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Article 22-04-2022

Fashion & Metaverse

22 April 2022, Mumbai:

Since Facebook went Meta, and global digital titans like Microsoft and Apple began making progress in this direction, Metaverse, an immersive technology, has gained traction.

Meta wants to develop and influence a futuristic virtual environment. So, what is the metaverse, exactly?

Experts see it as the next step in social networking, allowing individuals worldwide to interact in a 3D virtual reality setting.

ALSO READ Zara continues its metaverse journey

In a more practical sense, metaverse will allow users to have their 2D experiences, such as shopping on their phones or computers, watching concerts or movies, in an environment where they are really with their avatars (3D replicas of themselves) in a completely virtual 3D world, and can do so simultaneously with other users from around the world.

In other words, the digital technology that allows consumers to purchase using 2D devices like their phones or computer will now be able to drive them to a 3D virtual store.

Due to shop closures and work from home, fashion consumption has fallen in the previous two years.

As a result, fashion brands have been compelled to shift their operations and booking orders to online platforms. To target end-users, they even turned to virtual shows and exhibits. They were able to make it through the difficult times thanks to the move.

RELATED NEWS Metaverse Fashion Week: Lowdown

As a result, they are now investing in various developing technologies, with a greater reliance on digitalization. They've realized that technology's importance will only increase in the future; thus, purchasing cutting-edge technology has become one of their main goals.

The progress is directed not only by necessity but also by sound reasoning.

Morgan Stanley, an American multinational investment bank and financial services firm, estimates that the metaverse might provide the luxury fashion sector with a $50 billion potential over the next decade, including a $22.6 billion market for luxury NFTs.

This seems plausible given the increasing convergence of the physical and digital worlds in recent years. In the following years, this will only accelerate, with fashion's entrenchment in the metaverse being one of the precise results.

As a result of this 'future need,' several fashion firms have begun their path to become a part of the metaverse. Metaverse is viewed as a one-of-a-kind technology that provides fashion businesses with new options and benefits.

Fashion firms may easily stand out in the market by acquiring such game-changing technologies. They will undoubtedly be positioned 'ahead of schedule.'

Brands will add new dimensions to their main function areas, such as marketing, communication, PR, and product development, just as they would with any new technology.

This may be seen in the rise of 3D avatars and NFTs as new marketing and promotional tools for the fashion industry. Digital fashion will become increasingly in demand as firms adopt more digitization, making items in the digital world distinctive.

The advent of cryptos as an alternative transaction medium is sweeping the globe, and they will well serve the business demands of the fashion metaverse.

Brands have already started to use NFTs in their digital fashion. In terms of target consumers, metaverse will appeal mainly to the younger generation - the most significant fashion market who have a strong desire to experiment with new technologies.

Because a large portion of this age is engrossed in gaming, it might be an efficient way to reach out to them.

As a result, fashion businesses have begun to use gaming as a growing advertising and communication medium to be a part of the gaming world of younger generations.

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Article 22-04-2022

Reliance Brands: 6th ‘Designer Brand’ acquisition & counting

21 April 2022, Mumbai:

In the past years, we have seen the magnanimous growth of Reliance India, and it has been counting ever since.

They have acquired quite a handful o-f companies, and the significance is that the companies overtaken or acquired by Reliance are not just in one particular domain but almost every domain.

ALSO READ Reliance Brands Limited x Rahul Mishra have teamed together

So, narrowing it down to fashion, Reliance has acquired five influential brands and has now successfully acquired a significant chunk of the renowned brand Abu Jani Sandeep Khosla.

An agreement has been signed between Reliance Brands Limited and Abu Jani, which mentions that RBL will be investing in the design brand.

RBL has successfully acquired a majority stake in this company, which is about 51 percent making it ownership by RBL.

ALSO READ Reliance Brands (RBL) to buy 40% in MM Styles (Manish Malhotra)

However, AJSK will continue to lead and control the company in the upcoming days. The couture houses of AJSK are aged over 35 years, and not a very fruitful outcome is being noted from them.

