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February 21, 2024
Published in ETPrime, 21 February 2024
Around two years ago, when Delhi-based Debabrata Bhattacherjee decided to explore a new brand for casual wear, he decided to give Uniqlo a try. The 27-year-old was so impressed by the quality that he became a regular customer of the Japanese fashion brand that had set foot in India in 2019.
“What first attracted me was the convenient design of their store, which was very organised and clean. Very Japanese, to say! The shopping experience is very hassle-free and offers a lot of options. Their clothes are very comfortable and the quality is excellent,” said Bhattacherjee, a video producer. Though the brand is costlier than others, he is okay paying the premium.
Bhattacherjee is among the many Indians who have contributed to the rising sales of Uniqlo. Also known to be Asia’s biggest clothing brand, the Japanese company posted a 69% jump in sales in FY23 from FY22, with a net revenue of Rs 624.6 crore and a net profit of Rs 68.38 crore in India.
Uniqlo is among a bunch of Japanese and South Korean brands that have, in the past couple of years, been gaining more space in the lifestyle and beauty product shelves of Indians. Wacoal, MUJI, Innisfree, Sulwhasoo and Amorepacific have been witnessing a relatively quiet but consistent growth in sales in the country.
East Asian portfolio
Indian consumers are not new to the products from these countries. A popular example is automobiles: Suzuki, Hyundai, Toyota and Honda have made millions of Indians mobile. Now, fashion and lifestyle products from East Asia are also now becoming part of Indian households.
Anand Ramanathan, Partner and Leader-Consumer Products and Retail, Deloitte India, said this is because these brands have built a reputation for quality, design and durability — much like their peers in automobiles and engineering.
East Asian lifestyle and beauty brands initially had an influence in the Northeastern states, where the customers are not only ahead of the curve in fashionability but also found resonance with the look of these brands, said Devangshu Dutta, founder and CEO of management consulting firm Third Eyesight. “In due course, K-dramas and K-pop (Korean popular culture) has boosted their expansion across the country. Japan and Korea are highly developed beauty and skincare markets, with customers who are conscious both about their appearance, as well as about the products’ performance. These brands have established brand equity across markets on their quality, innovation, and product development,” he said.
Indians have been enjoying the “Korean wave” or Haalyu, which refers to the global popularity of Korean culture, music, movies, and TV dramas. Ramanathan pointed out that Korean has emerged as the most learnt language among the 13-22 age group in India. Apart from fashion, he said, the cultural impact can be seen in food and jewellery options of Indian Gen Z and millennials.
Well-travelled Indians who have been exposed to these brands find the pricing has “value” implicitly built in, Dutta added.
Companies from these countries also seem to find value in India. A 2023 survey by the Japan Bank for International Cooperation (JBIC) that collected responses from over 500 manufacturers in the island country showed that 48.6% of the companies considered India a key destination for medium-term business growth. Ramanthan cited a report by DPIIT that stated that since 2000, South Korea has invested $5.7 billion in India across various sectors. Recently, South Korea has invested $400 million in India during July 2022 to June 2023.
E-commerce is a driver
Another brand on this list is Japan-based Wacoal. The lingerie maker entered India in 2015 with its first store in Mumbai, and has posted an impressive 3X year-on-year increase over the last eight years, said Pooja Merani, COO of Wacoal India.
This was because its products have adapted designs that align with the preferences of the Indian market, demonstrating cultural sensitivity, she said. The company measures the physique of approximately 1,000 women and girls between the ages of 4 and 69 every year, said Merani. This has helped it make clothes that suit Indians well. “Prioritising fit and comfort in the offerings, and understanding the diverse body types in India, have likely contributed to customer satisfaction and loyalty,” she said.
South Korean beauty firm Amorepacific, which is the parent company of popular cosmetic brands such as Innisfree and Sulwhasoo, said they are seeing traction in India as the beauty and wellness industry is experiencing robust growth. “There is an increasing awareness and emphasis on skincare, with consumers seeking effective and high-quality products. India has a large and youthful population, and the youth are often early adopters of beauty trends. Korean skincare products, with their trendy packaging, innovative formulations, and youthful image, can resonate well with this demographic,” said Mini Sood Banerjee, Assistant Director and Head of Marketing at Amorepacific Group.
The company had last year signed an agreement with Reliance Retail to sell through its online fashion platform, Tira. Banerjee said 80% of its sales are through e-commerce. “INNISFREE has been engaging with the Indian consumer much more rapidly in the online space.”
