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India’s leading fashion company, Aditya Birla Fashion and Retail Limited has announced a strategic partnership with India’s ace designer Ta run Tahiliani to form a new entity that will soon launch a contemporary men’s ethnic wear brand. The new brand will operate in the premium occasion wear segment and will offer the entire range of high quality, sophisticated celebration wear for men at accessible price points.
The new brand aims to build a Rs 500 crore business in the next 5 years with more than 250 stores across the country. The
brand will launch the first set of retail stores by September ’21.
ABFRL will hold 80% stake in the new entity while Tarun Tahiliani will hold the remaining 20%. As part of the deal, ABFRL will also acquire 33% stake in the existing Luxury Couture business ofTarun Tahiliani, with the option to increase it to 51% in the next few years.
Commenting on the partnership, Ashish Dikshit, Managing Director, ABFRL said: “We believe that over the next few years, ethnic wear is going to be an important category as confident Indians rediscover their culture and heritage. Tarun Tahiliani has been at the forefront of the emergence of the Indian design industry. We are proud to partner with him to launch a new brand that gives the emerging Indian consumer a new range of celebration wear reflecting the unmatched, exquisite design excellence at more accessible prices. The ethnic wear segment is a large and growing market with a significant opportunity to build scale. The combined expertise of Tarun Tahiliani and ABFRL will enable the new brand to make a strong impact in the market. The existing couture brand will continue to benefit from the fast growing luxury segment of the market. This partnership is in line with our stated strategy to craft a portfolio of brands that address the entire gamut of ethnic wear segments: value, premium and luxury.”
Tarun Tahiliani, Founder & CEO, Tarun Tahiliani Brand said, “Last year, we celebrated 25 years of the Tarun Tahiliani label. The next big leap for the brand was to take our craftsmanship and expertise and offer it to a larger Indian market that knows and values quality and is actively seeking it. I was clear that we needed a partner who could not just help us with this scale, but also have the same dedication to quality and the customer. And that could only have been the Aditya Birla Group. Over the years, I have admired what Mr Kumar Mangalam Birla has built and created for the Aditya Birla Group, specifically his landmark excellence in building fashion retail in India. I am excited and look forward to this unique opportunity of taking our signature India Modern aesthetic to a broader consumer base across the country. The Tarun Tahiliani brand will continue to be the studio doing couture and occasion wear, building on its experience and success.”
The proposed acquisition is subject to necessary statutory approvals and signing of definitive agreements.
Ravi Prakash Singh, General Manager, Citykart, spoke about the company’s strength in supply chain operations. He said, “Automating supply chain operations has become a must to future proof businesses, addressing needs of wired customers. To reach our ambitious goal of making fast fashion accessible to customers in small town and cities, we have also invested in deft inventory management – a system of record that keeps a rigorous control over stock and highlights the critical areas related to sales and stock numbers. We aim to strengthen these capabilities further to increase efficiency and bottom line of our business.”
At the store opening, Soumava Naskar, Director, hummel India said, “Our products are retailed both online and offline at the same price points. We are targeting to open around 15 stores in the current fiscal out of which 5 are operational now. We are investing substantially to develop our backend and also on our consumer facing brand communication.”
They would go on to pick up ‘a few’ underwear since they don’t really know how many they will need. He doesn’t even see what the other brands in the neighboring racks have to off er. It is an almost blind purchase. Also, most Indian men tend to purchase innerwear before travelling, as they realise they might not have access to laundry and would need fresh underwear to last the duration of the trip.
It’s also noteworthy to mention rising cost is taking a toll on most brands’ margins. “The production and cost of the product is costing us high by the day as the prices for raw materials are increasing, it’s been very difficult to price products at cheap and affordable price range. However we are doing so by reducing our margins. This is not a permanent solution and we are still figuring how much growth is required for our brand to be doing what we are already doing,” adds Richa Kalra.
Matteo Sinigaglia, CEO of Fashion Box SpA, said: “I am very excited about Replay’s first store opening in India at Delhi-Gurugram. I am confident that our constant striving to deliver qualitative and innovative products will be in line with the consumers’ appetite for the highest standards in denim. Furthermore, it is a real pleasure to join forces with Reliance Brands Limited and I truly believe we are starting a wonderful journey together.”
