CMAI discusses value retail's next frontier - quality, affordability, and experience for a new India

17 February 2025, Mumbai

CMAI hosted a dynamic panel discussion on value retail at Bharat Tex 2025, bringing together industry titans to explore the evolving landscape of affordable fashion in India. Moderated by B S Nagesh, MD, TRRAIN, the panel comprised Palaniswamy Venkatesalu, MD, Trent Limited; Rajesh Jain, MD and CEO, Lacoste; Rakesh Biyani, Mentor, Nexon Omniverse Ltd, Ramchandra Agrawal, CMD, V-2 retail, Vedant Modi, Director, Manyavar amongst others.

Nagesh set the stage by highlighting the immense potential of the Indian fashion market, citing Wazir Advisors' projections of a $75 billion market by 2030, with the value segment (under $12) expected to reach $60 billion. He emphasized the rapid growth of modern value retail formats, outpacing traditional retail by a significant margin. The panel was tasked with dissecting this burgeoning opportunity and understanding the forces shaping it.

A key theme that emerged was the maturing of the Indian consumer. Panelists agreed that today's shopper is far more discerning, knowledgeable, and demanding of quality. As Venkatesalu pointed out, customers are now acutely aware of what they're buying and expect superior products, leaving no room for substandard offerings. This shift necessitates a greater focus on quality and customer service for retailers to thrive.

Ramchandra Agrawal shared his perspective on the vast potential of the value fashion segment, particularly in smaller cities and towns. He emphasized the importance of a strong supply chain, diverse product offerings, and efficient processes to cater to this growing market. He also touched upon the changing aspirations of consumers in these areas, noting that fashion trends are quickly disseminated through social media, blurring the lines between urban and rural styles. While affordability remains a factor, particularly in Tier 3 and 4 cities, the sheer size of the lower middle class presents a substantial opportunity.

The discussion then turned to the redefinition of "value" in the digital age. Suman, representing the online retail perspective, argued that value is no longer simply about low prices. He highlighted the disruptive influence of social media, where trends like "farewell sarees" and "Jimmy Choo sarees" can emerge overnight, driven by online communities. This necessitates agility and responsiveness from retailers to cater to rapidly evolving tastes and ensure affordability within these trending styles. Value, therefore, becomes a complex equation involving trendiness, relevance, and affordability, demanding a more nuanced approach.

Vedant Modi, Director, Manyavar illustrated the importance of customer experience. He shared a personal anecdote about his chauffeur's positive experience at a Zudio store, emphasizing the impact of personalized service and a well-designed retail environment. This highlighted the crucial role of frontline employees in shaping brand perception and driving customer loyalty. Even in the value segment, experience is becoming a key differentiator.He also spoke about the expansion of Manyavar into Tier 2 and 3 cities, noting the growing spending power and the demand for better experiences in these markets. The company is shifting its strategy towards larger format stores in these areas to provide a more comprehensive and enjoyable shopping experience.

The panel discussion at Bharat Tex 2025 provided valuable insights into the dynamic world of value retail in India. It underscored the importance of understanding the evolving consumer, adapting to the influence of social media, and prioritizing both affordability and experience.

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