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PM Modi addresses a rally in GorakhpurHighlights PM Modi dedicates to the nation three mega projects, including an AIIMS and a major fertiliser plant The other project he inaugurated is a Regional Medical Research Centre of the ICMR The three big-ticket projects are worth over Rs 9,600 crore
Prime Minister Narendra Modi on Tuesday dedicated to the nation three mega projects, including an AIIMS and a major fertiliser plant, in Uttar Pradesh Chief Minister Yogi Adityanath's home turf Gorakhpur. The other project he inaugurated is a Regional Medical Research Centre of the Indian Council of Medical Research (ICMR). The three big-ticket projects are worth over Rs 9,600 crore. The newly built fertiliser plant will be operated by the Hindustan Urvarak Rasayan Limited (HURL). The Gorakhpur AIIMS, built at a cost of Rs 1,011 crore, will benefit not only the people of eastern Uttar Pradesh but also a huge population of Bihar, Jharkhand and Nepal with its world-class health facilities. Similarly, the regional medical research centre set up at a cost of Rs 36 crore will facilitate the test and research of vector-borne diseases. The high-tech lab will decrease the dependency of the area on big cities for tests related to vector-borne diseases. The inauguration of the three big projects comes just months ahead of the Uttar Pradesh assembly polls.
McKinsey & Company’s Global Health and Crisis Response report outlines the high chances of this crisis being the harbinger of the end of “extreme consumerism”. The responsibility to tackle this crisis rests on the shoulders of brands and retailers who will have to come up with indigenous and innovative ways of reducing stock and reinfusing value into their brand as well as products. The report emphasizes on the fact that although it might prove to be an uphill task, gaining back the trust and enthusiasm of cash-strapped consumers post this crisis should be at the top of the priority list for brands and retailers across the globe.
“There has been a paradigm shift in consumer mindset. The way customers shop has changed dramatically, and this is the new reality in which retailers have to function now. Customers will now talk only to brands they know and trust. They will try to hit stores they are confident of and will not try experimenting with new stores or brands during this period,” he said.
As the coronavirus crisis escalates, an increasing number of organizers around the world are compelled to scrap fashion fairs and other industry events. While Chic Shanghai was postponed, Ispo Beijing was had to be called off altogether. The past few weeks has witnessed a long list of events that have been postponed. Messe Frankfurt’s textile fairs Intertextile Shanghai Apparel Fabrics, Yarn Expo and Intertextile Shanghai Home Textiles; The Materials Shows in Boston and Portland, Berlin’s sourcing fair Asia Apparel Expo, are all adding up to the list.
“We are excited to join forces with Walmart to power a sustainable, secondhand shopping experience unlike any other. From Calvin Klein and Nike to Coach and Michael Kors, this digital partnership enhances Walmart’s fashion offering with fresh brands at amazing prices that their customers will love,” said Jenn Volk, Director of Product Management, thredUP.
Bestseller currently sells its products through its website, app, 6+ online marketplaces, 300+ branded stores, and 1,000+ multi-brand stores. The Unicommerce platform will enable the apparel and fashion accessories firm to streamline its operations by ensuring unified visibility of e-commerce operations and inventory across marketplaces and it’s e-commerce website and app. The platform has been seamlessly integrated with Bestseller’s ERP solution, automating the entire fulfillment process
Rahul Mehta, President of the Clothing Manufacturers Association of India (CMAI), added that India’s apparel market is estimated to be around Rs 6.5 lakh crore. This includes all sectors starting from high-end fashion labels to moderately priced ready-to-wear brands.
Speaking on the occasion, Ashwani Windlass, Chairman, Bata India Limited said, “We have always banked on our resilience to navigate through trying times and emerge stronger. As an organization, we remain empathetic towards all our stakeholders and strongly hold on to our inherent values of putting people first, something that has always helped us make a strong comeback amidst unprecedented situations and this time too, it is no different. After grappling with severe business disruptions, we are back with safety and hygiene as our top priority. We are also recalibrating business operations with a strengthened product portfolio, a steady focus on cash conservation in the company and better online presence and services to ensure seamless shopping experiences for our consumers.”
On the other hand, we are all aware of how the power of the Chinese consumer has exploded in the last decade. According to the BBC, Chinese shoppers now single-handedly account for 38 percent of the global fashion industry. In an interview with Bloomberg, Casper Rorsted, CEO, Adidas, highlighted that although the group has registered a slight return of consumers into the stores of late, Adidas AG has registered a dip in consumption in greater China by a staggering 85 percent in the weeks since 25th January 2020.
Celio*, the French menswear brand which is the leading men’s ready-to-wear brand in Europe and many other parts of the world has re-opened its stores for business in India. Celio* has re-opened stores in cities such as Bangalore, Calicut, Hyderabad, Pune, Nizamabad, Warangal, Belgaum, Siliguri and Bhatinda. The brand’s website too has now resumed sales and is delivering garments wherever possible.
“Deepika has the ability to sync the creative, culture and corporate worlds. We welcome her to the role and together aim to mark a new chapter in strengthening and fueling the growth of our culture first brand through creative intersection of design, e-commerce, social responsibility and team efficiencies,” said Anand S Ahuja, Founder, Bhaane
“Non-essential retailers whose stores have been closed for almost 10 weeks already, now cannot open until mid-June resulting in another two weeks’ of missed sales and two weeks less to clear through summer stock which has already been off limits for a significant chunk of its selling period. The warm weather in recent weeks would have been the ideal opportunity for clothing & footwear retailers to sell through their spring summer ranges but stores being shut for a longer period than anticipated will add to the swathes of discounting we can expect when branches reopen. Clothing & footwear is set to be the sector hardest hit by COVID-19 with offline clothing and footwear spend set to plummet over 40 percent this year.”
The Novel Coronavirus has had a colossal impact on the world at large – apart from the humanitarian toll, the pandemic has exacted a huge economic cost as well. The only known preventive measures so far are santisation and social distancing. In order to slow and even limit the spread of novel coronavirus, social distancing has been made mandatory by the Indian Government at all public places. The recommendation is to avoid crowds and to stay six feet away from people in general.
There is likely to be a shift towards e-commerce as far as channel preference of consumers goes. Crowded marketplaces and malls would not be preferred places to shop when products can be delivered safely at one’s doorstep. This growing preference for online shopping will be a game changer for retail brands.
The future of fashion will be around natural, durable and bio-degradable, basis the insights. The customer has had time to reflect during the lockdown and is now more inclined towards sustainability and eco-friendly fashion. Virtual fashion shows and department shows will comprise the new normal.
She said luxury goods are likely to be the last to really get back into the flow of things. “As for the heavy craftsmanship, two things may happen – one is that maybe people will start appreciating the craftsman’s work and try and buy more of handloom and handcrafted designs, which are more classical and not fast fashion…
With the novel coronavirus pandemic gripping the world and the government implementing a lockdown – including shutting down of all malls and high streets except essentials – while advocating social distancing, people have been confined to homes, isolating themselves, working from home and going to marketplaces only for essentials. Retailers and fashion brands across the country have had to temporarily shut down stores providing a distinct opportunity for e-commerce businesses to take over. And the shift has been imperative.
Amid the COVID-19 lockdown, fashion businesses are searching for ways to continue to carry out regular business. With central and state governments expected to impose strict regulations on non-essential retail when allowing them to reopen to limit the spread of the virus, stores will have to comply with regulations and might even come up with additional voluntary initiatives. In a webinar organised by Retailers Association of India, Sandeep Kataria, CEO, Bata India shares his company’s approach while reopening temporarily closed stores…