The Indian fashion and lifestyle industry is gearing up for a transformative year in 2024, driven by strategic expansions, innovative approaches, and robust growth targets.
As the market continues to evolve, industry leaders are laying out ambitious plans to capitalize on the opportunities ahead.
According to Statista, the apparel market in India is expected to reach $105.50 billion in 2024. With this promising outlook, brands are focusing on widening their reach and enhancing their offerings.
Expansion in Full Swing
Leading the charge in expansion, Pepe Jeans is set to open 100 new stores over the next three years, aiming for an 18-20% compound annual growth rate (CAGR).
Direct-to-consumer brand Gargi by PNG is extending its reach, with plans to start in Maharashtra and gradually expand into metro cities and tier 2 and 3 regions.
Indian fashion brands expand rapidly, embracing technology and sustainability for a thriving 2024.Latin Quarters, a women’s lifestyle brand, is targeting 20% growth with plans to open 12 new stores in the upcoming financial year. Meanwhile, Flyrobe, a fashion rental platform, is eyeing a pan-India presence with 40 new stores, and possibly one international location.
Strategic Focus on Technology and Omnichannel
Technology is also at the forefront of 2024 strategies. Apparel Group, a UAE-based retail conglomerate, plans to bring more international brands to India.
Brand Studio Lifestyle is focusing on brand building and omnichannel sales experiences, with significant investments in both physical stores and digital infrastructure. The adoption of AI-based tools is a key focus area to drive growth.
Revenue Goals
Revenue goals are equally ambitious. The Bear House aims to achieve Rs 210 crore, targeting a 200% growth. Flyrobe is pushing for a 30-fold increase in revenue, while Kolhapuri chappal brand Chappers is set on reaching Rs 5 crore in annual revenue.
Pepe Jeans is eyeing Rs 2,000 crore in sales from the Indian market within the next three years, with a projected CAGR of 18-20%.
As 2024 unfolds, the Indian fashion and lifestyle sector is poised for an exciting journey of growth and innovation.