25 January 2024, Mumbai

WHY India

Unfolding India’s growth story

Reliance Retail's final quarter of 2023 was a crescendo of success, fueled by a festive symphony across all segments. 

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Net profits soared like a triumphant finale, breaking the Rs. 3,000 crore barrier for the first time, a 32% crescendo over the previous year.

A Chorus of Growth: Enchanting India's retail landscape for years to come

This festive exuberance propelled overall revenue past the Rs. 74,000 crore milestone, cementing Reliance Retail's position as the undisputed retail conductor in India.

Imagine a vibrant Indian bazaar on Diwali night, bustling with shoppers adorned in their finest attire, exchanging sweets and gifts. Each store in this bazaar is a section of Reliance Retail, playing its part in the symphony of growth.

Secular growth

The grocery section, led by star performers like Fresh Signature and JioMart, delivered a phenomenal 41% year-on-year growth, a clear testament to the appeal of convenience and quality during the festive rush. 

Think families stocking up on fresh produce and delectable sweets, drawn in by the promise of a hassle-free and delicious celebration.

Much more

Fashion and lifestyle, under the baton of Ajio and other formats, sashayed to a 28% growth, proving that style never goes out of season. 

Picture dazzling sarees and kurtas alongside trendy apparel, captivating shoppers eager to dress up for the festive occasion.

Exuberance

Even the consumer electronics segment, powered by Reliance Digital and MyJio Store, plugged into a 19% surge, thanks to timely new launches and flagship models that hit the right note with tech-savvy customers. Imagine excited millennials and tech enthusiasts snapping up the latest smartphones and gadgets, eager to upgrade their experience.

This harmonious performance wasn't just spontaneous; it was meticulously orchestrated. Reliance Retail's strategic maestro added 252 new stores to its network, expanding its reach to an impressive 18,774 stores across India, ensuring every customer was included in the festive melody. 

Think of new Reliance stores popping up across the country, like additional instruments joining the orchestra, amplifying the sound of success.

There is a lot of uptick in the story

Digital and "New Commerce" initiatives, like platforms empowering local Kirana stores, continued their upward climb, now contributing a significant 19% to the overall revenue, proving that technology can amplify even the smallest voices. 

Imagine small Kirana stores, traditionally considered solo instruments, equipped with digital tools and platforms, allowing them to join the grand orchestra and contribute to the overall symphony.

Customer engagement reached new heights, with 320 million transactions and a 24.7% surge in registered users, crossing the 293 million mark, confirming that Reliance Retail had truly captured the hearts and wallets of the audience. 

Picture a wave of happy customers streaming through Reliance stores, their joyful engagement akin to the enthusiastic applause of a captivated audience.

Exemplary

Mukesh Ambani, Chairman, and Managing Director of Reliance Industries, stood before the applauding crowd, acknowledging the segment's triumphant performance and emphasizing the company's unwavering commitment to enriching customer experiences through innovative brands and offerings, promising an even more captivating encore in the future. 

Visionary; Imagine Ambani, like a charismatic conductor, taking a bow before the audience, thanking them for their support and hinting at even greater performances to come.

It is much more than what meets the eye

Reliance Retail's festive quarter wasn't just about numbers; it was a testament to the company's ability to conduct a symphony of growth, driven by strategic precision, technological innovation, and a deep understanding of the Indian consumer. 

The curtain may have fallen on this quarter, but the melody of success promises to continue.

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22 January 2024, Mumbai

Sailing Away from Fast Fashion: The global fashion scene is experiencing a seismic shift, leaving the choppy waters of fast fashion behind and navigating towards a more conscious, accessible future. 

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At the helm of this voyage are "bridge-to-luxury" brands, charting a course where premium quality, impeccable design, and a touch of exclusivity meet prices closer to the shore, welcoming a wider range of passengers, especially millennials and Gen Z.

The Winds of Change:

• Sustainability Siren Song: Consumers are heeding the call of responsible fashion, casting off the flimsy garments of fast fashion and seeking durable, ethically produced pieces that align with their values. Bridge-to-luxury brands answer this call with quality materials and mindful manufacturing.
• Value Over Trends: Today's fashion-savvy travelers prioritize investment pieces that last, transcend fleeting trends, and reflect their individuality. Bridge-to-luxury provides a haven for timeless designs and craftsmanship, without the exorbitant price tag.
• Social Media Spotlight: Gone are the days when luxury was shrouded in exclusivity. Influencers and celebrities have democratized the fashion world, shining a light on bridge-to-luxury brands and making them desirable destinations for a broader audience.
• A Rising Tide Lifts All Boats: The global middle class is expanding, creating a wave of new fashion enthusiasts seeking to upgrade from mass-market options. Bridge-to-luxury fills this gap, offering a bridge between affordability and aspiration.

