IFF 2022 USHERS IN A NEW ERA OF FASHION RETAIL
INDIA FASHION FORUM, THE LARGEST FASHION RETAIL INTELLIGENCE EVENT OF SOUTH ASIA, SUCCESSFULLY CONCLUDED ITS TWO-DAY 21ST EDITION HOSTED AT THE LEELA AMBIENCE GURUGRAM HOTEL & RESIDENCES BETWEEN MARCH 23 AND 24. THE CONGREGATION, AS HAS ALWAYS BEEN, HAD THE BIGGEST NAMES IN THE WORLD OF FASHION SHARE THOUGHT-PROVOKING IDEAS AND DETAILED INSIGHTS ON THE NEXT ERA OF FASHION RETAIL IN INDIA.
THE NEXT THREE YEARS OF FASHION RETAIL
IN HER ADDRESS ON DAY ONE OF INDIA FASHION FORUM 2022, SALONI NANGIA, PRESIDENT, TECHNOPAK ADVISORS, SHARED A COMPREHENSIVE OUTLOOK OF THE INDIAN ECONOMY APROPOS OF THE COUNTRY'S FASHION INDUSTRY OVER THE PAST YEAR, WHILE SHARING MORE DETAILS ON YEARS TO COME AND HOW THE INDUSTRY IS EXPECTED TO SHAPE UP BY 2025. NANGIA ALSO SPOKE ABOUT TRENDS AND IMPERATIVES THAT THE SENIOR MANAGEMENT NEEDED TO FOCUS ON OVER THE NEXT 12 TO 18 MONTHS THAT WOULD HAVE A SERIOUS IMPACT ON THEIR BUSINESS.
LUXURY GOES HIGH-TECH!
THE LUXURY FASHION MARKET WAS MAJORLY HIT DURING THE PANDEMIC. WITH DOMESTIC AND LOCAL MARKETS PICKING PACE, DIGITALISATION OF THIS SEGMENT WAS SOMETHING THAT NO ONE EVER IMAGINED. BUT WAS THIS DIGITAL TRANSFORMATION ALREADY UNDERWAY FOR THEM? HAVE NFTS AND THE METAVERSE CHANGED THE GAME FOR THE LUXURY FASHION MARKET? INDUSTRY LEADERS AND TECH EXPERTS SHARE THEIR TAKE ON THE SUBJECT.
INGREDIENTS OF A TRANSFORMED FASHION SECTOR
THE TRANSFORMATION SWEEPING ACROSS THE CONSUMER UNIVERSE AND TECHNOLOGY IS THROWING UP MAJOR IMPLICATIONS FOR FASHION BUSINESSES. FASHION RETAIL OF THE NEW WORLD EMBRACES AN INTEGRATED REALITY WITH DEEPLY INTERLACED DIGITAL MOMENTS THAT BOOST PHYSICAL EXPERIENCES, AND VICE VERSA. INDUSTRY EXPERTS SPEAKING AT IFF 2022 ON 'BUILDING FUTURE-PROOF FASHION RETAIL MODELS' DELIBERATED ON BALANCING THE FOUR TENETS OF FASHION RETAILING IN THE NEW WORLD - PURPOSE, INNOVATION, EXPERIENCE AND ENGAGEMENT.
CHANGE BUSINESS DYNAMICS, GET FUTURE-FIT
IN THESE TIMES OF UNCERTAINTY, THE RETAIL INDUSTRY HAS SEEN A FUNDAMENTAL SHIFT IN THE WAY OF DOING BUSINESS. CONSUMER BEHAVIOUR IS CHANGING AND OLD BUSINESS MODELS ARE SHAKING. FROM CONSUMERS BUYING CONSCIOUSLY TO BRANDS EXPLORING THE METAVERSE, DEVELOPING FUTURE-FIT COMPANIES THAT CAN NAVIGATE TIMES OF VOLATILITY, UNCERTAINTY AND CRISIS IS TOP OF THE MIND OF MOST CEOS TODAY. THIS IS WHAT SOME INDUSTRY LEADERS, SPEAKING AT IFF 2022, THOUGHT OF THE CHANGING DYNAMICS.
'Inflation Is Going To Eat The Pie'
With the advance of the internet and globalisation, it has become easier for consumers to buy products online and receive them at their doorstep. This has led to a significant increase in demand for fashion products, which has increased the cost of production. To keep up with this increasing cost of production, many brands have been forced to raise prices in order to maintain profit margins.
