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Forecasts suggest that COVID-19 will wipe off US$297bn from the global apparel market in 2020, a 15.2 percent decline on 2019. The US (largest apparel market) will account for 42 percent of all lost spend, which will contribute to more major chains filing for Chapter 11 over the next few months.
APAC markets, on the other hand, are expected to be in a better position to counter the COVID-19 impact compared to their American and European counterparts driven by the growth in domestic demand. We expect the developing APAC markets including China, India and South Korea to increase their position in the Top 10 global apparel markets by 2023, as mature Western markets lose out. China is expected to pip the US as the largest apparel market by 2023, says GlobalData, a leading data and analytics company.
The 10 worst impacted markets, in terms of value, will represent 85.0 percent of this total loss with mature markets suffering the hardest.
Vijay Bhupathiraju, Retail Analyst at GlobalData, comments: “Though the recovery has already started across the APAC markets, apparel sales will take some time to rebound amid dampened consumer confidence, the slump in tourism, the threat of an impending global recession and high unemployment rates.
“However, some of the lost sales will be compensated by the level of ‘revenge buying’ (sudden release of pent up demand from those willing and able to spend). Some brands across China for instance are seeing store sales return to 80-100 percent of pre-COVID-19 trading levels as the country relaxes lockdown measures.”
“We believe that ModCloth’s strong brand equity positions it for growth in the future,” said Ashley Hubka, Senior Vice President of Corporate Strategy, Development and Partnerships at Walmart. “We feel good about the progress at ModCloth and believe that Go Global’s team and scale out strategy presents an attractive opportunity for the employees and customers of this beloved brand.”
The festive season that begins with Onam, peaks at Diwali and culminates with Christmas and New Year celebrations is a period of hectic activities for retailers and e-tailers alike as they aspire to offer the most interesting products to attract the maximum number of consumers.
Defining why corporate brands are not comfortable to enter the mid segment, Mehta further adds, “Due to the corporate culture, politics and multiple decision levels in the organised sector, it becomes very difficult to the process of implementation at a faster pace. This in turn keeps them way behind the regional players who do not face these issues. Moreover, corporate brands also have multiple businesses and hence their focus may not be only on garments. Current example is of ITC wherein they sold out John Player.”
They thrive purely on lower MRPs. In addition, the economies are set for the unorganised sector to penetrate deep in the Tier II and III locations within the city and rural markets. They work on easy logistics. They keep themselves light on the stocks and raw materials which help them to react faster to the market changes.”
Commenting on the launch, Anant Daga, Managing Director at TCNS said, “Keeping up with our commitment to bring something new and unique every season, we are excited to launch our latest Pop Sets collection in association with Livaeco. This season is definitely special for us as we are bringing the perfect amalgamation of festivity and sustainability in the form of vibrant hues and silhouettes.”
Even the sports world and the fashion industry are closer knit than ever. From Christiano Ronaldo, David Beckham to our very own Virat Kohli, athletes today are setting fashion trends across the globe. Of late, we have seen many sports icons in both India and abroad turning fashion brand owners and entrepreneurs – while some of them have launched their own fashion brands or lines in collaboration with established fashion companies, others have made investments in or have set up their own fashion-focused businesses. Then there are celebrities flaunting sportswear as their go-to-choice for everyday wear. Be it Priyanka Chopra and Alia Bhatt’s airport look in black tracksuits or Karan Johar on reality television shows in his oversized sweatshirts and chunky sneakers, celebrities are actively participating in bringing stylish sportswear to mainstream fashion.
“Women spend countless hours fiddling with pins on shirts to avoid peeking, always having to carry a bag for essentials because they won’t fit in tiny (or nonexistent) pockets and constantly worrying about visible bra straps and panty lines. Most of the formal wear available today is devoid of these small but crucial details that make a garment practical to use and this is the gap we aim to fill.”
Since the advent of western wear in India, trousers have been an important wardrobe investment especially for men in India. While fit, cuts and fabric may have witnessed staggering evolution over the time, what has remained constant all these years is the popularity of this apparel segment.
