Reporting a stellar third quarter, textile and apparel giant Raymond ended December 2023 with net profit nearly doubling to Rs 184 crore ($23 million) compared to Rs 95 crore in the same period last year. This impressive performance marks the company's 10th consecutive quarter of growth, achieving its highest ever revenue and profitability across all its businesses.

Driving this growth was an 11 per cent increase in revenue, reaching Rs 2,450 crore compared to Rs 2,200 crore in the previous year's Q3. Both branded textile and apparel segments saw significant growth, with textile sales reaching Rs 909 crore and apparel sales reaching Rs 437 crore.

Raymond is further amplifying its retail presence with an ambitious plan to open over 500 new stores in the next three years. This aggressive expansion strategy follows the successful opening of the 100th milestone store of "Ethnix by Raymond," bringing the total to 105 stores. As of December 31, 2023, the company's retail network boasts a total of 1,512 stores.

Raymond's strong Q3 performance and ambitious expansion plans position the company for continued success in the Indian textile and apparel market.

27 January 2024, Mumbai

About AEPC

Incorporated in 1978, AEPC is the official body of apparel exporters in India that provides invaluable assistance to Indian exporters as well as importers and international buyers who choose India as their preferred sourcing destination for garments.
A quick look at how the Apparel Export Promotion Council (AEPC) has been the driving force behind a lot of achievement. 

AEPC also helped in bringing in global technical expertise from Taiwan and Korea. It is also encouraging manufacturers to move away from cotton and switch to MMF garments.

Sudhir Sekhri, a seasoned & highly committed professional in the apparel sector, has become the new head of the AEPC, which promotes apparel exports. He said, “My first and foremost goal is to find solutions to stop the fall in exports of ready-to-wear garments that has been happening for the past few months.”

Latest Textile Events

The Clothing Manufacturers Association of India (CMAI) is gearing up to unveil the 78th edition of the National Garment Fair 2024 (NGF 2024) in Mumbai from January 29 to 31, 2024. This premier event is set to showcase the offerings of over 950 garment manufacturers, featuring an extensive array of 1120 apparel brands spanning Women’s wear, Men’s Wear, Kids wear, and Accessories at the Bombay Exhibition NESCO Complex in Goregaon East.

Key platform for industry interaction

The NGF 2024 stands as the much-anticipated biannual trade show that acts as a crucial bridge, connecting national and regional brands, manufacturers, apparel designers, and fashion accessories manufacturers with retailers, agents, distributors, and e-commerce companies. It has earned its reputation as India’s leading trade fair, providing a comprehensive sourcing platform that optimizes both time and cost efficiency for all stakeholders involved.

Insights from industry leaders

Rajesh Masand, President of CMAI, emphasized the significance of NGF 2024 in gauging the industry's future, stating, “The apparel industry has faced challenges with consumer preferences shifting away from traditional apparel categories. Bookings made during NGF 2024 will serve as a key indicator for the outlook of the segment over the next six months.”

Rohit Munjal, Vice President and Chairman of the Fair Committee, highlighted the expansive scale of this edition, covering approximately 7,00,000 sq. ft. of exhibition area spread across 7 Halls. Anticipating a substantial turnout, Munjal expects trade visitors from all corners of India, including national-level retailers and distributors.

Industry stabilization predicted

Rahul Mehta, Chief Mentor of CMAI, expressed optimism regarding the demand for the upcoming spring-summer season. He stated, “Retailers are actively managing substantial inventory, and with the ongoing End of Season Sale (EOSS), we anticipate the clearance of surplus stock, leading to a normalization of bookings. Nevertheless, 2024 is projected to be a stabilizing period, with no substantial upswing expected in apparel sales during this year.”

Market overview

The Indian apparel market, estimated at Rs. 6.80 lakh crores, has witnessed a growth of 15-20% in FY2024. This growth is attributed to distributor network expansions and new store openings. However, the same-store growth has not been as substantial, indicating the need for innovative strategies to drive sustained growth in the industry.

As industry stakeholders converge at NGF 2024, the spotlight will be on forging collaborations, exploring market trends, and revitalizing a sector that is navigating through dynamic consumer preferences and market challenges. The fair is poised to serve as a pivotal juncture for the industry to adapt and thrive in the ever-evolving landscape of the fashion market.