Uniqlo attributed its success to its blend of Japanese philosophy with Indian culture — the company started selling kurtas from 2019, when it had entered India through Delhi. A spokesperson credited the brand’s success to the 13 brick-and-mortar stores in India focussing on its “LifeWear” philosophy. “It is simple, high-quality, everyday clothing with a practical sense of beauty that is ingenious in detail. This approach originates from the Japanese values of simplicity, quality and longevity — and we have seen that Indians appreciate the high level of quality of our apparel,” the spokesperson said.
Making in India
These companies have also started production in India, a sign that they find the market promising.
Wacoal started its production in India last year, and is expanding into newer segments. The Uniqlo spokesperson said the company is on track to achieve 30% domestic sourcing. “We are actively growing local suppliers to deliver quality products for our customers. For example, we now work with 17 sewing factories and 6 fabric mills in India.”
Fashion, home textiles and other home products are potentially the first categories where manufacturing within India can be explored, said Third Eyesight’s Dutta. Brands with a large global footprint and established supply chains find it difficult to shift manufacturing bases.
“To make a shift to India, a substantial volume of demand needs to be generated within the country, and brands also need to be actively looking to diversify from their existing supply bases. Fashion brands and retailers with product lines that are relatively less technical or complex, or for which the size of economically viable production base is relatively small, are already looking at manufacturing more products and greater volumes in India,” he said.
Foreign brands have to find the product-market fit to be successful in a country. India being an ethnically diverse market, the product-market fit can be dissimilar across the country. Brands can be successful only if they can address specific segments and build the business accordingly, Dutta added.
Companies like Wacoal said they are mindful of the cultural challenges. Merani pointed out how the lingerie market is predominantly unorganised and has challenges such as limited awareness about proper sizing and cultural taboos. “Overcoming traditional industry norms and promoting accurate sizing awareness remains a persistent hurdle for us. Additionally, addressing diverse body types while ensuring top-notch quality further adds complexity,” she said.
‘Affluent India’
Despite the challenges and the steep pricing, experts said these brands are becoming popular as Indians have more disposable income.
According to a recent Goldman Sachs report that corroborated data using tax filings, bank deposits, credit cards and broadband connections, the affluent Indian consumer cohort has grown at a compound annual growth rate (CAGR) of over 12% in 2019-23, compared to 1% CAGR in India’s population. Rising retail participation has lifted India market cap over 80%, it pointed out. “The largest beneficiary of rising ‘affluent India’ are categories such as leisure, jewellery, out-of-home food and healthcare, and premium brands within all categories,” it added.
The willingness of Indian customers to pay a premium price for better quality products depends on factors such as product category, brand reputation, target demographic and economic conditions, said Amorepacific’s Sood.
For Japanese brands, the shift in India from electronics and automobiles to clothing and lifestyle is driven by strategic diversification and changing consumer trends. Japanese companies are leveraging globalisation and the increasing exposure of Indian consumers to international lifestyles, said Wacoal’s Merani.
“Economic factors, such as India’s growing middle-class population and economic growth, contribute to the attractiveness of the market. Thorough market research and understanding of local preferences, along with collaborations and partnerships, enable Japanese brands to align their products with the specific demands of the Indian consumer market. Overall, this shift reflects the adaptability and strategic decision-making of Japanese brands, indicating their confidence in the potential for success in diverse sectors beyond automobiles,” she said.
The Indian market still has legs.
The COO of Wacoal India said the lingerie market, for one, would grow by a CAGR of 9.3%, especially as more young women join the workforce.
India presents a great opportunity as a strong growing market. Even domestic brands are competing for “share-of-mind, shelf-space and share-of-wallet, and some larger Indian corporates are also backing their own brands and retail formats with strong investments,” added Third Eyesight’s Dutta.
If the Japanese and Korean brands want to survive, they would need to keep innovating and adapting to consumer preference. For Indians, meanwhile, it is “ache din” when it comes to shopping.
admin
January 29, 2024
Economic Times, 29 January 2024
High aspirational value, rising disposable incomes in non-metro markets, premiumisation, and social media boosting brand awareness have led to international retail brands growing at a fast pace while desi brands go easy on expansion.
Global brands such as Zara, H&M, Bugatti Fashion, La Vie en Rose, Adidas, Nike, West Elm, Starbucks, Uniqlo and Marks & Spencer are fast finding favour with Indian buyers. A significant propeller of their growth is small towns where buyers, willing to spend more, are getting more brand conscious.
