The Indian luxury market is on the cusp of a major transformation, with experts at the Business Standard Manthan 2024 summit predicting the rise of an Indian luxury brand to rival giants like Chanel within the next five years.

Alexis de Ducla, director of Mathieu Lustrerie, a renowned lighting company, believes India has all the ingredients for success: a rich heritage of craftsmanship, a growing economy with rising aspirations, and increasing investment in homegrown brands.

This optimism is backed by data. India is currently one of the fastest-growing luxury markets globally, projected to reach a staggering $200 billion by 2030 according to Bain & Company.

Shifting consumer preferences and corporate backing fuel growth

Consumers are also playing a crucial role. Pushpa Bector, a senior executive at DLF Retail, highlights a growing self-confidence among Indian customers who now value quality and design over mere brand names.

This shift has attracted significant investment from corporate houses like Reliance and Aditya Birla, who have taken stakes in established Indian luxury designers like Sabyasachi and Manish Malhotra. These investments have fueled global expansion, with several designers opening stores overseas.

India's Competitive Advantage: Skilled craftsmanship

Abheek Singhi, from Boston Consulting Group, emphasizes India's abundant skilled labor as a key advantage. He believes India's rich heritage of craftsmanship, coupled with readily available capital and land, positions the country perfectly to become a leader in global luxury.

Collaboration, not replication, is key for global brands

While Indian brands are rising, global luxury houses are not sitting idle. Ducla emphasizes the importance of collaboration, urging international brands to showcase Indian artisanship in their collections. This sentiment is echoed by Dior's recent decision to showcase its Fall 2023 collection in Mumbai, featuring Indian craftspeople.

Making Luxury Accessible: The road to global recognition

Nikhil Sethi, a partner at KPMG India, highlights the need for Indian luxury brands to become more accessible to everyday consumers, similar to established brands in developed nations. This, along with strategic pricing, will be crucial for achieving global recognition.

India's hospitality sector, already renowned for its luxurious offerings, serves as an inspiration for the future. Kapil Chopra, founder of Postcard Hotels, points out that Indian hotels have consistently ranked among the world's best, demonstrating the country's long-standing potential in the luxury space.

The Business Standard Manthan Summit paints a bright future for Indian luxury, with homegrown brands poised to take center stage on the global stage. With continued investment, collaboration, and strategic planning, the "Next Chanel" might just be Indian, and it could arrive sooner than we think.

04 February 2024, Mumbai

Showcasing Innovation & Collaboration

The 3rd edition of Gartex Texprocess India concluded yesterday at the Jio World Convention Centre, bringing together the garment and textile industries under one roof to foster innovation and collaboration.

Focus on Indigenous Manufacturing:

Hon'ble Minister Chandrakant Patil applauded the event for providing a comprehensive platform for "Fabric to Finish" solutions. He emphasized the exhibition's role in supporting textile clusters across India and driving domestic manufacturing growth, aligning with the government's "Vocal for Local" initiative.

A Glimpse into the Future:

Over 120 exhibitors showcase cutting-edge innovations across various product categories. From the Denim Show and Fabrics & Trims Show to the Screen Print India-Textile zone, the event highlights the latest trends and technologies shaping the industry. 

Government Initiatives and Industry Growth:

The Ministry of Textiles' year-end review highlighted key initiatives like PM Mitra Parks and PLI schemes, demonstrating their commitment to sector growth. Industry leaders like Sharad Jaipuria, President of the Denim Manufacturers Association, reaffirmed the industry's focus on advancement and sustainability.

Transformative Phase and Global Reach:

Raj Manek, Executive Director of Messe Frankfurt Asia Holdings Ltd, emphasized the industry's transformation driven by government support, automation, and innovation. He underlined the importance of events like Gartex Texprocess India in facilitating global collaboration and understanding industry trends.

Diverse Exhibitor Lineup:

Domestic and international brands showcase cutting-edge machinery, technologies, fabrics, and raw materials, reflecting the industry's global reach and potential.

Looking Ahead:

Gaurav Juneja, Director of MEX Exhibitions Pvt Ltd, expressed optimism about the event's impact, citing supportive government schemes and technological advancements.

The three-day event, supported by various stakeholders, aimed to foster networking, knowledge exchange, and business expansion.

Latest Textile Events

Eyewear major Lenskart plans to add first international brand to its portfolio by launching French brand ‘Le Petit Lunetier’ in the Indian market.

Lenskart’s current portfolio comprises mostly company-owned and domestic brands. Last year, the company-back eyewear firm Neso Brands acquired a significant stake in in Le Petit Lunetier for Rs 33 crore.

Peyush Bansal, CEO & Co-founder, Lenskart, says, the company will benefit from the synergy between Le Petit Lunetier's up-and-coming brand status and design expertise and Lenskart's extensive distribution network and deep understanding of the Indian consumer that will together enable it to cater to a fashion-forward audience seeking globally inspired eyewear.