27 January 2024, Mumbai

The highly anticipated CMAI Cricket Premier League Season 4 is set to kick off on January 26, 2024, at Pune's Pushpa Sports Arena after a successful grand auction on January 5.

The Western India Regional Office of CMAI organized the event, featuring ten teams with approximately 80 members, including 8 from Pune, one from Solapur, and one from Mumbai.

Ajit Thadani, Managing Director of Retail Software Solutions, announced the fruitful conclusion of the auction, while Sumit Tejwani, President of CMAI (WR), welcomed all participants.

Spotlight

Rajesh Masand, CMAI President, highlighted the competitive spirit and passion for the game witnessed during the auction.

Sumit Tejwani emphasized the dynamic cricketing community's enthusiasm, anticipating an exhilarating season.

The league promises a thrilling showcase of cricketing action and team spirit at Bibvewadi's Pushpa Sports Arena.

Kewal Kiran Clothing Limited, known for 'Killer Jeans,' is taking legal action against Netflix's "Killer Soup" for alleged trademark infringement.

The Bombay High Court lawsuit targets Netflix and MacGuffin Pictures, seeking ₹10 crore in damages.

KKCL asserts its exclusive rights to the 'KILLER' trademark in various classes and demands Netflix cease using it in the series title.

The legal notice highlights 57 registered classes from 2001 to 2011. The company demands a ₹10 crore token payment, an apology, and a commitment to respect intellectual property rights.

The dispute adds a legal twist to the Netflix series, featuring Manoj Bajpai and Konkona Sen Sharma, prompting scrutiny of trademark protection in the entertainment industry.

25 January 2024, Mumbai

The Changing landscape of Large Format Apparel Retail: Strategies, shifts, and future focus

The Indian apparel retail market is a dynamic behemoth, projected to reach a staggering $190 billion by 2025. But the winds of change are sweeping through this land of vibrant market. Traditional large-format retailers, once the undisputed retail kings, are facing challenges from online upstarts, shifting consumer preferences, and a rapidly evolving retail landscape.

Market Dynamics

As per Statista, the Indian apparel market is projected to reach $190 billion by 2025, growing at a CAGR of 10.3 per cent between 2020-2025. Indeed, online retail's surge has impacted brick-and-mortar stores, necessitating an omnichannel approach and focus on differentiated experiences. With rising disposable incomes in smaller cities, large-format retailers are expanding their footprint beyond metros. 

Phygital

The lines between physical stores and online platforms are blurring today. Retailers are weaving seamless omnichannel experiences through click-and-collect options, in-store kiosks for online browsing, and robust mobile apps for personalized shopping journeys.

The Indian shopper is effortlessly transitioning between browsing physical stores and online platforms. Retailers are weaving omnichannel strategies into the very fabric of their existence, with initiatives like.

What’s more in-house brands are no longer the poor cousins of established labels. Retailers are investing heavily in creating strong private labels that offer quality, style, and value, often at competitive price points.

This not only boosts profitability but also strengthens brand loyalty and identity. Moreover, eco-conscious consumers are demanding more from their clothing.

Value accretion

Retailers are responding with sustainable practices like using organic materials, ethical sourcing, and upcycling initiatives. This is not just a fad; it's becoming a core differentiator in a crowded market.

A look at some large format behemoths and how they are redefining the shopping experience and adapting to cater to the evolving needs of Indian consumers.

