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Vineet Gautam, CEO, Bestseller, India, talked about the response of his brand to COVID-19, said, “COVID-19 has put to challenging times and all retailers are reacting differently. At present, Bestseller is concentrating on making new business plans – how to look at stores, how to look at hygiene, how consumer requirements will change and how technology will change.”
“In the near future, when we have customers in our stores, we cannot afford to not stock the right products. Similarly, none of us can afford to have too much inventory lying in one place, blocking cash and in another place have nothing,” he further said. Gautam was answering questions posed to him by Stylumia in a webinar.
Stylumia, founded by Ganesh Subramanian, is focused on creating the world’s easiest user experience. It builds platforms for securing data, integrating and layered with applications for user-friendly AI-assisted analysis.
“Considering the pandemic situation, capital has become a key part for all business. As cash is a big constraint amid Covid-19, we have to be conscious and ensure that cash is used and deployed well. We must also use the right technology, algorithms and logic to figure out the most relevant product in each market today – this can be key to every brand’s success,” Gautam said.
He added that going hyperlocal will become a reality, with changing consumer behaviour post Covid-19. “Once businesses stabilize in the next one year, the agenda of sustainability will again come to the forefront. It will once more, become a top priority for consumers,” he explained.
Learning from Other Countries
He said that Bestseller has 7,000 stores in China and in the 7 weeks that they have re-opened their stores in that country, the brand has witnessed a 70 percent business revival and is confident that it will go 100 percent soon.
“The big learning which is coming from the Covid-19 pandemic is that social selling is picking up pace. In Europe, we are observing that stores have already re-opened in high-streets and have gained about 30 percent of their business back. Also, Instagram shopping is leading the way. So, going ahead, digital commerce is going to become big,” he concluded.
With internet users expected to reach 840 million by 2022 and the speed at which this ‘click-and-sell’ model has panned, the reach of fashion and apparel has increased manifold. Young consumers in the country too are shifting towards online purchasing due to several factors, such as convenience, easy comparison with other brands and availability in locations where physical stores are absent, to name a few, the report said.
1616 SHARAD VENKTA, MD & CEO, TOONZ RETAILSharad Venkta has been instrumental in making Toonz one of the largest kids retail player in India today. His experience lies in key strategic decision making and initiatives including retail operations, developing new business models, etc.
Traditionally, the majority of Indian women prefer ethnic and traditional wear be it for casual or formal wear. Add to that the India specific apparel sizes that are unique to Indian consumers. With such specific needs, catering to international markets then becomes a challenge due to the completely different needs in international markets. Additionally, due to the sheer size of the upper middle-class segment, it is no surprise that high-end fashion houses still prefer to cater to this segment purely because of the sheer size of the market.
An up-and-coming market opportunity can be found among the children of the Millennial generation. Children’s accessories have been previously untapped but have proven quite successful in other Asian countries where children now dress up like mini adults. Millennial parents invest greatly in their children and mothers are able to derive great pleasure in accessorising their children with watches, sunglasses, bags and a multitude of hair accessories and jewellery.
Brazilian slipper brand Havaianas which has just launched its operations in India will invest US$ 20 million in the next 5 years to expand its market in the country. Alpargatas S.A. and Shoezone Lifestyle LLP have formed a joint venture partnership for the Indian entry of the brand, the company said in a statement.Havaianas plans on aggressively focusing on 10 top cities to speed up the distribution and achieve its full potential
With the changing environment and global warming in the picture, I feel everyone in every sector needs to contribute their bit to make this a better place. We being a part of fashion industry are doing our best to support such causes and it definitely impacts a good change in the environment where fashion is highly consumed.
For Spring 2019, H&M Conscious Exclusive explores the healing power of nature, while also embracing innovation with sustainable materials and processes for a more sustainable fashion future. Launched on April 11, the collection will be available in selected stores worldwide and online at hm.com.The Conscious Exclusive collection embodies a balance between glamour and innovation and can be worn for special occasions, but also for more relaxed everyday moments
We are constantly working towards innovations for the Indian market. We also have a team of UK based designers which makes us the foremost brand to bring key trends into India. From working on creating detailing on fl at sliders to a chunky sneaker, we are constantly researching new trends across the world to bring it to the Indian market.
As Millennials join senior management in corporate India, tech-enabled solutions that offer window shopping will increase the need for fashion brands to adapt to digital solutions and offer a novel online experience as well. Traditionally, Indians are still accustomed to window shopping online and then making a big ticket purchase in-store. The next phase of the industry will see an amalgamation of online and in-store experiences with more in-store technologies that enhance the overall retail experience. Adoption of digital marketing displays in the store, improved check out experience and the use of augmented reality for displaying outfits on consumers are just a few novel experiences that the retail industry will adopt to attract more customers.
The fashion product has significantly evolved over the years. India has witnessed a huge transformation in the consumer lifestyle which has been influenced by the geo-demographic, socio-cultural factors, psychographics, preferences, norms and behaviour. Rising disposable income continues to drive increase spending. Rise in brand awareness and educated consumers accessing internet to follow global trends has brought fashion forward products to Indian market. The growing fashion consciousness through western culture among Indian consumer has led to the grow manifold in past decade.
While some brands have focused only on certain products, others have made a splash by covering a wider range of accessories, thereby offering a one-stop shop for accessories and lending their brand credibility across the range. The brands with the most diversified collections include:
The typical male customer is still more focused on functionality. He makes planned, higher priced purchases for items that he can clearly envision using on a regular basis: he buys one pair of sunglasses, carries one office bag or backpack and rarely accessorises with fashion jewellery. However, this model is slowly changing with the impetus of the Millennial generation and the trend of accessorising as a fashion statement has become a growing need for the social media-savvy and fashion conscious young man.