The Business Standard Manthan 2024 summit buzzed with optimism about the future of Indian luxury. The panel discussion, titled "Ramp to resorts to retail: How can luxury in 2047 redefine a Developed India," offered a glimpse into the potential of the world's fastest-growing luxury market. However, a closer look reveals a complex landscape with both promising signs and challenges to overcome.

Is the market ready? Sizing up ‘Aspirations vs. Reality’

While projections like Bain & Company's $200 billion market size by 2030 paint a rosy picture, the current reality might be more nuanced. A significant portion of luxury consumption in India still caters to a niche segment. The vast middle class, often cited as a growth driver, may not have the disposable income for high-end products.

The Outbound Luxury Shopper: A missed opportunity?

A trend that complicates matters is the continued preference of some Indian consumers for luxury goods purchased abroad. This flight for foreign labels suggests a trust gap or a perception of higher quality in international brands. This poses a challenge for homegrown brands vying for a larger share of the domestic market.

Can India spawn a global luxury giant?

Alexis Ducla's bold claim of "the next Chanel being from India" is certainly aspirational. However, substantial hurdles remain. India lacks a strong presence in global luxury yet. While recent investments in Indian designers by conglomerates are positive, building a brand legacy and global recognition takes time and consistent quality.

A Glimpse of Hope: Bright spots amidst tall claims

The discussion wasn't without its optimistic takeaways. The growing self-confidence of Indian consumers, their appreciation for domestic quality, and the increasing support for Indian luxury brands by corporate houses are all positive developments. Additionally, India's rich heritage of craftsmanship can be a significant advantage.

The Bottom Line: A market with potential, but questions remain

The Indian luxury market is undeniably on an upward trajectory. However, the road to becoming a global leader is long. Addressing affordability concerns, fostering trust in domestic brands, and building a strong design language are all crucial steps. The "tall claims" of overnight success may need to be tempered with a focus on long-term strategic growth. Only time will tell if India can truly be the cradle of the next luxury giant.

In a bid to connect with Gen Z consumers more effectively, The Souled Store is strategically shifting its focus in 2024, placing a strong emphasis on categories such as sneakers and women’s wear. Additionally, the brand aims to expand its physical footprint by establishing 40 new stores this year.

According to Aditya Sharma, Co-Founder of The Souled Store, the brand is actively broadening its offline presence across various states to enhance customer engagement. He emphasises that the company's strategic roadmap for the next two to three years revolves around both offline expansion and diversification of its product portfolio, all while sustaining its online growth trajectory. This intensified focus on Gen Z shoppers is in line with prevailing market trends.

A report by Bain and Co. indicates that one-third of online shoppers belong to the Gen Z demographic, born in or after 1997, highlighting their significance in India's consumer landscape.

The Souled Store has effectively positioned itself as a thriving omnichannel lifestyle brand, boasting 22 retail outlets across India and a presence on leading online marketplaces like Flipkart and Myntra. The brand has expanded its offerings beyond its original niche, now including trendy casual wear, shoes, caps, umbrellas, etc.

Over time, The Souled Store has cultivated a brand identity that resonates strongly with its target audience. Sharma reveals, a significant portion, 64 per cent, of the brand’s revenue is generated through its website and mobile app. Offline stores contribute 21 per cent to the revenue, while marketplaces account for 15 per cent.

