H&M was awarded the ‘Most Admired Fashion Retailer of the Year-Foreign Origin’ award at the Images Retail Awards 2024 held as a part of the two-day Phygital Retail Convention (PRC) 2024 in Mumbai

The 20th edition of the Images Retail Awards saw industry-wide participation, with votes from over 111 leading shopping centres and over 200 live presentations adjudicated by a distinguished panel of jurors. The 2-day PRC 2024 event attracted over 300 Indian and international speakers, over 500 unique brands and companies, and more than 150 exhibitors, covering a vast 1 lakh+ sq ft of exhibition space.

The curtains closed on the 2-day Phygital Retail Convention (PRC) 2024 in Mumbai, culminating in the Hosted by international TV presenter Lee Clark, actor-playwright Anish Trivedi, and singer-actor Manasi Scott, the Images Retail Awards 2024 ceremony featured high-energy music and dance performances, along with fashion shows by Mufti and Vero Moda. Actor Simba Nagpal and actress Aneri Vajani walked the ramp as showstoppers for Mufti and Vero Moda, respectively.

Global lifestyle and performance brand, Skechers has inked a five-year partnership deal with the All India Pickleball Association (AIPA) as the official kit sponsor. This collaboration signifies Skechers' commitment to the burgeoning Indian sports market.

According to this agreement, Skechers will provide team India kits featuring a comprehensive range of performance-oriented apparel and footwear tailored specifically for pickleball enthusiasts. By aligning with AIPA, Skechers aims to reinforce its presence in India while catering to the evolving needs of athletes.

Arvind Prabhoo, President, AIPA, emphasises on the potential of the partnership to propel the growth of pickleball in India. He highlights, the shared dedication of both entities advances the sport and supporting players across different skill levels.

Rahul Vira, CEO, Skechers India, notes, as the Official Kit Sponsor of AIPA, Skechers is poised to expand the sport's reach and accessibility across India with its innovative Viper Court collection.

The Skechers pickleball apparel and footwear will be readily available through various channels, including the brand's direct-to-customer e-commerce platform, multi-brand e-commerce platforms, and retail outlets nationwide. This strategic distribution approach ensures widespread availability, catering to the growing demand for high-quality pickleball gear among Indian athletes.

Despite its relatively small contribution to global luxury sales, estimated at around 2 per cent, India's luxury market is projected to grow at an annual growth rate of 15 to 25 per cent over the next seven years. The market is projected to be worth €23 billion-€38 billion during this period. This surge is fueled by the expanding middle class in the country.

Barclays highlights that major cities like Mumbai, New Delhi, and Bengaluru are key centers for India's affluent population, hosting 90 per cent of the nation's luxury retail infrastructure. Notably, New Delhi, the capital, holds a significant presence of old-money families and houses the first Louis Vuitton store in India, established in 2003.

Mumbai boasts Jio World Plaza, the country's largest luxury shopping mall, covering 750,000 sq ft and featuring prominent brands like Louis Vuitton, Dior, Gucci, and Cartier. Spearheaded by Isha Ambani, daughter of Mukesh Ambani, the project is managed by Reliance Industries, which is reportedly involved in a potential $3 billion acquisition of Neiman Marcus Group.

Known as India's tech and IT hub, Bengaluru is emerging as a prominent luxury destination. Its notable retail project, Mall of Asia, opened in October and signals the city's growing luxury scene.

Looking ahead, Galeries Lafayette, the French department store, plans to collaborate with developer Aditya Birla to establish a presence in Mumbai and New Delhi. Additionally, Christian Louboutin recently formed a joint venture with Aditya Birla to enter the Indian market.

In the realm of hard luxury, luxury watches are experiencing remarkable growth, serving as status symbols for the burgeoning tech millionaires. Ethos, a leading Indian watch retailer, forecasts the premium and luxury watch segment to grow at a 12.5 per cent annual rate, reaching €1.4 billion by 2025.

Based on feedback from mall operators, Barclays identifies Gucci as a brand with significant growth potential in the Indian market. They also note positive sentiments toward Saint Laurent, Balenciaga, and other brands like Louis Vuitton, Chanel, and Dior.

