13 August 2024, Mumbai

Flipkart-owned fashion platform Myntra has appointed AmitMahajan as Vice President, FWD, Myntra’s new fashion discovery portal targeting Gen Z consumers.

In his new role, Mahajan will be involved in developing innovative merchandising strategies and expanding the product range for FWD. He joins Myntra from PT Map AktifAdiperkasaTbk, an Indonesia-based retailer specialising in sports, leisure, and kidswear, where he served as Assistant Vice President (AVP) of Merchandising.

This appointment aligns with Myntra’s broader strategy to attract Gen Z consumers, a demographic increasingly being targeted by various brands, particularly those in the direct-to-consumer (D2C) segment.

According to a joint report by Bain & Company and Myntra, the Gen Z consumer group represents 25 per cent of the e-lifestyle market, contributing $4 billion to the gross merchandise value (GMV) of the sector.

NanditaSinha, CEO, Myntranotes, the company has gained market share across all categories. It has been successful capturing new customer cohorts, whether it’s the 10 million Gen Z users or expanding its reach into Tier-II cities, which are now growing faster than metro and Tier-1 cities,she adds.

Despite facing stiff competition from rivals like Reliance's Ajio and Nykaa, Myntra has seen significant growth in the last 12-18 months.Data from market research firm Datum Intelligence shows,Myntra achieved gross sales of approximately $3.9 billion in 2023, while Ajio ended the year with more than $2 billion in sales. Myntra also closed 2023 with an annual transacting user base of 40 million.

The growing focus on Gen Z by brands and investors alike is evident in the D2C sector, with many emerging brands, particularly those in ethnic wear, drawing interest from venture investors due to their appeal to younger consumers.

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13 August 2024, Mumbai

Delhi-based V2 Retail aims to provide more apparel shopping options to its value-conscious consumers by establishing an online presence by the Q3, FY25, says AkashAgarwal, Director.

The company will use its five Delhi stores to fulfill online orders, with plans to expand to other cities once the model is perfected.

V2 Retail was founded by Ram Chandra Agarwal in 2011, following the sale of his first venture, Vishal Mega Mart, to private equity investor TPG and the Shriram Group for about Rs70 crore due to financial challenges. Using the proceeds, Agarwal built V2 Retail, which now boasts a market capitalization exceeding Rs3,300 crore.

The company's focus on offline operations has significantly boosted gross margins in the last six months. Its rapid product development and ability to quickly adapt to fashion trends have made it a strong player in the value-fashion category. The company’s shift to an omnichannel strategy is aimed at tapping into the growing demand in Tier II and II cities.

Driven by rising disposable incomes and growing consumer aspirations in smaller cities, India’s value-fashion segment is expanding rapidly. The industry is projected to grow at a CAGR of 6 per cent from 2020-25, with the organised sub-sector expected to outpace this at 13 per cent, according to MotilalOswal Financial Services.

While V2 Retail expects its online business to contribute only 1-5 per cent in the short term, it sees online retail as a natural extension of its offline operations, which attract 90,000 customers daily across 141 stores. Fulfilling online orders through physical stores will save the company about 70 per cent in logistics costs.

However, Agarwal acknowledges the challenges of entering e-commerce for products with low average selling prices. He emphasiseson the need to mature the channel before starting marketing efforts.

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12 August 2024, Mumbai

India's e-commerce landscape has changed over the years especially in the pandemic year, with the fashion and apparel industry leading the charge. Pushed up by growing internet penetration, rising disposable incomes, and a rising young population, the sector is witnessing unprecedented growth.

As per a recent report by Coherent Market Insights, the Indian fashion e-commerce market, valued at $14 billion in 2023, is projected to reach $18.76 billion by 2030, growing at a CAGR of 34 per cent. This growth is being led to a large extent by the apparel segment, which is expected to dominate the market due to evolving fashion trends and rising demand for branded clothing.

