Thursday 29, Oct 2020, Delhi (India)
The Indian Fashion Industry is a complex market containing in itself indigenous fashion and fast fashion. India being a country that is still driven by tradition, culture and regional & religious influences, the fashion choices of the people can be extreme and tough to comprehend.
According to Statista, the revenue generated by the apparel segment of the Indian Fashion Industry surpass all other sectors. The revenue generated by the apparel segment will be $13,164 million in the year 2020 with an increase in the number of users/ buyers to 848 million by 2024.
Another important aspect to keep in mind while overviewing the Indian Fashion Industry is the contribution of online sales. With more and more people having access to the internet, online sales are expected to grow to 11% by 2024 contributing to the revenue structure of apparel sales in India.
Overall the industry is at a very nascent stage struggling to organize itself completely. According to a revelation by Mc Kinsey, the sales from formal retail accounted for 35% in 2016 with an expectation to grow to 45% by 2025.
The fashion designers of India understand the momentum that fast fashion is gaining amongst the youth of the nation. Hence, the fashion industry is witnessing many collaborations between the fashion designers and the retails giants fusing the western and eastern fashion. Like Masaba X Puma, HUEMN X PepsiCo and many more.
One such recent collaboration was announced by two powerhouses SABYASACHI X H&M. The announcement was officially made on the Instagram account of Sabyasachi official on the 22nd of January 2020 after creating much eagerness in the minds of the people through a pre-buzz ''we are going to make a very special announcement tomorrow- Stay Tuned''.
Background of the designer Sabyasachi Mukherjee
Sabyasachi Mukherjee born in 1974, has reshaped the Indian fashion industry through his palatial designs in haute couture. An alumnus of NIFT, he draws most of his inspirations from his surroundings and childhood memories. Tagged as very 'Indian', his expertise in Indian textiles, embroideries and silhouettes are unmatched for.
SABYASACHI and Bollywood
Two very eminent designers have created a mark in the Bollywood industry of India- Manish Malhotra and Sabyasachi Mukherjee. The dream designer for the brides of India and abroad, Sabyasachi has adorned many B-Town actresses at their weddings.
From the famous Deepika Padukone 'Sabyasachi Lehenga' to the lavish Isha Ambani Piramal's Red Velvet Lehenga, Sabyasachi has set his foot everywhere. Actresses like Vidya Balan, Rani Mukherjee, Sri Devi, Bipasha Basu and many more have dressed in SABYASACHI's traditional outfits in public appearances.
What does SABYASCHI have to offer?
Today, the King of Indian Fashion Designing Sabyasachi Mukherjee established his label 'SABYASACHI' in the year 1999. SABYASACHI designs a range of women's wear, men's wear and kid's wear 'Chota Sabya' traditional Indian garments. From the well known Sabyasachi Lehenga to Bundis in men's wear, the designer has provided a global presence to the Indian ethnic and indigenous fashion.
The label also ventured into Jewelry in 2008 by associating with a Jewelry brand- GAJA, only to realize the scope and vastness of the market that it can capture through SABYASACHI FINE AND HERITAGE JEWELRY.
Christian Louboutin collaborated with Sabyasachi to built an exclusive collection of 15 designs of footwear. The renowned Bollywood actor Ranveer Singh gracefully donned it to his wedding.
SABYASACHI recently launched a luxury clutch 'The Taj Minaudière' in Sahara Gold leather, His accessories collection also includes belts with the famous Royal Bengal Tiger logo embellished in it, https://www.instagram.com/sabyasachiaccessories/?hl=en, check out the link for more information.
A few of Sabyasachi's collaborations are listed below:
|SABYASACHI X H&M||2020||Ready to wear apparel|
|SABYASACHI X L'OREAL||2018||Cosmetics|
|SABYASACHI X CHRISTIAN LOUBOUTIN||
|SABYASACHI X FOREVERMARK||2017||Jewelry|
|SABYASACHI X NDTV (BAND BAJA BRIDE)||2012||Entertainment|
|SABYASACHI X GAJA||2008||Jewelry|
What is SABYASACHI's Net Worth?
