Ethnic-wear brand TCNS Clothing reported a significant net loss of Rs 63.60 crore for the fourth quarter ending March 31, 2024, as per its latest BSE filing. This marks a substantial increase from the Rs 28.12 crore loss reported in the same quarter of the previous year.
The company has faced a challenging year, with its revenue from operations plummeting to Rs 211.32 crore for the March 2024 quarter, compared to Rs 268.55 crore in the corresponding quarter of the previous year. This decline in quarterly revenue reflects broader struggles within the company.
For the full fiscal year 2024 (FY24) also, TCNS Clothing's sales dropped to Rs 959.55 crore from Rs 1,201.58 crore in the previous fiscal year (FY23). This year-over-year decline underscores the ongoing difficulties the ethnic apparel major has been encountering.
Adding to the context of the company's performance, Aditya Birla Fashion and Retail acquired a controlling 51 per cent stake in TCNS Clothing last year. Despite this strategic acquisition, the company has continued to face financial hurdles.
Overall, the decline in both quarterly and annual revenue, coupled with increased losses, indicates that TCNS Clothing is navigating a tough market environment.

India's rise as a consumer giant is set to reshape the fashion industry, with a growing affluent class boosting apparel spending. A recent report by UBS predicts India will become the world's third-largest consumer market by 2026, surpassing Germany and Japan. This growth is driven by a significant increase in affluent population – those earning over $10,000 annually. Their numbers are expected to double from 40 million in 2023 to 88 million by 2028.

Income and apparel consumption a direct correlation

The link between income growth and fashion spending is well-established. As disposable income rises, consumers allocate a larger share towards discretionary items like clothing and footwear. Data supports this trend. As per a report by McKinsey & Company, apparel and footwear consumption in India is expected to reach $350 billion by 2030, a significant jump from $175 billion in 2020. This growth is primarily driven by rising incomes, particularly in the middle and affluent segments. Other global studies also reinforce this connection, as Euromonitor, a market research provider study shows, a 10 per cent rise in per capita income in a developing nation leads to an average increase of 5.5 per cent in apparel expenditure. A.T. Kearney's 2023 Retail Apparel Index found apparel spending in India is expected to grow at a CAGR of 8.2 per cent between 2 023 and 2030, reaching a value of $733 billion.

The rise of western brands catering to evolving tastes

The influx of affluent consumers presents a lucrative opportunity for Western fashion brands. As Indian consumers become more brand conscious and develop a taste for international styles, these brands are well-positioned to capture a significant market share. We can expect to see a rise in flagship stores, online presence, and potentially, collaborations with Indian designers to cater to local preferences.

Indeed, this growth presents a good opportunity for both domestic and international fashion brands. Domestic players like Aditya Birla Fashion and Fabindia are poised to benefit immensely. Additionally, established Western brands like Zara and H&M are eyeing the Indian market with renewed vigor.

Catering to a market with nuances

It's important to acknowledge the ‘consumption dichotomy’ highlighted by UBS. While the affluent segment thrives, urban mass-market demand might remain subdued due to factors like wage stagnation. The report estimates the affluent population will double from 40 million in 2023 to 88 million by 2028. This segment will have a higher propensity to spend on fashion, particularly premium and designer brands. This necessitates a multi-pronged approach from fashion brands. High-end labels can cater to the premium segment, while others can focus on value propositions and affordability for the broader market.

While the affluent consumer boom is exciting, UBS highlights the need for quality job creation to sustain this growth. Increased job opportunities will lead to a broader rise in disposable income, not just for the affluent, but for the middle class as well. This will create a more balanced consumption pattern across the country.

Meanwhile the success of Western brands will depend on their ability to:

• Adapt to local sensibilities: Offering culturally appropriate designs and fits will be crucial.

• Embrace omnichannel strategies: Investing in a strong online presence alongside physical stores will cater to the growing e-commerce market in India.

• Offer competitive pricing: While there's a demand for luxury, price sensitivity remains a factor for many Indian consumers.

Indeed, India's apparel industry is poised for a golden age. To ensure long-term success, brands must prioritize sustainability and ethical practices, aligning with the growing eco-consciousness of Indian consumers. Also, catering to the diverse needs and preferences across various income brackets will be crucial for brands to win hearts and wardrobes in the world's soon-to-be third-largest consumer market.