Rising disposable income, changing lifestyles boost growth

Several factors are contributing to the growth of India's fashion e-commerce industry.

Rising disposable incomes: A growing middle class with increased spending power is driving demand for branded apparel and accessories. Coupled with this, the rapid pace of urbanization is leading to a larger consumer base with a preference for online shopping.

Smartphone penetration: The increasing number of smartphone users is expanding the online shopping audience.

Changing lifestyles: The evolving lifestyles of Indian consumers, particularly among the youth, are driving demand for trendy and affordable fashion.

Government initiatives: Supportive government policies and initiatives are creating a conducive environment for e-commerce growth.

The fashion industry in India is witnessing the convergence of e-commerce and social media, with platforms like Instagram and Facebook becoming powerful sales channels. Social commerce is enabling brands to connect directly with consumers, build communities, and drive sales.

Additionally, the emergence of quick commerce is disrupting the traditional e-commerce model. Various e-commerce players like Amazon, Flipkart etc, are offering rapid delivery of fashion products, catering to the growing demand for instant gratification.

In fact, Myntra is a successful case study of a fashion e-commerce platform has leveraged technology and data analytics to drive growth and customer engagement. Similarly, Reliance backed Ajio platform has effectively tapped into the Indian consumer's love for ethnic wear and has expanded its reach beyond metro cities. Bewakoof, another online brand has successfully leveraged social media to build a strong following and drive sales.

The fact is, India’s fashion e-commerce industry is poised for significant growth, driven by favorable demographics, technological advancements, and changing consumer preferences. While challenges persist, companies that can adapt to the evolving landscape and meet the needs of consumers are likely to thrive in this dynamic market.

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13 August 2024, Mumbai

The euphoria of India’s post-pandemic ‘revenge shopping’ spree appears to be waning, as leading retail chains grapple with a prolonged slowdown in consumer spending. Key players like Reliance Retail, Shoppers Stop, and Spencer’s Retail are responding to the downturn by scaling back operations, incurring debt, and tightening their belts.

Store closures on the rise

The extended election season and scorching heatwaves of the past quarter have exacerbated an already sluggish consumption landscape that has persisted for over 18 months. Retailers, wstore closureho aggressively expanded their store networks to capitalize on the pent-up demand following lockdowns, are now forced to recalibrate their strategies.

Reliance Retail, India’s retail behemoth, offers a stark illustration of the industry’s predicament. The company closed 249 stores in the June quarter, a significant departure from the 470-800 new stores opened annually in the preceding three fiscal years. This marks the lowest net store additions in 15 quarters, signalling a cautious approach to expansion.

Spencer’s Retail has taken even more drastic measures, announcing its complete withdrawal from the North and South Indian markets. The closure of 49 stores in the NCR, Andhra Pradesh, and Telangana will result in a revenue loss of Rs 490 crore but is expected to bolster profitability.

Shoppers Stop, another major player, has also expressed concerns about the soft demand environment. CEO Kavindra Mishra indicated that the company may defer some store openings and has sought to raise Rs 100 crore to fund expansion amidst challenging conditions.

V-Mart Retail has joined the ranks of retailers retrenching, with 22 store closures in the first half of 2024. Devangshu Dutta, CEO of retail consulting firm Third Eyesight, attributes this trend to the rationalization of underperforming outlets in response to demand stress. As per him, demand forecasting is inherently imperfect due to the time lag between assessment and supply. Retailers are prioritizing the swift closure of unprofitable stores. While this was once seen as a prestige issue, it is now accepted as a matter of pure economics.

Sluggish consumption

The post-pandemic surge in consumer spending, pushed up by pent-up demand and a desire to make up for lost time, has clearly subsided. Reliance Retail’s June quarter results reflect this shift, with net profit increasing by a modest 4.6 per cent to Rs 2,549 crore and revenue growing by 6.6per cent to Rs 66,260 crore. These figures represent a deceleration compared to the previous quarter.

