19 November 2024, Mumbai

India's luxury market is growing with the allure of brand-new, sparkling luxury items remaining strong and along with it a new trend is emerging, where pre-owned luxury items are becoming trendy. Driven by a combination of sustainability concerns, the rise of Gen Z, and the convenience of e-commerce, this segment is expected to grow significantly in coming years.

A market ripe for taking

Currently valued at $618 million, the pre-owned luxury market in India is projected to reach 1.56 billion by 2032, at CAGR of 10 per cent. This increase is due to factors like acceptance of pre-owned luxury goods across diverse categories, from watches and handbags to jewelry, fashion, and even art and antique furniture. Tata CLiQ Luxury's foray into the pre-owned market exemplifies this trend. Launched earlier this year, the platform already boasts of an impressive catalogue of high-end brands like Rolex, Omega, Gucci, and Louis Vuitton. By focusing on stringent quality checks and transparent product information, Tata CLiQ Luxury is successfully building consumer trust in the pre-owned segment.

Table: Pre-owned luxury market growth

(Source: Industry research and analysis, estimates based on market trends)

There are several factors contributing to the pre-owned luxury market in India. Sustainability is a major one. Consumers are increasingly aware of the environmental impact of their consumption habits. Pre-owned luxury offers a sustainable alternative, promoting circular fashion and reducing waste. Then there is the whole aspect of Gen Z influence. This digitally native generation, known for its strong values around sustainability and ethical consumption, is a key driver of the pre-owned luxury trend.

E-commerce boom is another catalyst with platforms like Tata CLiQ Luxury, Ajio Luxe etc offering convenient and trustworthy channel for buying and selling pre-owned luxury goods, ensuring authenticity and quality. And pre-owned luxury often provides access to rare, discontinued, or vintage pieces, offering a unique appeal and a sense of exclusivity.

Global overview

Globally, the pre-owned luxury market has taken off in a big way. As per Blueweave Consulting the worldwide market is expected to reach $50.22 billion by 2030, growing at a CAGR of 9.32 per cent. This growth is due to similar factors as in India, with sustainability and value consciousness playing significant roles.

However, the promising outlook is not all positive as the pre-owned luxury market in India faces many challenges. First is the concern around authenticity and quality. Platforms need to invest in robust authentication and quality control measures to alleviate these concerns. Also its important to change perceptions as the traditional association of luxury with newness needs to be addressed. Educating consumers about the benefits of pre-owned luxury is crucial.

However, these challenges also present opportunities. For example, blockchain technology can be leveraged to ensure product authenticity and traceability, boosting consumer confidence. Moreover, collaborations between luxury brands and pre-owned platforms can further legitimize the market and drive growth.

The bottomline is pre-owned luxury market in India is expected to grow as sustainability concerns continue to increase, Gen Z's influence expands, and e-commerce platforms innovate, this segment is set to become a major force in the Indian luxury landscape. By addressing the challenges and capitalizing on the opportunities, the pre-owned luxury market can create a more sustainable and inclusive luxury ecosystem in India.

Latest Fashion news

19 November 2024, Mumbai

A prominent fashion design company, House of Anita Dongre (HOADPL), plans to repurchase nearly 40 per cent of its stake from the US-based private equity firm General Atlantic (GA). The stake was acquired by GA in stages starting from 2015 with an initial investment of Rs 150 crore. Over the period of last nine years, the company increased its stake to almost 38 per cent.

The decision to buy back the stake comes amid challenges for HOADPL, including a sluggish revenue outlook and a reduction in the company’s scale of operations. As per a January report by the rating agency ICRA, the company’s revenues for FY24 and FY25 are projected to decline to Rs 500-Rs 550 crore for FY24 and FY25 from Rs 606 crore in FY23, while its operating profit margin is expected to remain at 19-20 per cent. The company’s brands including AND and Global Desi have shifted their focus from premium to more mass-market positioning, leading to frequent discounts on online platforms.

Founded in 1995 by Anita Dongre, Meena Sehra, and Mukesh Sawlani, House of Anita Dongre was one of India's first major fashion houses. GA first acquired a 23 per cent stake from Future Lifestyle Fashions for around Rs 150 crore before increasing it to nearly 38 per cent. The remaining stake is held by the Dongre family. Despite the typical 6-7 year exit window for private equity firms, GA extended its investment in the fashion house.

