25 September 2023, Mumbai

Vu Ba Phu, the Director General of the Vietnam Trade Promotion Agency (Vietrade), recently discussed the new trade show VIATT and its partnership with Messe Frankfurt. 

The event, known as the Vietnam International Trade Fair for Apparel, Textiles, and Textile Technologies (VIATT), was established to enhance trade relations between China & Vietnam.

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Vietnam, and other regional countries

VIATT is anticipated to be an annual exhibition that will feature a diverse range of products such as home interiors, textiles, garments, fabrics, and garment technology. The primary objective of the show is to foster a collaborative environment that benefits the entire Asian textile industry.

Outlook

Phu expressed enthusiasm about collaborating with Messe Frankfurt on this significant event. Messe Frankfurt is a renowned global leader in organizing trade fairs and has a rich history of over 70 years in the industry. 

Quotes

Michael Messmer, the CEO of Messe Frankfurt Asia, expressed his honor in partnering with Vietrade for VIATT. He believes that VIATT will play a crucial role in further advancing the textile industry in Vietnam and the region.

Calendar

VIATT is scheduled to be held from February 28 to March 1, 2024, at the Saigon Exhibition and Convention Center in Ho Chi Minh City, Vietnam. 

The exhibition is expected to attract over 500 exhibitors and approximately 35,000 visitors.

The company organizes more than 150 trade fairs annually across 30 countries.

The launch of VIATT marks a significant milestone for the textile industry in Vietnam and Southeast Asia. It is poised to facilitate trade promotion and foster collaboration among countries in the region.

VIATT: New Textile Trade Show in Vietnam

Key Insights:

• Promotes trade between China, Vietnam, and other regional countries.
• A diverse range of products, including home interiors, textiles, garments, fabrics, and garment technology.
• Fosters collaboration among Asian textile industry players.
• Organized by Messe Frankfurt, a renowned global leader in trade fairs.
• Scheduled to be held from February 28 to March 1, 2024, in Ho Chi Minh City, Vietnam.
• Expected to attract over 500 exhibitors and 35,000 visitors.

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22 September 2023, Mumbai

The 2023 edition of Centrestage Hong Kong, Asia's leading fashion event, featured a special section titled "AI x Fashion Reimagined." This section showcased how artificial intelligence (AI) is being used to transform the fashion industry.

One of the most notable exhibits in the "AI x Fashion Reimagined" section was the "Virtual Fashion" exhibit. This exhibit featured a number of virtual garments that were created using AI. The garments were displayed on virtual models, and visitors to the exhibit could interact with them using VR headsets.

AI x Fashion Re-imagined

Another exhibit in the "AI x Fashion Reimagined" section focused on the use of AI in fashion design. This exhibit featured a number of examples of how AI is being used to generate new and innovative fashion designs. For example, one of the exhibits showed how AI is being used to create designs that are tailored to the individual needs and preferences of each customer.

AI's transformative impact on fashion industry

In addition to the exhibits, there were also a number of talks and workshops on AI and fashion at Centrestage. These events covered a wide range of topics, such as the use of AI in fashion design, production, and retail.

The "AI x Fashion Reimagined" section at Centrestage Hong Kong was a success, and it helped to raise awareness of the many ways in which AI is being used to transform the fashion industry. AI is already having a major impact on the fashion industry, and its importance is only going to grow in the future.

The future of AI in fashion

AI is being used to transform the fashion industry in a number of ways. For example, AI is being used to:

• Generate new and innovative fashion designs
• Create designs that are tailored to the individual needs and preferences of each customer
• Improve the efficiency of fashion production
• Reduce the environmental impact of the fashion industry
• Combat counterfeiting

Evolving technologies

As AI continues to develop, it is likely to have an even greater impact on the fashion industry. For example, AI could eventually be used to create custom-made clothes that are perfectly tailored to each individual. AI could also be used to develop new sustainable fashion materials and production methods.

The future of AI in fashion is bright, and it is exciting to see how this technology will continue to transform the industry in the years to come.

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19 September 2023, Mumbai

The global maternity innerwear market is expected to reach $7.1 billion by 2033, growing at a CAGR of 6.3% over the forecast period.

