Indianwear Retail Industry Report 100422 VF

202 2
Industry Report on Women Indian Wear Retail in

28th March 2022
Technopak Advisors Pvt. Ltd.| Confidential
Contents
1. Overview of the Indian Economy
2. Apparel Industry in India
3. Women Apparel Industry and Women Indian Wear Overview
4. Competitive Landscape of Women Indian Wear Apparel
5. Key Trends and success factors Enabling Growth of Women Indian Wear Industry
6. Operational & Financial Benchmarking
7. Consumer Survey
2
1. Overview of Indian Economy
India GDP and GDP Growth
India is the world's 6th largest economy and expected to be in the top 3 global economies by FY 2050
Currently, India ranks sixth in the world in terms of nominal gross domestic product ("GDP") and is the third-larg economy in
the world in terms of purchasing power parity ("PPP"). India is estimated to be among the top th global economies in nominal
GDP by Fiscal 2050.
Exhibit 1.1: GDP at current prices (In US$ Tn) and GDP Ranking of Key Global Economies (CY 2020)
Rank in Rank in GDP CY 2020

Country GDP (PPP) CY 2010 % Share CY 2015 % Share % Share CY 2025P
USA 1 2 15 22.5% 18.2 24.3% 20.9 24.7% 26.7

China 2 1 6.1 9.2% 11 14.7% 14.7 17.4% 22.5
Japan 3 4 5.7 8.7% 4.4 5.9% 4.9 5.8% 6.3
Germany 4 5 3.4 5.1% 3.4 4.5% 3.8 4.5% 5.1
UK 5 9 2.5 3.7% 2.9 3.9% 2.7 3.2% 3.8
India 6 3 0.9 2.5% 1.7 2.8% 2.6 3.1% 4.2
France 7 8 2.6 4.0% 2.4 3.2% 2.6 3.1% 3.4
Italy 8 10 2.1 3.2% 1.8 2.4% 1.9 2.2% 2.4
Canada 9 14 1.1 2.4% 1.5 2.1% 1.6 1.9% 2.4
Korean Republic 10 13 1.1 1.7% 1.5 2.0% 1.6 1.9% 2.1
Source: World Bank Data, RBI, Technopak Analysis. CY 2020 for India refers to FY 2021 data.
India's GDP Growth almost Twice as that of the World Economy
Since FY 2005, the Indian economy's growth rate has been twice as that of the world economy and it is expected to sustain this growth mo
the long term.
Exhibit 1.2: India's Nominal GDP in FY (US$ Bn)
17 15 13 13 9 7 7 7 6 5 5 5
India's Rank in World GDP
Nominal GDP
10.7%
7.7% -3.0% 13.5%
10.5%
3.4%
14.4%
4,049
9.9% 14.8%
2,279 2,518 2,713 2,633 2,987
14.1%
77 15.5% 137 265 425
848
1,662
1991 1995 2000 2005 2010 2015 2018 2019 2020 2021P 2022P 2025P
Nominal GDP
Source: RBI Data, Economic Survey, World Bank, EIU, IMF. 1 US$= INR 75. White boxes at the top refer to India's GDP rank on a global basis. CY 2020 for India refers to FY 202
3
Private Final Consumption

High share of domestic consumption in Private Final Consumption Expenditure
India's share of domestic consumption, measured as private final consumption expenditure, in its GDP was ~60. in FY 2020.
This private consumption expenditure comprises both goods (food, lifestyle, home, pharmacy etc.) services (food services,
education, healthcare etc.). In comparison, China's domestic consumption share to GDP CY 2019 was 36.8%. High share of
private consumption to GDP has the advantage of insulating India from volat in the global economy.
The annual growth rate for FY 1991-2005 was ~13% and this increased to ~14% for FY 2005-2019. While in the s term,
consumption will suffer a setback, it is expected to reach to ~US$ 2.27 Tn by FY 2025, growing at ~8% CA over the period of 5
years. This sustainable growth is expected to increase the Private Final Consumption Expendit of Indians, leading to a growth
in the Indian retail and Service industry.
Key Growth Drivers
India's medium to long term growth and its positive impact on private consumption will be determined by inter- of
demographics, urbanization, and policy reforms. The per capita income of India has been showing an increas trend since
2012; and growing at a healthy CAGR of approximately 10%, the per capita income reached ₹1,48,808 CY 2019. Given the
impact of COVID-19, it decreased to ₹1,42,073 in CY 2020. However, it is expected to bou back to ₹1,64,137 in CY 2021 and
continue its growth journey at a CAGR of 10.3% between CY 2021 and CY 2025
Demographic Profile of India
India has one of the youngest populations globally compared to other leading economies. The median age in In is estimated
Private Final Consumption
High share of domestic consumption in Private Final Consumption Expenditure
India's share of domestic consumption, measured as private final consumption expenditure, in its GDP was ~60. in FY 2020.
This private consumption expenditure comprises both goods (food, lifestyle, home, pharmacy etc.) services (food services,
education, healthcare etc.). In comparison, China's domestic consumption share to GDP CY 2019 was 36.8%. High share of
private consumption to GDP has the advantage of insulating India from volat in the global economy.
The annual growth rate for FY 1991-2005 was ~13% and this increased to ~14% for FY 2005-2019. While in the s term,
consumption will suffer a setback, it is expected to reach to ~US$ 2.27 Tn by FY 2025, growing at ~8% CA over the period of 5
years. This sustainable growth is expected to increase the Private Final Consumption Expendit of Indians, leading to a growth
in the Indian retail and Service industry.
Key Growth Drivers
India's medium to long term growth and its positive impact on private consumption will be determined by inter- of
demographics, urbanization, and policy reforms. The per capita income of India has been showing an increas trend since
2012; and growing at a healthy CAGR of approximately 10%, the per capita income reached ₹1,48,808 CY 2019. Given the
impact of COVID-19, it decreased to ₹1,42,073 in CY 2020. However, it is expected to bou back to ₹1,64,137 in CY 2021 and
continue its growth journey at a CAGR of 10.3% between CY 2021 and CY 2025
Demographic Profile of India
India has one of the youngest populations globally compared to other leading economies. The median age in In is estimated
to be 28.1 years in 2021 as compared to 38.1 years and 37.4 years in the United States and Chi respectively, and is
expected to remain under 30 years until 2030. A younger consumer class absorbs and interp fashion trends faster, has a
higher tendency towards discretionary spend and is also more digitally connected exposed than their counterparts were in
the past. These factors collectively enable the growth of retail.
Exhibit 1.3: Median Age: Key Emerging & Developed Economies in CY (CY2021 Estimated)
Country India China USA Singapore Russia Korea Canada
Median Age (Yrs.) 28.1 37.4 38.1 34.6 39.6 41.8 42.2
Source: World Population Review, Technopak Analysis

Women Workforce
The most important factor allowing women in India, in both urban and rural areas, to exercise greater influence on their familie
is educational opportunity. Numerous other factors, including better health care and greater media focus are also contributing
These changes are expected to have a broad impact on societal factors, including workforce demographics and econom
independence for women. This increase of women in the workforce has seen a shift of patterns in terms of household activity,
upward trend towards purchase of branded products including fashion and lifestyle. The share of women workforce in the
sector has increased from 17.5% in CY 2010 to 28% in CY 2019.
Urbanization
4
India has the second largest urban population in the world in absolute terms at 472 Mn. in CY 2020, second on China.
However, only 35% of India's population is classified as urban compared to a global average of 56%. It is pace of India's
urbanization that is a key trend to note for implication on India's economic growth. Currently urb population contributes
63% of India's GDP. Going forward, it is estimated that 37% (541 Mn.) of India's populat will be living in urban centres by FY
2025. Urban population is expected to contribute 55% of India's GDP in FY 20
Exhibit 1.4: Urban Population as Percentage of Total Population of Key Economies (CY 2020)
Country India China USA Singapore Russia Malaysia

Urban Population as %age of total population 34.9% 61.4% 82.6% 100% 74.8% 77.1%
Source: World Bank
Urbanization is also creating two trends that are impacting India's domestic consumption habits:
Growing Middle Class
The households with annual earnings between US$ 5,000-10,000 have grown at a CAGR of 10% from FY 2012-2020 and their nu
projected to further double by 2025 from 2020 levels. The households with annual earnings between US$ 10,000-50,000 have g
CAGR of 20% between FY 2012-2020.
Increase in number of households with annual earnings of US$ 10,000 to US$ 50,000 has been leading to an increase in discretio
spending on food and beverages, apparel & accessories, luxury products, consumer durables and across other discretionary cate
Nuclearization
The growth in the number of households exceeds population growth, which indicates an increase in nuclearization in India. Acc
2011 census, 74% of urban households have five or less members, compared to 65% in 2001. It is expected that that smaller ho
higher disposable income will lead to a greater expenditure in fashion, jewellery, home & living, packaged food and food service
5
2. Apparel Industry in India
Retail Market in India
Retail Market in India was valued at US$ 492 Bn in FY 2015 and reached a value of US$ 796 Bn in FY 2020, grow at a 10.1%
CAGR over this period. Impact of COVID-19 contracted the economy by ~4%. Currently, the Retail Ma in India was valued at
US$ 748 Bn (INR 56,10,000 Cr) in FY 2021 and is expected to grow at a CAGR of 9.5% to re US$ 1,077 Bn (INR 80,77,500 Cr)
by FY 2025.
Exhibit 2.1: India’s Consumption Funnel in FY (in US$ Bn)
Source: Technopak Analysis. 1US$ = INR 75
Retail Size – Overall & across Key Categories
In Fiscal 2020, India’s retail basket was approximately 48.5% of its private consumption and it is expected to main roughly
this share in private consumption for the next five years. The apparel market in India was estimated at ~ 60 billion as of FY
2020 and is one of the larger segments of the Indian retail sector. Share of Apparel & Accesso in overall retail is expected to
further increase from 8.3% in FY 2020 to 9.3% in FY 2025. Apparel and Accessorie also the highest growing sector in the
retail basket, growing at CAGR 22.2% from FY 2021-25.
Exhibit 2.2: Share of various categories in overall Indian Retail Basket in FY (in US$ Bn)
Type of Categories FY 2020 FY 2021 FY 2025 (P) CAGR (FY 2020 -

