and ethical practices throughout their supply chains, production processes, and marketing strategies. 

These practices include the use of organic and recycled materials, waste reduction, carbon emission reduction, and the support of fair labor practices.

Digitalization: The COVID-19 pandemic has accelerated the digital transformation of the fashion sector, with many Indian fashion brands launching or expanding their e-commerce platforms. Social media has become a vital tool for marketing and customer engagement. 

This digitalization trend is expected to continue for the next two years, with more brands investing in e-commerce, virtual try-on experiences, augmented reality, and artificial intelligence technologies.

Inclusivity: A rising trend in the Indian fashion industry is inclusivity, as brands celebrate diversity in their designs, models, and campaigns. 

This includes serving various customer segments such as plus-size, gender-fluid, ethnic, and regional groups, honoring India’s rich cultural heritage and diversity. Inclusivity is a social duty and a business opportunity for the fashion industry.

Opportunities and Challenges

The Indian fashion industry has immense potential for expansion in both domestic and international markets. By offering customized products and services that suit local tastes and preferences, the industry can tap into new markets. 

Additionally, collaboration with other sectors and stakeholders, such as technology, entertainment, and education, can enhance the industry’s value proposition and impact.

However, the industry also faces challenges, including maintaining high quality and craftsmanship standards, constantly innovating to meet changing customer preferences and market trends, and complying with various regulations and norms.

Summary

The Indian fashion industry is well-positioned to harness its potential and emerge as a global leader in the coming years. By addressing the challenges and embracing the opportunities, the industry can contribute to the economic growth and social development of India.

Key trends:

• Sustainability: green, ethical practices
• Digitalization: e-commerce, social media
• Inclusivity: diversity, cultural heritage

Latest Textile Events

11 October 2023, Mumbai

The Apparel Export Promotion Council (AEPC) anticipates robust growth in India's textile and apparel exports for the fiscal year 2023-24, with expectations of surpassing the $50 billion mark.

This marks a substantial increase from the $45 billion achieved in the previous fiscal year, primarily fueled by a burgeoning demand in key markets such as the United States and Europe.

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Prognosis

In FY24, the AEPC foresees a 10-12% upswing in exports to the United States and an 8-10% increase in exports to Europe. 

These markets constitute a significant share of India's textile and apparel exports, and the strong demand emanating from these regions is poised to propel the overall export figures for the fiscal year.

Several other factors are poised to contribute to the expansion of India's textile and apparel exports in FY24:

• Government initiatives, including the Production Linked Incentive (PLI) scheme, aimed at bolstering the textile and apparel sector.
• The rising global appeal of Indian textile and apparel products.
• The increasing demand for sustainable and ethically-produced fashion items.

Overview

The AEPC's projection of $50 billion in textile and apparel exports for FY24 bodes well for the Indian economy. 

The textile and apparel sector serves as a major employment generator in India, and its growth is expected to create jobs and stimulate economic development.

5 key insights :

• $50 billion export target for FY24
• 10-12% growth in US exports
• 8-10% growth in Europe exports
• Government initiatives to boost sector
• Rising global appeal of Indian products

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