According to CBRE, about two dozen international brands entered India in 2023 and expansion by global brands that are already present in the country have fuelled the demand.
Videshi retailers make more space
The retail sector recorded an all-time high leasing in 2023, taking 7.1 million sq ft across eight cities, an increase of 47% from last year despite large retailers slowing down on store expansion. A prominent factor in the growth was international brands. Retail leasing by international brands was almost 25% in 2023 compared to 14% in the previous year, ET has reported.
Canadian lingerie retailer La Vie en Rose made its debut in India in partnership with Apparel Group India and launched its first store in Delhi-NCR in July 2023 and later expanded in Pune and Bangalore. Similarly, Rimowa, a German luxury luggage brand, entered India through its partnership with Reliance Brands and opened its first store in Mumbai.
Other notable expansions by international players include French fashion & apparel brand Bugatti Fashion and the American furniture brand West Elm opening their stores in Pune, and American lingerie brand Victoria’s Secret opening stores in Hyderabad and Pune.
Making inroads into small towns
Three dozen big brands entered tier-II cities in the first nine months of 2023, as demand from smaller cities continued to be strong even after the pandemic. A good number of those were global brands.
Brands such as H&M, Marks & Spencer and GAP have entered cities like Indore, Mangalore, Patna, Ranchi, Mysore, and Coimbatore, according to data by CBRE. “India’s first retail REIT has encouraged developers to aggregate and upgrade their existing facilities, apart from developing new malls. Moreover, domestic and international fashion brands are looking to expand in non-metro cities, fueled by a well-aware and well-travelled consumer set,” Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, has said.
Desi retailers turn cautious
While international brands are expanding at a strong pace, desi retailers are turning cautious. India’s top retailers have significantly slowed down their store expansion this fiscal year, after opening a record number of outlets last year, ET has reported based on their latest investor disclosures. The top five retail chains – Reliance Retail, Titan Company, Avenue Supermarts that owns DMart, V-Mart Retail and Shoppers Stop – together opened 44% fewer stores in the first three quarters through December compared with a year earlier.
Top industry executives attributed the slowdown in store expansion to more focus on profitability when consumption had not picked up the way it was expected to and as most of the new markets are already filled up with two-four retailers, leaving little room for more outlets. It appears global retail brands are less vulnerable to these pressures.
Global brands buck the trend
Top global apparel and fast fashion brands appear to have struck a strong chord with young customers, racking up sales growth of anywhere between 40% and 60% in FY23, bucking the trend in a market where the overall demand for discretionary products slowed down, ET has reported based on latest filings with the Registrar of Companies.
For instance, Swedish fashion retailer H&M and rival Zara reported a 40% increase in its topline while Japanese brand Uniqlo saw a 60% jump in sales. American denim maker Levi Strauss and British brand Marks & Spencer posted a 54% increase. Dubai-based department store Lifestyle International, too, saw a 46% jump in revenues on a large base. These brands garnered combined annual revenues of nearly $2.6 billion, more than double compared to FY21 when it was $1.1 billion all put together.
“With consumers getting brand conscious, global brands have a natural advantage. There is a distinct aspirational momentum for international brands that carries them through. Also they can sustain having unsold inventory and discounting better than smaller peers,” Devangshu Dutta, founder of Third Eyesight, a strategy consulting firm, told ET recently. “Also, these brands have not yet reached saturation point in terms of network and hence can invest further to widen their reach.”
Even as international brands are aggressively adding more physical stores, the revenue surge was also led by brands’ shifting focus on ecommerce, which now accounts for more than a quarter of their sales, even as they face intensify competition from both local and global rivals in an increasingly crowded market where web-commerce firms continue to offer steep discounts. Over the past two years, sales growth for most retailers have been price-led, reversing the historic trend when volumes or actual demand drove a bulk of the sales.
The fashion retail segment has been struggling with a demand slowdown since January last year due to inflationary headwinds. The overall retail growth slowed down to 6% in both March and April, increasing marginally to 9% in August and September before falling slightly to 7% in October and November, according to the Retailers Association of India.
(Published in Economic Times)
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January 20, 2024
20 January 2024, Mumbai
Economic Times
Brand managers love a viral campaign that gives them a louder voice in the company boardroom, and leverage during appraisal conversations. An event the size and scale of the Ram Temple inauguration in Ayodhya, to be held on January 22, could be a means to get all this. Yet, brand strategists observe that major consumer brands are focusing on an on-ground presence with kiosks and hoardings around the venue-a more below-the-line (BTL) marketing approach instead of going for a mass media moment-marketing campaign that could fetch them the much-desired social media chatter and a subsequent virality badge.