Categories FY 2025)
Total Retail (US$ bn) 796 748 1077 6.2%
Need Food and Grocery 66.1% 73.3% 63.3% 5.3%
based Pharmacy & Wellness 2.9% 3.2% 3.3% 9.0%
Primary Apparel & 8.3% 6.0% 9.3% 8.7%
Non-Food Accessories*
Jewellery 7.5% 5.7% 8.4% 8.7%
Consumer Electronics 6.4% 5.7% 7.1% 8.5%
Other Home & Living 4.3% 3.0% 4.4% 6.7%
Non-Food Footwear 1.2% 0.9% 1.3% 7.9%
Others 3.3% 2.2% 2.9% 3.5%
Total 100% 100% 100%
*Accessories includes Bags, Belts, Watches and Wallets; Others include Books & Stationery, Toys, Eyewear, Sports Goods, Alcoholic Beverages & Tobacco etc. Sou
analysis; Year Indicates FY. 1US$ = INR 75
6
While organized retail, primarily brick & mortar, has been in India for 2 decades now, its contribution to total re was low at 11.9% (US$
94 bn) in FY 2020. The organized retail penetration is expected to increase to ~20% b 2025.
Exhibit 2.3: Overall Retail Market in FY (US$ Bn)
8.3% 11.9%
12.0% 1,077 19.5%
796 748
492
210
41
94
90
2015 2020 2021 2025 (P)
Overall Retail Organised Retail
Source: Technopak Analysis Organised Retail Penetration
Consumption of Retail basket across key Categories
Apparel & Accessories, Jewelry and Consumer Electronics are the three key categories which accounted 8.3%, 7.5% and 6.4% of retail
respectively in 2020. Share of Apparel & Accessories is expected to grow to reach 9.3% in FY 2025, growing at a CAGR of 8.7% from FY
2020 to FY 2025. Apparel & accessories is one of the fastest growing categories amongst all other retail categories and is expected to
grow at a CAGR of 22.2% in the period FY 2021 to FY 2025. The higher CAGR in the period FY 2021-25, compared to FY 2020-25 is a
function of the dip in market size in year FY 2021 due to COVID impact.
Between FY 2015 and FY 2020, e-commerce sales in the Apparel and Accessories segment have grown at CAGR of 52% and it is
estimated that the share of e-commerce retail in this segment will reach 21.8% of the market in FY 2025 from 17.5% in FY 2020.
Exhibit 2.4: Share of Brick & Mortar and E-commerce across Categories in FY
8.3% 11.9%
12.0% 1,077 19.5%
796 748
492
210
41
94
90
2015 2020 2021 2025 (P)
Overall Retail Organised Retail
Source: Technopak Analysis Organised Retail Penetration
Consumption of Retail basket across key Categories
Apparel & Accessories, Jewelry and Consumer Electronics are the three key categories which accounted 8.3%, 7.5% and 6.4% of retail
respectively in 2020. Share of Apparel & Accessories is expected to grow to reach 9.3% in FY 2025, growing at a CAGR of 8.7% from FY
2020 to FY 2025. Apparel & accessories is one of the fastest growing categories amongst all other retail categories and is expected to
grow at a CAGR of 22.2% in the period FY 2021 to FY 2025. The higher CAGR in the period FY 2021-25, compared to FY 2020-25 is a
function of the dip in market size in year FY 2021 due to COVID impact.
Between FY 2015 and FY 2020, e-commerce sales in the Apparel and Accessories segment have grown at CAGR of 52% and it is
estimated that the share of e-commerce retail in this segment will reach 21.8% of the market in FY 2025 from 17.5% in FY 2020.
Exhibit 2.4: Share of Brick & Mortar and E-commerce across Categories in FY
FY2015 FY2020
Share Share Share Share Share Share

Share of Retai of of of Share of Retail of of of Share of Retail
Retail l Unorg organi organi sed Retail Size Unorg organi sed organi sed Retail Size
Size anise sed E- (US$ anise B&M E- (US$
(US$ d B&M comm Bn) d comm Bn)
Bn)
retail Retail erce retail Retail erce
Food and 66.6% 328 97.0% 2.5% 0.5% 66.1% 526 95.5% 4.0% 0.5% 63.3% 681
Grocery
Jewellery 7.3% 36 73.0% 25.0% 2.0% 7.5% 60 68.0% 28.0% 4.0% 8.4% 91
Apparel & 8.4% 41 77.0% 19.5% 3.5% 8.3% 66 68.0% 14.5% 17.5% 9.3% 100
Accessories*
Footwear 1.3% 6 91.0% 5.5% 3.5% 1.2% 10 70.0% 14.0% 16.0% 1.3% 14
7
Pharmacy & 3.0% 15 95.0% 4.5% 0.5% 2.9% 23 90.0% 7.8% 2.2% 3.3% 36
Wellness
Consumer 5.9% 29 74.0% 16.5% 9.5% 6.4% 51 68.0% 4.7% 27.3% 7.1% 77
Electronics
Home & 4.5% 22 91.0% 7.6% 1.4% 4.3% 34 85.0% 7.7% 7.3% 4.4% 47
Living
Others 3.0% 15 89.0% 10.4% 0.6% 3.3% 26 86.0% 5.3% 8.7% 2.9% 31
Total 100.0 492 91.7% 7.1% 1.2% 100% 796 88.1% 7.2% 4.7% 100% 1077
%
*Accessories include Bags, Belts, Wallets & Watches. Source: Technopak Analysis. 1US$ = INR 75
Overall, the e-commerce market in India has witnessed an accelerated growth and is expected to reach 9.6% (US$ 103 Bn) of th
market by FY 2025 from its share of 4.7% in FY 2020 (US$ 37 billion) at a growth rate of
~23% CAGR.
Evolution of Organized Apparel Retail Segment in India
Organized retailing share of Apparel has increased from 14% in FY 2007 to 32% in FY 2020. In other words, in the last thirteen ye
organized retail not only captured the new incremental demand, but it has also succeeded to shift the demand away from unor
apparel retail in its favour. Given the fact that organized retail sells branded apparel, the growth of organized retail is poised to
growth enabler for the growth of branded apparel. The share of organized is expected to increase further to ~45% by FY 2025 a
continue to support the growth of branded apparel as well.
Exhibit 2.5: Organized Apparel Retail’s Evolution in India
Source: Technopak Analysis
Note: The graph represents the four phases of the organized retail evolution and indicates the players who took center stage in these phases.
Phase I (Pre 1995) – Till 1995, organized retail for apparel was synonymous with Exclusive Brand Outlets (EBOs) of a handful of a
brands. These EBOs were restricted by their physical reach (number of stores and coverage across cities) and product offering (f
formal dressing etc.). Brands like Van Heusen, Arrow, Raymond, Vimal,
8
and Bombay Dyeing signified organized apparel retailing. Indian Wear focused Brands such as Biba and Fabindia entered the org
India has also witnessed growth in internet penetration and mobile connectivity resulting in increased on presence
of the Indian population directly resulting in a boom in e-commerce activities. Option of payment acr various methods
whether card, cash, wallets, and e-commerce transaction security has led to increasing trus these payment systems. The
option of easy returns at e-commerce portals has led to trial of products and servic Although household spending declined
during the pandemic in FY2021, it is expected to recover quicker and witn much higher growth in FY2022.
Exhibit 2.6: Growth of Digital Penetration in India in CY
2010 2015 2020 2025 CAGR
2015-20
Internet Users (Mn) 72 350 662 900-1000 14%
Mobile internet Users as a share of Total Internet Users (%) 34% 45% 73% 82% -
Mobile Internet Users (Mn) 24 159 480 730- 820 25%
Source: Secondary Research, Technopak Analysis
Online Retail of Apparel
Apparel has traditionally been a category which was dependent on trial for size and touch-feel of the fabric to assess and make
decision. However, it saw an increase in ecommerce uptake during COVID and led to a change in consumer behavior and there w
increase in adoption of online channels for apparel purchase. Companies and consumers alike adapted to this change and there
various mediums like Apps, Websites, and Social Commerce channels like WhatsApp, Video-shopping from home etc. Comp
accelerated their online adoption plans, and use of AI and softwares, which would enable virtual try-ons. While online
is relatively lower for women’s wear as compared to men’s wear in India, the demographics appear promising and an increase i
through online channels is expected by 2025. The share of online retail in the apparel segment grew from ~4% in FY 2015 to ~18
and is expected to reach ~22% by FY 2025.
Generation Z and Millennials as the driving force for Digitization
Millennials and Generation Z are the key driving forces for digitization in India, with the latter now entering the workforce, and
generation segments being active adopters of technology and digital media. As of CY 2021, there are about ~375 million Genera
~335 million Millennials in India.
OTT consumption
The rise and acceptability of alternate streaming and OTT platforms tapped into the market vacated by Indian multiple
COVID. Independent film producers and established film production houses are increasingly taking on this medium by crea
exclusively for OTT platforms. Advertisement and acceptability also led to a significant rise in the number of paid subscribers an
of subscriptions, increasing from 11 million to 29 million and 21 million to 53 million from 2019 to 2020 respectively.
Spend on Digital marketing
The Indian Advertisement market was expected valued at INR 89,600 Cr. In FY 2021 with digital marketing being the cornerston
Digital advertisements are expected to show rapid growth of ~29% CAGR over the period of FY 2020-FY 2025, contributing to ~2
advertisement spend in India in FY2020. It is expected that by FY 2025, Digital advertisement would contribute ~43% of the ove
advertising Market.
Online/E-tailing Opportunity
E-tail in India has witnessed a rapid growth trajectory and is expected to reach 9.6% (USS 103 Bn.) of total retail by FY 2025 from
4.7% in FY 2020 (US$ 37.4 Bn.), expected to grow at rate of 23%. Between 2015 and 2020,
10
the e-commerce sales have grown at CAGR of 44%. In 2012, the e-tail pie was INR 4,500 Cr (US$ ~0.6 Bn) and was limited to key
categories of Electronics, Books, Stationery, and Music which catered to nearly 50% of the pie
Exhibit 2.7: Growth of E-retail in India in FY 2015, FY 2020, FY 2021, FY 2025P (in US$ Bn)
103
44
37
6
FY 2015 FY 2020 FY 2021 FY 2025P
Retailers across categories are moving towards online channel to expand their offerings, in an attempt to hav place in the ‘Omni-
channel Ecosystem’ where all channels of retail are essential to reach the consumers. The lin between offline and online retailing are
blurring gradually, whereby consumers connect with brands through medium of their preference. A purchase made by a consumer is
often a mix of various mediums. E.g., A consu searches online and reads reviews about a product before making a purchase decision,
then goes to an offline s to look and experience the product, and the eventual purchase could be through either of the channels. This
ma presence across mediums essential for retailers to connect with the consumer at every touch point.
Acceleration in Online retail due to COVID 19
The overall increase in online retail has been high fuelled by the impact of COVID-19. The share of total retail thro e-commerce has
increased from 1.2% in FY 2015 to 4.7% in FY 2020 and 6.0% in FY 2021. The share of total re through e-commerce is projected to
reach 9.6% in FY 2025. Apparel and accessories as a category have witnessed an increase in e-commerce sales share going up
from 3.5% in FY 2015 to 17.5% in FY 2020 and projec to reach 22.0% in FY 2025. As COVID spread, consumers preferred to shop sitting
at home in order to avoid crowd marketplaces. The resulting lockdowns imposed during COVID starting and peaks and the
subsequent restrictio led to increased adoption of e-commerce for all categories. E-commerce marketplaces such as Myntra, Flipkart,
have used this opportunity to build delivery infrastructure in Tier 1 and Tier 2 cities, thus attracting and integrat consumers.
the e-commerce sales have grown at CAGR of 44%. In 2012, the e-tail pie was INR 4,500 Cr (US$ ~0.6 Bn) and was limited to key
categories of Electronics, Books, Stationery, and Music which catered to nearly 50% of the pie
Exhibit 2.7: Growth of E-retail in India in FY 2015, FY 2020, FY 2021, FY 2025P (in US$ Bn)
103
44
37
6
FY 2015 FY 2020 FY 2021 FY 2025P
Retailers across categories are moving towards online channel to expand their offerings, in an attempt to hav place in the ‘Omni-
channel Ecosystem’ where all channels of retail are essential to reach the consumers. The lin between offline and online retailing are
blurring gradually, whereby consumers connect with brands through medium of their preference. A purchase made by a consumer is
often a mix of various mediums. E.g., A consu searches online and reads reviews about a product before making a purchase decision,
then goes to an offline s to look and experience the product, and the eventual purchase could be through either of the channels. This
ma presence across mediums essential for retailers to connect with the consumer at every touch point.
Acceleration in Online retail due to COVID 19
The overall increase in online retail has been high fuelled by the impact of COVID-19. The share of total retail thro e-commerce has
increased from 1.2% in FY 2015 to 4.7% in FY 2020 and 6.0% in FY 2021. The share of total re through e-commerce is projected to
reach 9.6% in FY 2025. Apparel and accessories as a category have witnessed an increase in e-commerce sales share going up
from 3.5% in FY 2015 to 17.5% in FY 2020 and projec to reach 22.0% in FY 2025. As COVID spread, consumers preferred to shop sitting
at home in order to avoid crowd marketplaces. The resulting lockdowns imposed during COVID starting and peaks and the
subsequent restrictio led to increased adoption of e-commerce for all categories. E-commerce marketplaces such as Myntra, Flipkart,
have used this opportunity to build delivery infrastructure in Tier 1 and Tier 2 cities, thus attracting and integrat consumers.
Exhibit 2.8: Online Retail Contribution in Select Countries
Year India UK France Germany Netherlands