Tier II cities are dominating the growth in India’s retail sector, with Lucknow capturing an 18.4 per cent share of the gross leasable area, as reported by property consultancy firm Knight Frank India.

According to the report, the rise of Tier II cities as retail hubs is being driven by factors such as economic growth, increased employment opportunities, rising disposable incomes, and the expanding reach of e-commerce into smaller markets. Consequently, these cities are becoming significant growth catalysts for the real estate sector, attracting investments and development projects. In addition to Lucknow, other Tier II cities making substantial contributions to the shopping centre inventory include Kochi, Jaipur, Indore, and Kozhikode.

Shishir Baijal, Chairman and MD, Knight Frank India, notes, a fascinating amalgamation of factors, India’s retail landscape is shaped by its vast population, strides in digital literacy, and economic expansion. These elements converge to propel the growth of the retail sector, with particular emphasis on the evolution of retail spaces into multifaceted hubs of commerce and entertainment.

The report further notes, the development trajectory of shopping centers in Tier II cities differs from that in Tier II markets as shopping centers in Tier II cities began emerging only in the early 2000s, resulting in lower number of shopping centers than in Tier I cities.

Although 16 Tier II cities still have shopping centers smaller than 0.1 million sq m, five Tier II cities now boast shopping centers exceeding this size. This trend indicates a move towards larger and more robust retail infrastructures in Tier II cities, reflecting the sector’s next phase of growth in India.

Marked by trends such as revenge shopping, influencer marketing and Generation Z-focused strategies, India’s retail landscape has undergone significant transformations in recent years. These trends have reshaped the brick-and-mortar shopping experience, creating unique and immersive environments for consumers.

Despite the challenges posed by the pandemic, the retail sector is emerging stronger, characterised by a diverse landscape and a widespread geographic presence of brick-and-mortar stores across the country.

Raghavendra Rathore Jodhpur label created bespoke looks for Diljit Dosanjh for ‘The Dil-luminati Tour 2024.’ This collaboration blended traditional silhouettes, handcrafted details, and discreet embellishments to reflect both Dosanjh’s dynamic personality and the classic ethos of RRJ. The collection pays homage to both Dosanjh’s roots and the brand’s rich heritage and legacy, seamlessly merging tradition with modernity.

More than just fashion, the Raghavendra Rathore Jodhpur label embodies a lifestyle that is a natural extension of heritage and culture, making each creation not just a piece of clothing, but a statement of timeless elegance and individuality.

Inspired by the blue city of Jodhpur and its rich heritage, the Raghavendra Rathore Jodhpur Collections embody contemporary yet timeless trends. While anchored in the classic space, the brand thrives on the challenge of amalgamating classic with cutting edge, leading to creative expansion.

Renowned fashion brand Kiaayo unveiled its latest Spring/Summer collection, Adira at the Bombay Times Fashion Week in Mumbai.

A testament to the fusion of traditional Indian craftsmanship with contemporary global designs, Adira encompasses an array of garments and accessories. Each piece of the collection, from elegant coats and coordinated sets to graceful sarees and resort wear, reflects the meticulous artistry of Kutch workers.

Bhavna, Founder, Kiaayo, states, the Adira collection embodies creativity and resilience, echoing the centuries-old traditions of Kutch. With a deep-rooted commitment to honoring heritage while embracing modernity, Bhavna emphasised that Adira is tailored for the vibrant, empowered women of today.

Drawing inspiration from the rich cultural tapestry of Kutch, the collection seamlessly integrates traditional techniques with innovative twists. Bhavna highlights Kiaayo's dedication to captivating audiences and solidifying its position as a frontrunner in the fashion industry.

Originating from Kutch, Kiaayo is a beacon of empowerment fueled by the remarkable skills of its artisans. With a workforce comprising over 90 per cent women, Kiaayo champions gender equality while preserving the region's artistic legacy.

