08 July 2023, Mumbai

Orion Mall recently welcomed Forever New India to its premises, marking the brand's latest expansion in Bengaluru.

Women's ‘Western Wear Brand’

The exclusive brand outlet, situated at Brigade Gateway, has opened its doors with an exciting offer on Forever New's newest collection. Patrons can now enjoy a 15% discount on the latest fashion trends by visiting the spacious store.

Offers promotional discount

Forever New's summer 2023 collection showcases a blend of elegance and comfort, featuring pastel-hued body-con dresses, oversized blazers, and versatile day-to-night dresses. With its modern and minimalistic aesthetic, the brand aims to cater to diverse age groups.

Orion Mall continues to enhance its shopping experience by introducing a range of new brands. Vice President of Retail at Orion Malls, Sunil Munshi, expressed pride in being the preferred destination for national and international brands launching operations in South India.

Background

Established in Melbourne, Australia in 2006, Forever New has expanded to over 250 stores across seven countries. In addition to its online presence, the brand retails through exclusive outlets in various Indian cities, including Kolkata, Delhi, Gurgaon, Mumbai, Siliguri, and Jaipur.

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The big fat Indian weddings have not been as glitzy and extravagant this wedding season of May-June 2023. Most wedding garment manufacturers reported average to poor sales this season, mainly due to a general economic slowdown, high prices, and weakening of the post-pandemic pent-up demand. With India having almost 25 per cent of the world’s weddings, which translates to one out of four weddings happening on earth globally, this segment has always been a very lucrative one with most Indians ready to spend beyond their means.

The wedding market was at an all-time high in 2022 after Covid years of stalled wedding plans, but now as the economic situation hits ground reality with the general rising inflation along with the high costs of food and clothes wedding supply chain, has come down.

CMAI report highlights slow growth

A recent survey of around  110 wedding garment manufacturers by the Clothing Manufacturing Association of India (CMAI) shows almost 83 per cent respondents feel there has been slow growth in May- June wedding season compared to last year. More than 60 per cent of wedding market outfitters and other suppliers have attributed this slowdown to general economic inflation while 14 per cent feel it’s the high cost of practically everything. Another 13 per cent say it’s the lesser number of auspicious dates as compared to 2022 that has led to a drop in sales.

“Currently the market is seeing a fairly significant slowdown, which has been caused by the overall inflationary conditions in the market. The first quarter of the current financial year is likely to be disappointing for the industry, and the impact is being felt by both the value as well as the upper segments of consumers,” says Rajesh Masand, President of CMAI.

Cost cutting limits guest list and wedding paraphernalia

With persistent heat wave across India, lighter embroideries, and pastel colors were in demand compared to heavier designs and mid-range wedding apparel for the guests and the bride’s trousseau sold better than expensive varieties. Media exposure to Western culture is influencing dressing patterns, of the younger generation leading to a gradual shift from traditional clothing to Indo-fusion clothing, which has affected sales of pure ethnic wear.

The grand Indian wedding with its huge guest list and wedding trousseaus has always been the growth driver of fashion and luxury business. India's luxury market is one of the fastest growing in the world, with a projected value of $8.5 billion in 2023 which has increased by around $2.5 billion from 2021, says Euromonitor International.

Although with the post-pandemic high, the apparel industry for 2022-23 was estimated to grow by 15-20 per cent, it seems with overall cost of production having gone up substantially, this volume growth would still be below previous year by 3-5 per cent.  Although the average size of weddings has come down, the budgets have not been drastically reduced as people are now spending the same amount but in smaller and experiential ways, such as a smaller guest list but at a resort or destination wedding; having many functions spread over the week with limited guests than a huge one-day extravaganza. However, since no one wants to make a big sacrifice on their wedding day, wedding outfitters are accepting the cut in good faith while remaining hopeful of the good days continuing to roll.

26 June 2023, Mumbai

UAE's Max Fashion brand has unveiled its latest store in Udaipur, Rajasthan. Spanning 18,000 sq. ft., the outlet is situated at Urban Square Mall, owned by Bhumika Group.

Announces the store's launch on LinkedIn

The company shared the news on LinkedIn, describing the store as an incredible addition to Max Fashion India's offerings, including unisex fashion, kids' fashion, and trendy accessories. Max, owned by Landmark Group, is a value fashion retail chain known for its diverse collection of clothing, accessories, and footwear.

Landmark Group's Max Fashion India offers an array of collection

After its establishment in the UAE in 2004, Max made its debut in India with a store in Indore, followed by a recent opening in Ahmedabad. Urban Square Mall, covering 1.8 million sq. ft., features prominent brands like Adidas, Puma, and Shoppers Stop.

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10 July 2023, Mumbai

India's Retail Sector Thrives; India's retail market is on an upward trajectory, projected to reach a value of $1.1-1.3 trillion by 2025, owing to factors such as urbanization, income growth, and changing family structures.

Phygital is the way forward

Despite fierce competition from e-commerce, offline retail sales continue to thrive, thanks to the evolution of phygital strategies that blend physical and digital elements. Mobile apps have become a catalyst for this transformation, empowering consumers to browse, compare, and purchase products seamlessly.