CY 2019 4.7% 19.4% 10.9% 15.9% 9.9%
CY 2020 6.0% 26.2% 14.3% 19.9% 13.1%
Source: Secondary Research, Technopak Analysis. Note: CY2019 is FY2020 for India Data; CY2020 is FY2021 for India Data
India’s online retail penetration was 4.7% in CY 2019 compared to 19.4% in UK and 15.9% in Germany. There is immense potenti
of online channel in retail in India to reach the level of developed nations.
India Apparel Market Size & Level of Organization
11
Apparel market size in FY 2020 was INR 4,47,666 Cr (US$ 59.7 Bn) and expected to grow at a CAGR of ~8.9% between FY 2020 and FY 202
INR 6,87,263 Cr (US$ 91.6 Bn) by FY 2025 on the back of factors like higher brand consciousness, increasing digitization, greater purchasi
and increasing urbanization.
While the CAGR of total apparel market between FY 2020 and FY 2025 is expected to be ~8.9%, the branded apparel and organized appa
expected to grow at CAGR of ~13.8% and ~16.6% respectively in the same period. In other words, growth of both branded apparel share
organized apparel retail share in apparel category will outpace the overall category growth. COVID-19 gave impetus to the growth of e-co
which is expected to become a significant growth driver for the organised market.
Exhibit 2.9: Apparel Market Size in India (in INR Cr) (Year in FY)
687,263
447,666
277,500 306,225
2015 2020 2021 2025 (P)
Source: Technopak Analysis. Note: Year indicates FY; Excludes accessories (Bags, Belts, Wallets etc.)
Exhibit 2.10: Branded Apparel and Organized Apparel Retail as a share of Apparel Market (Year in FY)
INR 4,47,666 Cr INR 3,06,225 INR 6,87,263 Cr
Branded apparel signifies registered trademarks that are regularly patronized by customers and that are sold through both organized retail and trade channels. Organized retail signifies formal reta
Exclusive Brand Outlets (EBOs), Multi Brand Outlets (MBOs), Large Format Stores (LFS), E-commerce etc. Apparel retailed through these organized retail points of sales is necessarily branded. Therefo
is less than the share of Branded apparel in total share
Product Segmentation
Men’s apparel constituted ~41% and Women apparel share was estimated to be ~36% of the total apparel market in FY 2020. The balanc
contributed by kids’ apparel. Out of the total apparel market, Indian wear accounted for approximately 31% or INR 1,40,964 Cr (~US$ 19
2020) and the balance 69% of the market comprised of western wear. The high share of Indian wear in the total apparel is a unique featu
market in India. In women wear market, Indian wear contributed ~71% to the total market and is expected to be the fastest growing segm
Indian Apparel market. However, for men and kids, the contribution of western wear is significant.
Exhibit 2.11: Growth Projections of Total Apparel Market by Gender (Year in FY)
12
INR 2,77,500 Cr 10%
INR 4,47,666 Cr 9% INR 6,87,263 Cr
155,659
101,117 253,733
11.9%
57,605 163,291
104,132 8.7% 277,871
183,258
115,763
2015 2020 2025(P)
Kidswear Womenswear Menswear
Apparel Market Segmentation
Indian Wear Market in India
Indian wear market comprised of 31% of the total apparel market in FY 2020 with INR 1,40,964 Cr (US$ 18.8 Bn) in size. This market is dom
unorganized sector which was 77% of the Indian wear market. In men’s segment, Indian wear accounted for 7% of the total menswear ma
1,83,258 Cr (~US$ 24.4 Bn), while in women, Indian wear held a significant share of 71% of the total INR 1,63,291 Cr (~US$ 21.8 Bn) wome
market. This implies that women Indian wear is the mainstay for Indian wear in India. The Men Indian wear market is expected to reach IN
(US$ 2.3 Bn) in FY 2025, from the INR 12,754 Cr (US$ 1.7 Bn) in FY 2020, growing at a CAGR of 6%. The Women Indian wear market is expe
INR 1,68,222 Cr (US$ 22.4 Bn) in FY 2025, from INR 1,15,139 Cr (US$ 15.4 Bn) in FY 2020, growing at CAGR of 7.9%.
The disproportionate size of Indian wear in womenswear is an outcome of the distinct positioning of Indian wear for women compared to
in India. For Indian women, Indian fashion is a mainstream need for daily wear use (in addition to strong occasion wear) whereas for men
restricted to occasion wear viz. weddings and festivals.
Within Indian wear for kids, Indian wear for boy’s accounts for 7% of overall apparel for boys, while Indian wear for girls is ~21% of the ove
market for girls.
Western Wear Market in India
Western wear market accounted for close to 69% of the overall apparel market, with FY 2020 market size of INR 3,06,702 Cr (US$ 40.1 Bn)
sector forms 36% share of the western wear market, while unorganized sector was 64%.
Channel Wise Segmentation
Exhibit 2.12: Organised Apparel Market Segmentation across Organised Retail Channels (in INR Cr) (Year in FY)
13
INR 3,09,228 Cr
49%
21%
17%
52% 55%
-10%
35% 6%
50%
15% 4% 17%
-35% 67%
29% 5% 29%
13% 7% -63%
15%
53%
43%
3%
22% -48% 4 %
1 5 %
FY 2015 FY 2020 FY 2021 FY 2025P
EBO MBO LFS Ecommerce
INR 1,06,157 Cr
INR 63,826 Cr
INR 1,43,429 Cr
The share of sales from EBOs in total organised apparel retail is expected to increase from ~22% in FY 2020 to ~29% in FY 202
from LFS is expected to stay the same at ~17%. Online sales is expected to grow at a CAGR of 14% between FY 2020 and FY 2
Exhibit 2.13: Channel wise – Segment wise Market size Across Men, Women & Kids (in INR Cr) (Year in FY)
1,63,291
2,53,733
1,01,117
2,77,871
1,55,659
3%
16%
3%
10%
The share of organised retail for women apparel is expected to increase from 27% in FY 2020 to 42% in FY 2025.
Organised market for men and kids apparel is also expected to increase to 57% and 27% respectively by FY 2025.
Apparel E-tail
The share of E-tail in apparel & accessories in overall retail share was 3.5% in FY 2015. In FY 2020, E-tail’s share in
Apparel & Accessories was over 17.5% and the share is expected to reach to 21.8% by FY 2025.
Exhibit 2.14: Broad types of Apparel E-tailers (2020)

14
Total
in
INR 1,15,763 1,83,258 1,04,132 57,605
Cr
43%
56% 58%
68% 73% 73%
81% 88% 81%
26%
4% 23% 22%
32% 15% 15%
28% 20% 12% 21% 12% 12%
8%
Kids 2015 Kids 2020 Kids 2025
Men 2015 Men 2020 Men 2025 Women Women Women
2015 2020 2025
Organised B&M Organised Ecommerce Unorganised
Horizontal Vertical Online-only Online-only Online Exte Marketplace

Marketplace Fashion Retailers Curators of B&M Reta
FY 2020 F–YIN20R2701-,2U5S0$C9r.5(UBSn$ 9.5 Bn)
(Wide category; (Narrow category; (Narrow category; (Narrow category; (Narrow categ Multi-brand
focus) Multi-brand focus) Single-brand focus) Multi-brand; Single/Multi-
Niche) focus)
Global equivalent: Global equivalent: Global equivalent:
Global equivalent: Global equiva Amazon Net-a-porter Asos
Gilt
Gap
Lifestyle E-tailers fall into 5 key types based on merchandize offering and business models:
1. Horizontal Marketplace: Having a wide spectrum of offering and multi-brand offering
Horizontal Vertical Online-only Online-only Online Exte Marketplace
Marketplace Fashion Retailers Curators of B&M Reta
FY 2020 F–YIN20R2701-,2U5S0$C9r.5(UBSn$ 9.5 Bn)
(Wide category; (Narrow category; (Narrow category; (Narrow category; (Narrow categ Multi-brand
focus) Multi-brand focus) Single-brand focus) Multi-brand; Single/Multi-
Niche) focus)
Global equivalent: Global equivalent: Global equivalent:
Global equivalent: Global equiva Amazon Net-a-porter Asos
Gilt
Gap
Lifestyle E-tailers fall into 5 key types based on merchandize offering and business models:
1. Horizontal Marketplace: Having a wide spectrum of offering and multi-brand offering
2. Vertical Marketplace: They have a relatively narrower category focus, e.g., apparel and lifestyle and o multiple
brands within their segments
3. Online-only Fashion Retailers: They offer lesser categories, but along with multi-brand offering they also h a focus on
private brands
4. Online-only Curators: They are Indian only focused players. While they have a sizeable category offering in form of
apparel and lifestyle, their products are principally based around Indian taste
5. Online Extensions of B&M Retailers: Many B&M centric players have forayed into E-tailing. This tren observed
with multi-format retailers like Future Retail, Future Lifestyle Fashions, Shoppers Stop as we apparel and lifestyle
brands like W, BIBA, Fabindia etc.
Digital Presence of Key Indian brands in India
A ‘digital first’ approach is an increasingly critical driver of growth across many consumer categories in India, as as globally,
with millennial and generation Z demographic segments now entering the workforce and driv digitization as active
adopters of technology and digital media. Hence, digital presence and activations have beco increasingly important with the
growth of social media in marketing & branding. Indian Apparel players in India h presence on key social media platforms like
Instagram & Facebook, with Fabindia and Biba leading the numbe followers on Instagram. These platforms are used by brands
to connect to consumers directly, for digital market & product discovery. Other players such as Global Desi, W, Soch are also
focused on social media presence. ranks the highest in terms of website ranking in India amongst its competitors in Indian
apparel.
Exhibit 2.15: Digital presence of Key Indian brands in India
Retailers Number of Instagram Number of Likes on Number of Twitter Website Ranking in

Followers Facebook Page Followers India*
Biba 414K 800K 6,755 14

15
Global Desi 377K 392K 4,614 265

Fabindia 572K 572K 9,330 39
W 400K 642K 8,253 65
Soch 49K 986K - 108
Source: Technopak Analysis, *Website ranking in the category ‘Fashion & Apparel’ from similarweb.com. Rank as on 15 Feb’2022.
Fashion during the pandemic relied heavily on online sales as in-store sales had been restricted due to lockdowns and also
because people were hesitant to go into stores and try on clothes. Favourable return and exchange policies adopted by bran
helped increase consumer faith and increase their sales. Women Indian wear sales through e- commerce increased from 3%
FY 2015 to 12% in FY 2020 and is expected to rise to 21% by FY 2025. As bigger and established brands like Biba, Fabindia
increased their online presence, many small-scale D2C apparel retail brands also emerged retailing through social media
platforms, marketplaces & websites.
Potential for Adjacent Categories for Indian Women Apparel Players
Key Indian women apparel players such as Biba, Global Desi, and Fabindia, which have already established themselv
as key players in apparel category, have forayed into adjacent categories like Footwear, Bags, Fashion Jewellery and Perfume
Women Footwear category is expected to reach size of INR 46,200 Cr by FY 2025 growing at the CAGR of 10% over 5 years.
Fashion Jewellery category is also growing at a double digit CAGR of 10% from 2020-25.
Exhibit 2.16: Market size for adjacent categories in India (in INR Cr)
Category FY 2015 FY 2020 FY 2025P CAGR 2015-20 CAGR 2020-25
Women Footwear 17,560 28,800 46,200 10% 10%