How To Change With The Changing Retail Landscape
'The massive changes that 2020 brought to the retail industry are here to stay. And now that parts of the world are opening up, and consumers are craving opportunities to shop in person, they expect the buying experience to be consistent both online and off,' states the latest report by Shopify titled 'The Future of Retail'. The report not only identifies trends that will shape the retail commerce business, but also provides recommendations that can help brands find the perfect balance between offline and online commerce.
NO BARRIER TOO BIG
The world of fashion is meaningless without women. Be it the business of fashion or fashion itself, the sector would have been dreary and nondescript had it not been for the many female entrepreneurs, artists, models, decision-makers and professionals who comprise it. In this article, women in the business of fashion share their stories of diligence, perseverance and some uncalled for challenges that they took in their stride to reach where they stand today leading brands and breaking barriers!
BUDGET 2022-23 AN ENABLER FOR INDUSTRY
On February 1, Finance Minister Nirmala Sitharaman presented the Union Budget for financial year 2022-23, a Budget that claimed to focus on growth while promoting technologyenabled development. Here's how some prominent retailers and brands from across the fashion industry reacted to the announcements made during the presentation.
CIRCULAR TEXTILES: AN URGENT CALL FOR SHIFT
The fashion industry is one of the key consumers of natural resources such as water and energy. This widespread consumption due to fast fashion has devastating impacts on people and the planet. It is now more urgent than ever to shift from a linear - take, make, use, dispose - model to a circular model or circular economy where waste and pollution are designed out, products and materials are kept in use longer, and natural systems can regenerate. Mukul Agrawal, Chief Sustainability Officer, Birla Cellulose, shares his view on circular textiles and how brand Liva Reviva incorporates them in their products.
WOMEN'S WEAR ON A MASSIVE SURGE
A recent report estimates the Indian women's wear market to be over 1.2 billion people. This massive opportunity for women's wear brands in India is further fuelled by the growing disposable income of women in the country, increased accessibility to fashionable Western wear that's influenced by international trends, as well as the growing urge among women across age brackets and sizes to dress well. Through this article, some existing and new-age brands in the segment help us understand the opportunity better.
IFF 2022: SHARP. PROGRESSIVE. ICONIC.
The Indian fashion industry's much-awaited annual event - India Fashion Forum (IFF) - is all set to be hosted from March 23-24 at The Leela Ambience, Gurugram. Chaired by Akhilesh Prasad, President & CEO, Fashion & Lifestyle Business, Reliance Retail, the 21st edition of IFF will underline 'Purpose, Innovation, Experience and Engagement' as the tenets of future-proof, profitable fashion retail.
How To Not Let The Customer Down
‘The challenges CX leaders will face in 2022 are unlike what they’ve ever faced before – the goal is still to attract and retain customers, standing proud above your competitors – but the landscape has changed. So have the solutions,’ states the ‘2022 Global Consumer Trends’ report by Qualtrics XM. It highlights key areas companies can focus on in 2022 to have the biggest impact on their consumers and business, and get ahead of the pack.
The Future Of Retail: 10 Trends
As the world enters another year of the pandemic that has re-shaped the way we spend and consume, Wunderman Thompson Intelligence, through its report titled ‘The Future 100: 2022’, brings to the fore 10 trends that will set the stage for retail and e-commerce this year and for years to come.
Launched in 1995 in Andhra Pradesh with its first collection of coloured cotton trousers, today, Twills has evolved into a one-stop solution that offers international styles in comfortable fabrics. In 2008, the brand had another feat to its credit – a 5,000 sqft exclusive store at MG Road, Vijayawada, and hasn’t looked back since.
UNIVERSAL SPORTSBIZ APPOINTS FILMMAKER KARAN JOHAR AS CHIEF CREATIVE ADVISOR
Filmmaker Karan Johar has joined hands with Universal Sportsbiz Pvt. Ltd. (USPL) to be their first-ever Chief Creative Advisor.
MSMEs & DIGITAL TECHNOLOGY: NEW PILLARS OF THE ECONOMY
Digital technology has a huge impact on all conceivable aspects of life, and it is transforming business in the global economy. It can help MSMEs expand their market reach at domestic and international levels. It is changing the shape of MSMEs at a faster pace. With appropriate digital strategies and quality products, anyone can make a big name for themselves in the market.
DIVAA BY ORRA LAUNCHES WALK-THROUGH EXPERIENTIAL STORE IN MUMBAI
DIVAA, a diamond jewellery brand by ORRA, has opened its first showroom at Palladium Mall in Lower Parel, Mumbai.
