07 September 2022, Mumbai:

Featured as one of the top 10 retailers in Asia, the $100 billion plus Reliance Industries is in an enviable position in the retail sector. Headed by Isha Ambani with the able support of her father Mukesh Ambani, the conglomerate’s consumer division was valued at over $25 billion as of March 31, 2022. The retail division has been acknowledged as a major driver of India’s retail market estimated at $850 billion.

Focusing on an oimni channel approach

Reliance’s sectorial figures are impressive. In fiscal 2021-22, almost 2,500 stores were added, with a whopping 42 million sq. ft. of operational area. With 200 million registered customers, 520 million walk-ins, 4.5 billion online visits that is registering a 2.3 per cent increase year-on-year and 600,000 online order deliveries, makes Reliance’s Retail an act difficult to match. JioMart alone covers 260 towns across the country, catering to fast moving consumables that are attractively priced and offer exceptional value-for-money deals.

Mukesh Ambani expressed confidence in his daughter’s leadership, strategic skills and ability to guide the retail division to greater heights. Retail advisory consultant Pankaj Renjhen lauded the conglomerate’s decision to expand further in the retail sector as it already has a robust distribution and point-of-sale network in place. Renjhen points out, as India is clearly divided into brand and value conscious consumers Reliance has an inherent advantage to cater to both with their extensive portfolio of brands and products.

5G network to drive up business

Unlike many brands, Reliance Retail does not feel that the writing is on the wall for brick-and-mortar although it is focusing on driving e-commerce on a grand scale. The commitment of $25 billion towards the soon-to-be launched Jio 5G network will further consolidate and strengthen the e-commerce division. The Jio 5G network has claimed to be the fastest in roll-out as it intends to go nation-wide by the end of 2022. As India has the world’s largest WhatsApp market with nearly 500 million users, Jio 5G will play this to the advantage of Reliance Retail. The tie-up with Meta is another advantage the division is confident about, leveraging its massive outreach across all segments within India.

Reliance Retail’s omnichannel platform Ajio is a big beneficiary of this robust online-driven strategy. A much-loved online fashion destination, Ajio has achieved the dream of fashion retailers – repeat purchases account for 80 per cent of its sales. The e-commerce initiative Ajio Business is partnered with merchants across 3,500 towns, providing them access to 8,000 regional, national and in-house labels. The year ending March 31, 2022 yielded sales over 430 million garments. As demand for luxury and premium brands grow in India, Ajio is in a good place as Reliance has a glittering portfolio of international fashion brands as their local distributors.

However, high-end Indian fashion labels in its portfolio haven’t had a dream run at all. A cumulative loss of Rs 119 crores has the organization restructuring its strategy to either nurture or discontinue these loss-making labels.

As the festive season starts and continues until the end of the year, Reliance Retail is out there penetrating new segments, retaining and boosting its customer base and most of all, ruling the roost with a firm hand.

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05 September 2022, Mumbai:

Prosus Ventures may join the funding round of Virgio.

Virgio is the new venture of former Myntra CEO Amar Nagaram and is a fast fashion platform for Gen Z. Nagaram left Flipkart-owned Myntra last December as its chief executive. Currently, the app is in beta testing with users being put on a waitlist before a formal launch.

The first round is structured in multiple tranches like series A1, A2 and so on. Prosus Ventures is in the last leg of signing the deal. While the platform will be launched soon, it’s fetched a valuation of over $150 million. With Prosus Ventures coming in at Virgio, the round size may increase by around $10 million.This comes at a time when there is a visible slowdown in deal making at attractive terms across all stages. Once formally announced, it will be one of the biggest maiden institutional funding rounds for a new venture.

Virgo is expected to focus on customisation of consumer needs for fashion products. It will rely on the consumer-to-manufacturing model. The Virgio app has a lot of focus on technology and is trying to have a go at demand-based manufacturing of fast fashion. The idea is to address this demand among Gen Z and new-age consumers who are also really young.

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07 September 2022, Mumbai:

After being marginalized by the entire fashion industry globally, the plus-size market for men and women is finally being revamped and coming into its own. Since the ‘plus size’ consumer bracket constitutes about half of the total consumers in India who are beyond the standard unreasonable size 0-12, which is considered slim, most brands are now focussing on size inclusivity in their normal apparel range.

With the greatest obese population and the most money spent on plus-size clothing, the US leads the market, with the average woman being size 18, a far cry from the general smaller sizes of most brand portfolios.