Diving into Kutch's rich heritage boasting around 32 distinct art forms, Kiaayo's unwavering support for local artisans and their craftsmanship shines through in every collection. Through the harmonious blend of Eastern traditions and Western influences, Kiaayo continues to redefine contemporary fashion with its distinctive offerings.

India's mall scene presents a fascinating paradox. On one hand, there's a boom. Reports from CRISIL Ratings suggest a significant rise in retail space, with a projected growth of 30-35 million sq. ft in the next three to four years. New malls are springing up in major cities, boasting high occupancy rates exceeding 90 per cent. Investment is pouring in, with private equity participating heavily in new ventures. A 2022 Knight Frank report reveals a contrasting picture, highlighting the plight of struggling malls, particularly smaller ones, facing vacancy and potential closure.

Ground zero growth vs. ghosts

This investment boost is due to numerous factors. Rising disposable incomes is one of them. India's growing middle class has more money to spend, creating a demand for retail experiences. Malls, particularly well-managed ones, capitalize on this by offering a curated shopping experience with entertainment and dining options. Almost 60 per cent of new malls in 2023 had private equity backing, indicating investor confidence. Moreover malls are increasingly becoming entertainment and leisure destinations, not just shopping hubs.

The Knight Frank report sheds light on a potential mismatch. While larger malls in prime locations thrive, smaller ones, especially those relying on a single anchor store or lacking a strong tenant mix, struggle to attract customers. This suggests a potential oversaturation in specific segments of the market. The rise of e-commerce undeniably impacts physical retail. However, it's not a death knell. Malls that offer a unique experience beyond just shopping, leveraging experiential marketing and entertainment options, can thrive alongside online retailers.

Consumers hold growth key

Changing consumer behavior is a key driver. Customers today seek convenience and value. Malls offering easy accessibility, diverse shopping options, and a seamless online-offline integration will likely succeed. Conversely, those failing to adapt to this evolving landscape may become relics of the past. The rise of e-commerce has undoubtedly impacted traditional brick-and-mortar retail. Consumers are increasingly comfortable shopping online, especially for certain categories.

The future unfolds

The short-to-mid-term future of Indian malls will likely see a consolidation phase. Only the best will survive. Well-designed, well-managed malls in prime locations with a strong focus on experience are likely to remain afloat, potentially attracting further investment. Struggling malls might need to reinvent themselves. This could involve repurposing space for offices, co-working areas, or entertainment hubs. Also, malls might see a shift in tenant mix, with a greater focus on experience-oriented brands, pop-up stores, and local vendors catering to specific niches.

In the next two to three years, the Indian mall landscape is likely to see further consolidation.

• Mergers and acquisitions: Stronger malls may acquire weaker ones, creating larger, more vibrant destinations.

• Focus on technology: Malls will leverage technology for better customer engagement, like loyalty programs, interactive kiosks, and personalized shopping experiences.

• Sustainability push: There's a growing emphasis on eco-friendly practices in mall design and operations.

The Indian mall story is likely to be one of cautious optimism. Growth will likely continue, but it will be measured and focused on quality over quantity. Malls that can adapt to the changing consumer preferences and leverage the power of experiential retail will be the ones standing tall in the years to come.

A prominent women's fashion brand based in Delhi, Kazo is set to broaden its 'Flower Power Campaign,' to celebrate contemporary women and the brand's dedication to sustainability and personalised shopping experiences.

According to Siddhant Aggarwal, Director of Operations, Kazo, the ongoing 'Flower Power Campaign' transcends from being a mere exhibition of exquisite prints and vibrant blooms to being a heartfelt tribute to today's modern women—those exuding confidence, elegance, and grace. With models gracefully traversing bustling mall pathways, each carrying an exquisite Kazo tote bag brimming with flower bouquets, the campaign offers moments of joy and appreciation to the multifaceted woman. It aims to make every woman feel valued, celebrated, and empowered upon stepping into Kazo stores, recognising that true style is not just about what you wear but how you feel wearing it.