Luxury Redefined: Major fashion houses are recognizing the power of this "gateway drug" to luxury. Giants like LVMH, Kering, Capri Holdings, and Tapestry, Inc. have seen their bridge-to-luxury segments surge in recent years, proving this trend is more than a passing fad.

Charting the Course:

• Evolving with the Tides: Brands that adapt to changing consumer preferences, embrace digital platforms, and offer unique value propositions will navigate the future with confidence.
• Inclusivity as the Anchor: Bridge-to-luxury isn't just about affordability; it's about making luxury accessible and inclusive. This creates a dynamic fashion landscape where quality and style are within reach for a wider audience.

A Brighter Horizon

The bridge-to-luxury market is poised for continued growth, propelled by the winds of conscious consumerism, shifting values, and technological advancements. 

Brands that embrace this evolution will not only find success but also contribute to a more sustainable and inclusive fashion future.

So, set sail with the bridge-to-luxury trend and discover a world of quality, style, and conscious fashion where everyone is welcome to board.

5 Key Insights:

1. Fast Fashion Falters: Ethics & quality trump disposables.
2. Bridge to Luxury Rises: Premium design, mindful prices.
3. Conscious Consumers Steer: Value over trends, lasting style.
4. Inclusivity Anchors Voyage: Luxury for all, not just the few.
5. Digital Tide Propels Growth: Adaptation & innovation rule.

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19 January 2024, Mumbai

Groundbreaking "IndiaSize" Program to Dress Nation Perfectly

Get ready for clothes that finally fit! The Ministry of Textiles (MoT) is gearing up to launch IndiaSize. This revolutionary program will ditch foreign sizing standards and tailor garments to the diverse shapes and sizes of Indians. 

Say goodbye to the struggles of squeezing into US or UK measurements; IndiaSize promises comfort and confidence in every stitch.

There is much more to it than that 

This initiative is much more than just size charts. It's a transformation of the Indian clothing industry. 

Designers will finally be empowered to create clothes that flatter local body types, catering to the unique needs of our vast population. 

LeapFrog-In alignment with Atma Nirbhar Bharat

Online shopping, a booming trend, will also get a boost. Standardized size charts will take the guesswork out of buying clothes, making online purchases a breeze.

IndiaSize aligns perfectly with the "Make in India" vision. By encouraging domestic production of clothes designed for Indian bodies, the program will strengthen local brands and generate jobs. It's a win-win for consumers, the industry, and the economy.

Quotes

"IndiaSize will help us cater to our people better," says Rachna Shah, Secretary of the MoT. And there's more! The Ministry plans to establish a "Centre of Sustainable Fashion Technology," paving the way for a greener, more eco-conscious fashion future.

Hearlds an era of change

The launch of IndiaSize marks a new era in Indian fashion. 

It's about celebrating our unique beauty and ensuring everyone feels confident and comfortable in their skin. 

So get ready to say hello to clothes that truly fit and a fashion industry that finally understands the Indian body.

5 Key Insights from "Groundbreaking 'IndiaSize' Program":

1. Fits Right: Ditches foreign sizes, tailors for Indian bodies.
2. More Than Sizes: Transforms clothing industry, empowers designers.
3. E-commerce Boost: Makes online shopping easier with standardized charts.
4. Make in India: Strengthens local brands, creates jobs.
5. Confidently You: Celebrates uniqueness, promotes body positivity.

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24 January 2024, Mumbai

Reliance Trends Redefines Its Appeal

Forget the image of overflowing bargain bins and a discount-driven frenzy. Reliance Trends, the ubiquitous apparel giant within the Reliance Retail behemoth, is shedding its "value king" crown and weaving a new narrative where trend-conscious threads, seamless omnichannel experiences, and strategic expansion hold the needle.

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While affordability remains a cornerstone, Trends is now more than just a destination for budget-conscious shoppers. 

It's redefining its appeal, catering to diverse segments, embracing digital integration, and venturing beyond metros to become a one-stop shopping champion for the evolving Indian consumer.

Here is a look at this transformation and how Trends is stitching together a future that promises convenience, variety, and value for the modern Indian shopper.

Riding on a reshaping market

The Indian apparel market is projected to reach a staggering $190 billion by 2025, and Reliance Trends is weaving itself into its very fabric. But the landscape is shifting.