Jérémie Encaoua, Co-founder, Le Petit Lunetier adds, this launch will help the brand achieve its global to expand globally beyond its core markets. Founded in 2015 by Jérémie Encaoua and Elie Attias, Le Petit Lunetier will be available across 50 Lenskart stores in India as well as online via the Lenskart website. 

30 January 2024, Mumbai

India's garment industry is ready for a makeover, and the Apparel Export Promotion Council (AEPC) has the blueprint.

Ahead of the crucial Union Budget 2024, the council is lobbying the government for a strategic injection of tax breaks, market boosts, and simplified regulations to propel domestic manufacturing and exports to new heights.

Nuanced data-points

Topping the wishlist is a uniform 5% Goods and Services Tax (GST) rate across the entire Man-Made Fibre (MMF) supply chain. This move aims to ease the liquidity crunch faced by small and medium enterprises (MSMEs) under the current tiered tax structure.

For non-MSME exporters, the AEPC proposes a hike in the interest equalization rate from 2% to 5%. This would effectively reduce their borrowing costs and level the playing field with competitors.

Vocal for local

Branding 'made-in-India' apparel on the global stage is another key ask. The council seeks budgetary support for brand marketing initiatives, potentially unlocking new markets and increasing demand.

Easing trade procedures is also part of the plan. The inclusion of specific items like drawstrings, elastic bands, and metal tabs in the duty exemption list would streamline imports and reduce costs for garment producers.

Making a business case

Finally, the AEPC argues for a minimum wastage allowance under the Import of Goods at Concessional Rates (IGCR) rules. This would address inconsistencies in waste estimation and simplify customs procedures for exporters.

With February 1st fast approaching and the Indian budget on the horizon, the AEPC's proposals stand as a critical crossroads for the nation's apparel export industry.

Turning point: The government's response will determine the scope and pace of the industry's growth, potentially shaping its future competitiveness and global footprint.

Latest Textile Events

Footwear brand Bata India is embarking on a strategic mission under the leadership of CEO Gunjan Shah to revitalise its brand image and regain market share in the highly competitive footwear industry.

The brand aims to achieve 20 per cent of its sales online within the next three years by focusing on digital transformation and brand rejuvenation. It also plans to revamp 30-40 stores quarterly. Moreover, Bata has forged a partnership with Nine West, a premium women's footwear brand, aiming to replicate the success of Hush Puppies over the next five to 10 years.

Despite facing challenges such as stagnant sales growth and underwhelming valuations, Bata is committed to enhancing its premium portfolio while ensuring competitiveness in the mass market segment. The brand is adapting its offerings to cater to younger generations. It is also increasings ad spends and focusing on enhancing brand visibility through various channels.

While Bata captures 10 per cent share in the Indian footwear market, its outdated store network and lack of design variety have led to a loss of mindshare among consumers. To address these issues, Bata is investing in marquee properties, improving visual merchandising, and expanding its omnichannel initiatives
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Analysts remain cautiously optimistic about Bata's future prospects, highlighting the potential for growth in both value and premium segments once inflation softens. With a renewed focus on sneakers and athleisure apparel, Bata aims to bridge the gap between consumer perception and market share.

Bata's strategic initiatives, combined with a stronger focus on customer experience and product innovation, could pave the way for a turnaround in the coming years, believe analysts.

Bollywood actress and sustainability champion Bhumi Pednekar has teamed up with pre-loved clothing platform Saritoria to sell a curated selection of her personal wardrobe pieces on the platform, promoting sustainable fashion and giving fans a chance to own a piece of her style.
More than just a celebrity closet sale, this collaboration endorses conscious consumption. Shehlina Soomro, Founder, Saritoria emphasises its mission to make pre-loved clothing the first choice for everyone, and Pednekar's involvement as a powerful endorsement. Her wardrobe, featuring brands like Jacquemus and House of CB, caters to the modern millennial and Gen Z audience.
Proceeds from the sale will go to charity, further aligning the initiative with Pednekar's values.
With its over 10,000 users, Saritoria capitalises on the growing demand for pre-loved luxury and premium fashion in India. The platform plans to expand its user base and seller network, as well as open hubs across the country in the next five years.

In financial year 2024, women’s wear brand Jisora aims to achieve revenues of Rs 60 crore.

Founded by four scions of the Sethi family including brothers Kavya, Mehul and Tushar, and sister Khushboo, the brand aims to expand its offline retail presence through franchise stores across the country while strengthening its online presence.

Anticipating saturation in the loungewear market, the brand plans to focus more on western wear and resort wear. Additionally, it plans to include kids' wear and menswear, leveraging their existing resources and market knowledge.

Leveraging its family's expertise in manufacture and wholesale of traditional clothing like saris, kurtis, and lehengas, Jisora has carved a niche in the fashion world. The brand’s transition into loungewear, western wear, and resort wear capitalises on the growing demand for fashionable daily wear that prioritises comfort.

One of Jisora's key strategies has been to launch an average of 40-50 new designs each month. Coupled with reasonable pricing, this commitment to innovation has helped the brand disrupt the market and attract a loyal customer base.