Consumers of Tier I, II and III cities were compelled to consume from the limited choices that their local brick and mortar outlets stocked. With the advent of e-commerce, the smaller cities and towns were exposed to unlimited choices and options. The online market has not only increased the overall sales of the innerwear market but has also helped with brand awareness. “E-commerce is an amazing platform and is changing the rules of retail selling. Products are easily accessible here and also lots of attractive offers and schemes are available. The entire retail scene is destined to go through a significant transformation in time to come and the pace of this transformation is very rapid,” says Vinod Kumar Gupta.
The brand introduced its sCore Ten strategy to understand customers and their substantial need, where the key element is essentially to reach out to customers downstream but not down to the consumer. It forces a conscious effort to reach to its customers through its upstream value chain that familiarises and re-enforces ‘down to the customer’, to understand that what they are buying when a tag states ‘Lenzing fibre’, which is a sustainable fibre through a sustainable production process. The spokesperson shared an example of its partner brand Mango which has a Lenzing tag and also educates the customers about the kind of tencel (modal fibre) the garment contains.
On what makes it important for all brands, retailers and consumers to consider investing in responsible/ sustainable fashion, Manjula Gandhi, Chief Product Officer, Numero Uno states, “Fashion has become a consumer product with a limited life span. This is true for both cheap fashion as well as for haute couture. Cheap prices, discounting and vast choices allow large amounts of clothing to be purchased. Now that people communicate much more through pictures via Instagram and other social media platforms, it becomes imperative for customers to spot a fresh look always. And so, an avalanche of consumption has been set in motion which is threatening to choke the planet. It is true that many fashion companies and brands today are following the philosophy of sustainability. Denim brands have realized the market for sustainable and responsible products which is set to grow basis the rising awareness. The realization has come about mostly as a result of many different factors coming into play at the same time, one of them being changing values of society – durability and sustainability becoming increasingly important especially among young people. It is no longer enough for fashion companies to talk about their green ambitions, they have to prove that they are taking actual steps in making their practices greener and more ethical.”
Retailers typically pre-order inventory a few months ahead of the season using forecasting tools. These goods then arrive at the distribution centre, where they are sorted, and 100 percent of the quantity is allocated to respective stores. A few weeks into the season a few styles get sold very fast. These ‘fast movers’ are ‘sold-out’ within the first few weeks, exhausting the quota for the entire season, thus causing a ‘stock-out’. Demand for these fast-mover item persists, yet in most cases the retailer is unable to replenish these styles owing to long manufacturing and transportation lead times and Minimum Order Quantities demanded by manufacturers. This inability to replenish the fast movers represents a ‘tangible opportunity loss’ for the retailers, hindering their ability to achieve targeted sales for the season at original marked-up price. Conversely there are many styles that perform poorly compared to their forecasted rate of sale. These ‘slow movers’ not only take up valuable retail space, preventing fresh, new product lines being displayed, but also bloat the working capital and block the open to buy (OTB) limits for the next season.
Due to the demand for differentiated and sustainable options, men’s innerwear is experiencing a gamut of offerings. Global brands are increasing their product range by diversifying into luxury loungewear and sleepwear. For instance, big brands like Calvin Klein and Gap have already introduced a luxury loungewear range. Innovation is not restricted to product segments but has extended to product types as well.
Myntra’s franchisee has launched a new store for Roadster – one of the most popular and leading outdoor lifestyle brands in the country. Called ‘Roadster Go’, the offline store is located at Vega City Mall in Bengaluru and inherits the legacy of brand Roadster’s hi-tech fashion omni channel experience, which is the first of its kind in the country.
Cotton Council International (CCI), the export promotion arm of the National Cotton Council of America (NCC), is a non-profit trade association that promotes U.S. cotton fiber and manufactured cotton products around the globe with its Cotton USA trademark. CCI has 60 years of experience promoting U.S. cotton fiber and products to trade and consumers. It works with spinning mills, fabric and garment manufacturers, brands, retailers, textile associations, governments and the USDA to facilitate the use of U.S. cotton. Our reach extends to more than 50 countries through 20 offices around the world.