The women’s formal wear constitutes tops/shirts, formal jackets, trousers/skirts, etc. In contrast to men’s formal wear, women’s formal wear is growing at a higher pace. This growth can be attributed to the increasing number of women in the workplace. One of the major reasons for this growth in the low base (market size) of woman’s formal wear historically. But that has changed in last 10-12 years.
Shekhar Tewari, CEO of Enamor, added: “Women’s lingerie in India is a high-growth market, with only a few strong brands in operation. As lingerie sales increase alongside disposable income, Enamor, one of the market’s leading players, is strongly positioned to benefit from these trends. We look forward to working with a global investor such as Advent, who will bring significant expertise and resources to help grow our business faster.”
Over the past decade, yoga —an irrefutable process of total wellbeing—has gained noteworthy popularity globally. Yoga classes are filled to the gills with Millennials who’re opting for this form of fitness over hitting the gym for multiple reasons including lowered stress levels, while becoming body strong through stretching and relaxation.
Supersox has an interesting array of socks for the season like the Marvel Avengers Socks, Spider-Man Socks, US Collection, Frill Baby Socks, Classy Missy Collection, Denim Collection, Metal Collection, Season Collection and Many More. We strive to provide our consumers a fresh range every season and there is something new for every age group.
Furthermore, with Dusshera, Durga Puja and Diwali round the corner, the demand for kids’ ethnic wear is only rising, especially in the age group of 4 to 7 years and is split roughly in the ratio of 60:40 among girls and boys. Myntra has so far witnessed over 100 percent growth in the category over the previous year.
“There was once a time when no one in India considered sportswear, or fitness, to be an industry that generated demand. But with the growing influence from new age media, influencers and celebrities the sportswear market has really taken off successfully in the Indian subcontinent. India is a young country,and in that sense, new information, new trends are well received and adapted fast,” says Anupam Sehgal, Marketing Head, Cravatex Brands Limited, that holds exclusive licensing rights for Fila in India, Sri Lanka, Nepal, Pakistan and Bangladesh.
Dharmen Mehta explains the difference in competition saying, “If we look at the Indian formal brands and international brands there is no competition at all. We are far behind on the fabrics being used by international brands. Apart from the fabrics; it is the fi t, styling, collars and pricing that gives them an edge over Indian brands. There are very few brands in India who have the strength and ability to compete with international labels. Some brands which are up to the mark include Ben Morris, Cameccie, Brunito, Zodiac, etc. to name a few.”
“Once they grasp that, they open their minds to the idea of fashion rentals for more low-key events as well. So, in addition to lehengas, sarees and gowns, we will bring in statement pantsuits, structured jackets, tailored dresses that will be great for workwear,” says Baweja.
Companies employ a number of pricing strategies to differentiate their brand and gain competitive advantages in the marketplace. Technically there are two pricing strategies which operate largely in the branded Indian formal shirts business. One is the premium pricing segment which encompasses brands like Louis Philippe, Van Heusen, Zodiac, Arrow, etc., which are on an average priced Rs 2,000 and above. Then is the aff ordable pricing strategy which covers the aspect of value given in the garment in justification for its price.
“There is huge upswing in sneaker culture and some of our most popular products are modern renditions of heritage sports products. Another category that’s underpenetrated is kids. This is a huge focus area for our brand, and we will continue to build this category going forward,” asserts Sanjay Roy, Executive Director Sales and Operations, Puma India.
“GUESS Eco started as a grassroots initiative from our sustainability and product design teams, and has quickly grown into an important Company initiative. At GUESS we are responding with our resources and our strong commitment to change. The world is watching iconic brands like GUESS and asking ever more demanding questions about the impact we create with everything we do. Our promise is to make a conscious effort to offer high quality products designed with the environment and our communities in mind. I am very proud to see how our associates are using this incredible business as a force to make this world a better place,” says Carlos Alberini, CEO of GUESS, Inc.
Wrangler®, a part of Kontoor Brands, Inc. has introduced the first denim apparel dyed with foam, an innovative technique that uses 100 percent less water than conventionally-dyed denim. The global product launch of foam-dyed denim follows Wrangler’s promise to discover and implement throughout its supply chain the most sustainable ways for dyeing denim.