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Raymond is “cautiously optimistic” about recovery amid the COVID-19 pandemic, its Chairman and Managing Director Gautam Hari Singhania has said. Looking at the 2020-21 fiscal as a “total washout”, the group expects this fiscal to end on a flat note in terms of growth prospects with businesses being hit in the first six months of the current fiscal by the pandemic-related disruptions.
On being asked about growth expectations, Singhania told news agency PTI “the group has passed through a very tough phase for the last six months when everything was closed” due to the pandemic, so there would be no growth this fiscal.
He, however, said that the group has already achieved pre-COVID-19 sales numbers in some of the business segments and even more in some other verticals, though it expects a longer time for the recovery of its textile and apparel business.
“We have a mix bag sector to sector and I think the textile and apparel sector would take a little longer to recover because the wholesale markets were closed for a long time. It took a little longer but I think that we are in the right direction. The good thing is that every week or two weeks, we are seeing little more sales,” he said.
“People slowly, slowly are back to buying and I am confident that the sales will come back,” he added.
The Raymond group, which has its majority business interests in textile and apparel sectors, also operates in segments such as FMCG, Engineering and Prophylactics.
The group had a revenue of Rs 3,186.39 crore for the financial year 2019-20. It reported a revenue of Rs 24.03 crore in the April-June quarter of 2020 and Rs 254 crore in the July-September quarter of 2020.
“This year is a total washout. So I don’t think we will meet 2020 levels but moving forward, a lot of companies have reshaped themselves. They have set new benchmarks and moving forward, I think there is a lot of opportunities for the companies that survived this pandemic, they will come out much stronger,” he said.
The group is also expanding its digitisation in retail and adopting omnichannel approach, however, Singhania said that physical retail would not go down as shopping is still an experience and people would continue to shop outside. He also refuted recent reports that the group is exiting from the FMCG business.
Available from September, the newly launched carbon-zero TENCEL™ Modal and Lyocell fibers are contributing to this target through reduced production emissions and its industry engagement to lower energy consumption across the supply chain. In addition to offering new sustainable options to the textile and fashion industry, the new carbon neutral fibers show a clear commitment to Lenzing’s earlier announcement of investing more than EUR 100 million in reducing carbon emissions in its operational boundaries and supply chain.
One of the key drivers for brands post the pandemic would be to dive back into the business in full swing. In order to do so, brands will have to revamp their strategies by exploring new product categories at a cheaper price point, or revitalise their brands to bring in new strategies. Completely diversification would be a global trend due to the heightened omnichannel approach that brands are already beginning to embrace. The global luxury consumer will see a new era, where luxury brands will explore markets with dual strategies; both at an accessible premium/ entry level price point as well as a point where luxury will become more and more exclusive. The middle market consumer will drive sales for brands playing at the lower level whilst niche luxury consumers will become more conscientious towards their purchases.
When asked about their preference for clothing and home textile products, half of the respondents said they would be more likely to purchase a product described as ‘eco-friendly’ or ‘natural’, whereas over 60 percent of respondents are more likely to purchase products with a ‘recyclable’ or ‘biodegradable’ afterlife. Given the popularity of such terms, there are opportunities for brands to provide more descriptions and greater clarity to the materials, production processes and product afterlife information to their products as consumer education.
“There has been a rise in the demand for sourcing quality and sustainable products and LAPF Studio will continue to play the role of and enabler and give our partners the platform they require to grow their business” said Rajeev Gopal, Group Executive President and Global Chief Sales and Marketing Officer, Pulp and Fibre Business, Aditya Birla Group.
Brands will focus on keeping the millennials and Gen Z, who are already quite tech savvy, engaged through the digital platforms; from showing off their new collection to unravelling their couture designs. AI will step in to create more personalised experiences for different brands. Online buying will be more attractive in the future. This slowdown is apt for luxury brands to reinvent themselves to digitize their processes and enhance their systems and technology. This will allow them to develop operational efficiencies and provide personalised experiences to the consumers.
From large format stores in the Middle East, products from SHOEXPRESS will now be available to the fashion forward consumers in India through Myntra. The collections include formal, casual, comfort and classic wear for women, in the price range of Rs 499 and 3,999, with over 1,200 options annually. Men can choose from formal, casual and activewear, starting at Rs 499 up to Rs 4399, with over 680 options to choose from. The kids’ collection and accessories such as handbags, purses, wallets, belts, sunglasses and costume jewellery will also be available later in the year.
