The fact that these are unprecedented times for the fashion industry and society at large is already a cliche.
Having said that, the footwear and accessories sectors are still displaying cautious optimism, expecting the speed and scale of vaccinations to shape the path of recovery. The bright side is that the Indian economy has the elasticity and the fundamentals to bounce back from economic setbacks and unleash itself from pre-existing structural interruptions.
With regards to leather fashion products market, we’ve had cheaper Chinese products flooding the Indian market over the past. However, over the past year, the pandemic — coupled with high import duties — have restricted incoming products to a significant extent. Due to lockdowns and the WFH (work from home) culture kicking in, consumption patterns have registered a downward spiral and there has been clearly a slump in demand — arising from both retail and consumer fronts.
As a result of the extreme challenges on toplines, in the short run, the brands will be push out their inventories at deep discounts. Moving ahead, however, leather product brands will need to up their game on Omnichannel retail, social engagement, and innovations such as conversational commerce.
FY22: Trends to Prep for
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