Reliance Retail CFO Dinesh Taluja acknowledged the tepid discretionary spending in categories like fashion and lifestyle. Spencer’s Retail CEO Anuj Singh emphasized the need to reduce overheads by closing unprofitable stores and streamlining operations. Shoppers Stop’s Mishra cited factors such as fewer wedding dates, the election season, heatwaves, and persistent inflation as contributors to the subdued demand.

The data is unequivocal. Many retail chains are closing more stores than they open. Pantaloons, Spencer’s Retail, Nature’s Basket, V-Mart Retail, W, Aurelia, and Titan Eye+ are among those that have experienced a higher rate of store closures in the March quarter.

As the Indian retail landscape evolves, the focus has shifted from rapid expansion to operational efficiency and profitability. The days of unbridled optimism about revenge shopping appear to be over, forcing retailers to adapt to a new reality characterized by cautious consumer spending and a more challenging business environment.

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13 August 2024, Mumbai

One of India’s fastest-growing fast fashion brands, Powerlook plans to expand its retail presence by opening new stores in Hyderabad, Chennai, Surat, Vadodara and Bengaluru by March 2025.

The brand has just open edits eighth flagship store in Phoenix Citadel Mall, Indore. The store offers a wide range of casual menswear, including t-shirts, shirts, jeans, cargo pants, festive wear. bottoms, vests, and co-ords.

With a focus on meeting the rising demands of young Indians, Powerlook has already established a strong presence in Mumbai and Pune. The brand has made a significant impact on high streets and in malls, offering a perfect blend of functionality and fashion, says RaghavPawar, Co-founder. Around 10 percent of the brand’s revenue comes from Madhya Pradesh (MP), and expanding to Indore is part of its Tier II growth strategy, driven by the high demand for its products in the city, he adds.

As fashion preferences shift, more people in Indore are embracing fast fashion brands, making it an ideal time for Powerlook to enter this vibrant market. The brand plans to establish a presence on the high street and open new locations across Madhya Pradesh in the coming years.

Amar Pawar, Co-founder and Chief Stylist, notes, by establishing roots in Indore, Powerlook aims to deliver exceptional fashion that resonates with the city’s vibrant spirit and align with the brand’s mission to empower today's youth.

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 12 August 2024, Mumbai

Kalki Fashion’s latest wedding wear collection, ‘Bride &Baraat 2024,’ offers a complete solution for weddings. Comprising both men’s and women’s occasion wear, the collection launched on Aug 09, 2024 with exclusive showcases in Mumbai, Delhi, and Hyderabad. These showcases will continue at Kalki’s brand outlets in these cities until Aug 25, 2024.

From Aug 17-Sep 1, 2025, the showcase of this collection will extend to Surat, Ahmedabad, and Bengaluru.

The men’s range in the collection features a range of sharp sherwanis, regal bandhgalas, and contemporary jackets, all meticulously crafted with detailed embellishments. Kalki Fashion highlights the use of texture and dimension through design elements like ruffles, layers, pleats, and luxurious feathers, ensuring a dynamic yet elegant look.

For women, the Bride &Baraat 2024 collection includes lehengas and gowns decorated with 3D floral appliqués and intricate embroidery. Boasting of customisable features, the collection allows brides to incorporate personal touches such as names, hashtags, or special words into their veils, trails, dupattas, or other parts of their ensemble.

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 13 August 2024, Mumbai

On Aug 06, 2024, designer duo Shantnu and Nikhil unveiled an exclusive collaboration with Grey Goose. The unveiling also included an exclusive showcase ofthe designer duo’s latest luxe collection, Studio Mix, with Bollywood star SidharthMalhotra as the showstopper.

The collection featured innovative designs, including a modern twist on the iconic martini glass and a portable bar adorned with the brands' insignia, symbolising the perfect marriage of fashion and fine spirits. The unveiling of this collection was accompanied by a couture show that emphasisedon the synergy between style and substance, where each element was meticulously crafted to create a cohesive and inspiring experience.