Fashion Jewellery 10,800 20,500 32,500 14% 10%
Bags 8,200 12,000 16,500 8% 7%
Exhibit 2.17: Presence of Key Women Indian apparel players in adjacent categories
Category Footwear Fashion Jewellery Bags Perfumes
Biba    
W  - - -
Soch - - - -
Global Desi    
Fabindia    
Source: Secondary Research, Technopak Analysis
Presence of Indian Diaspora Globally & Potential for Women Indian wear Brands
The expansion by Indian apparel retailers outside of India is primarily to meet the demands of Indian diaspora abroad who have
product preferences as Indian customers. Therefore, the sale by Indian retailers of their apparel in the international market is la
as an extension of their domestic businesses.
USA has the largest population of Indian diaspora
India has the highest transnational population in the world with approximately 23.4 Mn migrants (of Indian origin) spread acros
Indian diaspora is distributed across several major countries with USA being the most preferred destination with 4.4 Mn Indian
Saudi Arabia and UAE are the second and third most preferred countries with 4.1 Mn and
16
3.8 Mn Indian diasporas respectively. The total addressable population i.e relevant population (excluding students, low and semi-skilled w
for apparel is 9.2 Mn (out of 23.4 Mn). Middle- and high-income groups are the key target consumers for Indian wear brands.
Presence of Indian diaspora across the global, and primarily in North America, Asia Pacific and Africa presents an opportunity for Indian w
to expand international presence in these regions. Players like Biba (2 stores in Canada, 2 stores in Dubai and 1 store in Nepal), Fabindia,
Manyavar also have physical store presence outside India. Biba and W also have their websites specific to Canada & Mauritius respective
players also sell through international marketplaces like amazon.com, amazon.uk, amazon.ae etc.
3. Women Apparel Industry and Women Indian Wear Overview
Women Apparel Market in India
Women apparel market in India is estimated at ~36% of the total apparel market of INR 4,47,666 Cr (US$ 59.7 Bn), at INR 1,63,291 Cr (~U
Exhibit 3.1: Growth Projections of Women Apparel Market (in INR Cr) – FY 2015, FY 2020, FY 2021, FY 2025P
253,733
163,291
104,132 111,420
FY 2015 FY 2020 FY 2021 FY 2025P
The women apparel market is expected to grow from INR 1,63,291 Cr (US$ 21.8 Bn) in FY 2020 to INR 2,53,733 Cr (US$ 33.8 Bn) by the en
It is expected to be the fastest growing segment in the apparel market in India, with a forecasted growth rate of 9.2% between FY 2020 a
This market is projected to grow owing to factors like sustained growth of Indian daily wear; casualization of fashion leading to growth of
categories like fusion wear, denims, loungewear; rising share of organized retail; design innovations and changing consumer dem
Exhibit 3.2: Share of Organised and Unorganised Retail as a percentage of Women Apparel Market (in INR Cr) – FY 2015, 202
2025P
17
Historically, consumption of women’s apparel was centred around the informal market through standalone boutiques se
unbranded products and the sale of unstitched fabrics, allowing women to use tailors to create their desired garments through
measure services. The share of organised retail in women apparel which was 19% in FY 2015 increased to 27% in FY 2020 and is
reach 42% by FY 2025. Emergence of Multi- channel organized retail (EBOs, LFS/ MBO, Value Retail, E-commerce) and scale of o
players that have now emerged as Pan India Players (Biba, Fabindia, Reliance Trends, Trent Westside, ABFRL) have managed to
consumer demands better over unorganized segment enabling this transition in favour of organized retail in Women Apparel se
Segmentation of Women Apparel Market
Women Indian wear is the dominant segment wit((hin w) omen apparel market in India and the preferred form of apparel for ap
71% of the market (FY 2020). Despite having a high current share, the share of Indian
wear in the overall Women apparel segment will continue to be resilient in future. The high share of Indian wear in the total app
unique feature of apparel market in India. In any other major apparel markets (China, Japan, Southeast Asia etc.) nearly the enti
category is made up of western wear. Therefore, Indian fashion is influenced by Indian ethos and values which impact the app
shape, silhouette and nature of raw material used (not restricted to power loom but also extends to handlooms fabrics). In this
Indian women apparel industry’s categorization into Indian wear and western wear is significant given the Indian wear categoy’
unique existence compared to other major markets.
Exhibit 3.3: Segment Contribution: Women Apparel market – FY 2015, 2020, 2021 & 2025P (in INR Cr)
18
wear in the overall Women apparel segment will continue to be resilient in future. The high share of Indian wear in the total app
unique feature of apparel market in India. In any other major apparel markets (China, Japan, Southeast Asia etc.) nearly the enti
category is made up of western wear. Therefore, Indian fashion is influenced by Indian ethos and values which impact the app
shape, silhouette and nature of raw material used (not restricted to power loom but also extends to handlooms fabrics). In this
Indian women apparel industry’s categorization into Indian wear and western wear is significant given the Indian wear categoy’
unique existence compared to other major markets.
Exhibit 3.3: Segment Contribution: Women Apparel market – FY 2015, 2020, 2021 & 2025P (in INR Cr)
18
INR 1,04,132 Cr INR 1,63,291 Cr INR 1,11,420 Cr INR 2,53,733 Cr
35,453
10%
25%
50,058
14% 23%
22,044
10% -33%
26,108
13,946 10%
-16%
14,718
16,536
21,995 22%
168,222
115,139 -35%
73,650 74,704
9% 8%
2015 2020 2021 2025
Indian Wear Innerwear and Activewear Western Wear (Excluding innerwear & activewear)
Source: Technopak Analysis. Western Wear (excluding Innerwear & Activewear) includes Tops/shirts, T-shirts, Denim, Formal Jackets, Sleepwear, Trousers/skirts, Winterwear &
accessories
Exhibit 3.4: Segmentation based on Product type of Women wear market FY 2020 (in INR Cr) and CAGR 2020-2025
Total Women's Wear Market INR 1,63,291 Cr
61,796
20.2%
53,342
14.9%
12.8% 13.2% 13.6%
9.4% 10.3%
6.5% 5.9% 7.4% 25,020
5.1%
3.8%
5,093
3,419 1,635 3,166 1,088
633 1,666 4,851
1,581
Western Wear (INR Cr) CAGR (2020-25) Indian & Fusion Wear (INR Cr)
Source: Technopak Analysis. Note: Year indicates FY. Others: Women Clothing Accessories. ‘Others’ in Saree & Others includes Lehenga set, Indian dresses/gowns etc. SKD inclu
Match and Dupattas/ Stoles etc
T-Shirts, Denim, Activewear, Sleepwear, and Tops/Shirts are among the western wear categories in Women apparel segment. While denim
initially focussed on the men’s segment, they started catering to women consumers as well as they witnessed change in the demand and p
of women. In Women Indian wear segment, SKD emerged as a fast-growing category with a CAGR of 9.4% from FY 2020-25.
19
Women Apparel Brands across Price Segments
Women apparel market is broadly divided into various price segments like Mass-mid, Mid, Mid-Premium, Premiu and further
into Luxury in case of Occasion wear and Western wear.
Exhibit 3.5: Apparel Brands across Categories & Price segments
Indian & Fusion

Apparel- Daily Mass - Mid Mid Mid-Premium Premium
Wear
Biba, W, Fabindia, Global
Retail led Max Fashion, Rangriti, Rangriti, Soch, Aurelia Desi, Aarke, Ritu Kumar, Satya Paul
Meena Bazaar
Infuse (SS), Reliance Haute Curry (SS), Kashish
Private labels of LFS Trends, Stop (SS), (SS), Utsa Zuba (Westside)
Imara (Lifestyle) (Westside)
Private labels of E- Anouk (Mynta), Here & Now Sztori, Moda Rapido
commerce marketplaces/ (Myntra), Myx (Amazon)
Vertical Specialists
Online first brands Bunaai Jaypore, Indian Ethnic

Co, Okhai, Idaho, Tjori
Indian & Fusion

Apparel- Occasion Mass - Mid Mid Mid-Premium Premium Luxury
Wear
Max Fashion Rangriti, Aurelia W, Biba, Fabindia, Biba, Biba X Rohit Bal, Sabyasachi,
Global Desi, Aarke, Mohey Meena Bazaar, Manish Malhotra
Retail led Soch Ritu Kumar, Satya
Paul
Private labels of LFS Reliance Trends, Stop Haute Curry (SS),

(SS), Melange Kashish (ss), Vark
(Lifestyle) (Westside), Imara
(Lifestyle)
Private labels of E- Anouk (Mynta) Moda Rapid, Sztori
commerce
marketplaces
Online first The Indian Ethnic Co, Bunaai, Aachho Jaypore, Okhai, Tjori
brands Idaho
Impact of COVID-19
Apparel and Lifestyle sector has been one of the hardest hit sectors during the COVID induced lockdown since March of 2020 th
whole of FY 2021 in form of nationwide or regional lockdowns. First two months of FY 2022 also saw the second wave of COVID
unfortunate damage to life & businesses leading to hardships on many fronts. However, June 2021 onwards there was reco
business and revival of consumer sentiment. Consumers started moving out of home for leisure and work, which led to an in
merchandise shopping. Diwali 2021 saw consumer spending worth INR 1.25 lakh Crores, which was the highest in a decade for t
period.
20
Brands and consumers alike have adapted to the changes due to COVID, while business cycles come back to normalcy. E-commer
major boost with consumers taking it as a means of ordering merchandise both across need and aspiration-based categories. COVID-19 ga
the growth of e-commerce that is expected to become a significant growth driver for the organised market.
The women apparel industry saw a decrease in formal wear due to COVID-19, but also witnessed increase sales of casual wear driven by w
home and awareness towards wellness due to the pandemic, and hence active wear gained traction during this period. The sleepwear, lou
athleisure categories saw rise in sales, along with fusion wear that works as both formal/ smart casual and comfort wear. Marks & Spencer
Shoppers Stop added a separate section offering loungewear. Online majors like Amazon India and Myntra expanded offerings for comfort
Wear brand Biba launched its range of sleepwear and loungewear to cater to the consumers seeking comfort wear mixed with smart casua
with more offerings in comfortable fusion wear such as kurtas, palazzos, pants etc.
Women Indian Wear Market
Women’ Indian wear accounted for approximately 71% or INR 1,15,139 Cr (US$ 15.3 Bn) (FY 2020) of the total Women Apparel
implying women Indian wear is the mainstay for women apparel market in India. The balance 29% or INR 48,152 Cr (US$ 6.4 Bn) wa
for by western wear.
In this context, the Indian women apparel industry’s categorization into Indian wear and western wear is significant given the Indian wea
size and its unique existence compared to other major markets. The broad categorization of Indian and western comprise many sub
The women Indian wear category can broadly be classified into Saree & others (includes Indian dresses, Lehenga etc.) and SKD (inc
Mix & Match, Dupattas. Stoles etc.). It also comprises of fusion wear, which is an amalgamation of other cultural influences on Indian wea
Exhibit 3.6: Women Apparel Segmentation – FY 2020 (in INR Cr)
INR 1,63,291 Cr
Western
Wear
INR 48,152 Cr
29%
Indian
Wear
INR 1,15,139 Cr
71%
Exhibit 3.7: Women Indian Wear Market (in INR Cr) and share of Organised & Unorganised – FY 2015, FY 2020, FY 2021 & FY 2
21
INR 73,650 Cr 9.3% INR 1,15,139 Cr -35.1% INR 74,704 Cr 22.5%
INR 1,68,222 Cr
19%
38%
33%
16%
18% 23%
-22%
28%
18%
62%
84%
7% 77%
-39% 72%
3%
FY 2015 FY 2020 FY 2021 FY 2025
Unorganised Retail Organised Retail
The Women Indian wear market is expected to increase from INR 1,15,139 Cr in FY 2020 to INR 1,68,222 Cr b 2025, growing at a CAGR
of 8%. Sarees & Others category forms almost 54% of the Indian wear market for wom the rest of the market of 46% is contributed by
SKDs (salwar, kameez, dupatta) etc.
Exhibit 3.8: Split of Women Indian wear Market across Organised Formats- FY 2015, FY 2020, FY 202 FY 2025P (in INR Cr)
INR 73,650 Cr 9.3% INR 1,15,139 Cr -35.1% INR 74,704 Cr 22.5%
INR 1,68,222 Cr
19%
38%
33%
16%
18% 23%
-22%
28%
18%
62%
84%
7% 77%
-39% 72%
3%
FY 2015 FY 2020 FY 2021 FY 2025
Unorganised Retail Organised Retail
The Women Indian wear market is expected to increase from INR 1,15,139 Cr in FY 2020 to INR 1,68,222 Cr b 2025, growing at a CAGR
of 8%. Sarees & Others category forms almost 54% of the Indian wear market for wom the rest of the market of 46% is contributed by
SKDs (salwar, kameez, dupatta) etc.
Exhibit 3.8: Split of Women Indian wear Market across Organised Formats- FY 2015, FY 2020, FY 202 FY 2025P (in INR Cr)
INR 63,924
INR 26,482 Cr 46%