As of September 2023, the group operated 209 EBOs, including a mix of company-owned and franchised stores, alongside 798 large-format stores and multi-brand locations. Following a leadership overhaul in March 2023, HOADPL’s promoters adopted a new strategy in response to industry-wide challenges. This included closing 236 underperforming retail sites, many in Tier-II and Tier-III cities, during the first half of FY24. Additionally, the company discontinued three brands—AND Girl (western children’s wear), Global Desi Girl (ethnic children’s wear), and ITSE (affordable ethnic wear)—liquidating inventory at significant discounts to manage cash flow.

ICRA expects the group’s debt coverage to remain tight in FY24 but anticipates sufficient liquidity to cover debt repayments, aided by improved profitability and stricter inventory management.

Although mid-sized fashion labels, online retail platforms, and a youthful demographic have contributed to the expansion of India's fashion sector, the market has become increasingly fragmented, especially in the traditional and designer fashion segments.

Latest Fashion news

19 November 2024, Mumbai

Men’s premium apparel brand, The Bear House, has launched its first offline store in Delhi at Ambience Mall, Vasant Kunj. The store is part of ‘Broadway,’ a multi-brand retail concept spearheaded by Vivek Biyani, supported by Anarock Retail and actor Rana Daggubati.

The Bear House’s shop-in-shop store showcases its complete range of smart casuals, including shirts, bottoms, polos, sweatshirts, and accessories. Designed for the modern hybrid work culture, the collection offers versatile clothing suitable for corporate offices, co-working spaces, and casual outings.

Founder Harsh Somaiya emphasized the brand’s focus on creating stylish, comfortable, and practical clothing for young professionals. “The new workplace needs new work clothes. Our minimalist designs empower men to seamlessly transition between workspaces and social settings,” Somaiya said.

Launched in 2018 by Tanvi and Harsh Somaiya, The Bear House began as a menswear manufacturer for global brands. It soon evolved into a direct-to-consumer (D2C) brand, gaining traction for its high-quality, adaptable garments.

The store offers an immersive shopping experience, blending nature-inspired themes with modern retail elements to create a vibrant and functional environment.

The Bear House collection is also available online via its website, Myntra, Ajio, Flipkart, Tata Cliq, and more. The Delhi outlet marks its first step into offline retail, reinforcing its commitment to providing versatile fashion for India’s young professionals.

Latest Fashion news

19 November 2024, Mumbai

Bridal and occasion wear designer Ridhi Mehra has launched a new slow fashion collection titled, ‘Zar-Bano,’ dedicated to reviving the traditional art of hand woven tissue with a modern twist.

A celebration of heritage, the collection blends the elegance of age-old craftsmanship with contemporary design for the modern Indian bride. Launched just in time for the winter wedding season, ‘Zar-Bano’ is available on the brand’s direct-to-customer e-commerce platform, with prices starting at $860.

Focusing on meticulous craftsmanship, the collection features a range of bridal and occasion wear that seamlessly merges tradition and contemporary style. Its offers signature pieces including classic bridal lehengas, draped sarees, anarkalis, and innovative fusion sets. The collection is distinguished by intricate embellishments such as Marodi and Patola khakha embroidery, sequins, and elaborate zari work. The color palette spans from soft, elegant shades like champagne and dusky pink to bold, traditional hues of red, yellow, and green.

Each design in the ‘Zar-Bano’ collection is a testament to Ridhi Mehra’s commitment to quality, artistry, and innovation in bridal couture. The collection invites brides to honor tradition while embracing a sophisticated, modern aesthetic.

Latest Fashion news

19 November 2024, Mumbai

Boosting its store count in the country, children’s wear brand Junior Killer has opened a new outlet in Kochi. Located on the second floor of Lulu Mall, the store blends technology with in-store experiences to enhance the brand's visibility.

Featuring digital screens across the space, the store is designed in sleek white and orange interiors. It showcases the brand’s new collections and campaigns. Shoppers can explore a diverse selection of western wear for both boys and girls, including denim, graphic t-shirts, hoodies, and shirts. The store enables the brand to connect with local customers in Kochi and provide them with a hands-on shopping experience.

Junior Killer joins a roster of well-known brands at Lulu Mall, including Skechers, Nykaa, Armani Exchange, Mango, Span, Pepe Jeans, Levi’s, R&B, Allen Solly, Van Heusen, Go Colors, and Superdry. Lulu Mall is part of a nationwide network of shopping centers developed by Lulu Group, with locations in cities like Lucknow, Thiruvananthapuram, and Hyderabad. Headquartered in the UAE, the group is led by Kerala-born entrepreneur MA Yusuff Ali.