Online and offline experiences are morphing into one, demanding seamless omnichannel journeys. Shoppers crave more than just clothes; they seek homewares, beauty, and more under one roof.

Beyond the familiar metros, Tier II and III cities are buzzing with rising disposable incomes, attracting retail expansion. 

This dynamic defines the market Trends is navigating, one where value remains king but convenience, variety, and a strategic eye beyond brick-and-mortar reign supreme.

Strategies for Success

Reliance Trends isn't just a value king anymore. They're spreading out across India with over 1,400 stores with brands like Trends, Centro, and JioFashion, catering to every wallet and whim. From trendy threads in "HyperModa" to premium picks, they're stitching affordability into every segment. 

They're also playing tech maestro, wielding JioMart for seamless online integration, click-and-collect options, and in-store kiosks that blur the lines between physical and digital.

But Trends isn't just about clothes anymore. 

They're sniffing out the demand for holistic experiences, adding homewares and kidswear in select stores to become the one-stop shop for families. 

What’s more, Trends is venturing into Tier II & III cities, with over 1,400 outlets and tapping into the rising disposable incomes in these untapped markets.

5 key insights:

1. Value Redefined: Beyond bargains, trendy threads for every wallet.
2. Omnichannel Maestro: Blurring lines, click-and-collect, digital in-store.
3. More Than Apparel: Homewares, kidswear, family shopping destination.
4. Tier II & III Expansion: Rising income, untapped markets, local champion.
5. Convenience & Variety: One-stop shop, convenience is king (besides value).

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20 January 2024, Mumbai

WHY India

A bird's-eye view

Despite a global economic slowdown, South Asia has emerged as the world's fastest-growing region, with India spearheading the charge. 

The World Bank's Global Economic Prospects report predicts India's GDP to reach 6.3% in 2023–24 and 6.4% in 2024–25, solidifying its position as the regional leader.

But Uneven Progress Across Region

However, the region's economic landscape is more nuanced than just India's success. While some countries bask in opportunities, others struggle with challenges.

Multiple data-points

Bangladesh, once a regional growth champion, experienced a dip to 5.6% in 2023 due to import restrictions and rising costs. Though a slight rebound is expected in 2024, the World Bank warns of persistent inflation and currency problems.

Pakistan's economy, plagued by high inflation and currency devaluation, took a hit in 2023 and faces limited prospects. Growth in 2024 is expected to hover around 4%, constrained by restrictive fiscal and monetary policies.

Sri Lanka's economic fate hangs in the balance, hinged on the outcome of crucial debt negotiations.

On the bright side, the Maldives and Bhutan stand out for their impressive growth: the Maldives' tourism-driven economy is projected to flourish with 4.5% growth in 2024, while Bhutan's new hydroelectric plant will propel its GDP to a remarkable 7.2% in the same year.

Cautious optimism

Despite its remarkable performance, South Asia is not immune to global headwinds. The World Bank warns of rising energy and food prices, tighter financial conditions, and geopolitical tensions as potential risks. 

Domestic uncertainties, like upcoming elections in some countries, add another layer of complexity.

Demographic dividend

However, the region also boasts significant opportunities for sustained growth: a young and growing population, rising consumption, and a focus on infrastructure development. By embracing growth-friendly policies, South Asia can navigate the challenges and capitalize on its immense potential.

5 Key Insights on South Asia's Economic Landscape:

1. Regional Surge: South Asia leads global growth, despite worldwide slowdown. India shines as regional leader, projected at 6.3% & 6.4% GDP growth in 2023-24 and 2024-25.

2. Uneven Progress: While India soars, other countries face challenges. Bangladesh dipped to 5.6% growth in 2023 due to import restrictions and rising costs.

3. Divergent Paths: Pakistan & Sri Lanka struggle with high inflation, currency issues, and limited prospects. Maldives & Bhutan thrive, with Maldives' tourism boosting growth to 4.5% and Bhutan's new hydro plant driving it to 7.2%.

4. Global Risks & Domestic Uncertainties: Rising energy & food prices, tighter financial conditions, geopolitical tensions, and upcoming elections pose challenges.

5. Young & Growing: Despite challenges, South Asia boasts a young population, rising consumption, and focus on infrastructure. Growth-friendly policies can unlock its immense potential.

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16 January 2024, Mumbai

Seeks Smoother Visa Process for Business Travelers

At the recent India-US Trade Policy Forum meeting, Commerce and Industry Minister Piyush Goyal made a strong appeal to US Trade Representative Katherine Tai to reinstate the Generalized System of Preferences (GSP) status for India, which was revoked by the Trump administration in 2019.