Branding consultants believe there could be multiple reasons for this. For starters, January may not be a marketer’s favourite month to spend on a big campaign considering the Diwali season – when brands incur huge ad spends to drive festive consumption – concluded not too long ago.
Further, “there are various ways to stimulate consumption around religious festivals. A temple inauguration, while a good opportunity for TV brands to perhaps push people into watching the event on a big-sized television screen, is difficult for many brands to find a direct connection with,” says Ambi Parameswaran, founder of Mumbai-based brand advisory, Brand-building.com. “How does a clothing brand ask people to buy more clothes when they’re not attending the event?” he asks, adding that brands in the airline and travel aggregator sector are likely to start mainstream advertising once the temple is open to the public.
“Logistics and infrastructure brands involved in the construction of the temple will also most probably start advertising their involvement in the project in some time, to showcase it as a key part of their portfolio,” he notes.
Management consultant Devangshu Dutta says that “brands looking to get a boost from the event will still be treading cautiously,” as it is one of the most sensitive political issues pre-dating even the country’s independence. “We may see vanilla marketing, such as congratulatory or celebratory billboards from brands. But marketers will not want to hit any off note that can get hugely controversial, so they may avoid going for something clever or humorous,” he adds. Dutta is the founder of Delhi-based strategic advisory firm Third Eyesight.
Shagun Ohri, founder of Bengaluru-based branding outfit, The Satori Studio, says a client recently approached them for a major promotional activity ahead of the launch . “It was a founder-led brand keen to do something around the event as it aligns with their belief system. But they dropped the idea eventually as it would not have directly helped the brand’s sales and marketing objectives,” says Ohri.
With Ayodhya getting a full makeover, marketing consultants are keen to see the tourism trends that will emerge soon and the brand spending that will follow. “A new generation of India has gotten into religious tourism. It will be interesting to see whether popular consumer brands that are planning to set up shops around the temple area will be able to draw customers in droves,” says Ohri. “For a religious place to become a tourist spot requires a lot of work. Tirupati has taken years to create that pull.”
(Published in Economic Times)
admin
January 5, 2024
Sagar Malviya, Economic Times
January 5, 2024
Top global apparel and fast fashion brands appear to have struck a strong chord with young customers, racking up sales growth of anywhere between 40% and 60% in FY23, bucking the trend in a market where the overall demand for discretionary products slowed down.
For instance, Swedish fashion retailer H&M and rival Zara reported a 40% increase in its topline while Japanese brand Uniqlo saw a 60% jump in sales. American denim maker Levi Strauss and British brand Marks & Spencer posted a 54% increase, latest filings with the Registrar of Companies showed. Dubai-based department store Lifestyle International, too, saw a 46% jump in revenues on a large base. These brands garnered combined annual revenues of nearly $2.6 billion, more than double compared to FY21 when it was $1.1 billion all put together.
“With consumers getting brand conscious, global brands have a natural advantage. There is a distinct aspirational momentum for international brands that carries them through. Also they can sustain having unsold inventory and discounting better than smaller peers,” said Devangshu Dutta, founder of Third Eyesight, a strategy consulting firm. “Also, these brands have not yet reached saturation point in terms of network and hence can invest further to widen their reach.”
The revenue surge was also led by brands’ shifting focus on ecommerce, which now accounts for more than a quarter of their sales, even as they face intensify competition from both local and global rivals in an increasingly crowded market where web-commerce firms continue to offer steep discounts. Over the past two years, sales growth for most retailers have been price-led, reversing the historic trend when volumes or actual demand drove a bulk of the sales.
The fashion retail segment has been struggling with a demand slowdown since January last year due to inflationary headwinds. The overall retail growth slowed down to 6% in both March and April, increasing marginally to 9% in August and September before falling slightly to 7% in October and November, according to the Retailers Association of India.
“Spends are shifting to experience, holidays and big ticket purchases such as cars. Stronger retailers which had the right product to price proposition works for consumers who are not necessarily looking at brands from global and local lens. What helped our sales was product rationalisation, renovation of stores as well as our value proposition,” said Manish Kapoor, managing director at Pepe Jeans that clocked 54% growth to Rs560 crore in FY23. “The current fiscal has been muted and we expect election spending and improved sentiment to drive recovery next fiscal.