Launched in the year 1999, SABYASACHI today encompasses apparel, footwear, accessories, belts and much more. Started by a borrowed sum of INR 20,000, SABYASACHI, according to BOF stands at a net worth of $35 million in 2019 with a year on year growth of 30%.
Although SABYASACHI is a well-known name across the globe he gains about 40% of his business from the United States of America. https://www.businessoffashion.com/articles/people/sabyasachi-mukherjee-king-of-indias-bridal-market
Hannes & Mauritz AB, is a Swedish multinational clothing company, dealing in fast fashion apparel, accessories, and footwear for men, women, and children. Founded by Erling Perrson in the year 1947, the brand expanded into Asia and the Middle East entering into India in the year 2015.
It has other individual brands under the name H&M.
A global brand H&M was in news in the year 2019 for celebrating its success for setting up 50 outlets across India. Along with its expansion plan of physical stores, H&M also entered into a collaboration with the Indian Fashion Designer Sabyasachi Mukherjee.
H&M's sales and revenue in India
According to Statista, H&M generated an accumulated net sales of approx USD 23.2 billion million in the year 2018. With Germany, the U.S.A, and the UK topping the chart in sales in the year 2018, H&M gained USD 155.47 worth net sales from India the same year.
A few of H&M's collaborations are listed below:
|SABYASACHI X H&M||2020||Ready to wear apparel|
|BALMAIN X H&M||2015||Apparel|
|MARIN X H&M||2012||Jewelry and Swimwear|
|MATTHEW WILLIAMS X H&M||2009||Apparel|
|JIMMY CHOO X H&M||2009||Footwear|
|ROBERTO CAVALLI X H&M||2007||Apparel|
|VIKTOR ROLF X H&M||2006||Apparel|
|STELLA MC CARTNEY X H&M||2005||Apparel|
|KARL LAGERFELD X H&M||2004||Apparel|
Online Retail by H&M
Following the internetretailling.com 2019 (https://internetretailing.net/strategy-and-innovation/strategy-and-innovation/hm-reports-online-growth-as-it-further-integrates-ecommerce-and-stores-19064), H&M had reported a 22% lift in the overall online sales.
In the year 2019, Economic times published that after China, India is the second nation in which H&M will be boosting its online sales through other portals than its own.
According to speculations, Myntra and Jabong would hold exclusive rights to sell H&M's products online across India for a stipulated time of 5 years.
SABYASACHI X H&M - Eastern and Western fashion
With a grand announcement of the collaboration between SABYASACHI and H&M, a new ready to wear line will be launched on the 16th of April 2020 spanning in the stores of H&M in India and a few selected across the globe.
The collection 'Wanderlust' will also be available at hm.com and Myntra. The collection will reflect India's rich textile, craft, and history.
Myntra with its headquarters in Bengaluru, India is a one-stop-shop for all fashion and lifestyle needs. It was acquired by Flipkart in the year 2014. Flipkart's acquisition helped position it to stand tall against its rivals Amazon and Snapdeal in the Indian market.
In August 2019, H&M opened to Myntra giving access to its online shoppers of the H&M products. Special fashion collections such as Richard Allan x H&M and H&M Studio AW’19 were made available to this online selling platform.
Following the pattern, the SABYASACHI X H&M would also be listed on myntra.com.
In the opinion of Statista, 39.8% of users of the apparel sector in India fall between the age group of 25 years-34 years and with apparel gaining momentum in the online fashion market, a growth of 11% is expected in the total online fashion sales revenue generated by apparel alone by 2024.
Also, international organizations have developed an understanding that traditional clothing, prints, and textile is still very much the choice of Indian consumers, now widely spreading abroad. Hence, according to I Knock Fashion the collaboration of both the Fast Fashion giant and the Indigenous and Sustainable designer will be fruitful creating new avenues and providing wider choices to the consumers.