The campaign has garnered praise from diverse audiences for its uniqueness and innovation. Having successfully hosted the event in two malls where Kazo stores are located, the brand is eager to exhibit the campaign in more locations nationwide, expecting a significant impact on brand engagement and sales as they continue to forge deeper connections with their audience.

Highlighting their commitment to sustainability, Kazo prioritises the use of eco-friendly materials such as BCI cotton, recycled polyester, and natural fabrics, thereby minimising their environmental footprint. By integrating recycled materials into designs, the brand actively contributes to resource conservation and waste reduction, emphasizing their dedication to both style and sustainability.

Kazo also acknowledges the importance of practicality in everyday and occasion wear. While remaining on-trend, clothing is designed to be comfortable, functional, and suitable for various occasions. Whether for work, social gatherings, or glamorous evenings, Kazo's versatile pieces can be easily styled for different settings, ensuring proper sizing and fit.

Bengaluru-based ecommerce platform competing with giants like Amazon India and Flipkart, Meesho has successfully closed the initial tranche of a significant funding round, amounting to $600 million. This round, which includes both existing and new investors, is part of a larger financing endeavor aimed at reaching a total of $3.9 billion in valuation.

The company has been on an upward trajectory since its inception in 2015, having raised a total of $1.36 billion, including secondary transactions. However, Meesho's early investors have been looking to exit, with Venture Highway and others making partial exits last year.

The latest funding round has been in the pipeline since January, with various developments leading to an increase in its size and scope. SoftBank has reportedly shown renewed interest in investing after a period of relative inactivity in India's tech market.

Meesho's strategy also involves reversing its US parent company to facilitate its future plans for an IPO in India. Similar moves have been undertaken by other startups like Groww, indicating a trend of Indian startups bringing their holding companies back to India.

This move, however, comes with significant tax implications, as seen in the case of PhonePe, which had to pay nearly $1 billion to the Indian government for its relocation. Meesho's decision to raise primary capital aligns with its need to account for these potential tax obligations while ensuring operational stability and competitive advantage.

Several other Indian startups, including Pine Labs, Razorpay, Zepto, Eruditus, and Udaan, are also in the process of relocating their holding companies back to India, reflecting a broader trend in the startup ecosystem.

India's rise as a consumer giant is set to reshape the fashion industry, with a growing affluent class boosting apparel spending. A recent report by UBS predicts India will become the world's third-largest consumer market by 2026, surpassing Germany and Japan. This growth is driven by a significant increase in affluent population – those earning over $10,000 annually. Their numbers are expected to double from 40 million in 2023 to 88 million by 2028.

Income and apparel consumption a direct correlation

The link between income growth and fashion spending is well-established. As disposable income rises, consumers allocate a larger share towards discretionary items like clothing and footwear. Data supports this trend. As per a report by McKinsey & Company, apparel and footwear consumption in India is expected to reach $350 billion by 2030, a significant jump from $175 billion in 2020. This growth is primarily driven by rising incomes, particularly in the middle and affluent segments. Other global studies also reinforce this connection, as Euromonitor, a market research provider study shows, a 10 per cent rise in per capita income in a developing nation leads to an average increase of 5.5 per cent in apparel expenditure. A.T. Kearney's 2023 Retail Apparel Index found apparel spending in India is expected to grow at a CAGR of 8.2 per cent between 2 023 and 2030, reaching a value of $733 billion.

The rise of western brands catering to evolving tastes

The influx of affluent consumers presents a lucrative opportunity for Western fashion brands. As Indian consumers become more brand conscious and develop a taste for international styles, these brands are well-positioned to capture a significant market share. We can expect to see a rise in flagship stores, online presence, and potentially, collaborations with Indian designers to cater to local preferences.

Indeed, this growth presents a good opportunity for both domestic and international fashion brands. Domestic players like Aditya Birla Fashion and Fabindia are poised to benefit immensely. Additionally, established Western brands like Zara and H&M are eyeing the Indian market with renewed vigor.