Spotlight

Highlighting India's position as the program's largest beneficiary, Goyal emphasized that duty-free exports under GSP amounted to $5.7 billion in 2017, benefitting nearly 1,900 products, particularly in engineering, chemicals, and textiles.

Much more

Beyond GSP, Goyal underlined the advantages of the vibrant bilateral and technological partnership between the two nations, facilitating the flow of professionals, skilled workers, students, investors, and business visitors. 

However, he expressed concerns regarding the lengthy visa processing times faced by Indian business travelers, urging Tai to expedite and simplify the process.

Looking ahead

Both sides identified key areas for enhanced collaboration, including critical minerals, customs and trade facilitation, supply chain resilience, and high-tech trade. 

This signals a clear commitment to strengthening the multifaceted economic relationship between India and the United States.

This rewritten headline and summary capture the key points of the original text while keeping it concise and informative. It also emphasizes the Indian perspective and priorities in the meeting.

Summary:

Goyal seeks GSP revival, smoother visas in upbeat talks with Tai. Focus on minerals, tech, supply chains.

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23 January 2024, Mumbai

Why India

Forget Paris, Milan, and London. The hottest trends this season are coming straight from the bustling bazaars and serene ateliers of India.

Indian fashion, once a hidden gem, is now taking the lead with its vibrant colors, rich textiles, and age-old craftsmanship. 

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From saris strutting runways with sneakers to sustainable haute couture on international soil, here's how India's fashion is opening itself up globally:

A modern twist on tradition

"Paris via Mumbai, Delhi, and Chennai," as aptly put by DW, Indian designers are breathing new life into tradition. Take Rahul Mishra, a name synonymous with Parisian haute couture. 

He elevates intricate hand-embroidered flowers, crafted by local artisans, onto his delicate gowns, showcasing the enduring beauty of Indian techniques on the global stage. 

His creations have graced the likes of Zendaya and Gigi Hadid, proving that heritage and modernity can go hand in hand.

Fashion statement

As Varanasi-based designer known for his breathtaking woven textiles points out, the finest fabrics in the world are from India. 

He is on a mission to revive traditional weaving techniques like Benarasi brocade, and his dedication has earned him international acclaim. 

His fabrics, woven with meticulous care and passed down through generations, are now becoming popular for exclusive garments across the globe each thread is a story of India's rich textile heritage.

Sari beyond the stereotype

"Saris for Gen Z? Absolutely!" exclaims SUTA, a Mumbai label reimagining the iconic drape for a young audience. Their playful prints and contemporary silhouettes challenge age-old perceptions, proving that the sari can be both timeless and trendy. 

Gone are the days of stiff formality; SUTA's saris are paired with sneakers and worn with a casual confidence, infusing the traditional garment with youthful energy.

Sustainable luxury takes center stage

"Luxury with a conscience," highlights Anita Dongre, a pioneer in sustainable Indian fashion. 

Her use of organic fabrics and upcycled materials resonates with a growing global consciousness, proving that fashion can be both beautiful and responsible. Dongre's dedication to ethical practices extends beyond materials, ensuring fair wages and safe working conditions for her artisans. 

This commitment to social responsibility adds another layer of brilliance to her stunning designs.

There is much more to it

Designer Payal Khandwala, who champions body positivity through her inclusive designs highlights ‘Fashion for all’. 

Her runway shows, featuring models of diverse ethnicities and sizes, send a powerful message of inclusivity to the world. Khandwala's bold move to challenge traditional beauty standards is not just about fashion; it's about celebrating individuality and challenging narrow definitions of what it means to be beautiful.

From humble weavers to global sensation

Then there are classic stories of how small-time weavers are making a splash globally, The story of Mahesh Babu, a weaver from West Bengal, is a testament to the transformative power of Indian fashion. 

For generations, his family has woven exquisite silk saris using centuries-old techniques. But their livelihood was threatened by mass-produced alternatives.

Spotlight; Then, Babu's designs caught the eye of a renowned Indian designer, who featured his saris in a high-profile fashion show. Suddenly, Babu's saris were gracing the red carpets of Cannes and adorning the likes of Michelle Obama. 

This journey, from humble loom to global spotlight, highlights the potential of Indian fashion to empower artisans and communities.

The future is as vibrant as the textiles

With its rich heritage, innovative spirit, and commitment to social responsibility, India is not just influencing trends, but also reshaping the conversation about what it means to be fashionable. 

So, the next time you're looking for something fresh and exciting in your wardrobe, look no further than India.

