2 months ago
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Clothing and apparel brands in India today are facing new competition from several unexpected sources including resorts, holidays, airlines, luxury lifestyle brands, high-end cars and designer homes, observed Amitabh Suri, Chief Executive Officer, U.S Polo Association, India.
‘’The industry, especially after the pandemic, is witnessing competition from several quarters, in addition to the traditional competition we normally see between peers. Resorts, tour companies and lifestyle brands are there to compete with clothing brands and therefore customers’ wallet share is getting divided,’‘ Mr. Suri told The Hindu.
According to him, people earlier used to spend most of their disposable income on eating out and buying clothes, but after the pandemic, they are increasingly keen to splurge on leisure holidays, foreign trips, high-end cars and designer homes, etc.
“Earlier, the order of priority was: shopping, eating out and celebrating and now it is still shopping, eating out, celebrating and also experiencing life which takes a good chunk of the wallet share,” he commented.
After the pandemic, most people who think, “Oh my mortality is on the corner” want to explore newer things in life, a new restaurant, new cuisine or a holiday in a new destination, thereby spilling the wallet share for multiple things.
Mr. Suri said India was the fastest-growing geography across the globe for U.S. Polo, the official brand owned by the United States Polo Association (USPA) and the country was set to become the second-largest market for the brand soon. Selling over 24 million units of Polo T-shirts, shirts, chinos, jeans, jackets and women’s wear in a year, its sales in the country have been growing at a 12% CAGR.
Yet, what made India an interesting market was its diverse culture, micro festivals and hyper-local retailing, he said. U.S. Polo recently brought Arjun Rampal, Milind Soman, Leander Paes and Mahesh Bhoopathi, legends of fashion and sports, together in a single frame to send out a message to India that U.S. Polo was a true blend of fashion and sport.
On the overall market outlook, Mr. Suri said, there has been a lot of strain on the retail market in India; with high index inflation and rising costs, it hasn’t been easy for people to spend money on shopping like earlier, plus post-pandemic they also have broad-based their aspirations. Arvind Fashions Ltd. is the sole licensee for USPA in India.