Catering to a market with nuances

It's important to acknowledge the ‘consumption dichotomy’ highlighted by UBS. While the affluent segment thrives, urban mass-market demand might remain subdued due to factors like wage stagnation. The report estimates the affluent population will double from 40 million in 2023 to 88 million by 2028. This segment will have a higher propensity to spend on fashion, particularly premium and designer brands. This necessitates a multi-pronged approach from fashion brands. High-end labels can cater to the premium segment, while others can focus on value propositions and affordability for the broader market.

While the affluent consumer boom is exciting, UBS highlights the need for quality job creation to sustain this growth. Increased job opportunities will lead to a broader rise in disposable income, not just for the affluent, but for the middle class as well. This will create a more balanced consumption pattern across the country.

Meanwhile the success of Western brands will depend on their ability to:

• Adapt to local sensibilities: Offering culturally appropriate designs and fits will be crucial.

• Embrace omnichannel strategies: Investing in a strong online presence alongside physical stores will cater to the growing e-commerce market in India.

• Offer competitive pricing: While there's a demand for luxury, price sensitivity remains a factor for many Indian consumers.

Indeed, India's apparel industry is poised for a golden age. To ensure long-term success, brands must prioritize sustainability and ethical practices, aligning with the growing eco-consciousness of Indian consumers. Also, catering to the diverse needs and preferences across various income brackets will be crucial for brands to win hearts and wardrobes in the world's soon-to-be third-largest consumer market.

In a monumental stride towards reshaping the landscape of ultra-luxury fashion, Vananam has launched Giorvan, a brand set to redefine sophistication and style. Scheduled to debut by year's end, Giorvan embodies the seamless fusion of cultural richness and avant-garde fashion ingenuity.

Keshav Inani, Founder & CEO, Vananam, says, the brand revolutionises the luxury apparel realm by harmonising the opulent heritage of Karnataka’s famed textile hub, Guledgudd, with contemporary innovation. The nomenclature itself, a fusion of ‘Guledgudd’ and ‘Inani’, underscores this synthesis, marrying traditional artistry with the entrepreneurial ethos of the Inani lineage. Incorporating ‘Van’ from Vananam and ‘or’, meaning ‘and’ in Hindi, symbolises the ambitious amalgamation of time-honored traditions and modern advancements. Through Vananam, Inani channels profound familial expertise into a global, ultra-luxury brand committed to unparalleled quality and sophistication.

In alignment with the Prime Minister’s vision of propelling Indian brands onto the global stage, Giorvan emerges as a herald of ‘Make in India’ on an international platform. Crafted by the world’s foremost designers, the brand endeavors to showcase superior and innovative fabric technologies.

The introduction of Giorvan marks a monumental milestone in the sparse realm of Indian ultra-luxury brands. It promises to infuse a novel perspective into premium fashion categories, seamlessly blending traditional aesthetics with contemporary designs that resonate with both domestic and international clientele.

Aditya Birla Fashion and Retail (ABFRL) has joined hands with renowned designer Tarun Tahiliani to unveil Tasva’s maiden mall store in Mumbai. Situated within the Oberoi Mall, Mumbai, this store sprawls across 1,746 sq ft, promising a lavish shopping rendezvous. Offering a diverse array of designer ethnic and wedding wear tailored for the contemporary Indian man, the store introduces the exquisite Art Deco-inspired Dinner Jacket collection. This collection boasts of intricate geometric patterns and embroidery techniques like appliqué and hot-fix.

Catering to the wedding and festive attire needs, the store houses an extensive selection of kurta sets, achkans, sherwanis, and Indo-western outfits. Furthermore, an assortment of accessories including safas, sarpeches, brooches, pocket squares, buttons, sehras, stoles, shawls, and footwear complement the attire impeccably.

Reflecting Tarun Tahiliani’s signature ‘India Modern’ design philosophy, the store's ambiance exudes opulence and sophistication. Luxurious materials like wood and brass, intertwined with designs inspired by India’s cultural heritage, adorn the space, creating an immersive experience for the discerning Indian consumer. This aesthetic seamlessly aligns with Tasva’s brand ethos, catering to the evolving tastes and preferences of the contemporary Indian populace, who seek more depth and expression in their sartorial choices.