MEN'S FASHION BRAND TWILLS ONBOARDS: Jasprit Bumrah as Brand Ambassador
In 2008, Twills marked a milestone in its journey, by setting up its first flagship store of 5,000 sqft in Vijayawada, Andhra Pradesh. Now, the brand is accessible across the length and breadth of the country with 180 branded chain stores, 4000+ MBOs, 100 SISs and presence in all key large-format stores, growing their reach organically. Today, the brand is sold at 4,300 points of sale across the country. Good quality, good service and good vibes, always at the same affordable price — this is the philosophy behind the brand and helps customers feel confident and comfortable with its products.
CHANGING SCENARIO OF RETAIL & E-COMMERCE
Ever since the coronavirus pandemic, the retail and e-commerce sectors have witnessed tectonic shifts in terms of commerce and business. During the pandemic, the retail industry was inclined towards necessities and basics as the coronavirus ensured that such utilities never be out of fashion, but as vaccination picked speed and the festive season came closer, consumers dedicated their spending to revenge expenditure in travel, shopping, outings and more.
CREATING MEANINGFUL CONTENT WITH INFLUENCERS
In an era of information overload and content overflow, brands often confront complex challenges in connecting with their consumers. But whatever the challenges, trust, transparency and authenticity in messaging can make their task somewhat easier and augment the overall content strategy.
72% PEOPLE SAY THEY SPENT MORE ON FASHION LAST YEAR THAN IN 2020
According to buy-now-pay-later (BNPL) platform ZestMoney, 72% of respondents to its consumer survey said that they spent more on fashion in 2021 than the year before, indicating resurgence in consumer spending and demand in the segment.
How Year 2021 Panned For Businesses And Where They Are Headed In Year 2022!
Reports suggest that India’s direct selling industry would be valued at US$ 2.14 billion by the end of 2021. Brick-and-mortar retailers, too, have been growing steadily and several fashion brands are looking to open more stores in the upcoming financial year. Through this article, we take a look at how year 2021 panned for businesses and where they are headed in year 2022.
Sustainability Post Pandemic: 5 Tips To Make The Shift
The fashion industry is worth more than US$2.5 trillion and employs over 75 million people globally. Though the sector is booming, it has negatively impacted the environment. About 85 per cent of textiles go to the dump each year, and washing few types of clothes sends a large amount of microplastic into water bodies, further polluting essential resources. There is an urgent need to shift to truly sustainable practices.
THE LAST MILE PROMISE: SUPPLY CHAIN GOES PHYGITAL
Customer behaviour has changed in the post-pandemic world and today, depending on what customers expect from a brand they are shopping from, the brand or the retailer is changing his strategy of doing business. It is all about putting the right supply chain forward, inclusive of a good last-mile fulfilment device. Experts in the field share some insights with us on the growing importance of CX in last-mile fulfilment.
S.OLIVER GROUP PARTNERS WITH TECHNO DESIGN GMBH FOR SOURCING FROM INDIA & SRILANKA
S.Oliver Group has entered into a strategic partnership with Techno Design GmbH, a group company of PDS.
PERFECTING THE ‘PHYGITAL' SHOPPING EXPERIENCE: UNIFYING THE ECOSYSTEM FOR TODAY'S HYPER-CONNECTED CONSUMER
Phygital retail is all about creating that immersive experience for your customers both offline and online through varied tools. Though the lines of divide between the two may be blurring fast, there’s much that needs to be explored. Industry experts help us understand how brands are perfecting their strategies to give customers the true ‘phygital’ shopping experience.
XYXX LAUNCHES NEW ATHLEISURE LINES - HYPE AND CODE
Men’s innerwear and loungewear brand XYXX has launched two new athleisure lines - Hype and Code. Hype offers a range of joggers and shorts in cotton-rich fabrics.
RETAIL REALIGNED: WHAT'S DRIVING BUSINESS TODAY?
Much has been said about how the COVID-19 pandemic has altered the way businesses think and operate. In the fashion retail world, where product lifecycle from creation to delivery was once a long-drawn process, business are now looking to be more agile and quick, invest more in technology to make systems more automated, and lead with empathy. People and culture have taken precedence over sales generation. Experts from the sector share some key insights with us on changing yardsticks.
MICHAEL KORS ADDS FRESH DETAIL TO ITS TIMEPIECES FOR MEN AND WOMEN
Michael Kors has introduced its new range of timepieces - some reimagined and some classic.