Thus RBL and AJSK will be strategically joining hands to improve and grow the outputs and the works in these houses. AJSK continues to be a very renowned and premium brand in the country.

This particular undertaking of RBL is considered an excellent investment, and the owner also mentioned it.

RELATED NEWS

AJSK has three substantial brand holdings like GULABO, ASAL, MARD, etc., making it a premium and reliable brand. Reliance Retail Venture, directed by Isha Ambani, has mentioned that AJSK is one of the premium couture brands in the design and fashion industry.

The brand is highly famous in India and has a vastly detailed design caliber making it highly liked by the customers.

The primary input that RBL brings in is its high market strategy and intense hold in the outside market, which will, in turn, help AJSK to rise and flourish at the global level.

Therefore, the venture seems exceedingly exciting to the RBL strategy team and is looked upon with great interest.

So, the prime motive of RBL is to make this brand known and accepted worldwide to regain the popularity of the forgotten Indian art and craft across the globe.

Earlier RBL had also joined hands with several other leading fashion brands like Manish Malhotra, Rahul Mishra, Raghavendra Rathore, etc. Reliance has partnered with chic brands like Diesel, Armani, Tiffany & Co., and many more renowned and classic brands, making its reach huge and a market bull.

The launches will harness Reliance Brands’ retail network to bring Designers’ designs to a wider audience.

*“Teaming up with India’s foremost couturiers, who hold an unparalleled position in Indian fashion for their fine craftsmanship and impeccable attention to detail, techniques, and embroideries is thrilling, as it allows us to build a stronger platform for their zealous commitment to reinvention of Indian craft,” said Isha Ambani, director, Reliance Retail Ventures Ltd., the holding company of all retail companies in Reliance Industries group. (Courtesy: The Hindu)

Marriage and rising awareness drives fashion designer apparel demand. They are gravitating toward long-lasting or timeless fashion. These factors are also making Indian consumers superior to their global counterparts.

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Article 21-04-2022

Russia @ War: Emerging opportunities for Indian Brands

18 April 2022, Mumbai:

With the conflict between Russia & Ukraine and the emerging global crisis in the market, India has taken the opportunity to invade and grow its apparel and fashions market in Russia.

The retailers and traders have successfully grabbed the opportunity and signed the pacts with the Russian markets. Internationally successful brands like H&M, Zara, Nike, etc., have opted out of the Russian market with the ongoing conflict, leaving the ground open for the Indian fashion and apparel sellers.

Brands as things stand, no wonder, are scared now!

The shares in luxury retail groups, including the likes of French fashion stalwarts LVMH and Kering, Swiss group Richemont, Italian bigwig Prada, and British clothing brand Burberry, have fallen between 3 and 6 percent by sources.

ALSO READ Russia at war: Decathlon, closes Russian outlets

At the heart of this unfolding unprecedented human tragedy is the human emotions playing out in the resultant actions and deeds said a Nike spokeswoman for instance,“ We are deeply troubled by the devastating crisis in Ukraine and our thoughts are with all those impacted, including our employees, partners and their families in the region,”.

As a pulse check, 'Indian Brands' are monitoring the situation pretty closely as they expect to earn/cash in on substantial visibility & growth from this region.

ALSO READ Russia at War: Uniqlo suspends Russian ops temporarily

Russia can expect more brands approaching India, which serves as an excellent opportunity for them and us. There have been other news that about a dozen Russian franchises will shortly approach the Indian fashion and apparel industries and explore opportunities and partnership profits.

So to keep the people employed, there have to be stores and companies which the American brands have vacated due to the war; people owning those lands and stores need new brands to run their businesses.

Else they will be stranded without work.

Those Franchises have to have a running business to sustain the war and earn a living. The deal amount has been fixed to more than $1 million for the Indian Brands to run a business there and open a Russian franchise store.

Since we have witnessed how India has been neutral in the war between Ukraine and Russia, the industry has not been stopped by the Indian firms in Russia.

A handful of Indian firms have been courted by the substantial Russian mall owners by the Russian Council of Shopping Centres, making it a massive market for the Indian firms. Home furnishing retailer Maspar and fashion brand Killer Jeans are among the retailers exploring franchise opportunities in Russia.