As the world’s second most-populated country, India is an attractive market for aspirational apparel brands as rising disposable incomes cause the consuming base of the pyramid to broaden further. “The Indian economy is on course to be among the top economies in the world. The key factors driving the India consumption story include a large proportion of young population, rising urbanization, growing affluence, increasing discretionary spending and deeper penetration of digital,” said Levi Strauss in its latest annual report.
Last year Levi’s said India is now the largest market for them within Asia and sixth largest globally while M&S said it is opening a store every month in India, already its largest international market outside home in terms of store network.
(Published in Economic Times)
admin
December 12, 2023
Akshit Pushkarna, Afaqs
12 December 2023
The season for Indian weddings, usually spanning October to December, experienced an unusual twist due to Hindu calendar nuances this year, resulting in a shorter duration. The unexpected shift has upended the conventional decrease in marriage ceremonies, resulting in a condensed surge of weddings.
A report by the Confederation of All India Traders (CAIT) anticipates Rs 4.74 lakh crore in business earnings from the 38 lakh marriages expected this wedding season, marking a historic high. In comparison, the corresponding period last year witnessed around 32 lakh weddings with total expenses amounting to Rs 3.75 lakh crore.
This presents brands involved in the wedding business with an ample opportunity to capitalise and drive forth their business revenues for the year to come. Three key brands associated with wedding business are steering their strategies to align with the evolving preferences of Indian consumers in the lucrative wedding market.
A more region-specific focus for Shaadi.com’s marketing communication
In a conversation with afaqs!, Adhish Zaveri, VP-marketing, Shaadi.com, a prominent online matrimonial and matchmaking service, speaks about how digital media is more relevant for brand building for wedding-oriented businesses now, eclipsing the relevance of traditional TV and out-of-home advertising. He sees mass media serving only reminders to prompt registrations, while the primary focus shifts towards digital platforms.
This change involves a robust regional focus within our marketing playbook, recognising the dynamic shifts in matrimonial behavior across diverse geographies
Adhish Zaveri, VP-marketing, Shaadi.com
“This season, we have incorporated a paradigm shift in our marketing strategy, driven not only by the upswing in weddings but also by observing how Indians approach finding life partners, with nuances varying across regions. This change involves a robust regional focus within our marketing playbook, recognising the dynamic shifts in matrimonial behaviour across diverse geographies,” he says.
The campaign is driven by the company’s commitment to assure individuals of finding a match within a specified timeframe. The pledge to successfully matchmake within 30 days, with a refund guarantee, serves as the crux of their messaging this season. “Tailoring our approach to each market, we’ve executed this promise uniquely.”
This approach sees the company partner with people of influence across markets to drive better visibility. For the Hindi market, they’ve forged a strategic partnership with Jasleen Royal, the acclaimed singer behind popular wedding songs like Din Shagna Da and Hiriye. Leveraging her association, Zaveri says they have orchestrated a robust social media engagement strategy.
“In the Tamil market, we’ve employed celebrities who recently tied the knot as our ‘matchmakers.’ Adapting a viral reel from this region, featuring the celebrity couple, became a cornerstone of our campaign. While regional focus has always been part of our strategy, this time we’ve approached it through a celebrity lens, creating bespoke strategies for each South Indian market. Although distinct, each strategy is unified by a celebrity-centric approach. From featuring Supriya and Sachin Pilgaonkar for Marathi audiences to enlisting Jasleen Royal for the North, and partnering with Ashok Selvan and Keerthi Pandian for the South – we’ve delved deeper into regional dynamics,” he adds.
Zaveri believes the success of the approach is evident, particularly in the South, where the company’s market presence has increased dramatically post-campaign, providing them an opportunity to further invest in the region.
A focus on the Wedding planning business for Vikaas Gutgutia’s Ferns N Petals
In the backdrop of a season that signals prosperity, Vikaas Gutgutia, founder and managing director, Ferns N Petals (FnP), reflects on the trajectory of its business, navigating through the challenges of a pandemic-induced wedding lull.
He says FnP strategically sustained its business in 2022, aligning with the resumption of the wedding business. With the focus shifting to a year poised for business takeoff, the company plans on exploring the wedding planning business with their new business line Shaadi Central.
“With a legacy in the wedding industry, FnP has historically undertaken various wedding-related tasks, albeit not comprehensively under one roof or in an organised manner. This year marks a strategic shift as the company introduced ‘Shaadi Central,’ a luxury wedding company offering a one-stop solution for all wedding needs.”
