The Indian Fashion Retail Market is poised for great growth. Indian fashion market is all set to touch Rs 1,50,68,300 crore (US$ 2,249 billion) by 2028 as per the report released by leading research agency Technopak. As per the report, this industry is growing at a Compound Annual Growth Rate (CAGR) of 11 percent. Among the consolidate market share, the size fashion segment is worth Rs 3,61,160 crore (US$ 54 billion), and as per the estimate fashion market is poised to grow at a healthy rate of CAGR of 8.1 percent. The market has potential to touch Rs 7,88,532 crore (US$ 118 billion) by 2028.
Although, the Indian fashion market is largely dominated by the global premium brands, but offlate many Indigenous brands have started making wave. In fact, many of them are startup brands which have started disrupting the fashion scene of India. Let’s shed light on few such brands..
Founded in the year 2004 in India, Mustard is a fashion label of international repute. The apparel manufacturing and retail brand was established to provide classy western and chic contemporary Indian wears for women of different age groups and of all sizes. Each of Mustard’s designer collections brings the best of style, trend, and comfort. The brand has total presence of about 30 stores spread across 14 Indian cities. The brand has vision to take the store count to 50 by next year. The brand has recently foryed the North Indian market. Highlighting the growth plans, Saurabh Gupta-MD said, “North India is home to the huge retail growth opportunity for Mustard as the region witnesses hefty spending spree from its women population who are driving the retail growth of the region. By the end of 2020, we plan to open 20 new stores taking the tally to 50 stores nationwide.
Started in 2014 by women entreprenure Priyanka Gill, Popxo is the latest entrant of pop culture retail in India. The brand which started as digital-first luxury content platform for women and men, today brand has presence across the channels. The brand POPxo has raised a total of $12m in funding to date. The last investment round was led by Neoplux and OPPO, with participation from existing investors Kalaari Capital, Chiratae Ventures, Summit Media, and GREE Ventures. Highlighting the journey so far, Gill said, “We were early to spot an opportunity in digital media in India and focused on creating a safe-from-judgment space for women online. There were some women-centric magazines but they barely had any online presence. There were many sceptics when we launched POPxo in 2014. Today, POPxo is India’s largest digital community for millennial women and has an unrivalled advantage in the space.”
Tynimo is a lifestyle retail brand that offers offbeat and unique day to day products at affordable prices. Tynimo, a part of Hansum India group, is headed by Vaibhav Jain, a 24 year old serial entrepreneur who has previously founded TeamRoll Inc. Started as a response to other international lifestyle brands from Japan and China, Tynimo offers 17 categories of products ranging from home décor to Indian handicrafts that are sourced globally and locally.
With each store spread across 1500 to 2000 sqft, Tynimo stores can stock upto 1500 products and are updated every month. The minimalistic store designs and the subtle colours have been carefully chosen to cater to the young audience. The products are displayed to create the best visual impact and experience for the consumer.
Along with a range of household décor items, travel accessories, stationery, electronics, and jewellery, Tynimo is also known for its Indian handicrafts and skin care range. With a section dedicated exclusively to Indian artisans, Tynimo aims to empower the artisan community in different parts of the country. Currently, the store has products from Sahranpur, Varanasi and Jaipur. Tynimo also works closely with artisans by providing them important market insights to help them tweak their products as per changing consumer demands and preferences. The chemical free and organic skin care range has been specially curated by a team of beauty and wellness experts at Tynimo. Tynimo currently has 3 outlets in Bangalore with approximately 250 customer walk-ins across these stores. In the next one year, Tynimo plans to launch 35 more stores across India.