Western fashion has long held a dominant position on the global stage, but is the tide turning? But are Western brands overpowering ethnic garments in different parts of the world? The answer, like a well-tailored suit, is not a simple one.
Western wears global reach
Western wear's global reach can be attributed to several factors, according to a McKinsey & Company report. Its focus on comfort and casual styles resonates with a younger, globalized generation. Additionally, aggressive marketing campaigns and widespread availability through large retail chains fuel their growth. Affordability, mass production too has boosted the growth of Western brands, particularly in developing nations. Consumers are often drawn to the perceived "modernity" associated with Western styles
However, ethnic garments are experiencing a resurgence driven by a growing sense of cultural identity. A Euromonitor International report highlights the rise of "national pride" clothing, particularly in emerging economies. Consumers connect with heritage and tradition through locally-made garments. Moreover, ethnic wear often boasts intricate designs, high-quality materials, and traditional craftsmanship, attracting consumers seeking individuality and a connection to artisanal practices.
Despite the global strength of Western brands, regions like South Asia and Southeast Asia continue to witness a thriving ethnic garment market. The Indian ethnic wear market is expected to reach $72.7 billion by 2023, driven by factors like festive occasions, weddings, and a growing preference for sustainable, hand-crafted clothing.
The brand factor
Brands play a crucial role. Western brands are increasingly incorporating ethnic elements into their designs, blurring the lines. “We're seeing a fusion trend,” says leading fashion analyst, Marie Laveau. “Global brands are using ethnic prints and motifs to cater to a wider audience.” These brands leverage celebrity endorsements, influencer marketing, and social media trends to create a sense of aspiration and community around their products.

However, strong ethnic brands are also emerging. Anita Dongre, a renowned Indian designer, emphasizes, "Luxury and heritage can co-exist. We're showcasing Indian craftsmanship to a global audience." Ethnic brands that focus on quality, innovation, and cater to a modern aesthetic are carving a niche in the international market.” Ethnic wear focus more on storytelling, highlighting the cultural significance and heritage of their garments. Ethnic designers are keeping traditions alive while adapting them to contemporary tastes. “We need to reinterpret heritage for the modern world,” says Senegalese designer, Aisha Sy. “By using traditional techniques and fabrics in contemporary silhouettes, we can make ethnic wear relevant to a global audience."
The bottomline is, the future of fashion lies in a harmonious blend. Western brands can learn from the rich heritage of ethnic clothing, while ethnic designers can leverage modern trends to reach a wider audience. Ultimately, consumers benefit from a diverse range of options, ensuring the world's fashion tapestry remains vibrant and ever-evolving.

The sports inspired clothing market is witnessing a transformation as it merges the worlds of athletics and fashion. As per study by Persistence Market Research, the global sports inspired clothing market is expected to grow at a CAGR of 5.3 per cent from $315.03 billion in 2023, to $452.2 billion by the end of 2030.
This dynamic segment within the fashion industry offers consumers a blend of performance features and fashion-forward designs, catering to the growing demand for comfortable and versatile attire suitable for both active pursuits and everyday wear.
Growth triggers
Athleisure’s popularity: The rising preference for athleisure and casual wear is a catalyst for expansion of the sports-inspired clothing market. Consumers seek comfort and style, driving the demand for apparel that seamlessly transitions from the gym to daily activities.
Collaborations and innovation: Partnerships between sportswear brands, fashion designers, and celebrities drive market growth and product innovation. Limited-edition collections and exclusive releases combining athletic performance with fashion aesthetics capture consumer attention and loyalty.
Textile technology advancements: Investments in textile technology and sustainable materials shape market dynamics. Performance fabrics with moisture-wicking properties and sustainable materials like recycled polyester meet consumer demand for functionality and eco-conscious fashion choices.
Redefining fashion with active lifestyle trends
The sports inspired clothing market offers opportunities to meet the demand for athleisure apparel that blends style, comfort, and performance. Brands can capitalize on this trend by offering athleisure collections featuring innovative materials and designs that appeal to consumers seeking both functionality and aesthetics.
Market trends
One major trend is athleisure combines activewear features with trendy silhouettes and streetwear aesthetics. Brands offer a range of clothing options suitable for various occasions, driving the demand for fashionable and functional sportswear.
Then there is the whole issue of endorsements and collaborations. Sports celebrities and influencers collaborate with brands to design exclusive collections, driving brand visibility and consumer engagement. These collaborations create excitement and appeal to diverse consumer segments.
However, this lucrative market also needs to combat many challenges.
Sustainability concerns, competition major challenges
The environmental impact, textile waste, and supply chain transparency pose challenges for sportswear brands. Addressing sustainability requires investments in eco-friendly materials and responsible sourcing practices.
Moreover, the market is highly competitive, requiring brands to differentiate through innovation and customer experience. Unique brand identities, personalized shopping experiences, and digital marketing are essential for maintaining relevance.
The way forward in this highly diverse and competitive market is for manufacturers to invest in innovative materials and sustainable manufacturing processes. Recycled polyester and bio-based fabrics offer eco-friendly alternatives, promoting circular fashion principles.
Brands need to leverage e-commerce platforms and digital technologies to enhance customer engagement. Integration with social commerce and AR technologies will drive online sales and brand loyalty.
To sum up, the sports inspired clothing market continues to evolve, driven by the convergence of athletics and fashion. With the popularity of athleisure and collaborations between brands and influencers, the market offers opportunities for innovation and sustainability. However, challenges such as sustainability and competition necessitate continuous adaptation and differentiation to meet consumer demands in this dynamic industry.

