28 November 2022, Mumbai:
Global brands are doing brisk business in India. They are seeing a reversal of the year-ago performance when Covid-induced restrictions on mobility and business operations caused sales to dwindle.
In fiscal year 2022, a half-dozen global apparel and lifestyle brands expanded about 30 per cent to 70 per cent. Swedish fashion retailer H&M’s sales increased 49 per cent while Zara's topline increased 61 per cent. Japanese retailer Uniqlo saw a 64 per cent increase in sales, while American denim manufacturer Levi Strauss saw a 58 per cent increase.The revenue growth comes as most of these retailers face increased competition from both local and global rivals in an increasingly crowded market where web-commerce firms continue to offer heavy discounts.
The penchant of young Indian consumers for e-commerce is extremely high and acceptance of the online mode of shopping continues to accelerate even after normal business operations resume.Even multinational corporations have increased their online focus, and for some web-based orders account for more than a third of their total revenue.India, the world's second most populous country, is an appealing market for aspirational apparel brands as rising disposable income broadens the consuming base of the pyramid. Global brand performance is also in line with the overall trend in the home-grown apparel and lifestyle segment.