Go Fashion (India) has officially forged a franchise agreement with Apparel Group, granting franchise rights for the esteemed 'Go Colors' brand across the UAE and Saudi Arabia for the next five years, extending until May 14, 2029.
This pivotal collaboration signifies a strategic move to amplify the presence of Go Colors within the GCC region, commencing with the grand opening of 13 new stores spread across the United Arab Emirates and Saudi Arabia.
The terms and conditions outlined in the Franchise Agreement, dated May 14, 2024, will govern this promising venture, heralding a new chapter in the brand's global expansion journey.

H&M was awarded the ‘Most Admired Fashion Retailer of the Year-Foreign Origin’ award at the Images Retail Awards 2024 held as a part of the two-day Phygital Retail Convention (PRC) 2024 in Mumbai

The 20th edition of the Images Retail Awards saw industry-wide participation, with votes from over 111 leading shopping centres and over 200 live presentations adjudicated by a distinguished panel of jurors. The 2-day PRC 2024 event attracted over 300 Indian and international speakers, over 500 unique brands and companies, and more than 150 exhibitors, covering a vast 1 lakh+ sq ft of exhibition space.

The curtains closed on the 2-day Phygital Retail Convention (PRC) 2024 in Mumbai, culminating in the Hosted by international TV presenter Lee Clark, actor-playwright Anish Trivedi, and singer-actor Manasi Scott, the Images Retail Awards 2024 ceremony featured high-energy music and dance performances, along with fashion shows by Mufti and Vero Moda. Actor Simba Nagpal and actress Aneri Vajani walked the ramp as showstoppers for Mufti and Vero Moda, respectively.

Global lifestyle and performance brand, Skechers has inked a five-year partnership deal with the All India Pickleball Association (AIPA) as the official kit sponsor. This collaboration signifies Skechers' commitment to the burgeoning Indian sports market.

According to this agreement, Skechers will provide team India kits featuring a comprehensive range of performance-oriented apparel and footwear tailored specifically for pickleball enthusiasts. By aligning with AIPA, Skechers aims to reinforce its presence in India while catering to the evolving needs of athletes.

Arvind Prabhoo, President, AIPA, emphasises on the potential of the partnership to propel the growth of pickleball in India. He highlights, the shared dedication of both entities advances the sport and supporting players across different skill levels.

Rahul Vira, CEO, Skechers India, notes, as the Official Kit Sponsor of AIPA, Skechers is poised to expand the sport's reach and accessibility across India with its innovative Viper Court collection.

The Skechers pickleball apparel and footwear will be readily available through various channels, including the brand's direct-to-customer e-commerce platform, multi-brand e-commerce platforms, and retail outlets nationwide. This strategic distribution approach ensures widespread availability, catering to the growing demand for high-quality pickleball gear among Indian athletes.

Tier II cities are dominating the growth in India’s retail sector, with Lucknow capturing an 18.4 per cent share of the gross leasable area, as reported by property consultancy firm Knight Frank India.

According to the report, the rise of Tier II cities as retail hubs is being driven by factors such as economic growth, increased employment opportunities, rising disposable incomes, and the expanding reach of e-commerce into smaller markets. Consequently, these cities are becoming significant growth catalysts for the real estate sector, attracting investments and development projects. In addition to Lucknow, other Tier II cities making substantial contributions to the shopping centre inventory include Kochi, Jaipur, Indore, and Kozhikode.

Shishir Baijal, Chairman and MD, Knight Frank India, notes, a fascinating amalgamation of factors, India’s retail landscape is shaped by its vast population, strides in digital literacy, and economic expansion. These elements converge to propel the growth of the retail sector, with particular emphasis on the evolution of retail spaces into multifaceted hubs of commerce and entertainment.

The report further notes, the development trajectory of shopping centers in Tier II cities differs from that in Tier II markets as shopping centers in Tier II cities began emerging only in the early 2000s, resulting in lower number of shopping centers than in Tier I cities.

Although 16 Tier II cities still have shopping centers smaller than 0.1 million sq m, five Tier II cities now boast shopping centers exceeding this size. This trend indicates a move towards larger and more robust retail infrastructures in Tier II cities, reflecting the sector’s next phase of growth in India.

