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Also, need-based shopping has graduated to occasion-specific shopping. Today, a consumer’s wardrobe has different attire according to specific occasions. The consumer is concerned about his image and is willing to dress up according to the occasion. This has resulted in increased spending on occasion wear.

Helmed by Sudhanshu Agarwal, the company’s Founder and Chief Executive Officer, CityKart is slowly yet gradually organising India’s unorganised fashion retail.

– The company’s secured term debt holders will be repaid in full in cash;

At present Cover Story has 22 exclusive outlets across Delhi NCR, Mumbai, Surat, Kolkata, Coimbatore, Kochi, Chennai, Indore, and Vadodara. Overall, Cover Story is present across more than 80 doors at Central, Kapsons, Iconic & Sohum. Additionally, the brand has its own online store to help cater its customer from anywhere, by simply visiting the website – www.coverstory.co.in Cover Story is retailed through online marketplaces including Myntra, Jabong, Amazon.in and Koovs.

In addition to catering to under-tapped retail consumers, CityKart is increasing their profits by optimising and chasing the right business model.

As part of launch promotions, Louis Philippe will be giving the two highest billers a chance to win an Apple iPad. That’s not all, the other customers who participate and stand an opportunity to win PVR gift vouchers, ties, pocket squares, LP gift vouchers.

Sethia on the other hands say that the USP of his brand Success is innovation. “With an in-house production unit, factories equipped with state-of-art machineries and skilled labour, our product innovations are so fast-paced that the time taken for a design from visualization to rack is very short compared to other brands,” he expounds.

‘House of Pataudi’ is co-owned by Myntra, Exceed Entertainment and Saif Ali Khan and exemplifies the latter’s classic and contemporary style and taste.

Sethia on the other hands say that the USP of his brand Success is innovation. “With an in-house production unit, factories equipped with state-of-art machineries and skilled labour, our product innovations are so fast-paced that the time taken for a design from visualization to rack is very short compared to other brands,” he expounds.

1-India Family Mart has been consistently proving its mettle as one of the fastest growing value retail chains by providing affordable fresh fashion and general merchandise to its large customer base in Tier II and III cities. With its inception in 2013 and a vision to address the need of 75 percent of the population that resides in the small towns and cities of India, 1-India Family Mart looks to expand and accumulate around 12 lakh sq. ft. of retail space by 2020.

No wonder then that the men’s apparel segment is estimated to post an annual growth rate of 8 percent by 2020, growing to US$19 billion as per Euromonitor International.

The brand opened its first store in Delhi in March 2018 and the second store was opened exactly six months later in Bengaluru. Both the stores are franchisee stores. The Delhi store is spread across 1,100 sq.ft and the one is Bengaluru spans around 2,500 sq.ft. Going forward, average size stores will be between 1,000-1,500 sq.ft.

As part of launch promotions, Louis Philippe will be giving the two highest billers a chance to win an Apple iPad. That’s not all, the other customers who participate and stand an opportunity to win PVR gift vouchers, ties, pocket squares, LP gift vouchers.

“Our brand is totally built on loyalty. Over the last three years, we have just spent about Rs 6-7 crore on marketing overall. The brand has been performing well without spending much on marketing. We acquire customers through word of mouth. From the business point of view, this is one of the most differentiating factors,” he added.

Ethnix is also always working on product innovation. For instance, the brand is offering in-store visuals in terms of product images, so the customer knows how to accessorize his/her ensemble. Apart for catering to the mass market, the brand is also into making bespoke garments.

What’s your location strategy?

“Our brand is totally built on loyalty. Over the last three years, we have just spent about Rs 6-7 crore on marketing overall. The brand has been performing well without spending much on marketing. We acquire customers through word of mouth. From the business point of view, this is one of the most differentiating factors,” he added.

According to Das, the biggest advantage of a social media platform is that a product reaches to consumers in every corner of India – from metro cities to Tier III cities. However, he says product options are limited on e-commerce platforms whereas retail outlets provide more varieties along with latest trends.

“At CityKart the products are nominally priced between Rs 99-1,499,” Agarwal reveals.

With the boom in retail in the last few decades, urban India has embraced consumerism and the occasions for consumption has grown manifold. In the recent past, the growing awareness of global fashion trends has been fueled by the proliferating penetration of the internet and the fashion and lifestyle media. Higher disposable income, nuclear family set up and being fashion conscious have further brought immense change in the spending pattern of modern customers.

On Competition

“We are constantly working on developing new fabrics, taking inspiration from international trends in terms of colors, cuts and design sensibilities. We are looking at brands like Fendi for embroidery inspirations, and also working very closely with the interiors of Varanasi for the fabrics. So, in a way we have our eyes on all sectors and segments,” explains Bhanjdeo.

The proposed plan is the result of the company’s engagement with its creditors over many months on the proper path forward for the company’s businesses and other assets. The plan reduces the company’s pre-bankruptcy debt obligations by more than US$ 1 billion. The plan further provides significant near-term cash recoveries to stakeholders through the settlement of potential claims and causes of action against the company’s indirect equity owners that have been at the center of creditor investigations during the company’s bankruptcy cases. These claims will be settled for a US$ 105 million cash contribution by the indirect equity owners to the company, which cash will be distributed to the company’s unsecured creditors. The company also will receive a 3-year purchase commitment from Belk, Inc. for an assortment of merchandise across the company’s businesses, further strengthening the company’s operations.

“With the availability of proper infrastructure in malls and high streets, it has become easier to gain a foothold in the ethnic wear market,” Das concludes.

We have raised close to US$ 7 million from Carpediem Advisors Pvt. Ltd. – the company’s first and only external funding round since it was founded – and the majority of this money will go towards expansion. Apart from the 50 new stores that we are eyeing, we want to invest in technology, CRM, warehousing and store front training.