22%
3% 4,260 INR 20,543 Cr
INR 11,779 Cr -21% 53%
2%
6,333 -64% 3,362 27%
-47% 747
-5% 3,362
3,681 4% 13,073
1,841
5,153 66% 13,817
1,104
FY 2015 FY 2020 FY 2021 FY 2025P

E-Commerce EBO MBO LFS
The organised Indian women apparel market in India is estimated to grow from INR 26,482 Cr in FY 2020 to INR 63,924 Cr by the
2025 at a CAGR of 19%. Online penetration within the organised women Indian wear market was approximately 52% as of financ
which has grown at a rate of 66% over the past five years.
22
2,072
These dynamics are advantageous for players like Biba given their strong digital presence. Brand focus on dig activation is
expected to be a growth enabler for the online channel.
Exhibit 3.9: Representative players - EBOs, MBOS, LFS and Online
EBO MBO LFS E-commerce/Online

Biba Vama Reliance Trends Amazon
Aurelia Chunmun Westside Flipkart
W Kapsons Lifestyle Myntra
Fabindia Lulu Vishal Nykaa Fashion
Product segmentation of Women Indian Wear Market
Women Indian wear market is further segmented into key categories- Saree & Others (Lehenga, Indian dresses/gowns etc)
(Sets, Mix & Match & Others (Dupattas/Stoles etc). SKD category is expected to grow at a CAGR of 9.4% from FY 2020-25, while Saree & O
category will grow at a comparatively lower rate of 6.5% for the same period.
Within SKD, Mix & Match category will lead the growth with a CAGR of 13% and Sets are expected to grow at CAGR of 7.6% from FY 202
Saree & Others, the Others category of Lehenga set, Indian dresses/gowns is expected to grow at a CAGR of 8.1% for FY 2020-25 w
will grow at a CAGR of 5.9%. In particular, the women’s apparel market in India has evolved from traditional apparel such as saree
piece market, dominated by Salwar Kameez Dupattas (SKDs) and Mix & Match wear, and was estimated at INR 53,342 Cr as of FY 2020 an
to grow to INR 83,746 by FY 2025.
Exhibit 3.10: Women Indian Wear Market (in INR Cr) – FY 2015, FY 2020, FY 2021 & FY 2025
INR 1,68,222 Cr
INR 1,15,139 Cr 83,746
(50%)
53,342
INR 73,650 Cr INR 75,704 Cr
(46%)
34,321 36,275
(47%) (49%)
84,476
61,796 (50%)
39,329 (54%)
38,429
(53%)
(51%)
2015 2020 2021 2025
Saree & Others SKD
Source: Technopak Analysis. Others includes Lehenga Set, Indian dresses etc.
23
Exhibit 3.11: Further split of Saree & Others and SKD category – FY 2015, FY 2020 & FY 2025 – Market in INR Cr
Saree & Others
FY 2015 FY 2020 FY 2021 FY 2025 CAGR FY
2015-20
Saree, Blouse, Petticoat 30,677 46,347 28,822 61,667 8.6%
Others- Lehenga set, Indian dresses/ 8,652 15,449 9,607 22,808 12.3%
gowns etc.
Total Saree & Others 39,329 61,796 38,429 84,476 9.5%

SKD
FY 2015 FY 2020 FY 2021 FY 2025 CAGR FY
2015-20
Sets 22,995 32,005 21,039 46,061 6.8%
Mix & Match 10,296 18,670 13,603 34,336 12.6%
Others- Dupattas/ Stoles etc 1,201 2,667 1,632 3,350 17.3%
Total SKD 34,321 53,342 36,275 83,746 9.2%
The women’s apparel market in India has evolved from traditional apparel such as sarees to a two-piece market, dominated by
Kameez Dupattas’ and Mix & Match wear, and was estimated at US$ 21.8 Bn, or 36%, of the total apparel market in India as
year 2020. Women Indian wear has rapidly transitioned towards contemporisation driven by trends like fusion wear. This tr
led by Indian EBO led brands who are creating trends and capturing consumer mind share. This is making them stay ahead on fa
and emerge as fashion forward category leaders that can both charge premium and lead the mid to premium price bands. Thes
brands comprise home grown Indian, fusion brands like Biba, W & Fabindia. Their current size now signifies brand stickiness and
barriers for others. New entrants in this space are increasingly referenced by the consumers with these brands (Viz. Biba Size, Fa
fabric, W’s print). Value segment brands also refer to them for trends and look up to them as fashion leaders. In this backdrop, b
market of Women Indian Wear has evolved in the past decade and is currently dominated by ‘fashion forward’ and ‘fashion foll
brands.
Fashion Forward brands such as Biba, Fabindia, Anokhi, W etc follow a 3-month cycle time for designs constructed from scratch
season and generate an average of ~35-50% of their revenue from exclusive brand outlets (EBOs) and can go as high as 80-90%
Biba, which was launched in 1986, is one of the first national brands in the Indian wear segment. It also has a rich legacy of store
large online presence. Biba has emerged as one of the Category Creators within the Indian women apparel segment and has sin
into one of the largest & leading lifestyle brands with a ~4% market share in the branded women’s Indian wear market (excludin
India for FY 2020.
Fashion follower brands such as Soch, Jashn, Meena Bazaar etc., take design inspiration from vendors, fashion forward
celebrity fashion and commercialize their product offerings. This allows them flexible lead times (about 45-60 days from design
store) but limits their ability to command a price premium. In the case of fashion followers like Soch more than 70-75% of the sa
from EBOs and the balance is contributed by LFS, MBOs and online, with online contributing close to 12-15%.
Indian wear category offers a unique blend of comfort and fashion to the consumer making it the preferred apparel for most oc
category association revolves around comfort, ‘contemporisation’ as well as relevance of the occasion. Whilst the consumers in
compared to the metro-centric consumers, tended to be strongly governed by traditional usage of the saree, the Indian wear ca
increasingly becoming the category sought
24
for as it offers both conformity and style. Indian women wear in the form of Kurtas, Mix & Match, Saree, Indian dresses etc has found a u
appeal across states as these categories are being worn by women across the country. With increased online presence and social media m
consumers across have become aware of, and have adopted various Indian & Fusion wear apparel like Kurtas, sets, palazzos, dhoti, India
saree etc.
Indian apparel fashion is uniquely an India focused opportunity and one that provides a natural and sustainable advantage to homegrow
seize it. This advantage is reflected in structure of the Indian wear category that comprises of home-grown brands in leading positions.
Kids Apparel Market
Kids Apparel market in India accounted for INR 1,01,117 Cr (US$ 13.5 Bn) (FY 2020) and is expected to reach INR 1,55,659 Cr (US$ 20.8) b
growing at a CAGR of 9%. Kids wear market is split into Boys wear & Girls wear market, with Boys segment holding a 52% share in the kid
market, and Girls segment a 48% share for FY 2020. A key factor driving the Indian kids apparel market is India’s young population with o
individuals below the age of 15 as of 2020.
Exhibit 3.12: Kids Apparel Market (in INR Cr) – FY 2015, FY 2020, FY 2021 & FY 2025
9%
Channel wise segmentation of Kids Apparel Market
The kids Indian apparel market is highly unorganised with organised players representing 19.4% of the Indian apparel market as for FY 20
share of organised market is expected to increase from 19.4% in FY 2020 to 27.1% by FY 2025. Within organised market, EBOs and Online
the biggest channels of retail. The share of EBOs within Organised channel is expected to increase to 27% by FY 2025 from 22% in FY 202
Exhibit 3.13: Split of Kids wear Market across Organised Formats- FY 2015, FY 2020, FY 2021 & FY 2025 (in INR Cr)
25
INR 42,114 Cr
23,986
INR 19,570 Cr
INR 13,246 Cr 28% 3,524
11,742 3,205
INR 7,148 Cr 48% -23% 38%
9,033
1,643 8% 2,022
-51% 54%
11,399
18,32917 14%
1,582
968616
3,286 4,223
-58%
2,566 51%
5%
-39%
FY 2015 FY 2020 FY 2021 FY 2025P
EBO MBO LFS E-Commerce
Category wise split of Kids wear- Indian & Western
Kids wear market is dominated by Western Wear holding approximately 87% share, and Indian wear with 13% sh for FY 2020. Indian
wear for boys is mostly occasion based around festivals and other occasions. Indian wear for has a mix of both daily wear and
occasion wear.
Exhibit 3.14: Split of Kids wear market- Indian & Western (in INR Cr) – FY 2015, FY 2020, FY 2021, FY 20
57,605 1,01,117 68,283 1,55,659
INR 42,114 Cr
23,986
INR 19,570 Cr
INR 13,246 Cr 28% 3,524
11,742 3,205
INR 7,148 Cr 48% -23% 38%
9,033
1,643 8% 2,022
-51% 54%
11,399
18,32917 14%
1,582
968616
3,286 4,223
-58%
2,566 51%
5%
-39%
FY 2015 FY 2020 FY 2021 FY 2025P
EBO MBO LFS E-Commerce
Category wise split of Kids wear- Indian & Western
Kids wear market is dominated by Western Wear holding approximately 87% share, and Indian wear with 13% sh for FY 2020. Indian
wear for boys is mostly occasion based around festivals and other occasions. Indian wear for has a mix of both daily wear and
occasion wear.
Exhibit 3.14: Split of Kids wear market- Indian & Western (in INR Cr) – FY 2015, FY 2020, FY 2021, FY 20
57,605 1,01,117 68,283 1,55,659
18,380
22%
9% 13,071 -37%
8,288 23%
137279
8,526 12% -32% 59,995
88,046
49,079
2015 2020 2021 2025
Kids Western Kids Indian
Exhibit 3.15: Kids Indian wear market split by gender (in INR Cr) – FY 2020
26
13,071
3,377
(26%)
9,695
(74%)
Girls Indian wear Boys Indian wear
Within Kids Indian Wear, the market is dominated by Girls Indian wear holding a 74% share amounting to INR 9,695 Cr for FY 2020. Boys
amounts to INR 3,376 Cr for FY 2020. Girls Indian wear market is expected to grow at a CAGR of 7.3% to reach INR 13,778 Cr by FY 2025.
Few Indian wear brands are offering kids Indian wear apparel like Biba, Fabindia, etc. Biba Girls’ was launched in 2011 and is a festive sea
range offering Indian wear collections for girls aged 2-12 including ‘Anarkalis’, dresses, ‘lehengas’, suits, tops, bottom wear, and footwear
amongst the first Indian wear brands to launch a range for girls. Hence, Biba has a first-mover advantage in this market and has already m
progress through its brand Biba Girls. Over the years, it has expanded its product offerings beyond women’s Indian wear to kid’s wear an
accessories market and have continued to maintain its position as one of the top brands in the women’s Indian wear market.
4. Competitive Landscape of Women Indian Wear in the Organized space
The organised Indian wear segment is made of the four types of player segments: -
1. Retail Led Brands: Retail led brands comprise players like Biba, W, Fabindia, Global Desi that have a pan- India footprint in terms of
of their EBOs and / or through partnerships with LFS and MBOs and through online channels. Retail led brands also comprise regional bra
Neeru’s, Meena Bazaar that are restricted to specific region/s through their own stores (EBOs) and also sell through LFS and online route
channels of retail for brands comprise of own websites and Apps & marketplace listings.
2. Multi Brand Outlets & Large Format Stores (MBO & LFS): Large Format store include players like Lifestyle, Pantaloons, Shoppers St
Trends, Max, Westside etc. MBOs include players like Vama, Iconic etc that are primarily fashion & lifestyle focussed. These formats keep
range of Women Indian wear (along with other categories) with multiple brands (both Pan-India & Regional retail led brands) and their o
labels viz. Melange is a private label of Lifestyle; Rangmanch, Akkriti, Trishaa & Indus Route is of Pantaloons & Avaasa is of Reliance Trend
labels are offered by their respective LFS stores in addition to retail led brands like Biba and W and other external labels/ brands. Howeve
exceptions to this trend in the form of LFS like Max and Westside that keep only private labels and offer no scope for external labels or b
3. Value Focused Retailers: Retailers like Vishal Mega Mart, V Mart, V2 Retail etc. sell multiple product categories ranging fro
grocery, personal & home care, home improvements, electronic & appliances, and fashion & lifestyle with a strong value pricing pitc
beyond Tier I cities. In this context, value fashion retailers are primarily focussed on their own private labels or on other smaller trade-la
Women Indian Wear (and for other fashion categories).
4. Online Focused Brands/Retailers: Online focussed retailers include E-commerce marketplaces like Amazon, Flipkart etc, and
specialist websites like Myntra, Ajio, Nykaa Fashion etc. While marketplaces sell multiple product categories, vertical specialists a
suggests are fashion &
27
lifestyle focussed. However, both retail types offer various brands, for eg. retail led brands, smal brands/labels,
private labels (like Myx for Amazon, and Anouk for Myntra). There is also an emerging th group of ‘online focussed/online-
first’ Women Indian wear brands that are only or primarily availa online. Brands such as Jaypore, Pinklay, Okhai are
examples of such online focussed/online-first bran
EBO led retail brands emerge as fashion forward choice on products in the online channel: Various National regional brands
have adopted online channel for their sales as digital enablement paves way for the growth o Omni-Channel retailing
ecosystem. Having said that, the product differentiation on designs of Women Indian app is led by retail led brands selling
online. There are a few pure play online vertical specialists with focus on wo Indian wear. While leading online fashion
portals and marketplaces have invested in private label developmen western product categories, they also offer limited
range of Women Indian Wear.
Exhibit 4.1: Leading Players across Four Segments of Women Indian Wear
Key Players Year of Inception Operating Company No. of Stores # Cities where
stores present
1. Retail Led Brands
Biba 1986 Biba Fashion Ltd. 308** 160
Fabindia Fabindia brand registered in 1997 Fabindia Overseas Pvt. Ltd. 309* 123
W 2002 TCNS Clothing Co. Ltd. 333** 142