Marked by trends such as revenge shopping, influencer marketing and Generation Z-focused strategies, India’s retail landscape has undergone significant transformations in recent years. These trends have reshaped the brick-and-mortar shopping experience, creating unique and immersive environments for consumers.

Despite the challenges posed by the pandemic, the retail sector is emerging stronger, characterised by a diverse landscape and a widespread geographic presence of brick-and-mortar stores across the country.

Raghavendra Rathore Jodhpur label created bespoke looks for Diljit Dosanjh for ‘The Dil-luminati Tour 2024.’ This collaboration blended traditional silhouettes, handcrafted details, and discreet embellishments to reflect both Dosanjh’s dynamic personality and the classic ethos of RRJ. The collection pays homage to both Dosanjh’s roots and the brand’s rich heritage and legacy, seamlessly merging tradition with modernity.

More than just fashion, the Raghavendra Rathore Jodhpur label embodies a lifestyle that is a natural extension of heritage and culture, making each creation not just a piece of clothing, but a statement of timeless elegance and individuality.

Inspired by the blue city of Jodhpur and its rich heritage, the Raghavendra Rathore Jodhpur Collections embody contemporary yet timeless trends. While anchored in the classic space, the brand thrives on the challenge of amalgamating classic with cutting edge, leading to creative expansion.

The Clothing Manufacturers Association of India (CMAI) Achievers Club recently hosted an enlightening event featuring two knowledge sessions: "Decoding Digital Marketing" by Temujin Mansukhani and Suraj Adhikari from Schbang Academy, and "How to Build a Brand – The Go Colors Way" by Gautam Saraogi, Co-Founder & CEO of Go Colors, moderated by CMAI's Chief Mentor, Rahul Mehta. These sessions aimed to provide industry members with valuable insights and practical strategies to enhance their business acumen.
Rajesh Masand, President of CMAI, inaugurated the event, emphasizing the importance of learning from industry leaders. "The Achievers Club aims to inspire and guide us by understanding the journeys of distinguished speakers and their business models. In today’s evolving market, merely having a label is not enough; we must adapt and implement new strategies for success," he stated.
Gautam Saraogi's session focused on the remarkable journey of Go Colors. Initially starting with an export business, the family pivoted to domestic retail, identifying a niche in the women’s bottom wear market. Their breakthrough came in 2011 with the launch of a successful mall kiosk, leading to rapid expansion. By 2013-2014, Go Colors had grown into a 45-crore business and secured a $10 million investment from Sequoia Capital. Despite challenges, the brand thrived by opening dedicated stores, resulting in tripled sales and rapid expansion to 200 stores within two years. Today, Go Colors boasts 720 stores nationwide.
Saraogi highlighted the critical role of digital marketing and e-commerce in their success. Leveraging online platforms allowed Go Colors to reach a broader audience and gain insights into consumer preferences, refining their product offerings and marketing tactics. Digital strategies, including social media and targeted advertising, significantly boosted brand awareness and customer engagement.
The session by Schbang Academy delved into the nuances of digital marketing, emphasizing the importance of understanding the Indian market's unique characteristics. They presented case studies of brands like H&M, IMS, and Crompton, showcasing the impact of targeted digital campaigns. Key takeaways included adopting a holistic approach, combining creative content, strategic media planning, and advanced technology to enhance the consumer journey from awareness to retention. Personalization and an omnichannel presence were highlighted as essential for effective brand engagement.
Overall, the event provided attendees with actionable insights and strategies to navigate the competitive market. By featuring industry leaders and experts, the CMAI Achievers Club continues to empower apparel manufacturers and brand owners, fostering growth and innovation in the industry. The event was attended by over 60 MSME apparel brands and manufacturers, marking a significant step towards sustainable success and industry excellence.

India's mall scene presents a fascinating paradox. On one hand, there's a boom. Reports from CRISIL Ratings suggest a significant rise in retail space, with a projected growth of 30-35 million sq. ft in the next three to four years. New malls are springing up in major cities, boasting high occupancy rates exceeding 90 per cent. Investment is pouring in, with private equity participating heavily in new ventures. A 2022 Knight Frank report reveals a contrasting picture, highlighting the plight of struggling malls, particularly smaller ones, facing vacancy and potential closure.

