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FableStreet, a digitally native, home-grown apparel brand for professional women has appointed Adarsh Sharma as the Chief Revenue Officer. The appointment comes as the brand looks to scale new heights having successfully maneuvered its way through the challenges thrown by the pandemic. The brand is now looking at expanding its product offering across newer segments, channels, and fortifying its online presence. Adarsh will be leading the online business and will also be responsible for driving the strategic initiatives for the next leg of shift and sustainable growth.
Although the lockdown had restricted the business of e-commerce players selling non-essential items, FableStreet demonstrated resilience & dexterity and managed to bounce back despite selling apparel, a non-essential item. The company has upheld its promise and is re-imaging and re-defining the way women dress for work in India. With work from home the new constant, FableStreet was among the first few brands to launch a WFH collection for women, followed by an all-day wear line – Multitude. The brand has thus bounced back strongly having surpassed the Pre-Covid revenue levels & looking to triple its revenue over the next 6 months.
On the appointment, Ayushi Gudwani, Founder, FableStreet said, “The last 10 months have been challenging for every business, but our team has shown tremendous agility to take the challenges head-on and come out thriving. We are delighted to have Adarsh as a part of our family as he brings an amazing balance of experience leading online first brands & a founder-like mind-set, having run his start-up.”
Sharma is an alumnus of IIM, Indore, and comes with over a decade of work experience. He has held leadership positions at Rebel Foods, Zomato, and Junglee Games before joining FableStreet. An entrepreneur by heart, Sharma also ran his start-up Plowns – an “Instagram for kids” mobile platform that helps kids learn from each other, through images. The platform facilitated over 100,000 content uploads & a million interactions. The start-up raised $200k from angel investors and was a part of Reliance’s JioGenNext S18 cohort.
Expressing his excitement, Sharma said, “For me, working with the right set of people is of utmost importance. I was amazed by Ayushi’s vision & clarity of thought on how to build FableStreet into a billion-dollar brand. Western work wear for women in India is such an under-penetrated market & growing rapidly. With e-commerce growing fast, being an online first brand gives FableStreet the perfect launchpad for the next wave of growth. I am excited to be a part of the team and look forward to building an everlasting brand along with Ayushi & team.”
FableStreet is now a team of 130, with the core team of 30 in the Design, Development, Tech, Marketing, and Brand teams being based out of NCR.
Moreover, the consumption patterns are becoming more experimental in nature as consumers are well-travelled and exposed to international trends. They are adapting to pieces that are unique in terms of design, off er an edge in style and deliver on the dual factors of price and comfort. In India, the past few years have seen the emergence of western wear becoming a fashion staple. In fact, over the last decade, western wear has penetrated deep into markets of metros and mini metros, with growing popularity especially among younger generation. Various factors have contributed to its transformation such as innovations in styling, great designs, new trends and awareness via social media.
Brandzstorm India has also embarked on a retail expansion plan to open 10 flagship Kenneth Cole stores nationally within the next 3 years. The brand will concentrate on major metros and tier 1 cities during the initial phase of growth. Brandzstorm India Marketing will market Kenneth Cole through flagship stores, multi-brand boutiques, shop-in-shops, major department stores, and e-commerce portals.
“The global brands as well as the domestic brands are becoming equally competitive with regards to launching new products, the fashion quotient, stretch and using light weight fabrics, varying colors, styling, detailing, etc. Domestic brands are also matching up to their foreign competitors with new kinds of innovations in design, pattern, stitches and colors as per consumer choices,” asserts Jain.
Despite the fact, retailers have to grapple with the lack of a trained workforce in small towns in India, Citykart is progressively investing in training it’s staff about new technologies primarily targeted at enhancing customer experience. The brand is avidly working upon providing coaching its staff to better greet and treat consumers. Staff at Citykart is also armed with knowledge of products to help serve consumers better.
“Dressing for comfort has led to the evolvement of the concept of athleisure – a trendy extension of sportswear with a hint of function, comfort as well as style – all incorporated in one. Going by the present scenario, athleisure is the fastest growing segment across the fashion space, the segment is witnessing a growth rate of 20 to 25 percent annually. We will defi nitely see a bull run in the sportswear and activewear segment too as non-sport brands will also want to start targeting to this niche and creating opportunity for expansion,” reveals Sunishka Goenka, Founder, Myriad Activewear.