5 Reasons Why India's Fashion Rules:

1. Tradition + Twists: From Paris gowns to sneaker-paired saris, India's designers infuse old with new, proving heritage stays hot.
2. Threads of Luxury: World's finest fabrics find home in India. Woven magic like Benarasi brocade tells stories on global runways.
3. Sari Reinvented: Beyond grandmothers' drapes, young labels like SUTA make the sari sassy and cool, proving classics can be trendy.
4. Green Chic Wins: Anita Dongre shows conscious is chic. Sustainable fabrics and fair trade make Indian fashion feel good, look good.
5. Fashion for All: Payal Khandwala champions inclusivity. Diverse bodies on the catwalk rewrite beauty standards, celebrate individuality.

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19 January 2024, Mumbai

Offering Relief in Overall Inflation Storm

While overall inflation continues to rage at 5.69%, the clothing and footwear sector in India managed to stay relatively calm, with a slight uptick from 3.55% in November to 3.61% in December. 

This stability marks a significant improvement compared to last year's December rate of 183, a trend also mirrored in the sub-sectors: clothing prices at 3.75% and footwear at 3.05%.

A spot of bother

Experts attribute this welcome respite to factors like lower raw material costs and intense competition in the market. 

However, with the Reserve Bank of India's target range for inflation set at 2-4%, the overall figure remains a cause for concern, potentially limiting the RBI's policy options.

Cautionary outlook

Despite the clothing sector's encouraging trend, a sense of cautious optimism reigns. 

Global headwinds like surging oil prices and geopolitical tensions pose long-term inflation risks, meaning supply chain disruptions could still throw a wrench in the works. 

We can't take our eyes off the ball.

The RBI is wisely keeping a watchful eye on the situation, ready to adjust its policies as needed to navigate this delicate economic landscape.

Gist

• Clothing and footwear resist inflation.
• Stability: 3.61% in December.
• Lower costs and market competition.
• RBI's concern: 2-4% target.
• Cautious optimism amid global risks.
• RBI vigilance in economic delicacy.

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16 January 2024, Mumbai

From Backwater to Booming: India's Fashion Revolution Unfolds in Tier II and III Cities

For decades, India's fashion scene mirrored the country's landscape: bustling metros glittered with designer labels, while smaller towns hummed with the hum of tailors and second-hand finds. 

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But a quiet revolution is transforming this narrative. Tier II and III cities, once fashion backwaters, are morphing into thriving retail hubs, revealing a vast new consumer base and rewriting the industry's playbook.

Fueling the Flame:

This shift is fueled by a potent cocktail of rising incomes, digital connectivity, and skyrocketing aspirations. 

According to CRISIL, the Tier II and III apparel market, valued at $30 billion in 2021, is projected to soar to $74 billion by 2025, a staggering CAGR of 20.4%. Metros, in contrast, lags at a measly 8-10%.

Beyond Saris and Kurtas:

Gone are the stereotypes of sari-clad women and kurta-clad men. Consumers in these towns are embracing diverse styles, with a growing appetite for fusion wear and Western trends. 

The premium segment is leading the charge, expected to grow at 22%, closely followed by the mid-price segment at 18%. 

Even menswear, traditionally stagnant, is experiencing a 19% CAGR surge, fueled by increased disposable incomes and social mobility.

Success Stories:

Domestic brands are tapping into this potential. Ethnic wear giant BIBA, with its stylish yet affordable options, has built a loyal fan base in smaller towns. 

Founder Meena Agarwal sums it up perfectly: "We speak their language, literally and figuratively." Online platforms like Myntra and Nykaa are bridging the gap, while ‘hyperlocal hustle’ brands catering to local tastes and offering personalized experiences are poised to thrive.

More Than Trends, a Cultural Shift:

The fashion revolution in Tier II and III cities is not just about market growth; it's about a cultural shift. 

As aspirations soar and technology connects these towns to the global fashion scene, consumers are no longer satisfied with hand-me-downs. They are discerning, demanding, and eager to embrace the latest trends.

The Future Lies Beyond Metros:

The future of Indian fashion is not confined to glitzy metros.

It's about the quiet boom happening in smaller towns, where consumers are ready to rewrite the rules of style. Brands that recognize this potential and cater to their unique needs stand to reap the rewards of this burgeoning market.

GIST

Fashion Boom Beyond Metros: A Quiet Revolution

1. Rising Aspires, Growing Wallets

2. Beyond Hand-Me-Downs 

3. Local Heroes Emerge

4. More Than Trends, a Shift

5. Future Lies Beyond Glitzy Streets

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