According to Sharad Walia, Brand Director, Park Avenue, “Women today emphasise more on the style and design of their clothes. They prefer readymade garments over tailored garments.” Based on these preferences, the brand recently launched its Autumn Winter 2019 collection. The collection highlights four themes with details such as their color palette, cuts, type of fabrics and occasions such as
1. Atlantic: Relaxed tailoring sits back with statement prints. Mixing floral, prints and spots in an updated nautical story adding camel, crocus and sunshine yellows to a dominant blue story.
2. Ginger Snap: Based on a pallet of gingers, corals and neutrals, the main emphasis of the story is Ginger tailoring worn back with jade ground prints, mixed scale polka dots and stripes.
3. Graphic Pop: Highlighting the importance of a black and white pallet whilst adding soft pastels and a clover pink highlight. A slick and graphic story with an emphasis on a softer 9 to 9 look and a mix of graphic pattern.
4. Opulent: A story aimed at an evening collection using rich fabrics and colours. Chiffons and laces mix with jacquards and richly coloured floral prints.
Brand awareness, limited number of players fuel growth
Since its inception, Park Avenue has been a core men’s brand but has organically extended its portfolio in women’s wear and has been growing at a faster pace. The brand’s bigger markets include tier 2 & tier 3 cities such as Delhi, UP, Varanasi etc. “Due to increasing brand awareness and limited players in our segment, we are witnessing a huge growth across India,” adds Walia.
Women’s formal wear market grows at 17% CAGR
“Today, customers do not just aspire for the brand value but also seek value for their money,” says Walia. To cater to this demand, the brand chooses affordable fabrics that help it to cater to that particular MRP segment without compromising on the quality. “We want to deliver the best to our customers. Price hike can be controlled through efficient production and effective sourcing,” he adds.
The rise in disposable income and increasing sophistication of digital and other media is making consumers more aware and fashion conscious. As Walia observes, “though on the global level only few brands contribute to this segment, in India the market is growing at a CAGR of 17 per cent. This demand is further set to increase with women’s western /formal wear becoming one of the top growing segments in future,” adds Walia.