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This growth is attributed to a number of factors, including:

• Increasing demand for sustainable and eco-friendly materials in maternity innerwear
• Growing popularity of seamless designs that offer a smooth and comfortable fit throughout pregnancy
• Rising availability of fashionable and aesthetically appealing maternity innerwear options
• Expansion of inclusive sizing options to cater to a diverse range of body shapes and sizes
• Growing focus on versatility, with maternity innerwear that can seamlessly transition from day to night or accommodate different outfit styles
• Integration of advanced fabric technology for enhanced comfort, breathability, and moisture-wicking properties

Nuances

In addition, the growing number of working women who continue their professional careers throughout pregnancy has also contributed to rising maternity innerwear sales.

With more women choosing to work during pregnancy, there is a need for innerwear that provides comfort and support for long hours of sitting or standing.

Maternity innerwear with seamless construction and adjustable features delivers a solution to pregnant women.

They often require practical and comfortable undergarments that can be worn throughout the workday. Demand for professional-looking maternity innerwear that blends functionality with a polished appearance has grown worldwide. It is attributed to the trend of women balancing work and motherhood.

Surging emphasis on prenatal and postnatal fitness has also influenced demand for maternity innerwear. Several pregnant women are actively engaging in exercise routines and physical activities tailored to their specific needs. Maternity innerwear such as supportive bras and belly bands provide the necessary support and comfort during these activities. They allow women to maintain an active lifestyle while ensuring the safety of themselves and their growing baby.

Outlines

Demand for maternity innerwear that combines functionality with style has grown as more women prioritize staying active and fit during pregnancy.

Quick Gist; Global maternity innerwear market to reach $7.1 billion by 2033, driven by increasing demand for sustainable, stylish, inclusive, and functional options.

Overall, the maternity innerwear market is poised for significant growth in the coming years. The increasing demand for sustainable, stylish, inclusive, and functional maternity innerwear options is expected to drive market expansion.

CREDITS: Future Market Insights report

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22 September 2023, Mumbai

Fashion retailers are expected to face profit margin pressure in FY2024 due to higher discounts, increased advertising and promotion expenses, and a demand slowdown, according to an analysis conducted by ICRA.

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An overview

Fashion retailers to face profit margin pressure in FY2024 due to higher discounts, increased advertising and promotion expenses, and a demand slowdown, but revenue growth is expected to continue. Retailers need to be proactive in managing their costs and focusing on customer needs in order to remain successful.

Data points

Despite an estimated 13% year-on-year (YoY) growth in revenue for the year, driven by the expansion of their network, the operating profit margins of 11 listed retail entities, constituting 23% of the industry's revenue, are projected to decrease by approximately 120 basis points (bps) to 5.2% in FY2024.

Outlook; While the rating agency currently maintains a stable outlook on the retail sector, the pressure on profit margins could impact the profitability of individual retailers and lead to consolidation in the industry.

Pre-empt

Proactiveness; Fashion retailers can mitigate the pressure on profit margins by focusing on cost optimization, improving product mix, and enhancing customer experience. 

They can also explore new opportunities, such as expanding into online retail and offering value-added services.

Prognosis

Overall, the outlook for the fashion retail industry in FY2024 is mixed. Revenue growth is expected to continue, but profit margins could come under pressure. 

Retailers need to be proactive in managing their costs and focusing on customer needs in order to remain successful in this challenging environment.

Driving efficiencies

Additionally, fashion retailers can focus on operational efficiency and supply chain optimization to reduce costs. They can also explore new revenue streams, such as private labels and collaborations with influencers.

By taking these steps, fashion retailers can navigate the challenges of FY2024 and emerge stronger.

ICRA analysis on fashion retailers in India: A bird's eye view

• Revenue growth to continue: 13% YoY growth expected
• Profit margin pressure: Higher discounts, increased ad spend, demand slowdown
• Outlook stable: But pressure on profit margins could impact profitability
• Proactive measures: Cost optimization, product mix, customer experience
• New opportunities: Online retail, value-added services
• Driving efficiencies: Operational efficiency, supply chain optimization, new revenue streams

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21 September 2023, Mumbai

The plus size clothing market in India is poised for rapid growth in the coming years, driven by a growing body positivity movement and rising obesity rates. A report by MarketDigits, a US-based business research and consulting company, forecasts the market to grow at a CAGR of 5.7% during the forecast period 2023-2030.