Aurelia 2002 TCNS Clothing Co. Ltd. 231** 119
Soch 2005 Soch Apparels Private 191*** 54
Limited
Ritu Kumar 1969 Ritika Pvt. Ltd. 68 34
Global Desi 2007 Ochre and Black Private 105 48
Limited
Rangriti 2016 Biba Fashion Ltd. 119** 69
Go Colors 2010 Go Fashion India Ltd. 450*** 110+
Mohey 2015 Vedant Fashions Ltd. 81*** 54
2. Large Format Stores & Multi Brand Outlets
Lifestyle 1999 Landmark Group 80 41
Pantaloons 1997 Aditya Birla Fashion and 347* 78
Retail Ltd.
Shoppers Stop 1991 K Raheja Group 104 33
Central 2004 Future Lifestyle Fashion 48 27
Reliance Trends 2007 Reliance Retail Ltd. 378* 100+
Max 2006 Landmark Group 360 143
Westside 1998 Trent Ltd. 169 88
3. Value Focused Retailers
Vishal Mega Mart 2001 Vishal Mega Mart Pvt. Ltd. 400+ 150+
V Mart 2003 V Mart Retail Ltd. 371 228

V2 Retail 2002 V2 Retail Ltd. 85 65
4. Online Focused Retailers & Brands
Online Marketplaces/ Vertical Specialists
Myntra 2007 Walmart India Pvt. Ltd. NA NA
Cliq 2016 Tata Digital Pvt. Ltd. NA NA
Ajio 2016 Reliance Retail Ventures NA NA
Limited
Online First Brands
28
Jaypore 2012 Jaypore E-commerce Pvt. 3 2

Ltd.
Okhai 2015 Okhai Enterprises Pvt. NA NA
Ltd.
Pinklay 2015 Pinklay Retail Pvt. Ltd. NA NA
Source: Company Websites, Secondary Research. Store counts as of Jan 2022. * Indicates store count as of Sept 2021. **Indicates stores co
on Dec 2021. ***indicates store count as of June’ 2021.
Women Indian Wear Offerings across Player Groups
Retail led brands of Women Indian Wear are focussed pre-dominantly on Indian Wear and use that as a basis
differentiation and being fashion forward. Product design led category creators in Women Indian Wear to have extended
into Fusion with the objective of contemporizing the Indian wear to broaden the appeal in a manner Fusion and Indian
wear are interchangeable in a consumer’s mind. A similar design-based approach is now selectiv extended to Denim,
Athleisure and Comfort Wear by few players like Biba and W. For instance, Biba is amongst early Indian wear brands to
have a range of sleepwear, loungewear & athleisure (joggers), and is a trendsetter in Women Indian apparel market,
while Fabindia offers a range of sleepwear. LFS/ MBOs and Value Focussed Reta position themselves as ‘all under one
roof’ and therefore their Women Indian Wear is offered alongside all o categories of apparel fashion across product and
gender types.
The flagship brand ‘Biba’ has also maintained its position as one of India’s leading fashion brands since incepti Biba’s
products compete with local retailers, online retailers, non-branded products, economy brands and prod of other
established brands.
Exhibit 4.2: Product Categories on Offer across Different Player Segments
Key Players Indian Western Athleisure Fusion Denim

