As more global fashion brands head to India, competition heats up
19 September 2022, Mumbai:
With a young population, India has emerged hotbed for top fashion brands from across the world. Over the last two decades, the country has attracted many reputed brands including adidas, Nike, Zara and H&M who have established their presence swiftly in the market.
For example, having entered the Indian market in 2008 in collaboration with Reliance India, M&S has been seamlessly integrating its online and in-store businesses to offer enhanced customer experience. Recently, M&S collaborated with IBM Sterling to expand its omnichannel capabilities in India.
The company uses IBM Sterling’s order management software to ensure faster delivery of products. The software also enables M&S to see all available inventories and offer precise delivery dates.
Renowned Australian fashion brand Forever New expanded its retail presence by launching a new 1,000 sq. ft. highly advanced store in Ahmedabad in June 2022. With 41 stores, the retailer has been growing in India at a CAGR of 16 percent.
More global brands eye Indian retail
Five international fashion brands are being launched in an independent brand store on Myntra. These include NA-KD, Miss Poem, OXXO, I Saw It First, and LC Waikik. Among these, the Turkish brand Miss Poem offers products for the fashionable Gen Z audience.
It sells stylish dresses, printed tops, and quirky T-shirts on Myntra. OXXO, another renowned Turkish brand offers sustainable fashion tops, casual bottoms, and well-fitted denim for girls and women in the age groups of 16 to 45. Manchester-based brand Saw It First offers body con dresses, printed crop tops, etc.
Myntra also launched the global sportswear brand New Balance earlier this year. It has bagged the distribution rights for the American fashion brand Bebe in the country.
India’s leading lifestyle social commerce platform Trell launched European fashion brands Jack & Jones, Vero Moda, and Only on its platform earlier this year. The platform partnered with Bestseller India for these launches. It allowed Jack & Jones, Vero Moda, and Only to access over 18 million content creators and 100 million users from Trell.
New labels entering India
Along with old and established ones many new fashion brands are also heading to India, US brand Gap recently entered a long-term partnership with Reliance Retail to relaunch the iconic fashion brand in India.
The Reliance-Gap alliance will explore Gap’s position as a leading casual lifestyle brand, and Reliance Retail’s expertise in operating robust omnichannel retail networks and scaling local manufacturing, and driving sourcing efficiencies.
Reliance Brands (RBL) has acquired the distribution rights for Valentino India and will open the first boutique in Delhi, followed by a flagship in Mumbai.
Naming India one of its best future markets, Uniqlo is expanding its retail presence with a new store in Lucknow. Spread across 9,265 sq. ft. the store will be Uniqlo’s seventh in the country. Recently, Danish women’s wear brand B Copenhagen launched an e-commerce store and social media platform in India.
The store was launched with the brand’s Spring/Summer 2022 collection. It offers dedicated segments for tops, capris, denim, and dresses amongst other smart casual separates from the line.
India to lead global fashion by 2026
India offers an attractive opportunity for designer premium brands as well. Over the last two decades, the country has witnessed entry of many premium designer brands including Gucci, Burberry, Bottega Veneta, etc.
Other premium brands like Valentino and Balenciaga are ready to foray into the market soon. Leading the $106 billion fashion industry by 2026, India is set to be one of the topmost fashion retail markets globally in the next few years.