Latest Fashion news

19 November 2024, Mumbai

Leading global sports brand, Decathlon plans to expand its operations in India in partnership with popular fashion and lifestyle e-commerce platform, Myntra.

This collaboration will make Decathlon’s diverse range of sports and fitness products more accessible in Tier I, II, and II cities, covering nearly 98 per cent of Myntra’s serviceable pin codes. The partnership will particularly focus on the growing sports markets like Northeast India.

Highlighting the significance of this alliance, Sankar Chatterjee, CEO. Decathlon India, states, Myntra’s extensive network and large base of premium customers provide an excellent platform to the company to showcase its wide range of sports and fitness products. This partnership also aligns with its mission to inspire more individuals to embrace an active lifestyle and experience the joy of sports across India.

Emphasising on the platform growing focus on emerging areas that previously had limited access to sports products, Sharon Pais, Chief Business Officer, Myntra, adds, this collaboration reinforces the platform’s dedication to supporting brands promoting an active and healthy lifestyle in the country.

To further boost visibility, Decathlon plans to launch targeted social media campaigns across various platforms, aiming to engage a wider audience and encourage a culture of fitness and well-being throughout India.

Latest Fashion news

19 November 2024, Mumbai

The Solapur Garment Manufacturing Association (SGMA) will host the 8th edition of the Uniform Manufacturing Fair (UMF) 2024 from December 18-20 at Shringar Palace Grounds, Jayamahal, Bengaluru. Maharashtra Governor C P Radhakrishnan will inaugurate the event.

UMF 2024, an international platform for the uniform and garment industry, will feature 120 leading brands showcasing over 10,000 uniform designs and 25,000 fabric and accessory options. The fair provides a vital networking and sourcing opportunity for manufacturers, suppliers, and distributors.

This annual event, conceptualized by SGMA, has been successfully organized across various states for the past seven years, establishing itself as a key exhibition in the uniform sector. It aims to foster business growth and innovation, with stakeholders from diverse segments such as school and college uniforms, hospital attire, sportswear, winter wear, belts, ties, shoes, socks, bags, and blazers.

Fair-Chairman Sunil Mengji highlighted the global uniform market's rapid growth from $6.2 billion in 2020 to $8.4 billion and its projected value of $25 billion by 2030.

UMF 2024 is expected to attract significant participation, offering visitors insights into emerging trends and new designs while fostering collaborations with leading uniform manufacturers and fabric producers.

The three-day event underscores SGMA’s commitment to strengthening the uniform industry and enhancing its visibility on the global stage.

Latest Fashion news

19 November 2024, Mumbai

Etlala Jouri Muscat Modern Company (ScottOMAN) has partnered with Indian mall advisory firm Beyond Square feet to launch Mall-IQ, a new venture focused on real estate asset development and management in Oman.

Headquartered in Muscat, ScottOMAN is an SME Riyada-certified company recognized for driving innovation in Oman’s real estate sector. Beyond Squarefeet brings expertise from over 100 projects globally, including collaborations with leading brands like Lulu Group and Tata Housing.

Mall-IQ aims to provide specialized solutions for mall owners and real estate developers, offering strategies to optimize asset value and profitability. The partnership leverages ScottOMAN’s local market understanding and Beyond Squarefeet’s international methodologies to deliver enhanced services tailored to client needs.

Talal Al Foori, Chairman of ScottOMAN, highlighted the venture's goal of setting new benchmarks in mall management and asset enhancement in Oman. Susil S Dungarwal, Chief Mall Mechanic at Beyond Squarefeet, emphasized their commitment to bringing world-class systems to the Omani market.

This initiative addresses the growing demand for professional asset management in Oman, supporting the real estate sector’s evolution while maximizing returns for investors.

Latest Fashion news

19 November 2024, Mumbai

Triumph International aims to strengthen its connection with customers by launching innovative technology and impactful initiatives. Bhavin Devpuria, the Marketing Head - India and Sri Lanka, says, in future, the lingerie brand plans to focus on personalisation including offering AI-powered recommendations for online shoppers and bespoke fitting services within stores.