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The report attributes the growth of the plus size clothing market to a number of factors, including:

• Increasing awareness and acceptance of diverse body types
• Rising obesity rates, which have led to greater demand for inclusive plus-size clothing
• Growing demand for activewear and athleisure in plus sizes
• Increasing penetration of e-commerce platforms, which have made it easier for customers to shop for plus-size clothing
• Strong fashion marketing and promotional efforts by brands and celebrities

A number of established and new brands are now offering plus-size clothing in India, including FabAlley Curve, Alto Moda by Pantaloons, Gia by Westside, PlusS, ASOS Curve, Adidas, Nike, Puma, and Asos.

The growing trend of global consumers buying clothes that are not made for models but for real women who flatter their curves is expected to keep propelling the plus-size segment further over the next decade.

Short Message:

The plus size clothing market in India is a rapidly growing market with a lot of potential. Brands that are able to offer stylish and inclusive plus-size clothing are well-positioned to capitalize on this growth.

Gist; The plus-size clothing market in India is growing rapidly, driven by body positivity and rising obesity rates. Brands that offer stylish and inclusive plus-size clothing are well-positioned to capitalize on this growth.

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18 September 2023, Mumbai

Artificial Intelligence (AI) is transforming the Indian e-commerce landscape, with Direct-to-Consumer (D2C) brands leveraging AI-driven solutions to augment their earnings, elevate customer experiences, and substantially augment their average transaction values.

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Recommendation Engines: 

AI-driven recommendation engines scrutinize customer behavior and preferences to propose pertinent products or upsell opportunities. 

For instance, Flipkart harnesses recommendation engines to furnish personalized product suggestions, guided by a customer’s browsing and purchase history. 

Upon purchasing a smartphone, the recommendation engine can promptly propose compatible accessories such as phone cases, screen protectors, or headphones, thereby inflating the transaction value.

Chatbots and Virtual Assistants: 

AI-fueled chatbots offer real-time assistance to customers by answering queries, furnishing product insights, and steering them toward supplementary products or bundled offerings. 

For example, Myntra integrates chatbots on their digital platforms to guide customers in discovering the perfect attire and accessories. If a customer is on the hunt for a dress, the chatbot can intelligently suggest matching shoes, handbags, and jewelry, culminating in an increased overall expenditure.

Dynamic Pricing Algorithms: 

AI algorithms adeptly scrutinize market dynamics, competitor pricing strategies, and consumer behaviors to orchestrate dynamic price adjustments. Discounts and bundle deals are optimized in real-time to maximize revenue. 

For instance, food delivery platforms like Zomato and Swiggy harness dynamic pricing algorithms to offer discounts on orders placed during off-peak hours or bundle deals on multiple orders.

AI tools are exerting a profound influence on the Indian e-commerce market, enabling D2C brands to augment their earnings, elevate customer experiences, and stay ahead of the curve.

Gist 

AI is transforming Indian e-commerce, with D2C brands leveraging AI to boost earnings, elevate customer experiences, and augment average transaction values through recommendation engines, chatbots, and dynamic pricing.

Additional insights:

• AI is also being used by D2C brands to improve product development, supply chain management, and fraud detection.
• As AI continues to evolve, we can expect to see even more innovative and transformative applications in the Indian e-commerce landscape.
• D2C brands that embrace AI early on will be well-positioned to succeed in the rapidly changing e-commerce market. 

CREDITS: PRIYA LUTHRA l Entrepreneur report

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22 September 2023, Mumbai

According to a recent report by Crisil, organized brick-and-mortar apparel retailers in India are projected to experience a 7-8% increase in revenue during the current fiscal year. 

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Kickers

This growth is expected to be fueled by heightened demand during the festival and wedding seasons, despite the impact of inflation on discretionary spending during the initial quarter. 