Retail giants and their strategies

• Shoppers Stop: Has a premium positioning and focuses on high-end brands and private labels, offering a curated shopping experience. It has an omnichannel presence with seamless integration of online and offline channels with robust loyalty programs. The future focus is be on expanding private label offerings, strengthening loyalty programs, and exploring smaller store formats in Tier II & III cities.
• Lifestyle: Offers a mix of mid-range and premium brands, catering to a broader customer base. It expanded its category beyond apparels into homeware, beauty, and kids' products. The future focus is  on strengthening omnipresence, personalized shopping experiences, and leveraging data analytics for targeted promotions. 
• Max Fashion: Is a fastest-growing retail chain with aggressive store expansion strategy and focus on price-conscious consumers. It is a private label powerhouse with in-house brands like 'Max' and 'A&F' contribute significantly to revenue. Future focus is on continued store expansion, omnichannel integration, and venturing into new categories like athleisure and footwear.
• Reliance Retail: It has market dominance with an extensive network of brands like Trends, Centro, and JioFashion that cater to diverse segments. Meanwhile, it is pushing its private label and building strong portfolios across various price points.
• In the future, it plans to leverage e-commerce platform JioMart for online integration, expand value-focused stores like Zudio, and venture into hyperlocal sourcing.
• Westside: A retailer with a fashion-forward focus, it offers trendy and contemporary clothing from in-house brands. It emphasizes experiential play, in-store events, stylists, and personalized services. In future, it plans to continue focusing on private labels, strengthening its online presence, and expanding into smaller towns.
• Zudio: Offers trendy apparel at rock-bottom prices, targeting budget-conscious shoppers. With rapid expansion and an aggressive store opening strategy, it is spreading across Tier II & III markets. In future, Focus plans to maintain low prices, expand its product range, and strengthen logistics.

Key metrics for large format apparel retailers (2021-2023):

What lies ahead?

The future of Indian large-format apparel retail lies in embracing agility, innovation, and a customer-centric approach.

Continued focus on omnichannel integration, category expansion, targeted store formats, and personalized experiences will be key to success.

Sustainability piece; Additionally, sustainability, ethical sourcing, and community engagement will play an increasingly important role in attracting and retaining loyal customers.

Agility: As the Indian retail landscape continues to evolve, the ability to adapt, experiment, and stay ahead of the curve will be the defining factor for success.

The retailers who weave a compelling narrative, infused with convenience, value, and personalization, will stand out from the crowd and thrive in the ever-changing fashion tapestry of India.

Latest Textile Events

Taking a step towards inclusivity, essential menswear brand, DaMENSCH has launched the its exclusive men’s innerwear range, DaMENSCH Plus.

With sizes extending up to 3XL, DaMENSCH Plus embraces diversity and empowers men of all shapes to experience the same premium comfort and style.

Anurag Saboo, Co-Founder, says, “The new DaMENSCH Plus range pushes for a more inclusive menswear landscape. The range features buttery-soft cotton fabric in a vibrant palette of colors and eye-catching patterns, like classic stripes and bold geometric designs. It's a refreshing departure from the mundane, offering plus-size men a chance to express their personal style through their innerwear.”

With its extensive online presence and growing physical footprint, DaMENSCH is rapidly establishing itself as a leading D2C brand for men. The brand offers a premium experience for customers of all sizes, proving that inclusivity and quality can go hand-in-hand.

Kewal Kiran Clothing Ltd (KKCL) is in advanced talks to acquire Kraus Jeans, a women-focused casual fashion brand.

On its success, the deal would give KKCL a strong foothold in the women's denim market, which is the fastest-growing segment of the denim apparel market in India.

Kraus Jeans is a Mumbai-based company that sells its products in a host of department stores, including Shoppers Stop, Lifestyle International, Pantaloons, Globus, and Reliance Trends. The company also has seven exclusive outlets, two each in Mumbai and Pune and one each in Hyderabad, Noida, and Bhopal. Kraus Jeans are also sold online on Myntra and Ajio.

KKCL is a BSE-listed company that owns a host of labels, including denim brands
Killer and K-Lounge, Easies by Killer and Lawman casual brands, and youth-oriented label Integriti. KKCL products are sold through more than 330 stores in 25 Indian states. The company’s brands are also sold through various e-commerce platforms.

The Indian denim apparel market is expected to grow by 14 per cent annually over the next three years to reach $9.15 billion by fiscal year 2026, up from $6.15 billion at present. The growth is expected to happen across all consumer segments, but the growth in women's denim products is expected to be the strongest.

As per Pakhi Saxena, Head-Retail and Consumer Packaged Goods, Wazir Advisors, the women's denim apparel market is estimated to contribute to 14 per cent of the overall denim apparel in FY2026, driven by the increasing participation of women in the workforce, growing adoption of western wear, the emergence of fusion-wear/mix-and-match styles, etc.

The acquisition of Kraus Jeans would give KKCL a strong position in the women's denim market and help it to capitalise on the growing demand for denim apparel in India.