The brand has also set its sights on empowering women entrepreneurs and promoting body positivity. Its upcoming collections will merge fashion with practicality to adapt to the changing needs of modern consumers. Sustainability is a core value, with the company dedicated to creating eco-friendly and stylish products, according to Devpuria.

Triumph also plans to grow its physical presence by opening 15 Exclusive Brand Outlets (EBOs) in India by the end of next year. In Sri Lanka, the brand plans to expand within Colombo and explore opportunities in up-and-coming cities.

The brand is also experimenting with experiential retail to enhance the shopping experience. Its flagship stores are designed to deliver a luxurious and personalised environment, complete with professional fitting services and curated collections that highlight the premium nature of Triumph, elaborates Devpuria.

Though navigating the complexities of the Indian and Sri Lankan markets poses challenges, Triumph remains committed to evolving with its customers, balancing tradition, modernity, and style to meet diverse consumer needs.

Latest Fashion news

19 November 2024, Mumbai

Footwear major Khadim India reported a 30 per cent increase in net profit to Rs 2.33 crore in Q2, FY25 as against Rs 1.79 crore net profit in the corresponding quarter a year ago.

The company’s revenues rose by 2 per cent to Rs 161 crore during the quarter as against Rs 157 crore in Q2, FY24. In H1, FY25, Khadim’s revenue expanded to Rs 314 crore while its net profit grew to Rs 3 crore.

In H1, FY25, Khadim India also expanded its store network by adding new 42 retail stores, taking the company’s total retail presence to 891 stores.

Besides, the company also expanded its distribution network to 764 during H1, FY25 by adding 31 new distributors.

Well positioned to tap the industry growth potential across both retail and distribution segments, Khadim India is currently focusing on premiumisation, asset light model and optimum capacity utilisation. The Kolkata-based company is one of the largest footwear retailers in lndia in terms of exclusive stores.

Latest Fashion news

19 November 2024, Mumbai

Expanding its retail presence in Pune, globally renowned brand for running footwear and comfort-driven fashion, New Balance has opened its second store at the Phoenix Marketcity in Viman Nagar. This new store follows the launch of New Balance’s first Pune location at Phoenix Wakad earlier this year, signaling the brand's commitment to growth in the Indian market.

Designed to offer Pune residents, an enhanced access to premium footwear and apparel, the store blends quality craftsmanship with cutting-edge technology. It offers a carefully curated product selection targeting fitness enthusiasts and fashion-forward shoppers alike. Some of the highlights of this collection include footwear featuring Fresh Foam X and FuelCell technologies, along with New Balance’s signature models like the 1080, 550, 2002R, and 574.

Radeshwer Davar, Country Manager, New Balance India, says, with this store opening, the brand aims to expand its products’ reach to more people and also offer them an elevated brand experience.

The new store addition is a part of New Balance's broader strategy to respond to a growing demand for both high-performance and stylish footwear and apparel in the region.

Latest Fashion news

19 November 2024, Mumbai

India’s leading premium menswear brand from Aditya Birla Fashion and Retail, Louis Philippe has launched its latest collection, ‘Royal Wedding Treasures’ for the modern groom who seeks to blend tradition with contemporary style. A testament to the brand's long-standing heritage of impeccable craftsmanship and elegant sophistication, this collection aims to elevate the groom's confidence and charisma on his wedding day.

Capturing the grandeur and cultural richness of traditional wedding ceremonies, the exclusive Royal Wedding Treasures collection by Louis Philippe incorporates modern design elements. Each garment piece in this collection has been meticulously crafted from luxurious fabrics like velvet and adorned with intricate embellishments. Featuring delicate embroidery and sequin work inspired by royal motifs, the Bandhgalas showcase a level of artistry that transforms the groom’s attire into a statement of regality.

For those desiring to blend tradition with contemporary elegance, the collection offers finely tailored two-piece and three-piece suits, alongside ceremonial shirts. These ensembles combine the brand's expertise in classic tailoring with modern silhouettes and textured detailing, enabling the groom to make a refined and sophisticated impression. From deep royal blues and rich emerald greens to timeless ivory and gold, the collection’s color palette balances boldness with tradition, creating a majestic yet classic look.

Farida Kaliyadan, Chief Operating Officer, Louis Philippe, says, the collection is designed to reflect the importance of weddings as a unique opportunity for personal expression while honoring tradition. It offers grooms a perfect blend of elegance, grandeur, and modern fashion.

Latest Fashion news