How to find a new pair of jeans, a new jacket, a fresh pair of socks or a new toilet paper?
These are all things that you might need to know in India, which has seen a recent spike in the number of new fashion brands entering the market.
The trend is not new but it is growing rapidly and, with the country’s population rising, is being welcomed by many businesses.
“In the last couple of years, fashion has seen an exponential growth.
People are looking for more options, more affordable options,” says Prasanth Nagesh, managing director of JB Sotheby’s in Mumbai.
“People are looking to save money on clothes, they want to be able to spend more time with their families, they need a bit more space.”
In the past few years, the country has seen huge growth in fashion and it is an area that can be leveraged in India.
While the country saw a sharp rise in the demand for clothing, it also saw a rise in demand for footwear.
“We’re seeing an exponential increase in footwear in India and it’s an opportunity for our businesses to take advantage of,” says Shruti Shah, CEO, JB Shoe Brand India.
Shah says the trend is coming on as the country continues to face an economic crisis.
“For the first time in India’s history, the economy is growing at a faster rate than inflation.
This is really an opportunity,” she says.
With a population of around 1.2 billion, India has a population growth of 1.1% and more than a billion people are unemployed.
In terms of the clothing industry, Shah says she is seeing an influx of brand buyers.
“When you look at brands like Dama, Puma, Vans and Gap, the demand is growing, as people want a quality product and a brand,” she explains.
“I have seen a lot of people wanting to get in touch with us to see how they can benefit from our products and services.”
While Shah says it is important for her to continue to grow the business, she is also working with other retailers to get a foothold in the country.
“The most important thing for us is to build a brand in India that people will actually want to buy.
The people that have been coming to us to buy clothes, have come to us because of the high fashion,” she adds.
India’s brand market is expected to reach $1.1 trillion in 2019, with a share of the market growing from 15% to 20% by 2022.
“With this market, brands can grow at a really fast rate and the industry is expanding in such a way that the value chain of the business can really benefit from it,” Shah says.
In a bid to diversify, many companies have taken to investing in their own brand and this has helped the country become a destination for new brands.
Shah, for example, is looking to open an online shop that will be a destination to buy the best brands and new products from across the country and beyond.
“There is a demand for a different experience.
There is a need for people to be aware of the difference between a brand and an online store,” she added.
With this in mind, Shruta Shah says JB is focusing on creating a unique online experience for the country by leveraging technology and marketing strategies.
“As soon as we start to create an online platform, there is an opportunity to get into the space in a really interesting way,” she said.
JB has invested in a range of different platforms and is currently working on a new mobile app for the business.
While there is still much to be done, Shah believes that the online platform will help the brand reach a new audience.
“At the end of the day, our goal is to bring back the brand that was created here,” she explained.
“This is a place where you can see a brand’s identity, the look and feel of a brand, the brand’s history and brand-building skills.”
For more business news, see: New fashion store opens in Mumbai, launches in Delhi Bharat Electronics in India India’s fashion industry Mumbai: The Next Big Trend?