GRADUAL PATH TO RECOVERY: FASHION RETAIL REGISTERS DEMAND REVIVAL

Aided by the opening of the economy and partly by the festive season, businesses across the country have registered an uptick in demand and sales. As fashion retail starts inching towards normalcy, we look at the dynamics of the market and what brands and retailers can expect in the upcoming new year...

- Shivam Gautom

After months of the COVID triggered wallop, markets and economies around the world are now steadily inching back towards normalcy. The Indian fashion industry, one of the worst hit retail sectors by the pandemic, too has finally started registering an uptick in both demand and sales since the second quarter of 2020.

“Demand for fashion has witnessed a gradual growth from the lockdown period, although the figures aren’t as promising as the pre-COVID phase. There has been a steady demand from Tier-II and Tier-III cities which has contributed in our total sales. The footwear industry is witnessing a steady growth but for returning to sales of pre-COVID level will take time and we are targeting for 2021,” says Ashish Jain, CEO and Director, Von Wellx Germany.

Festive Season Drives Consumption

Along with the relaxations in lockdown norms and opening of the economy, one of the major drivers of the uptick in demand was the festive season, which has traditionally been the time when Indian consumers shop with fervor.

“The festive season turned out to a silver line for us as we saw a great demand from the consumers. We had a special collection for the festive season that was economic, and the same time was of supreme quality with health benefits that attracted the consumers to buy,” says Jain.