Walking into a mall in an Indian metro on a weekend is like entering into a scene from a dystopian film. There’s overpowering odour of sani...
Walking into a mall in an Indian metro on a weekend is like entering into a scene from a dystopian film. There’s overpowering odour of sanitising liquid, multiple temperature checks by security staff, little or no food available, shuttered entertainment zones and about 30% of shops the stores closed.
Until mid-March, India was possibly the best place in the world to be in the fashion business. While fast fashion was retreating in the West, it was gaining ground here. Over the past decade, leaner supply chains, faster time to market, extended credit terms from factories, new technologies and technology-powered omni-commerce and a young talent pool have been the gasoline for the industry. Celebrity endorsements, social media influencers and China imports have driven market growth.
But in less than two quarters, the playing field is being re-leveled, pushing both heavyweights and startups into the ground. Wrapped up in this collective delusion of an ever-expanding market and a burgeoning middle class, no one really saw the Covid-10 pandemic coming – until it had one foot and a hip inside the door. Coronavirus has knocked the wind out of the sales. Sales revenue, I mean, not discounts. The fashion retail business is beset with fragility.
The trouble manifests in...