Furthermore, the expansion of retail stores, including in Tier II and III cities, is poised to contribute to growth in FY23 and beyond.

Resilence; While the anticipated revenue growth is slightly lower than the pre-pandemic levels of 8-9%, it still demonstrates the sector’s resilience in the face of challenges such as inflation and rising costs. 

Indian consumers return to brick-and-mortar retail

The trend of Indian consumers visiting and purchasing from physical stores has been on the rise for some time. The pandemic has further accelerated the growth of online-to-offline retail.

BHARAT

The expansion of retail stores in Tier II and III cities is another significant driver of growth that is expected to sustain the sector’s progress in the years ahead.

Outlook; Overall, the outlook for organized brick-and-mortar apparel retailers in India appears positive

The projected revenue growth in FY23 serves as a strong indication of the sector’s recovery and its potential for future expansion.

Crisil report on organized brick-and-mortar apparel retailers in India: A quick glance

• Growth expected in FY23: 7-8% revenue increase
• Key drivers: Festival and wedding demand, store expansion
• Resilience demonstrated: Despite inflation and rising costs
• Consumers return: Online-to-offline retail on the rise
• BHARAT: Tier II and III cities drive growth
• Outlook positive: Recovery and expansion potential

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20 September 2023, Mumbai

The Intertextile Shanghai Apparel Fabrics event of August 2023 provided a comprehensive snapshot of the textile industry's current state, with a particular focus on China. While the industry in China and some neighboring countries has witnessed significant changes, its fortunes vary. 

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Exhibitors from the Japanese and Korean pavilions reported challenges, while Taiwan and Hong Kong exhibitors expressed more optimism.

Sustainability emerged as a dominant theme at the event, with exhibitors and buyers alike showcasing their commitment to sustainable practices. AI and design trends were also on full display, with companies exploring new ways to leverage technology to drive the industry forward.

Here are some key takeaways from the event:

• Mixed fortunes in the textile industry: The textile industry in China and some neighboring countries is facing challenges, but there are also opportunities for growth.
• Sustainability takes centerstage: Sustainability is a top priority for exhibitors and buyers alike.
• Global participation and innovation: The event's global appeal was evident, with exhibitors and buyers from all over the world showcasing their innovative products.
• AI and design trends: AI and design trends are playing an increasingly important role in the fashion industry.

Overall, the Intertextile Shanghai Apparel Fabrics event demonstrated that the textile industry is undergoing a dynamic transformation. 

Businesses that adapt to changing consumer demands and embrace technological advancements will be key for businesses to thrive in this dynamic environment.

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17 September 2023, Mumbai

India's clothing and lifestyle retailers are gearing up for a bumper festive season, with consumers expanding their spending budgets after a pandemic-induced slowdown.

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Rain of offers

Retailers are offering huge discount schemes across different product categories, with lower price points and special festive packs as the base of their promotional and marketing strategies.

The festive season in India starts with Onam in August and covers Ganesh Chaturthi, Durga Puja, Dussehra, Diwali, and Bhai Dooj all the way till Christmas in December, interspersed by the wedding season.

Sweet spot

It is one of the most important times of the year for retailers, accounting for a third of total sales.

This year, consumer sentiment is positive, with many planning to increase their spending on apparel, accessories, and lifestyle products.

This is partly due to an increase in per capita GDP, which is now hovering around the $2,500 mark. Luxury brands are also witnessing significant traction in India, indicating a willingness to spend on premium products.

RAI

The Retailers Association of India (RAI) forecasts a robust growth of 10-11 percent during the festive season this year.

The association's CEO, Kumar Rajagopalan, says that the upper-middle class and the middle class are inclined to spend during festivals, which will drive focus to premium products across various categories.

Inventory Management; Retailers have managed their inventory levels well this year, after learning from the previous year when they were forced to offer huge discounts to clear unsold inventory. This is likely to keep margins healthy during the festive season.

Byouency

Overall, the outlook for India's clothing and lifestyle retailers is positive for the upcoming festive season.

With consumers eager to spend on new clothes and accessories, retailers are well-positioned to capitalize on the demand.

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