An inability to win the hearts of Gen Z and millennial cohorts is posing a challenge for the six-decade-old retailer, a pioneer of sustainable sourcing and supporting artisans, amid an onslaught of competition from trendier and cheaper rivals. If socially conscious young people once swore by the brand, their children don't seem to be showing it as much love.
Online and offline markets in India are set to see sales growing by over 70% in the week of Black Friday this year when compared to business as usual (BAU) weeks, according to estimates from market research firm 1Lattice. In the US, Black Friday is the Friday after Thanksgiving. It's the busiest shopping day of the year and marks the start of the Christmas shopping season. The sale typically gets extended to the following Monday, called Cyber Monday.
Himashu Chawla, co-founder and director at FA Gifts, told ET the new round of funding will be infused to accelerate Bakingo's footprint nationally to also include tier-2 and tier-3 markets, invest in tech-based manufacturing to forecast demand, and expand the bakery chain to off-line stores.
Carrier has announced a plan to exit its commercial refrigeration and fire and security businesses globally as well as in India. Narayanan completed a bachelor of engineering degree from the University of Madras. He also has a master of science degree from Western Michigan University and a master of business administration degree from Indiana University.
As per CMAI’s research undertaken in 2019 across nearly 85,000 households spread over the entire country, the domestic consumption of apparel excluding women’s innerwear and winter clothing was to the tune of INR 5.30 lakh crores. Add to that the estimated consumption of women’s innerwear and winter wear of INR 1.50 lakh crores, and the size of the Indian apparel market would be INR 6.80 lakh crores.
According to new-age brand founders, many young consumers prioritize brand narratives over products when making buying decisions. They believe that their stories convince consumers for repeat purchases, while others argue that it is the product itself that solves a problem for consumers. Founders of D2C and new-age companies believe that consumers are looking for transparency and resonate with the stories of brands they can be a part of.
With aspirations of becoming a global powerhouse, India has set an ambitious goal of achieving USD 100 billion in textile exports by 2030.
The world's biggest fashion company estimates that by the end of the decade around 40% of its fibres would come from conventional recycling and 25% from sustainably farmed crops, Chief Executive Oscar Garcia Maceiras said at the company's annual shareholders' meeting.
Sanjeev Rao shares what steps the brand is taking to stay relevant to its customers - Gen Z and millennials - by driving the purpose of love, care, sharing, hope, help, and joy. He also highlights how the brand is weaving sustainability at each and every step and giving back to society.
The council is informing the industry about adopting sustainability practices such as ways to promote water and energy conservation, waste water management and chemical management, monitoring of carbon emission, and certification for green building.
Shein sells $10 dresses and $5 tops and has taken market share from other affordable fashion retailers. The company produces clothing in China to sell online in the United States, Europe and Asia and has been criticised for promoting throwaway fashion.
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