COVID-19 a fundamental tailwind

Moreover, the pandemic accelerated the adoption of online shopping, leading to the emergence of the phygital hybrid model that combines the best of both worlds.

Physical stores now leverage omnichannel strategies, integrating technology to enhance customer experiences.

New Normal

This paradigm shift offers unique advantages to physical retailers, prompting online-only brands to establish a physical presence.

With a careful balance between digital convenience and physical immersion, the Indian retail sector embraces growth, excellence, and a bright future for both retailers and consumers.

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03 July  2023, Mumbai

Uniqlo, a Japanese success story, gained fame for its simplicity, in 1990s since its launch in 1949.

Impressive Sales Growth

It revolutionized the Japanese market by popularizing affordable fleeces, previously expensive and unfashionable, making them accessible to the masses.

Global Presence Seeking New Markets

Now, Uniqlo seeks to expand beyond China, where sales have been lacklustre due to Covid-19. In Asia, sales outside Japan and China surged by over 70% in six months, with operating profits up by 48%. Uniqlo aims to become India's best-selling retailer, capitalizing on the country's consumption market and reducing reliance on China.

Showcasing competitive garment manufacturing

Automation and artificial intelligence are transforming Uniqlo's manufacturing processes, while India's young workforce makes it an attractive destination for garment manufacturing.

The Indian government may support Uniqlo's expansion, creating jobs and boosting domestic consumption and investment.

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24 June 2023, Mumbai

Fashion retailers anticipate 10% revenue growth in the current fiscal year, impacted by inflationary challenges.

Growth and Margin Decline

ICRA's analysis of 11 listed retail entities reveals a projected 100 basis points decline in operating profit margins (OPMs) to around 5.7% due to weaker demand and sustained high advertising and promotion expenditures.

Expected Demand Revival

The value fashion segment experienced a consecutive quarter-on-quarter decrease since Q3 FY2023, while the premium segment displayed demand slowdown signs in Q4 FY2023, with sales per square foot below pre-pandemic levels. Retailers expect demand pressures until H1 FY2024, improving during the festive season.

Cautious Optimism

Despite robust growth driven by network expansion, OPMs remained 100 basis points below pre-pandemic levels. Retailers remain hopeful for demand recovery in H2 FY2024 and plan to increase discounting levels. Store expansion continues, with capex outlay projected to rise by 10% to Rs 1,600 crore in FY2024.

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07 July  2023, Mumbai

H&M, the renowned Swedish fast-fashion retailer, has announced its ambitious expansion plans in India, aiming to tap into the country's flourishing market and unlock its untapped potential.

Targets unprecedented growth

Major Store Launches and City Expansions; By opening six new stores and venturing into three additional cities by the end of 2023, H&M is poised for unprecedented growth. Yanira Ramirez, the Sales Manager for H&M India, expressed excitement about the company's significant store launches and city expansions, highlighting the opportunities for rapid development.

Achieves an impressive 49% revenue increase

With a remarkable 49% increase in revenue in FY22, H&M India's strategic focus lies in achieving omni-channel growth, integrating physical stores and online sales.

 Furthermore, rumors are circulating about the potential introduction of COS, an upscale brand, into the Indian market.

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UAE-based retailer Lulu Group plans to enter Telangana with its first Lulu Mall and Lulu Hypermarket in Hyderabad.

Signifies Lulu Group's commitment to the state

The move follows discussions and an MOU signed with the Government of Telangana during a previous visit to the World Economic Forum. The Hyderabad project is part of a Rs. 500 Cr investment commitment to Telangana.

Diverse entertainment options

The rebranded Lulu Mall, formerly Manjeera Mall, will feature a mega Lulu Hypermarket, over 75 local and international brands, a cinema, food court, and children's entertainment center. The mall, located in Kukatpally, is expected to employ over 2,000 personnel.

Additional investments planned

Lulu Group also plans to invest in a meat processing plant, shopping malls, and an agriculture hub in Telangana. With over 250 hypermarkets and supermarkets across 22 nations, Lulu Group is rapidly expanding in India and has a strong presence in the Middle East and North Africa region.

23 June 2023, Mumbai

Chinese online fast-fashion giant Shein has gained approval to re-enter India by striking a strict licensing agreement with Mukesh Ambani's Reliance Industries Ltd., anonymous sources revealed.

Boost Made-in-India Goods

Reliance's retail arm will own the domestic business, while Shein, headquartered in Singapore, will provide production support and training to over 25,000 local suppliers.

This arrangement allows Shein to tap into India's growing consumer demand, increase the share of made-in-India goods on its platform, and potentially add $6.1 billion in exports.

India's Stringent Requirements

Strict data security measures require all data to be stored in India and inaccessible to Shein. The agreement showcases India's strategy to leverage Shein's expertise for domestic manufacturing growth while maintaining distance.

Diversifying Manufacturing Sources

Shein's expansion plans also involve diversifying manufacturing sources worldwide.

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05 July 2023, Mumbai

Luxury brand communications are targeted at the affluent young ones in India, with their aspirations to have everything luxe, right here, right now. As per Bain & Company, Gen Y and Gen Z together will make up 70 percent of the global luxury market by 2025 and India is no exception.