Retail Led Brands
Biba ✓ - ✓ ✓ ✓
Fabindia ✓ ✓ - ✓
Aurelia ✓ - - ✓ ✓
Global Desi ✓ - - ✓ ✓
Soch ✓ ✓ - ✓ ✓
W ✓ - - ✓ ✓
Rangriti ✓ - - ✓ -
Ritu Kumar ✓ ✓ - ✓ -
Value Focussed Retailers
Vishal Mega Mart ✓ ✓ ✓ ✓ ✓
(Vishal)
V Mart (Desi ✓ ✓ ✓ ✓ ✓
Mix)
Multiple Brand Outlets & Large Format Stores (MBO & LFS)
Lifestyle ✓ ✓ ✓ ✓ ✓
Pantaloons ✓ ✓ ✓ ✓ ✓
Shoppers Stop ✓ ✓ ✓ ✓ ✓
Central ✓ ✓ ✓ ✓ ✓
Reliance Trends ✓ ✓ ✓ ✓ ✓
Max ✓ ✓ ✓ ✓ ✓
Westside ✓ ✓ ✓ ✓ ✓
Online Marketplaces/ Vertical Specialists
Myntra ✓ ✓ ✓ ✓ ✓
Cliq ✓ ✓ ✓ ✓ ✓
29
Ajio ✓ ✓ ✓ ✓ ✓
Online Focused Brands
Jaypore ✓ - - ✓ -
Okhai ✓ - - ✓ -
Pinklay ✓ - - ✓ -
Source: Company Websites, Secondary Research
SKD (Salwar Kurta & Dupatta) & SK (Salwar & Kurta) Sets, Tops, Bottoms, Indian Dresses, Dupattas are synonymo with
Indian wear offering and are offered by all players that offer Women Indian Wear. The design play within th can range
from daily wear to occasion wear or from traditional to fusion, dependent on an individual brand’s ove pitch and
positioning in the market.
For a few brands like W, Aurelia, Rangriti, saree as a product offer is not part of the business strategy. Howev many
brands do extend their Women Indian Wear offering to include sarees but this is done only to complete th product
offering (viz. Biba, Global Desi, Anita Dongre, Reliance Trends). For other brands such as viz. Soch, Fabind Okhai,
Pantaloons, it is a part of their core offer.
Exhibit 4.3: Key Players: Presence by Sub-Category
Occasion Type Product Category
Key Players Daily Occasion SKD/ Saree Tops Bottom s Dupatta s Indian
Wear Wear Sets (Separa (Separa Dresses
tes) tes) /
Gowns
Retail Led Brands
Biba ✓ ✓ ✓✓✓ ✓ ✓✓✓ ✓✓✓ ✓ ✓✓
Fabindia ✓ ✓ ✓ ✓✓✓ ✓✓ ✓✓✓ ✓ ✓✓
W ✓ - ✓✓ - ✓✓✓ ✓✓ ✓✓✓ ✓
Aurelia ✓ - ✓✓ - ✓✓✓ ✓✓✓ ✓✓✓ ✓✓
Soch ✓ ✓ ✓✓✓ ✓✓✓ ✓✓✓ ✓✓✓ ✓✓✓ ✓
Ritu Kumar ✓ ✓ ✓✓ ✓ ✓ ✓ - ✓
Global Desi ✓ - ✓✓ ✓ ✓✓✓ ✓ ✓ ✓✓
Rangriti ✓ - ✓✓ - ✓✓✓ ✓✓ ✓ ✓✓
Anita Dongre ✓ ✓ ✓✓ ✓ ✓ ✓ ✓ ✓
LFS & MBO
Lifestyle ✓ ✓ ✓✓✓ ✓ ✓✓✓ ✓✓✓ ✓✓ ✓✓
Pantaloons ✓ ✓ ✓✓✓ ✓✓ ✓✓✓ ✓✓✓ ✓✓ ✓
Shoppers Stop ✓ ✓ ✓✓✓ ✓ ✓✓✓ ✓✓✓ ✓ ✓
Reliance Trends ✓ - ✓✓ ✓ ✓✓ ✓✓ ✓ ✓
Max ✓ - ✓✓ - ✓✓✓ ✓✓ ✓✓ ✓
Westside ✓ ✓ ✓✓ - ✓✓✓ ✓✓ ✓✓ ✓
Value Focused Retailers
Vishal Mega ✓ - - - ✓✓ ✓✓ ✓ -
Mart
V Mart ✓ - ✓✓ - ✓✓ ✓✓ ✓ ✓
Online Focused Brands
Jaypore ✓ ✓ ✓✓✓ ✓✓ ✓✓✓ ✓✓ ✓✓✓ ✓✓
Okhai ✓ - ✓✓ ✓✓✓ ✓✓ ✓✓ ✓✓✓ -✓✓
Pinklay ✓ - ✓✓✓ - ✓✓ ✓✓ ✓✓ ✓✓
30
Source: Company Websites, Secondary Research. ✓ Ticks in Occasion type signify presence. No. of ticks in Product category signify intens presence basis SKU
range.
The acceptance of Women Indian Wear as an apparel of choice for daily wear purposes has been a key growth dri for this
category in the last decade. This is reflected in the rising share of daily wear in the overall Women In Wear sales. The
organized players’ ability to contemporize and make products with high quotient of functional comfort and affordable prices
is what has led to their individual growth trajectory and driven share away f occasion wear to daily wear. Therefore,
within all leading brands in Women Indian Wear segment, the pro offering is skewed towards Daily Wear. For many
brands like Biba; Fabindia; Lifestyle; Myntra, Occasion Wear of an incremental opportunity for further expansion and deeper
penetration. It will enable them to offer occasion w to consumers that already buy daily wear from them.
Product Offerings across Player Groups
 Product offers by leading brands within sub-categories (suits, sarees, topwear) differ depending upon th respective
business strategy focus. For instance, Biba offers 955 SKUs of SKD & SK sets (Salwar, Kurtas Dupatta Set & Salwar Kurta Sets),
~1200 SKUs of separates (tops and bottoms) and 8 SKUs of sarees. offers one of the widest portfolios of products among
women’s apparel brands in India in terms of num of SKUs, as of February, 2022. On the contrary, Fabindia offers 61 SKUs
of SKD & SK sets ~1200 SKU separates (tops and bottoms) and 560 SKUs of Sarees.
 Retail led brands with a Mid to Premium price positioning offer the widest range of products given ta audience
comprises of both value seeking and aspirational consumers. Therefore, players like Biba, an offer nearly 792 and 1591 SKUs
respectively of Top Wear (Separates). On the contrary, Ritu Kumar that h premium plus pursuit offers only 97 SKUs within the
category.
 Across all sub-categories of Women Indian Wear there are three distinct prices points (1) Value that prim target the
value seeking segment, (2) Mid-premium that is positioned for both value seekers and aspirational segment and (3)
premium plus segment that targets only aspirational consumers.
 Brands’ approach to discounting is an outcome of the nature of the fashion business that requires effici and timely
inventory turns for brands to move from one fashion cycle to the next. Discounting as a tool is deployed for marketing
purposes that are tactical in nature. Therefore, discounting is a key tool that deployed by all brands for marketing and
operational efficiency. This is reflected in the discounting range is pursued by all brands across the board.
Exhibit 4.4: Average Selling Price (ASP), Discounts and No. of SKUs at a category-brand level
Key Players No of SKUs Average Selling Price Price Range (INR) Extent of
(INR) Discounting on
brand website (In
%)
Salwar Kurta and Dupatta (SKD) and Salwar Kurta (SK) Sets
Retail Led Brands
Biba 955 2,200-3,200 1,900 -19995 Upto 50%
Fabindia 61 2,900-3,200 1,990-9,490 Upto 50%
W 315 2,200-2,500 799-14,999 Upto 50%
Soch 654 1,600-1,800 998-19,998 Upto 70%
Ritu Kumar 75 6,000-8,000 3,700-28,000 Upto 50%
Global Desi 153 2000-2500 750-16,999 Upto 75%
Rangriti 179 1,200-1,600 1,079-4,599 Upto 50%
MBO & LFS
Lifestyle (Melange) 195 1,600-1,800 949-3,499 Upto 50%
Pantaloons (Rangmanch) 92 1,500-1,700 999-4,999 Upto 50%
Max (Max) 66 1,300-1,500 999-2,199 Upto 40%
31
Value Focussed Brands

V Mart (Desi Mix) 128 1,000-1,200 299-2,199 Upto 65%
Online First Brands
Okhai 10 7,000-8,000 4,890-9,860 Upto 50%
Sarees
Retail Led Brands
Biba 8 9,750-9,950 9,750-14,750 Upto 50%
Fabindia 560 4,000-5,000 1,690-28,990 Upto 30%
Soch 489 2,500-3,000 749-15,998 Upto 50%
Ritu Kumar 30 8,000-10,000 3,800-21,900 Upto 50%
Global Desi 11 3,500-4,000 1,500-6,000 Upto 60%
MBO & LFS
Pantaloons (Rangmanch) 192 2,000-3,000 1,499-5,999 Upto 40%
Online First Brands
Jaypore 122 4,000-5,000 1,832-16,000 Upto 70%
Okhai 688 6,000-8,000 1,210-45,000 -
Top wear (Separates)
Retail Led Brands
Biba 792 1000-1,400 500-3960 Upto 50%
Fabindia 717 1,400-1,800 698-9,999 Upto 50%
W 1591 800-1,000 349-9,999 Upto 50%
Soch 735 500-800 398-3,998 Upto 70%
Ritu Kumar 97 2,500-3,000 1,500-13,900 Upto 50%
Global Desi 543 500-700 325-4,699 Upto 75%
Rangriti 969 400-800 300-3,999 Upto 60%
MBO & LFS
Lifestyle (Melange) 349 500-600 349-2,599 Upto 50%
Pantaloons (Rangmanch, 745 400-600 359-2,499 Upto 55%
Trishaa)
Shoppers Stop (Stop, Haute 677 400-500 349-3,299 Upto 55%
Curry)
Value Focussed Brands
Vishal Mega Mart (Mavie & 223 300-350 99-1,199 Upto 50%
Pink Almirah)
V Mart (Desi Mix) 750 300-500 149-2,399 Upto 50%
Online First Brands
Jaypore 345 2,000-2,500 796-14,990 Upto 70%
Okhai 182 2,000-2,500 1,199-8,000 Upto 10%
Bottom wear (Separates)
Retail Led Brands
Biba 388 800-1,000 399-3,999 Upto 50%
Fabindia 509 1,100-1,300 500-2,490 Upto 60%
Aurelia 716 600-800 399-2,299 Upto 50%
Elleven 483 600-800 359-2,199 Upto 50%
W 763 1,000-1,500 399-3,599 Upto 50%
Rangriti 129 400-500 200-1,299 Upto 50%
MBO & LFS
Lifestyle (Melange) 180 500-700 249-1,299 Upto 50%
Pantaloons (Rangmanch) 219 400-600 274-1,299 Upto 45%
Shoppers Stop (Stop, Haute 250 600-700 249-1,299 Upto 50%
Curry)
Value Focussed Retailers
32
Vishal Mega Mart (Mavie & Pink 114 200-300 99-349 Upto 50%
Almirah)
V Mart (Desi Mix) 351 300-500 99-899 Upto 50%
Lehenga Set
Retail Led Brands
Biba 23 3,998-4,498 2,498-14,360 Upto 50%
Fabindia 6 3,000-4,500 2,994-4,990 Upto 40%
Soch 88 4,000-5,000 3,499-19,998 Upto 50%
MBO or LFS
Pantaloons (Akkriti, 23 1,500-2,000 1,049-3,499 Upto 35%
Rangmanch)
Reliance Trends (Avaasa) 9 1,700-2,000 1,679-2,999 Upto 30%
Indian Dresses/ Gowns
Retail Led Brands
Biba 112 2,000-2,200 1,079-3,799 Upto 50%
Fabindia 175 2,000-2,500 792-4,999 Upto 55%
W 297 2,000-2,500 799-14,999 Upto 70%
Soch 79 1,500-2,000 749-3,374 Upto 250%
Rangriti 199 1,200-1,400 450-2,999 Upto 50%
MBO or LFS
Pantaloons (Akkriti, 161 1,000-1,200 539-3,999 Upto 55%
Rangmanch)
Shoppers Stop (Haute Curry) 103 800-1,000 499-1,499 Upto 50%
Online First Brands
Jaypore 20 1,500-2,000 945-3,590 Upto 60%
Okhai 145 2,000-2,500 925-11,550 Upto 15%
Pinklay 16 2,000-2,500 2,299-3,499 -
Source: Brand Website, Technopak Analysis. Note- Different sizes of same style not included in SKU count. SKU count for MBO, LFS, Value Retail is total of
Private Labels only. Private Labels of MBO, LFS & Value Retailers are mentioned in brackets along with the Retailer. Prices basis curren retailing final selling
prices on brand websites (Feb 2022)
Key Strength & Value Proposition of Retail Formats:
Format Key Players Key Strengths & Propositions of these formats

1 Retail Led Biba, W, Soch, Global Desi,  In-house product design ability that allows them to be category creators and prov
Brands Fabindia, Aurelia, Ritu differentiated product offerings in the market. This also allows them to create new tren
Kumar, Rangriti etc fusion wear and to broaden the addressable market opportunity
 Wide assortment of products within each sub-category catering to both daily wear
occasion wear purposes
 Multi-channel presence with a skew towards exclusive brand outlets and own webs
commerce that allows them an integrated route to market while offering multiple
points to their consumers. This also enables them to activate and build an omni cha
play
 Dedicated manufacturers / suppliers base for integrated supply chain that work wit
brand & using standardized processes
 Digital and technology adoption that constantly improves consumer
engagement like Augmented reality (AR), Virtual Reality (VR) etc.
 Strong EBO presence creates brand loyalty amongst consumers through
engagement & loyalty programs
 Focus on EBO channel leads to higher brand visibility and efficient operations focus
top 100 cities
2 Multiple LFS- Pantaloons, Lifestyle,  All under one roof that enables the consumer to navigate across categories
Brand Outlets Max, Westside, Reliance (Western / Indian, Gender – Men, Women and Kids) and receive a diversified product ra
& cater to their individual customer type
33
Large Format Trends, Shoppers Stop  Wide range of brands (retail led and private labels) and price options to choose from
Stores (MBO MBO- Vama, Kapsons
 The wider options allow LFS to leverage cross selling categories
& LFS)
 High footfall to the stores due to larger variety of brands and product offerings acro
range
 Focused on top 50 cities
3 Value Vishal Mega Mart, V Mart,  All under one roof that offers diversified product range across categories
Retailers V2 Retail  Value pricing targeting price conscious consumers by catering to a large and v
seeking consumer base that is style conscious but not necessarily brand loyal
 Flexible sourcing & supply chain comprising of both aggregators/distributors and
manufacturers who provide access to multiple choices and flexible order quantities
 High footfall due to diversified product category range which helps in cross se
 Operating across city types including Tier, I, Tier II, Tier III and Tier IV cities
4 Online Marketplaces: Amazon,  Wider reach through presence in multiple city types (Amazon and Myntra deliver to
Retailers / Flipkart, TataCliq than 20,000 pin codes across India)
Online Brands Vertical Specialists-  Extensive range in terms of brand availability, product range and pricing
Myntra, Ajio, Nykaa
Fashion  Multiple brands and product choices across segments
Online Focused brands-  Convenience in purchase, returns, exchanges
Okhai,
Pinklay, Jaypore

