Your stance on ‘Pricing’ in the context of Indian apparel market would be-
With the Indian consumer evolving and becoming increasingly aware, value is not just a price proposition and is no longer defined only by it.
Also, with the apparel category constantly evolving, consumers are increasingly seeking enhanced product attributes and services to fulfill the value proposition.
In keeping with this, Private labels are expected to contribute significantly to the growth of the entire apparel industry.
Apparel retailers shall have to clearly understand the various emerging customer segments and the value proposition of each segment. Value shall be defined, in addition to price, across parameters such as : product attributes, convenience of format, pack sizes, etc.
•It shall be imperative for entrant international brands to develop India centric models around market based pricing, styles, fits and fabrics that are relevant to the Indian consumer
•Thus, even international brands, with increasing focus towards Asian markets, shall have to shift manufacturing, sourcing and distribution capabilities closer to the relevant market to leverage economies of scale and gain a sharper understanding of the consumer
Some experts say e-commerce has a vital role to play in the retail industry ahead. What is your opinion?
It will take a few more years for this format to generate substantial quantum of business, with consumers still evolving.
Internet and other electronic media can be platforms to grab more eyeballs, but it’s the brick and mortar format which shall drive growth in India in the coming years.
Recently, you had organized the ‘2nd Technopak Leadership Forum (TLF)’. Can you share with us on the rationale, and the takeaways by the industry?
Technopak Leadership Forum: Textile & Apparel is a yearly forum to bring together industry leaders on a common platform and exchange views on the future of the textile and apparel industry.
The theme for this year’s conference was “Resurgence in India’s Textile and Apparel Industry – Vision 2020”.
TLF, for the second year in a row, has become a great platform for CXO level business leaders to brainstorm, share and gain key insights into the present and future of the dynamic Indian marketplace.Click here to view previous Face2Face with Technopak
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.