“Going by the market insights and opportunity, global brands find it extremely promising to be present in the Indian market, while the Indian players have leveled up their game to keep up with their international counterparts. Better fashion forecasting and more intense research on fabrics, which people prefer to wear, will further help Indian players survive,” says Jain.
‘Fit and comfort’ of the product is considered to be the biggest USP of Wacoal. The brand has its own manufacturing units all over the world where it produces over 80 percent of their designs. It achieves high quality and high performance with the balanced mix of their own production units and research undertaken by Wacoal’s Human Science Research Centre. This is their biggest strength that differentiates them from other brands. Instead of pursuing glamor, it pursues excellent supportability with unique materials and designs based on the research and development.“We are all set to develop exclusive merchandise for the Indian market and plan to expand this in the coming years,” says Tomoyasu Ito, Representative Director, President and Corporate Officer of Wacoal Corp.
“With an abundance of knowledge made available to consumers through social media, their affinity towards global trends has become a key growth driver for the segment. Added to the mix are aspiration and accessibility – the ease with which today’s consumers can shop across channels, including online stores has contributed considerably to the consumption of the category,” he further adds.
Tanushri Biyani, Founder, Ceriz, hits the nail right on the head while attributing the rise in demand for accessories on the growing need among young urban customers to express their uniqueness. Elaborating on this, she explains, “Accessories are no longer need based purchases but give customers the opportunity to make a fashion statement. Young women of India have moved away from buying purely functional accessories to embrace the whole gamut of accessory possibilities’ wear mostly western apparel, which calls for a range of fashion accessories.”
Pepe Jeans entered into an agreement with Dollar Industries in 2017. When we started doing research and development, as a global brand we realised that the business model, focus and the DNA required in innerwear is extremely different for innerwear and apparel. It is very important that you tie-up with somebody who understands the nuances and who already has the DNA of a good innerwear brand. We went about looking in the market and met a lot of partners and finally shortlisted on Dollar Industries. Dollar Industries has manufacturing units in Kolkata, Tirupur, Delhi and Ludhiana, and it enjoys a 15 percent market share in the branded hosiery segment in India. Together, we will be investing Rs 70 – 75 crore into building this category to the next level.
The brand is also in process of installing Virtual Reality Screens or Virtual Shopping Walls – which will enable consumers to browse through the entire product catalogue of the brand’s collection. Even if a particular size or colour is not available at the store, the customer can still make a selection and the store staff can check and have the required product delivered to the customer from another store or even order it online for the consumer. Currently, the brand has full inventory visibility available across a few stores and aim to implement it across all their brands for a more hassle free in-store shopping experience.3fabindia
To celebrate the opening, UNIQLO is offering a series of special promotions including a free tote bag to the first 200 shoppers on day of the launch and Rs 500 welcome coupon to every consumer who downloads the UNIQLO India app before December 06. This coupon can be availed at UNIQLO DLF CyberHub store from November 28 to December 06 at a minimum purchase of Rs 4,000.
“Custom tailoring has been an historical part of men’s western wear. Especially in India, it had been the norm, much before ready-to-wear clothing came in. Today, it still contributes substantially to the men’s western wear market in India. Personalisation is common in the formal wear, occasion wear and casual wear segments and in denims,” says Singh.
“Domestic players have to up their game when evaluating consumer preferences and insights and have a faster turnaround of their collections in order to gain the attention of style conscious Indians. Price points will inevitably be a major concern as more and more new brands enter, the customer will look for style and function in one at a specific price point. Another prominent development is the rise of private labels that are eating into the share of the already cluttered market,” states Shah.
Reliance Industries Ltd (RIL) on Wednesday said its arm Reliance Brands has increased its stake in Future101 Design by 2.5 per cent to 17.5 percent, according to a PTI report.Reliance Retail Ltd, the retail arm of Reliance Industries Ltd, on Monday began sending invites to Jio telecom users for registering on the new venture named JioMart