Ground zero growth vs. ghosts

This investment boost is due to numerous factors. Rising disposable incomes is one of them. India's growing middle class has more money to spend, creating a demand for retail experiences. Malls, particularly well-managed ones, capitalize on this by offering a curated shopping experience with entertainment and dining options. Almost 60 per cent of new malls in 2023 had private equity backing, indicating investor confidence. Moreover malls are increasingly becoming entertainment and leisure destinations, not just shopping hubs.

The Knight Frank report sheds light on a potential mismatch. While larger malls in prime locations thrive, smaller ones, especially those relying on a single anchor store or lacking a strong tenant mix, struggle to attract customers. This suggests a potential oversaturation in specific segments of the market. The rise of e-commerce undeniably impacts physical retail. However, it's not a death knell. Malls that offer a unique experience beyond just shopping, leveraging experiential marketing and entertainment options, can thrive alongside online retailers.

Consumers hold growth key

Changing consumer behavior is a key driver. Customers today seek convenience and value. Malls offering easy accessibility, diverse shopping options, and a seamless online-offline integration will likely succeed. Conversely, those failing to adapt to this evolving landscape may become relics of the past. The rise of e-commerce has undoubtedly impacted traditional brick-and-mortar retail. Consumers are increasingly comfortable shopping online, especially for certain categories.

The future unfolds

The short-to-mid-term future of Indian malls will likely see a consolidation phase. Only the best will survive. Well-designed, well-managed malls in prime locations with a strong focus on experience are likely to remain afloat, potentially attracting further investment. Struggling malls might need to reinvent themselves. This could involve repurposing space for offices, co-working areas, or entertainment hubs. Also, malls might see a shift in tenant mix, with a greater focus on experience-oriented brands, pop-up stores, and local vendors catering to specific niches.

In the next two to three years, the Indian mall landscape is likely to see further consolidation.

• Mergers and acquisitions: Stronger malls may acquire weaker ones, creating larger, more vibrant destinations.

• Focus on technology: Malls will leverage technology for better customer engagement, like loyalty programs, interactive kiosks, and personalized shopping experiences.

• Sustainability push: There's a growing emphasis on eco-friendly practices in mall design and operations.

The Indian mall story is likely to be one of cautious optimism. Growth will likely continue, but it will be measured and focused on quality over quantity. Malls that can adapt to the changing consumer preferences and leverage the power of experiential retail will be the ones standing tall in the years to come.

A prominent women's fashion brand based in Delhi, Kazo is set to broaden its 'Flower Power Campaign,' to celebrate contemporary women and the brand's dedication to sustainability and personalised shopping experiences.

According to Siddhant Aggarwal, Director of Operations, Kazo, the ongoing 'Flower Power Campaign' transcends from being a mere exhibition of exquisite prints and vibrant blooms to being a heartfelt tribute to today's modern women—those exuding confidence, elegance, and grace. With models gracefully traversing bustling mall pathways, each carrying an exquisite Kazo tote bag brimming with flower bouquets, the campaign offers moments of joy and appreciation to the multifaceted woman. It aims to make every woman feel valued, celebrated, and empowered upon stepping into Kazo stores, recognising that true style is not just about what you wear but how you feel wearing it.

The campaign has garnered praise from diverse audiences for its uniqueness and innovation. Having successfully hosted the event in two malls where Kazo stores are located, the brand is eager to exhibit the campaign in more locations nationwide, expecting a significant impact on brand engagement and sales as they continue to forge deeper connections with their audience.

Highlighting their commitment to sustainability, Kazo prioritises the use of eco-friendly materials such as BCI cotton, recycled polyester, and natural fabrics, thereby minimising their environmental footprint. By integrating recycled materials into designs, the brand actively contributes to resource conservation and waste reduction, emphasizing their dedication to both style and sustainability.

Kazo also acknowledges the importance of practicality in everyday and occasion wear. While remaining on-trend, clothing is designed to be comfortable, functional, and suitable for various occasions. Whether for work, social gatherings, or glamorous evenings, Kazo's versatile pieces can be easily styled for different settings, ensuring proper sizing and fit.