Professional Documents
Culture Documents
Fashion Retail
Fashion Retail
Fashion Retail
Introduction
Estimated to be worth more than US$ 500 billion, the Indian retail industry is considered as one of the worlds top five retail markets in terms of economic value. The industry is experiencing exponential growth, with retail development taking place not just in major cities and metros, but also in Tier-II and Tier-III cities. India's strong growth fundamentals along with increased urbanization and consumerism have opened up immense scope for retail expansion. Further, easy availability of Debit/ Credit cards has contributed significantly to a strong and growing online consumer culture in India. With the online medium of retail gaining more and more acceptance, there is a tremendous growth opportunity for retail companies, both domestic and international. Currently, the online retail penetration in India stands at around 60 per cent, according to a report by an industrial body
Market Size
The Indian retail market is expected to touch US$ 1.3 trillion by 2020 from its existing level of around US$ 500 billion. The foreign direct investment (FDI) inflows in single-brand retail trading during the period April 2000 September 2013 stood at US$ 97.29 million, as per data released by Department of Industrial Policy and Promotion (DIPP).
single brand retailing, exclusive brand outlets have witnessed a rapid growth. Critical success factors would be to deliver affordable and accessible fashion, provide value added service to keep the consumer coming back for more. This growth is being driven by a number of factors: Increase in disposable income. As the lifestyles of Indias prospering urban consumers have evolved, their clothing needs have broadened, reflecting more varied usage occasions. Growth in the womens segment. Indian consumers are embracing the idea of fashion for its own sake, as a means of self-expression, and not merely as a functional purchase Total apparel sales volumes fell 2 per cent in 2011 and grew by a modest 2-3 per cent in 2012. Imposition of excise duty on branded apparels in 2011 along with a concurrent slowdown in economic growth badly hurt consumer sentiment and thereby impacted apparel purchases. However, volume growth has picked up since April 2013, attributable to the removal of excise duty and growth in demand from smaller towns. Apparel demand (in volume terms) is expected to grow by 4 per cent 2014. Branded apparels would grow at a much stronger pace, driven by increased presence of organised retail, rising disposable incomes, changing demographics and increasing brand consciousness. Major Indian players - Westside, Pantaloons, Shopper stop, Lifestyle, etc. Major foreign players - Zara, Forever 21, Marks & Spencer, Best Seller, etc.
FOREVER 21: Forever 21 is an American chain of clothing retailers with branches in major cities in America, Europe, Asia, and the Middle East that offers clothing and accessories for young women, men, and teen girls. Originally known as Fashion 21, was intended at first for mostly kids and teens. The store was founded in Los Angeles, California in 1984 by Do Won Chang and his wife Jin Sook Chang. The first Fashion 21 store opened on April 21, 1984.The store sized at only 900 square feet. It is still in operation and bears the chain s original name. Trendy designs
seen in South Korea were sold and targeted to the Los Angeles Korean American community. The