Besides expressing their excitement over the collaboration, Shantnu and Nikhil opined, the barware collection symbolizes the brand’s commitment to crafting experiences that are not only visually stunning but also deeply functional, embodying the sophistication and timeless appeal that both our brands represent.

Paying a tribute to the fashion of the 70s, the Studio Mix collection featured wide-legged trousers, short bangle-length jackets, and luxurious silks infused with intricate paisley prints and floral motifs, all nodding to Kashmir’s rich heritage. The collection's vintage menswear-inspired stripes added a touch of elegance, encapsulating the essence of an era where fashion was a bold statement.

The show opened with the legendary ZeenatAman, who embodied the fearless spirit of the 70s, and closed with the dashing SidharthMalhotra, representing the modern S&N man—confident, refined, and effortlessly stylish.

The Studio Mix collection was a symphony of design and functionality, embodying the shared ethos of luxury and craftsmanship between Shantnu and Nikhil and Grey Goose. The designs featured straight lines and bold forms, reflecting the brand's dedication to excellence. This genderless collection heralded a new era of inclusivity, offering effortless style and luxury to those who appreciate the finer things in life.

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13 August 2024, Mumbai

Metro Brands (MBL)has inked a deal with the New York-based brand New Era Capto distribute and sell the brand’s iconic headwear, apparel, and accessories throughout India. The company will sell these products through both physical retail stores and online platforms.

This partnership represents a significant milestone for MBL as it seeks to infuse sports culture into the Indian cap market. Nissan Joseph, CEO, Metro Brands, highlights, through this collaboration, the company aims to bring the best global brands to India to meet customers' athleisure needs. The partnership will make caps a must-have accessory in India, he adds.

With a robust network of over 800 stores across the nation and the upcoming launch of India’s first Foot Locker store, Metro Brands continues to strengthen its position in the Indian retail sector, offering a diverse selection of both domestic and international brands to its customers.

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12 August 2024, Mumbai

Redefining the accessories market, two leading Indian brands Tiger Marron and KoyToy by KunalKyhaan have launched a collaborative collection that blends cultural heritage with modern designs.

The collection integrates Mughal architectural motifs with contemporary pop culture elements. A significant departure from traditional luxury aesthetics, this innovative blend sets a new standard for cultural fusion in high-end fashion.

Inspired by the elegant arches of Mughal architecture, the collection's outstanding garment piece, the Arch bag series has quickly become a classic. The Maharani purse and Paan Saddle bag are also celebrated for their unique reinterpretation of traditional Indian design, offering something entirely new to the global luxury market.

With sustainability asits key focus, the Tiger Toy collectionuses organic vegan leather alongside high-grade natural leathers. It addresses the growing consumer demand for eco-conscious fashion, without sacrificing quality or style.

The involvement of KunaalKyhaanSeolekar, Founder, KoyToy, a fashion and lifestyle brand, adds a unique dimension to the collaboration. Known for his architectural and interior design background, Seolekar brings innovative structures and shapes to the collection, turning handbags and accessories into wearable art. His bold yet harmonious style has been enthusiastically received by fashion enthusiasts.

The launch of the Tiger Toy collection has been met with widespread acclaim, inspiring designers to explore their heritage through a contemporary lens. The collection not only challenges traditional perceptions but also pushes the boundaries of luxury accessories, heralding a new era in fashion that celebrates cultural richness and innovation.

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13 August 2024, Mumbai

Expanding its footprint in Karnataka, fashion and accessories brand Yousta has opened a new store in Hubli. This expansion coincides with the brand's latest collaboration celebrating the upcoming Deadpool & Wolverine movie.

Known for its value-focused apparel, Yousta continues to enhance its offline presence across India. The brand’s new Hubli store offers a wide range of men’s and women’s western wear, along with accessories and bags, catering to the fashion needs of the local market. The store opening is part of Yousta’s broader strategy to establish a strong physical presence in key markets across India. Yousta recently also launched stores in cities like Lucknow, Pune, Prayagraj, Mumbai, and Kolkata underscoring the brand’s rapid growth and commitment to reaching a wider audience.