Bengaluru-based apparel manufacturer TechnoSport aims to seize a significant 10 per cent share of the burgeoning activewear market in India over the next five years, while simultaneously striving to achieve a revenue milestone of Rs 1,000 crore within the same period.

In a recent press release, TechnoSport disclosed, the company has achieved an impressive average annual growth rate ranging between 30 per cent and 40 per cent over the past three years. Notably, the company successfully retailed 12 million individual garments in the fiscal 2023, with projections soaring to 15 million garments by FY24 –end.

The inauguration of an ultramodern activewear manufacturing facility in Erode, Tamil Nadu, marks a significant stride in TechnoSport's expansion agenda. With aspirations to establish one of the largest manufacturing units in South Asia, the facility is poised to operate as a beacon of environmental sustainability and innovation, emphasising research and development initiatives.

TechnoSport has also inked an MoU with the Tamil Nadu Government to foster job creation and economic prosperity in the region. The company's investment of Rs 150 crore into the Erode facility is anticipated to generate 5,000 employment opportunities within the state over the next five years.

Venturing into the realm of e-commerce last year, TechnoSport is committed to leveraging digital platforms for continued expansion. The company eyes growth prospects in key international markets such as South Africa, Singapore, and the Middle East. In anticipation of its revenue targets, it is gearing up to unveil exclusive brand outlets and franchise operations, to further augment its market presence and profitability.

A prominent womenswear brand, House of Ara has unveiled its latest collection titled ‘Kantha.’ Celebrating the fusion of the handicrafts with modern styles, the collection embraces a neutral color palette and contemporary silhouettes. The range not only showcases fine craftsmanship but also embodies a commitment to sustainability and renewal.

Avani K Chandan, Co-founder, House of Ara, emphasised on the brand's dedication to creating pieces that marry wearability, exquisite craftsmanship, distinctive design, and sustainability. The brand aims to curate timeless designs that resonate with its unique aesthetic, while honoring ancient crafts and maintaining impeccable quality, he says.

Comprising 13 meticulously crafted pieces, the Kantha collection offers a range of spring garments including jumpsuits, backless crop tops, midi dresses, and a-line skirts. Made from off-white cotton adorned with vibrant pops of red, green, and blue Kantha stitching, the collection exudes an air of summer elegance. Additionally, the inclusion of airy summer suits provides semi-formal options for versatile styling.

Defying conventional labels of 'quiet luxury' or ostentatious displays of wealth, the collection appeals to those who appreciate refined craftsmanship and understated elegance, says Chandan.

Established just two years ago, House of Ara operates primarily through its direct-to-consumer e-commerce platform. With a minimalist aesthetic and a mission to uplift Indian artisan techniques, the brand continues to captivate fashion enthusiasts with its fusion of tradition and modernity.