New product introductions, along with advertisements and promotional events organized by major manufacturers and designers, are driving the growth of this segment. The Asia-Pacific region is forecast to grow at the highest rate, resulting in rising obesity rates among individuals in the next years

Indian brands focusing on size inclusivity

As per Future Market Insight’s latest study, Plus Size Clothing Market’ India’s plus size market is estimated to have 12 per cent share of overall fashion market and is expected to grow at 25 per cent per annum from 2019 for the next five years. Most fashion brands will now include larger sizes in their general fashion clothing portfolio, instead of showcasing clothes that only go up to size 16, leaving the rest to other special brands that do the plus size category.

The market for plus-size apparel has rapidly increased as the larger-sized clients have more confidence on their bodies and would like to flaunt rather than hide. The casual wear category has dominated plus size clothing market, with a CAGR of 4.8 per cent, due to increased acceptance and acceptability of casual wear among consumers for social occasions.

Experts say, male category is expected to lead market in terms of customer orientation. The mid-priced plus-size clothing segment is expected to dominate the market globally. Although Europe is known for being the global fashion hub, it is expected to move rapidly in the global plus-size clothing industry from 2022 to 2032.

Innovative marketing, new launches boost growth

Focussed fashion marketing and promotional efforts, especially on the covers of premium glossy magazines like Vogue, Cosmopolitan, Elle and Glamour, along with larger-sized models and movie celebrity endorsements, are attracting more and more customers around the world. Companies like Walmart launched a new plus-size brand named Terra and Sky in 2018.

High street plus size apparel retailers such as River Island, Marks & Spencer, and New Look offer a wide range of plus size items to suit demand. Other leading global apparel companies leading the plus size segment are: Forever21, Mango, H&M, Lucky Brand, Under Armour and Nike among others.

Experts point out in India there is a large untapped market for plus sizes that needs to be catered to, with online platforms having the potential and edge to penetrate deeper into these markets. The need for products that embrace all body shapes and give the same level of luxury as customers in other sizes will spearhead market growth for plus-size clothes between 2022 and 2032.

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03 September 2022, Mumbai:

Ahead of approving proposals for Mega Integrated Textile Region and Apparel (PM MITRA), the central government has asked states to provide a long-term projection for power tariffs that would be charged at these parks.

About 13 states had sent 18 proposals for the textile park.While Madhya Pradesh has sent four proposals, Maharashtra and Karnataka have sent two each. The government will most likely select only one proposal from each state.Punjab, however, did not fulfil the criterion of providing 1,000 acres of litigation/encumbrance-free land.

States that ensure support measures such as affordable power, land and effective labor laws will get preference in the selection for the proposed MITRA parks scheme.The scheme was announced in budget 2021 and given a budget of Rs 4,445 crore for seven years up to 2027-2028. Seven such parks are due to be approved. States where mega textile parks will be set up have almost been finalised, but the government is trying to get a few things from the states by way of concessions. It is trying to get states to agree to a better power regime.

In some states, the cost of power is quite high and the government wants that reduced. They have been asked to submit a long-term roadmap – say, 15 years – of the power tariff that will be charged at these textile parks. They have been advised to refrain from raising power charges for 15 years.

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10 September 2022, Mumbai:

The Indian resort wear market has never been stronger or more exciting.

At a one-time resort wear was limited to inter-season, capsule collections. The market was always small and niche, with well-seasoned travelers supplementing their vacation wardrobes with pieces from their trips abroad. It is now a full-fledged industry, the sole focus of many brands and designers, and available all year round.

From high-end established brands to small, independent designers, there’s a wide array of choices at all price points with new names popping up every month.

Goa has always attracted its fair share of international hippies, hipsters, and luxury seekers. Today it’s evolved into one of the hottest destinations for domestic tourists looking to plan getaways over long weekends. It’s no longer limited to the seasonal visits of foreign visitors and has become a year-round destination. And it’s not just Goa. The Indian traveler has re-discovered other beach destinations.

This has propelled the Indian resort wear market to new heights as dressing for the beach has become a major trend. Everyone wants to make the most of their vacations and create as many special memories as possible – and dressing for the part certainly adds to it.

It’s not just the tourist beach towns focusing on resort wear – online shopping platforms are also seeing a huge surge in this segment.

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03 September 2022, Mumbai:

House of Sause is a premium streetwear brand from Tamil Nadu.

The product line-up includes oversized/drop shoulder tees, deconstructed hoodies, oversized hoodies, and exclusive merchandise. The plan is to establish House of Sause as a global brand with firm roots in India. Unlike mainstream streetwear outfits,

House of Sause’s clothing line allows one to lounge in their confident yet comfortable designs.The youthful energy that the brand emanates is emblematic of the current times; it is accommodative of all kinds of lifestyles. The brand is loud, proud, and stands out of the crowd; and likes playing around with deconstruction and experimentation because it believes that unconventional is truly the new difference.

