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Breaking News, November 10 | LIVE Updates.
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“As per a 2015 report by the Indiaretailing Bureau, the size of the Indian luxury industry, which encompasses bespoke tailoring, is approximately US$ 5.3 billion, with a nearly 20–25 per cent contribution from apparel (US$ 950–1300 million). Presently valued at US$ 360 million, the market for bespoke clothing is growing at an impressive 15–20 percent,” says Tejinder Singh.
“Recognizing that, we determined that pursuing a separation is the most compelling path forward for our brands – creating two separate companies with distinct financial profiles, tailored operating priorities and unique capital allocation strategies, both well positioned to achieve their strategic goals and create significant value for our customers, employees and shareholders,” Fisher added.
According to Darshan M, currently there are three main types of athleisure clothing in the market. First, the authentic active wear – these are clothes made for performance and being using for leisure. This is the original and true form of athleisure. These clothes are made with performance features and are built for technical use. For example, the yoga range of Deivee is made for professional yoga practices and is designed by yogis for yogis. However, a lot of its customers use them as office wear.
Take for example the US casual footwear brand Crocs. Globally, Crocs sells 55 million pairs of footwear every year. For Crocs, India is one of the fastest growing markets for the company besides China, Japan, South Korea and Germany. “India will grow as one of the top-tier markets because we know the potential here is fantastic,” Carrie Teffner, CFO, Crocs had said to an Indian premier newspaper.
“We are extremely positive of the future and next opportunity is in making products for India at local prices. There is large population waiting to consume this category, which has stayed away till now because of the absence of trustworthy home grown players. The domestic brands would take this advantage as local manufacturing is becoming more updated,” concludes Sandeep Mukim.
German sportswear major Puma on Monday claimed that it has become the top sportswear retailer in India, surpassing rivals such as Nike, Adidas, Skechers and Reebok in terms of yearly sales.Interestingly, India is the only country where Puma's sales have crossed the sales of other sportswear giants such as Adidas and Nike
Hustle claims that its joggers, vests, t-shirts and jackets are the bestsellers amongst its product range. The brand’s target audience is between the age group 16 to 24 years, which is often called the “social media generation”. Vishal Patel states that in order to offer innovative range, it analyses trends through social media and translates them into products.
Sztori has been especially designed to suit a larger range of body shapes and sizes. It is essentially a designer wear in the plus size category, offering consumers the perfect fit and multiple style options. The apparel is made to suit plus size body types rather than prove to be a mere extension in size on existing profiles, thus breaking the existing age-old norm in the Indian market.
Suit Up India is India’s first and only 3D marketplace for tailors, designers and couturiers. It is an endeavour to bring bespoke sellers online and help them sell without having to make or photograph samples especially only for selling online. The brand utilises a unique 3D technology for customers to be able to design their articles online before placing their final orders which then reach the seller.
Also, while the groom is trying on his outfits, his family needs to be engaged. We engage them by playing Indian music which is very ethos-based, use the best perfumes in the store, and offer extraordinary hospitality to our customers. Overall this creates a very warm feeling for the whole family. The groom is delighted with these offerings which sets him in a positive mood.
With increasing Internet penetration and rising popularity of the e-commerce market, footwear manufacturers, having a presence over the e-commerce ecosystem, are using the Internet not only to drive sales but also to monitor consumer buying behaviour, and are accordingly offering a personalised experience to customers.
Second, sports-inspired athleisure wear – these are not designed for sport but by sportswear. These are not usually made with technical fabrics. For example, polo tees. These are inspired by Polo and Tennis players of the early 20th century and is worn as a casual collared tee all over the world.
Darshan M shares, “The challenges to sustainability in athleisure is huge. About 99 percent of all athleisure brands in the country use polyester. And everyone know the ill effects of using polyester fabrics. These plastic garments are polluting the water bodies. In fact, due to these plastic garments, there is micro plastic filaments in every food we eat even in the water bodies. Today the oceans have one piece of plastic for every 5 fishes. By 2050, there will be 5 pieces of plastic for every fish in the ocean. If the athleisure market keeps growing at its current rate and more or more people buy cheap polyester goods we are looking at global catastrophe in the making.”
“The exact size of athleisure market is difficult to measure right now. However, every year we see a new player entering the segment and the segment is growing rapidly along with its customer base. Though the trend has just picked up, athleisure is here to stay in long run fashion trends,” says Vishal Patel.
Athletes and celebrities starting their own sportswear clothing lines As the demand for sportswear grows, several actors and athletes have partnered and started their own sportswear brands. For example, actors Hrithik Roshan and Tiger Shroff introduced brands such as HRX and Prowl. Also, cricketers MS Dhoni and Yuvraj Singh partnered and launched brands such as Seven and YouWeCan (YWC). As these celebrities have a strong following amongst the masses, they have managed to build a demand for sportswear. Also, as these products are competitively prices, they could easily penetrate the Indian market propelling growth.
While fashion market is expected to grow at 12 percent CAGR over the next 5-6 years, the growth across different fashion segments will vary significantly. This is due to the changing size of the target consumer segments. Also, not all consumer segments will strictly adhere to their fashion segments because the market is becoming increasingly polarised. This polarisation exists either in terms of being brand or price oriented. As a result, for players operating in premium or higher price segments, differentiating proposition will be distinct “brand promise and experience”. On the other hand, players operating in value or below segments, differentiating proposition will be the distinct “fashion, quality and price balance”.