Ethnix by Raymond plans aggressive expansion in 2024
25 July 2024, Mumbai
Sourcing fabric from weaver clusters to support sustainable incomes, the brand Ethnix by Raymond plans to expand by opening over 300 stores in the next two years.
Of this, the brand plans to open over 50 stores in 2024 itself. Ethnix is currently focusingon domestic market, targeting Tier I cities and beyond, including Tier II, Tier III, and Tier IV towns.
The brand also introduced a casual range called ‘Smart Ethnix,’ featuring designs like short kurtas and linen trousers, appealing to fashion-forward Gen Z while using traditional Indian fabrics.
An occasion and ceremonial menswear brand, Ethnix by Raymond embarked on its journey in 2017, launching initially through trade channels. The brand quickly gained popularity, prompting Raymond to establish a distinct identity for Ethnix. The brand opened its first exclusive brand outlet (EBO) in 2019.
Comprising men, women, and kids' wear, the Indian ethnicwear market sees women dominating with an 85 per cent share, followed by men at 12 per cent and kids at 3 per cent. Despite rapid growth, the unorganised sector poses a significant challenge with its competitive pricing and hyper-customisation. Organised players are countering this by innovating designs and silhouettes, improving exclusive brand outlet reach, and leveraging technology for enhanced shopping experiences.
BidyutBhanjdeo, Chief Business Officer, highlights the key trends driving growth in the organised ethnic menswear market. These include the rising popularity of Indian ethnic wear for occasions spurred by media portrayals of grand celebrations; the entry of organised brands, leading to a shift from unorganised to organised markets; increased penetration of branded stores in Tier I, Tier II, and beyond; and the evolution of fusion wear, blending Western and Indian styles.
Bhanjdeo also notes a growing demand for pastel shades, tonal designs, and fabrics like silks and linens. Emerging categories include short, casual kurtas, fashionable bottomwear, and asymmetric silhouettes, with increased demand for intricate garment work.
Bhanjdeoemphasises the importance of omnichannel capabilities. While basic ethnic wear sees some online sales, most purchases occur in-store due to the high-involvement nature of the category. In-store shopping allows consumers to complete their look with matching accessories and customise their purchases, he notes, The stores of Ethnix by Raymond are interconnected to enable quick inventory transfers. They are also listed on e-commerce marketplaces to drive online sales.