Luxury market arriving

Luxury brands have been arriving in India by the droves with growth opportunities as the world’s fifth largest economy is too irresistible to stay away from. As per senior partner and global head of fashion & luxury at Bain & Company, Claudia D’Arpizio, at the close of fiscal year 2022, the total amount Indian consumers spent on luxury was $8 billion.

And the 21st edition of Bain & Company’s luxury study predicts the luxury sector in India will grow rapidly by three and a half times until the projected period of 2030 and add between 35 and 40 million new consumers in the mid and high-income groups. These consumers, fed on aspirations on social media, will be hungry for luxury as their choice of lifestyle.

Catch them young and watch them grow

Luxury brands have completely re-defined their target audience as they realize their profits lie in catering to the waves of young (Gen Z) or relatively young (Gen Y) consumers.

Social media is the luxury brand’s new best friend as gone are the target audience that was patrons of high-end glamour and lifestyle print media. Social media has grown and established an ecosystem that suits luxury brands well indeed – the social influencer with millions of doting followers are the new dictators of what’s hot, and what’s not.

We live in a social media era; The advantage influencers have is their ability to impress both Gen Y and Gen Z in one stroke as more often than not, Gen Y yearns for the “younger” look and feel.

In India, some key social influencers are making a difference. Influencers have more influence within luxury and fashion compared to film stars. Founder of Indian luxury leather accessories brand Hidesign, Dilip Kapur couldn’t agree more as he says Hidesign’s success at the community level has been spearheaded by Indian luxury influencers.

Gen Zers are more sustainability-driven

What sets the Indian Gen Z high-end consumer is they watch their shopping habits more than their counterparts in developed markets. The Gen Z and millennial consumers in India are more likely to buy sustainable products than in developed countries, says a 2022 Credit Suisse Research Institute report.

However, when it comes to key trends, like their Western counterparts, Gen Z Indians favour the luxury meets streetwear style as this generation sees no reason why everyday living can’t be luxurious.

Trends; Achim Berg, a senior partner at McKinsey and global leader of its apparel, fashion, and luxury group explains that combining luxury statement pieces with fast fashion is a big trend compared to 10-15 years ago.

Fashion designer Manish Malhotra, who recently launched ‘Diffuse’ targeted at Gen Z, says his new line hits the point between couture and street-wear that the younger generations) love.

Luxury brands rely on social collaborations

Luxury brands have invested deeply to master social media and fine-tune their targeted messaging, using the assistance of social media influencers and celebrities who the brands find relatable to their label.

More often than not, these influencers are not exclusive brand ambassadors and luxury brands find it smarter to collaborate with other luxury brands or even popular high-street and fast-fashion brands to become part of what’s on trend.

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26 June 2023, Mumbai

Reliance Retail's Trends, India's premier apparel and accessories specialty chain, has unveiled its latest store in Banki town, Cuttack district, Odisha.

Democratizing Fashion

With a mission to make fashion accessible to all, the expansion aims to connect with consumers across metropolitan cities, mini-metros, Tier 1, 2 towns, and beyond.

Modern and Affordable

The new Trends store in Banki town boasts a modern and inviting ambiance, offering a wide selection of top-notch fashion merchandise that resonates with the local shoppers.

Trendy selection

Emphasizing affordability, the store ensures customers receive excellent value for their money. Residents of Banki town can now indulge in a unique retail experience, exploring trendy Women's Wear, Men's Wear, Kids Wear, and Fashion Accessories, all available at pocket-friendly prices.

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23 June 2023, Mumbai

Shoppers Stop, a premier fashion and beauty retailer in India, has been recognized by Great Place to Work® India as one of India's Best Companies To Work For. The company is dedicated to providing its employees with numerous opportunities for personal and professional growth.

What all you need to know

It invests in training programs, workshops, and mentoring initiatives to empower its workforce and foster their skills. Shoppers Stop promotes a culture of continuous learning to ensure that employees have the knowledge and resources to excel in their roles.

Alongside career development, Shoppers Stop also values work-life balance and offers flexible work arrangements, menstrual leaves, employee wellness programs, and mental health initiatives. These efforts contribute to a positive work environment, employee well-being, happiness, and job satisfaction.

Great Place to Work is a global authority on workplace culture, with over 30 years of data. Through their evaluation model and surveys, they recognize organizations that create a consistently positive employee experience, driving business growth and improving lives.

The assessment process considers factors such as trust in management, connection with colleagues, and loyalty to the company.

Shoppers Stop's recognition as a great workplace demonstrates their commitment to empowering individuals, fostering inclusivity, and creating exceptional workplace cultures.

The company values diversity, equality, innovation, growth, respect, integrity, and inclusivity. As a progressive organization, they introduced menstrual leaves to promote inclusivity and have demonstrated their dedication to excellence and employee well-being.

With a network of over 1800 partner organizations, Great Place to Work aims to build high-trust, high-performance cultures in India.

The recognition of Shoppers Stop's workplace excellence serves as an inspiration for others to follow suit and create inclusive environments where everyone feels a sense of belonging and realizes their full potential.

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