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Where the fashion industry is headed in 2024

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Fashion and lifestyle industry leaders share their perspectives on the promising opportunities, strategic expansion plans, and expectations for the dynamic landscape of 2024

Bengaluru: In 2024, the Indian fashion and lifestyle industry is poised for dynamic growth by embracing innovative strategies, technological innovations, retail expansion, sustainable practices, better employee engagement and more.

The revenue in the apparel market in India is projected to reach $105.50 billion in 2024, according to data analytics platform Statista. Learn what industry experts are saying about the exciting prospects, expansion plans, and potential paradigm shifts that will shape the narrative of Indian fashion retail in 2024.

Spreading more

This year, fashion and lifestyle brands appear to have a significant emphasis on expanding their footprint.

“We will add 100 odd stores in the next three years, and we are looking at a compound annual growth rate of 18-20%,” said Manish Kapoor, managing director and chief executive officer of the international denim fashion brand Pepe Jeans.

Direct-to-consumer (D2C) brands such as Gargi by PNG are focusing on extending the availability of products to a wider audience, ensuring accessibility for everyone.

Pepe jeans store, Kolkata
Pepe Jeans store, Kolkata

“Over the past couple of years, we have observed a positive response to our products. We aim to build on this success, starting with a strategic focus on Maharashtra initially, then expanding into metros, and subsequently reaching out to larger cities and tier 2 and tier 3 regions,” said Aditya Modak, co-founder of the fashion jewellery and wearables brand Gargi by PNG.

Women’s lifestyle brand Latin Quarters also said its major investments will be directed towards store expansion, subject to market conditions. “We are looking towards opening 12 more stores in the next financial year. As per our projections, we are anticipating 20% growth in 2024,” shared Rahul Bhalla, co-founder of Latin Quarters.

Consumer-to-consumer (C2C) (fashion rental platform Flyrobe In 2024, is planning for a pan India expansion. “Our goal is to open 40 new stores pan India, and we are also exploring the possibility of establishing at least one international store to expand our reach and offerings,” said chief executive officer Aanchal Saini.

Areas of focus

In addition to retail expansion, brands have established a strategic focus on various niches, including e-commerce, omnichannel approaches and technology, especially Artificial Intelligence (AI).

UAE-based retail conglomerate Apparel Group aims to bring more international brands to India, following a similar strategy implemented in 2023.

“Entering the Indian market requires careful planning, thorough research, and flexibility. By building a strong understanding of the market, employing effective entry strategies, and adapting to local preferences, Apparel Group plans to introduce new international brands and capture a significant share of the growing Indian retail market,” said Tushar Ved, president of Apparel Group India.

Brand Studio Lifestyle, a textile company with a portfolio that encompasses brands such as Highlander, Ketch, Tokyo Talkies, Vishudh, and Locomotive, is allocating funds across various areas.

“The focus areas of investments in 2024 will be in brand building to strengthen awareness, add new customers and communicate fashion to consumers. Our focus on offline stores and omnichannel sales experiences will entail investments both in stores and supporting infrastructure,” said chief executive officer Shyam Prasad.

“Another key area of focus in the coming year will be the use of AI-based tools in various aspects of the business to drive growth,” he added.

Gargee Designer’s, the Indian menswear brand that was born in 1980, is putting its major investments into enhancing and fortifying its digital platforms. “We understand the pivotal role that online channels play in providing our customers with a smooth and convenient shopping experience. We aim to use cutting-edge technologies and innovative solutions to elevate the user experience on our website,” said Ravi Gupta, creative director of Gargee Designer’s.

Revenue goals

Bengaluru headquartered men’s clothing brand The Bear House is targeting a revenue of Rs 210 crore, coupled with a growth goal of 200%. “This strategy aims to propel our financial performance significantly, driving a substantial surge in both revenue and growth for the upcoming year,” said founder Tanvi Somaiya.

Flyrobe is harbouring ambitious expectations, expressing a commitment to achieving a remarkable 30-fold growth in terms of revenue. The company is dedicated to pursuing strategic initiatives and innovative approaches to drive business expansion and success in the upcoming year, as stated by Saini.

Flyrobe
Flyrobe store in Belagavi

Kolhapuri chappal brand Chappers is aiming to reach an annual revenue of Rs 5 crores by 2024. The brand is expected to grow by 50-60% in the next 2-3 years, according to Harshwardhan Patwardhan, founder of Chappers.

Pepe Jeans has set up a long-term goal for its growth in India. “We are aiming for sales of around Rs 2,000 crore from the Indian market in the next three years,” said Manish Kapoor of Pepe Jeans.

“Pepe Jeans London is very buoyant, for the Indian market, and aims to grow at 18-20% compound annual growth rate (CAGR) in the next three to five years and expects 55% of its business to come directly by selling to consumers from its own sales channels,” he added.

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