Yousta has also launched a special clothing collection inspired by the Deadpool& Wolverine film. Launched in collaboration with Disney Consumer Products India, the collection features bold, graphic motifs from the Marvel universe. It blends franchise themes with a streetwear-inspired aesthetic and is designed to resonate with fans of both the movie and contemporary fashion trends.

Launched in August 2023 by Reliance Retail, Yousta targets Gen Z shoppers with its trend-driven, affordable clothing. The brand operates through a growing network of brick-and-mortar stores and also reaches customers via its direct-to-consumer e-commerce platform and various multi-brand online retailers.

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14 August 2024, Mumbai

India's economic growth narrative, often seen as a beacon of resilience in a global slowdown, is facing numerous challenge and sluggish consumption is one of the main ones. Despite headline GDP growth rates that have drawn global attention, the underlying story of consumer spending paints a less rosy picture.

Consumption slump, asymptom of deeper issues The stark contrast between India's GDP growth and the tepid performance of consumer spending is a cause for concern. The consumption slowdown, evident in sectors like two-wheelers and fast-moving consumer goods, particularly in rural areas, reflects a broader economic malaise.

Several factors contribute to this consumption slump:

• Job creation challenges: The lack of substantial job creation in non-farm sectors has trapped a significant portion of the workforce in low-productivity agriculture. This limits income growth and, consequently, consumer spending.

• Wage stagnation: Real wages have remained stagnant across sectors like agriculture, manufacturing, and construction, eroding purchasing power and dampening consumer demand.

• Income inequality: The widening income gap exacerbates consumption challenges. While a small affluent segment drives luxury consumption, the vast majority of the population faces income constraints.

The limits of exports and government spending

With consumption faltering, the Indian economy has leaned heavily on exports and government spending to drive growth. However, there are inherent limitations to this strategy:

• Export challenges: While India has the potential to become a global manufacturing hub, several hurdles, including high tariffs and local sourcing requirements, hinder its competitiveness. Moreover, global demand uncertainties pose risks to export-led growth.

• Government spending constraints: The government's fiscal consolidation efforts limit the scope for sustained high public expenditure. Infrastructure spending, while crucial, cannot be the sole growth driver in the long run.

Need for amulti-pronged approach

To unlock India's economic potential, a multifaceted approach is essential:

• Revitalizing consumption: Boosting rural incomes, creating quality jobs, and addressing wage stagnation are imperative for reviving consumption. Targeted social welfare programs and investments in skill development can play a crucial role.

• Export-led growth: Streamlining export procedures, reducing tariffs, and improving infrastructure are essential for enhancing India's export competitiveness. Attracting global manufacturing investments requires a conducive business environment and skilled workforce.

• Private investment revival: Addressing capacity utilization issues, improving the business climate, and fostering investor confidence are crucial for unlocking private investment potential.

India stands at a crossroads. While the potential for rapid growth is undeniable, realizing this potential requires a concerted effort to address the underlying challenges, particularly the consumption slump. By adopting a holistic approach that focuses on job creation, income growth, and export competitiveness, India can embark on a path of sustainable and inclusive economic development.

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12 August 2024, Mumbai

Shoppers Stop plans to expand its value-fashion brand ‘Intune’ by opening 100 stores by FY’24-25-end. It will add 80 stores next fiscal year, taking the brand’s total store count to 100 by FY’25-end.

Intune recently expanded its retail presence in Gurugram by launching second outlet in the city at the Elan Epic Mall. Spanning across 4,385.9 sqft, the store aims to provide a diverse range of trendy and affordable fashion options. The brand’s first outlet in Delhi-NCR was launched earlier this month at the Elan Miracle Mall. It offers high-quality clothing options at competitive prices for men, women and kids.

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