The only unknown is global macroeconomics.

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Article 18-04-2022

Russia @ War: Emerging opportunities for Indian Brands

Athleisure, staples one needs to create a comfortable & stylish look

16 April 2022, Mumbai:

Athleisure, the fabricated style of clothing typically worn during athletic activities and in other settings, such as at the workplace, at school, or on other casual or social occasions: “is characterized as "fashionable, dressed up sweats and exercise clothing".

The athleisure wear market has grown radically since its inception/emergence in 1979. Combination of athletic, leisure, functional & fashionable wear and caters to all sexes, ages & cultures.

It is about wearing comfortable, leisurely worn sportswear in non-athletic settings activity/material for emotional approaches too.

The rising trend in health and wellness is one of the major influencing factors that have driven the growth of value sales for the global athleisure market.

ALSO READ Athleisure: Breaking a sweat

WHAT MILLENNIALS MAKE OF ATHLEISURE

It is meant for sports, exercising, and high-impact activities focusing more on lifestyle than performance. Millennial consumers who drive demand are the ultimate driving force behind this recycling movement.

Millennials rated sustainability as one of the most important factors to consider while purchasing apparel & currently is extremely popular and generally considered more sustainably produced.

A category non-existent till a decade ago; but on the contrary, as of now it continues to grow & is here to ease changing lifestyles.

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Article 16-04-2022

Athleisure, staples one needs to create a comfortable & stylish look

Sustainable but affordable Fashion

20 April 2022, Mumbai:

Recently, we have witnessed a considerable increase in the number of fashion brands in the market, and several brands under franchises have also emerged.

With such a rapid addition of brands into the fashion world, there is an increasing question of sustainability, adding to which comes the question of affordability of the products.

The first point is that whatever product a particular fashion brand is launching should have high sustainability, which means it should have a longer lifespan, excellent quality, and not wear off quickly.

ALSO READ IMAGINING SUSTAINABLE FASHION AWARD'22: Vishal Tolambia, Winner

Ensure that a brand has to undergo several testing and research phases, such as research on what fabric should be used and what dyes and stitches should be used to not wear off quickly.

Fashion brands have been extensively aggressive in their marketing strategies and competition. There are numerous brands in the market.

Is sustainable fashion a rich man's obsession/Sustainable yet fashionable

Still, people choose to go with a particular brand that matches their taste and requirements and has the additional plus point of being affordable and sustainable.

Coming down to affordability, if we broadly focus on India, we can see that the more significant population of India is the middle class, due to which affordability of any product is of utmost importance.

So, any brand which is planning to grow in the world of fashion has to first look into the affordability of its products.

With each passing day and increasing competition, consumer behavior rapidly changes, making it difficult for fashion brands to keep up with it.

Coming down to some very sustainable Indian brands, we have:

Nicobar-It is a very premium brand selling clothes that are highly comfortable and relaxing and is very much curtailing to the travel niche. The fabric is where the company has a firm hold in this very competitive global market. And what makes it highly sustainable is that it does not make use of any pesticides or chemicals, making it additionally eco-friendly.

Chakori Ethnic - It is an ethnic brand that plans to shed some light on the rural designs and crafts, adding different traditional touches. It has a tie-up with a handful of rural designing craftsmen and artisans, making it a huge source of living and employment for them as well.

Liva - This particular brand uses wood pulp to make its fashion fabrics and clothing items, which makes it completely natural. These clothes are highly relaxing and comforting to the body, making them a prime choice for the customers.

Along with these, loads of other brands are highly in demand. They are coming with greater sustainability and affordability and eco-friendly materials for making it safe for humans and the environment.

An eco-friendly approach toward fashion is one of the prime concerns in today's world; with people turning vegan all over the globe and the increasing global warming, it's time to give priority and importance to our environment in everything we do.

So, a very prime step would be using and developing fabrics that will not harm our environment, as well as us, in the upcoming future, and to carry out this entire process and make the expected product available to the people at very affordable prices.

It is a new revolution in fashion and has a considerable way to go in the coming times.

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Article 20-04-2022