“This holistic approach aims to streamline and elevate the wedding planning experience, allowing partners and their families to focus on the approaching wedding date with ease. The innovation and consolidation under ‘Shaadi Central’ have sparked notable interest and engagement in the new business venture. Having weathered a less-than-ideal summer season and traditionally subdued winter numbers, we anticipate a robust revenue surge, making the current season particularly promising,” he asserts.”
The business setup was sparked by Gutgutia’s assertion that, with the evolving landscape of wedding planning, which has made destination weddings and grandeur now necessary for some, the role of wedding planners has become significantly prominent. The launch’s alignment with the business boom anticipated with the wedding season of 2023, Gutgutia underscores the importance of timing in business.
The innovation and consolidation under ‘Shaadi Central’ have sparked notable interest and engagement in the new business venture.
Vikaas Gutgutia, founder and managing director, Ferns N Petals (FnP)
Delving into the marketing approach for this new business vertical, he explains, “The momentum generated by word of mouth for the growth of its wedding planning vertical. Each wedding becomes a nexus of potential customers, and social media plays a pivotal role in amplifying references. With clear and specific messaging in the realm of social media, we have successfully driven business, recognising the platform as the primary point of reference in shaping preferences.”
Looking ahead, FnP anticipates a substantial increase in business revenue across all its verticals. The wedding services vertical, in particular, is expected to bring in significant growth in revenue for the company. The belief stems from the observation that the wedding planning sector remains largely unorganised, and he believes that FnP stands out as a formidable player in terms of size and brand image. As the business charts its course forward, the wedding services vertical emerges as a key focus, poised for substantial expansion.
Senco Gold & Diamonds leveraging virtual try-ons for delivering business growth
Joita Sen, director- marketing and design, Senco Gold & Diamonds, says that the company, with a legacy of 80 years, is uniquely equipped to understand the evolving landscape of bridal desires.
Sen elaborates that the company started the year fresh after initiating their Rajwada Collection, a campaign with which the brand aims to weave together traditional designs infused with modern touches and patterns in their offerings. These offerings, thus, can resonate with the essence of the contemporary woman.
The move also sees the brand shifting its focus towards diverse designs, moving away from region-specific choices. Herein lies a unique selling proposition (USP) for the brand—fulfilling a diverse range of needs while ensuring accessibility across various price points. From high-end designs to more budget-friendly options, the brand aims to leave every customer content upon leaving the store.
“The evolution of groom preferences and competitive pricing have further shaped our approach. A significant aspect of our marketing strategy here revolves around social media, leveraging its targeted reach compared to traditional approaches like billboards and footfall. 50 percent of the marketing budget is allocated to digital channels, where advancements have allowed for more precise consumer outreach.”
50 percent of the marketing budget is allocated to digital channels, where advancements have allowed for more precise consumer outreach.
Joita Sen, director- marketing and design, Senco Gold & Diamonds
However, the digital realm poses a challenge in providing a comprehensive array of options compared to the immersive experience offered in showrooms. To address this, Sen acknowledges the importance of virtual try-ons.
“While currently available for select products, we are actively working on expanding our offerings in virtual try-ons. This approach proves instrumental in effectively communicating the design, look, and feel of the jewellery to consumers, bridging the gap between the digital and physical shopping experiences.
According to Devangshu Dutta, CEO, Third Eyesight, the ongoing mega-season of weddings presents a favourable outlook for formalwear and traditional wear brands across various categories. This surge in weddings is not limited to the upper-income segment but extends across the income spectrum, reaching the middle class and towns of all sizes.
Thus, to effectively capitalise on the wedding season, brands must establish a strong position in customers’ minds well in advance, he believes.
“Products and brands associated with brides, grooms, and close family members, as well as those intended for gifting to the extended family, are inherently perceived as “premium” within their respective consumer segments. This holds true regardless of the targeted population segment. Success as a “wedding brand” requires a long-term perspective, with continuous investments in product development, service enhancement, and marketing expenditure to ensure that the brand stands out prominently amid competition,” he says.
”In the current market landscape, achieving visibility demands a multi-modal approach, encompassing both offline and traditional channels, along with tactical online advertising.”
Devangshu Dutta, CEO, Third Eyesight
In the short term, however, he opines that the visibility and availability of products just before the wedding season play a crucial role in influencing specific performance during that period.
”In the current market landscape, achieving visibility demands a multi-modal approach, encompassing both offline and traditional channels, along with tactical online advertising.”
(Published in Afaqs)
