The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
India’s brick and mortar retail sector will see a boost of 23 to 25 percent over the next fiscal year, reaching the revenue levels generated prior to the pandemic (5.7 lakh crore rupees ($78.35 billion)), according to a new study from credit ratings agency, Crisil.
This fiscal year, the sector slowed by 19 to 22 percent due to the pandemic, with its associated store closures and restricted footfalls. In the third quarter, according to Crisil’s study of 145 brick and mortar retailers, sales had recovered to 80 percent of pre-pandemic levels and are expected to be almost fully recovered by the end of the current quarter.
India imposed strict lockdowns in March of 2020 to combat the spreading coronavirus and has seen its economy transform over the past 12 months from one of the world’s fastest growing to one of the world’s fastest contracting, though recent months have brought some relief as infection rates drop and its 1.3 billion consumers started spending once again.
The rate of this recovery has varied among different segments, with food and grocery rebounding faster than discretionary spending categories, such as fashion.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.
This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.