President – Retail & Business Development Raymond Limited
Branded apparel industry has a prodigious growth rate. Hence several leading textile bigwigs are entering into the market for their retail outlets. How do you see the upcoming market scenario and how it will affect the existing branded outlets?
The apparel industry has witnessed a spate of changes relating to consumer buying in recent years. With a wide choice of branded offerings from both national and international players, consumers today have become extremely brand-conscious and are particular in terms of their choice of brands.
In this context, it is imperative for brand players to innovate and remain competitive in the marketplace. Even strong players require innovative product and marketing ideas / initiatives to garner the attention of the today's consumer.
As seen in the recent past, the white space offered by smaller markets will continue to fuel the growth for brands. However, not just in small markets, even in large towns, existing outlets will need to offer an experience that would lead consumers to come back to the store.
Moreover, how do you see domestic retail brands playing a challenging role to attract its consumers in the context of several international players vying for Indian consumer interest?
Despite competition from their global counterparts, Indian apparel players have managed to perform strongly and grow at exponential rates.
Prominent Indian brands are thus equipping themselves for this competitive market place by creating new contemporary designs for the products, reaching out to newer markets, and delivering a “WOW” ‘shopping experience’. All of this is aimed at retaining their positions in the market and in consumer minds.
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