In the past two decades, Mochi has gained an experience providing bright, vibrant stylish footwear trends to the youth and has guaranteed a unique strong identity in style. This brand provides a wide assortment of fashion footwear along with trendy handbags, belts, socks, wallets and more
The carefully curated selection catering to both men and women, will allow customers to invest in pieces that are not only affordable, but also impeccably crafted to introduce a wonderful mix of the latest trends and everlasting classics. The launch accommodates unique and regionally diverse needs and demands of customers in Tier II and III cities, making designer wear accessible to customers across 100 percent pin codes through the Amazon fulfilled network.
“The findings of this survey prove the value of Lenzing’s ongoing efforts in driving the sustainability dialogue across the textile supply chain, from yarn makers to consumer brands. Based on the survey, we gained a more comprehensive understanding of consumer perceptions globally. The rating of material type being the top consideration factor when shopping for clothing and home textile products has also echoed our belief that consumers value and actively look out for sustainable products. This survey provided us, our partners and brands with insights to curate more targeted strategies and programs to drive sustainability, not only on raw materials, but also product afterlife. In the long run, we hope to bring optimal value for the clothing and home textiles industry supply chain and help brands achieve new heights, drive sustainability and safeguard our planet,” said Florian Heubrandner, Vice President of Global Business Management Textiles at Lenzing.
– Products described as ‘Eco-friendly’ or ‘Natural’ with a ‘Biodegradable’ or ‘Recyclable’ afterlife appeal to consumers – When asked about definition of sustainable clothing, respondents considered products being processed or manufactured using humane, eco-responsible production processes and products made from natural, organic or botanic materials as top considerations. Over 80 percent of respondents expressed that they are “extremely interested” or ‘very interested’ in sustainable fashion and purchasing clothing made from sustainable raw materials.
Nykaa Man gives male customers a personalized, targeted environment to explore products that are suited to their grooming needs. Both fashion and beauty offerings give customers across India, access to the best of brands and products, along with educational content for them to make the right choices.
It has been curated in keeping with local preferences and distinct mix-and-match fashion sensibilities for women and men. Further, the store will give first dibs to shoppers on new collection drops, special edition launches and other sneakerhead milestones at the same time as the rest of the world.
“Along with functionality, our range brings the best of the fashion trends to activewear gear, from racer back styles, scooped backs, contoured tees to attractive verbiage prints and colours. Our range also scores high on comfort on account of fabrics that enable stretch while providing optimal compression with fits that go from snug to relaxed,” she adds.
Speaking on the association, Ayyappan Rajagopal Head of Business, Myntra, said, “We believe, there is a significant overlap in the choices and preferences of shoppers of footwear, on Myntra and of SHOEXPRESS, making it an ideal partnership. Footwear has and will continue to be a major driver of business for us. SHOEXPRESS’ collection will further strengthen the footwear category, thereby enabling us to serve the evolving needs of our growing customer base in the best manner possible. With Myntra’s popularity and reach SHOEXPRESS is on its way to creating a mark for itself in India.”
Based on several factors most brands would adapt to these changes. However, certain brands which come from the old heritage luxury segments, for example, Chanel, Cartier, Patek Philippe and so on, would adopt a restricted approach. They may choose not to completely indulge in too many extensions or offerings post the pandemic, but rather adopt a more minimalistic and conscientious approach to attract their consumers, and connect with them emotionally. Luxury is all about emotional connect and in order to do so, brands have to steer clear from all activities which signify aggressive sales tactics. Their approach will be to appeal to their consumers by talking about what they are doing to take care of their employees, their consumers and the brand as a whole.
The introduction of AJIO Sneakerhood stems from an ever-evolving cultural lexicon defined by personal style. From practical sportswear to a beacon of creative subcultures and now, as the perfect accessory to high fashion, the Sneaker has been steadfast in holding its place as a statement of individuality. In a world where ‘what you wear is who you are’, sneakers – or keds, pumps, kicks…whatever you choose to call them, have come to mirror the wearer’s personality as well as preferences.
Being one of the leading fashion and lifestyle destinations in India, Myntra offers over 100+ domestic and international brands in the footwear category on its platform today. It is also one of the fastest-growing categories on the platform at 28 percent YoY and offers over 90,000 styles to choose from a range of categories.
The first opening will take place in early October in the Infinity Mall shopping centre in Mumbai, while the other openings will be in iconic department stores located in the cities of Ahmedabad, Jaipur and Delhi, at Kapsons department stores in the city of Chandigarh and Ludhiana, along with standalone stores in the cities of Hyderabad, Surat and Lucknow. Mango will have 29 stores in India, making it the country with the second-highest number of stores in Asia.