Founded in 2022, House of Sause is one of the first streetwear brands from South India and sells exclusively through the website. The brand has entered the global market with its launch with a street fashion show in Italy.After Italy, the brand plans to launch in Amsterdam, Paris, and London over the next few months.

Street wear is seeing triple-digit year-over-year growth in the US. Demand is most heavily driven by millennials, women and Gen X.This explosive year-over-year growth is attributed to the growing trend of gender neutrality and statement pieces most commonly worn by women and younger shoppers.

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08 September 2022, Mumbai:

Fashionari will hold an exhibition in Mumbai on October 20, 2022.

The event will feature women’s ethnic wear, occasion wear, traditional wear and fusion wear for the upcoming autumn festive and wedding seasons. Product categories which will feature in the event include jewelry, accessories, gift items, homeware, and handicrafts, among others.The majority of participating brands will be positioned in the premium and bridge-to-luxury segments of the market. Many participating businesses will be small and medium sized enterprises and brands.

Fashionari is a business-to-customer fashion exhibition. Fashionari is organised by events management business Fashionista Fashion and Lifestyle Exhibitions, which has held shopping fairs since 2008.

The business holds Fashionista shopping fairs, which also focus on women’swear across India and aim at giving premium Indian brands a platform from which to reach new customer demographics, particularly in locations where they do not have a brick-and-mortar retail presence. Where Fashionista focuses on non-metro locations, Fashionari holds its events in metros. Fashionista has had fairs in Raipur, Nagpur and Jabalpur to showcase women’s winter and bridal fashion. These feature women’s ready-to-wear, ethnic wear, and traditional wear as well as accessories, jewelry, gift items and more. The wedding specials feature clothing, jewelry, accessories, bags, home décor, footwear, and other wedding themed goods.

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05 September 2022, Mumbai:

A bankable category for Page Industries for long, the men’s innerwear segment is currently growing at a compound annual growth rate of 7 per cent per annum. The segment is projected a value of Rs 21,800 crore by 2028. Page Industries was an early mover into the category with scores of brands under its banner. Earlier, seen as a functional category, men’s innerwear has transformed to become a fashion statement for youth, highlights a CNBC TV18 report.

The segment is now being tapped by players across the spectrum from fashion player Nykaa which launched FSN E-Commerce to luxe brand Calvin Klein. What attracts all these players is changing consumer perception towards buying innerwear which is no more about wear the same brand for years, points out Shighra Mishra, Product Manager, Max Fashion.

Revolutionizing market with brand launch

Interestingly, much of the change can be attributed to Page Industries that revolutionized the market by launching brand Jockey in India. The brand’s launch in India led to consumers’ for the first time associating men’s innerwear with hygiene, fabric, comfort and other aspects. The market soon expanded with major apparel brands and retailers adding more varieties to their product portfolio. In 2018, it formed 34 per cent of the Rs 32,000 crore Indian innerwear market as per a SIMFS report. With big players like Tommy Hilfiger, Armani, and Calvin Klien entering the fray, offering luxury men's innerwear in India the market became more competitive. The price range goes from Rs 30 to Rs 1,200 a piece depending on the brand.

Market threatened by increasing competition

Page Industries,’ first move advantage has helped the company consolidate its market presence in India. The company currently contributes nearly 19-20 to per cent of the total market amongst large scale players, say analysts. It offers several competitive advantages through better branding and a more diversified product range, says a report by Marcellus Investment Managers published in 2022. The company has also performed better in the sector than other listed companies.

However, changing market trends and shift in focus by other players has increased competition. Page Industries now faces competition from many startups introducing innovations targeted at Gen Z consumers. The company is also feeling the heat with the arrival of new age startups like XYXX that was funded by cricketer KL Rahul recently and Freecultur that introduced the BreathTech fabric.

Many apparel brands and are also foraying into the space. Pepe Jeans Europe, which entered a joint venture with hosiery manufacturer Dollar Industries four years ago, has started manufacturing scented breathable innerwear. A subsidiary of Kolkata-based Rupa & Co, Oban Fashion acquired the licenses for brands FCUK and Fruit of the Loom to venture into the premium innerwear segment.

Changing outlook

With both, new and old brands innovating with their product lines, innerwear is fast becoming a new style statement for young fashion-conscious Indian men. The segment is compelling youth to change its outlook and look at it as an opportunity to show off rather than conceal.

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