5. Key Trends and Success Factors Enabling the Growth of Organized Wome
Indian Wear Industry
The share of organised Women Indian wear market in the overall women Indian wear market has grown from 16% in FY 2015 to around
2020. This increase in the share of organized women apparel has also happened on an expanding base (overall growth of Women Indian
at 9.4% CAGR during FY 2015 to FY 2020 period). Seven key trends outlined below have played a pivotal role in this outcome and these tr
continue to provide the growth momentum going forward (projected till FY 25).
Exhibit 5.1: Share of Organised Women Indian wear in Overall Women Indian wear – FY 2020, FY 2020, FY 2021, FY 2025P
38%
28%
23%
16%
FY 2015 FY 2020 FY 2021 FY 2025 P
34

Key Trends and Success Factors enabling the growth of Organized Women Indian wear
Industry
1. Consumer Demographics
The median age of India estimated to be 28.1 years for CY 2021, has had a profoundly positive implication on ma
merchandise and service consumption categories including Indian wear. This advantage of age makes the In consuming class
more open to experimentation without preconditions. These factors enable them to absorb
interpret trends faster than before. India’s demographic composition that is young is also more literate and digi connected &
exposed than their counterparts were in the past. This is manifested in the growth of internet hab consumers and rise of
online shopping.
2. Heterogeneous Wardrobe of Indian Women
Key Trends and Success Factors enabling the growth of Organized Women Indian wear
Industry
1. Consumer Demographics
The median age of India estimated to be 28.1 years for CY 2021, has had a profoundly positive implication on ma
merchandise and service consumption categories including Indian wear. This advantage of age makes the In consuming class
more open to experimentation without preconditions. These factors enable them to absorb
interpret trends faster than before. India’s demographic composition that is young is also more literate and digi connected &
exposed than their counterparts were in the past. This is manifested in the growth of internet hab consumers and rise of
online shopping.
2. Heterogeneous Wardrobe of Indian Women
Heterogeneous wardrobe has been a unique feature of the Indian woman consumers that stands out in the busin of fashion
globally. Consumer research on Indian women wear has always shown ownership of both western w and Indian wear
apparel by Indian women. While the extent of ownership of each type may vary, the ownership both Indian wear and
western wear has been a unique feature of the Indian Women wear market. For instance other markets (viz. Japan,
China), consumers replaced their traditional attires with western wear for daily w purposes or restricted their use to
specific occasions. However, Indian women have continued to own and use In wear for daily and occasion wear, while not
holding them back from owning western wear (viz. Denims). This un behaviour (partly a positive outcome of demographic
profile like age as stated in point 1) has enabled the grow and rise of Indian wear industry, particularly the organised
segment.
3. Growth of Fusion Wear
Fusion wear implies an amalgamated apparel or any other lifestyle product that imbibes sensibilities of b
International and Indian wear design sensibilities. It may mean a print or a combination of colours that is in vo globally and
to use such a print on a kurta. It may also mean alterations in a kurta with a silhouette that giv global appeal. For instance,
Palazzos and leggings from the Indian wear segment have emerged as a piece of clot that women pair with both Indian and
western tops.
Such innovations in designs, primarily undertaken by organised Indian Wear players have played a key role
contemporizing the Indian wear segment and made it desirable for the Indian consumer. While traditional In prints are being
used on modern outfits, the style of Indian clothing is being altered to make it more comforta and modern viz. dhoti pants
along with short or long kurtas which is being worn by Indian women. Retail led bra in India have managed to lead this trend
by being at the forefront of product development, trend setting and bra stickiness with customers. This is an important
factor to consider because it implies that the consumers’ aspirat (young Indian women) were understood, and Indian wear
was re-imagined by organised Indian wear players to ca it. Brands like Biba for instance launched modernised ‘saree kurta’,
gowns and casual wear section.
Exhibit 5.2: Fusion Wear on Offer by Various Brands
Format Brand Fusion Wear Apparel within Fusion Wear

Category
Biba  Dresses, Tunic Pants Sets, Dhoti Pant sets, Choga, 3-piece sets
(including bottomwear, topwear and capes), etc.
EBOs Fabindia  Pants & Palazzos, Tunics, Dresses, Skirts, etc.
W  Dresses, Jumpsuits, Palazzos, etc.
35
Aurelia  Dresses, Outerwear, Palazzos, etc.

Manyavar  Gowns, Indo-western, etc.
Meena Bazaar  Tunics, Indo-western gowns, etc.
LFS Trent Ltd. - Westside  Shirts, Tunics, Indian Dresses, Palazzos, Skirts, etc.
Reliance Trends  Jackets & Shrugs, Shirts, Tops and Tunics, etc.
Vmart  Palazzos, Gowns, etc.
Source: Technopak Analysis, Secondary Research
4. Broad-based Appeal to include both Daily and Occasion Indian Wear
One of the key reasons for cultural fashion trends to not be able to hold their ground in other countries like Japan and China wh
western wear trend was their inability to broad base their appeal both for daily wear (office wear, at home, etc.) and occasion w
(celebrations like festivals and weddings) in the post-industrial world. The appeal of an apparel for daily wear is crucial for
because it then caters to a significantly larger opportunity pool enabled both by higher frequency purchases and acceptance
section of the society. Occasion wear as the names suggests becomes restrictive for its limited appeal (weddings and festivals). I
has faced no such limitations, partly for cultural and social values and partly for the design interventions by organised Indian we
growth of multi-channel retail that ensured continued acceptance of the Indian wear both for daily wear and occasion wear pur
5. Strengthening of the design capabilities by category leaders
The growth of fusion wear and broad basing of the appeal of Indian wear (points 3 and 4 above) were greatly enabled by the sig
enhancement of the product design ability of category leaders. This capacity building was a function of growth and scale. It too
Indian wear brands to pace it accordingly, but it enabled the transition of the product design of Indian wear from individual cen
artisanal approach to an institutionalised response, involving design teams (process orientation towards prototype developme
forecasting, design partnerships & collaborations etc. The strengthening of design capabilities by category leaders had three po
outcomes for the growth of organised Indian wear: -
a. The design response created products with pan India appeal and the Indian wear products that were earlier perceived to be
with regional and local preferences transitioned to homogenised pan India appeal. This is validated by the overall growth of sha
organized Indian wear in the overall Women Indian wear segment and the growth of Indian wear category leaders’ retail presen
India status in 2020
b. Broad-based appeal to include both daily wear and occasion wear (point 4)
c. Growth of fusion wear (point 3)
Indian apparel fashion in India is uniquely an India focused opportunity (catering to Indian diaspora as well) and that provides a
sustainable advantage to homegrown players to seize it. This advantage is reflected in structure of the Indian wear category tha
of home-grown entities, and in it being a harder to enter category for global brands, with global brands having little to no share
category.
Exhibit 5.3: Evolution of Indian Wear Brands from Regional to Pan-India Play
36
Exhibit 5.4: Institutionalization of Product Design by Indian Wear Brands
Company Total Number of Employees Estimated employees in product design and (full time)
estimated merchandising
Biba ~2500 ~3-4%
Fabindia ~2400 3-4%
Vedant Fashion ~850 ~5%
TCNS ~3500 ~2-3%
Notes: Estimates are based on assumptions derived from industry benchmarks and published information in public domain, Annual Reports, IP Prospectus
Leading players like Biba, TCNS, Fabinda & Vedant invest in Product design and development and have around 3- 5% of its
employees in these functions.
Exhibit 5.5: Brand collaborations with Designers
Brand Category Designer Collaboration Year

Biba Indian Wear Anju Modi 2019
Biba x Rohit Bal 2021- Ghewar Collection
Varsha Indian Wear Ayush Kejriwal 2021
Indya Indian Wear Payal Singhal 2021
H&M Western Wear Sabyasachi x H&M 2021
Uniqlo Western Wear Rina Singh 2019
Source: Technopak Analysis, Secondary Research
37
Exhibit 5.6: Retail and Designer Led Brand Acquisitions

Target Acquirer Year Stake Deal Value (in
INR Cr)
Sabyasachi Aditya Birla Fashion and Retail Ltd. 2021 51% 398
Tarun Tahiliani Aditya Birla Fashion and Retail Ltd. 2021 33% stake with the option to NA
increase it to 51% over time
Jaypore Aditya Birla Fashion and Retail Ltd. 2019 100% 110
Manish Malhotra Reliance Brands Limited 2021 40% NA
Satya Paul Reliance Retail Ventures Limited 2018 NA NA
Ritu Kumar Reliance Retail Ventures Limited 2021 52% NA
Masaba Aditya Birla Fashion and Retail Ltd. 2022 51% 90
Anamika Khanna Reliance Brands Limited 2021 60% NA
6. Multi-channel Retail Outreach
Multi-channel retail includes various options of route to market to reach the consumer. Since early 2000, Indian retail
landscape has been in a constant state of transition that has enabled activation of new points of sales and outreach. Today,
multi-channel retail options include Exclusive Brand Outlets, Large Format Stores, Multi-Brand Outlets, E-commerce
marketplaces, Own website commerce among others. Multi-channel retail outreach involves making the products and
services available to the consumer through all these retail channels. It involves using different channels like B&M
stores (EBOs, MBOs, LFSs), as well as online channels like website and marketplaces.
7. Role of Digital enablement and Technology
It is important to bifurcate the understanding of this trend separately into role of digital enablement and of
technology on the growth of Indian wear in India. Digital enablement implies digitisation efforts across the value chain of th
Indian wear segment involving supply chain, procurement, route to market, customer relationship management etc.
Digital adoption of Indian wear brands has been rapid more so during and post COVID transition. Both for cost and business
imperative considerations, Indian wear brands have embarked on digital adoption at rapid pace. This transition is
demonstrated through the rising share of E-commerce in the total sales for the organised Women Indian wear. Prior to the
pandemic, the industry’s share of E-commerce in its total business stood at ~12%, post covid it has grown to 18%. This
includes ecommerce growth of industry leaders like Biba that have a share of as high as 35%+ of sales via E-commerce.
Biba has made significant investments in its IT infrastructure and digital capabilities since 2014.
Exhibit 5.7: Rise of share of E-commerce in Total Women Indian Wear Segment
E-commerce as a % share of total Sales

Pre COVID (FY 2020) Post COVID (FY 2021) Post COVID (FY 2025)
Share of Ecommerce in Total Sales of ~12% 18% 21%
Women Indian wear
Role of technology implies adoption of new tools and technology advancements that enables normalisation of new ways of con
business and of consumer engagement. Visualisation, Chat bots, Artificial Intelligence and Machine Learning are such tool
seen wide application in the business of fashion globally. For instance, use of virtual reality within the stores through interactive
screens is now being deployed by quite a few global fashion brands (viz. Nike) for better customer engagement and sales outcom
Wear brands have initiated the adoption of such technologies in line with the emerging global trends.
38
Exhibit 5.8: Indian Wear and Indian Brands’ Adoption of Technologies

Organization Illustrations of Technology Adoption
Biba Chat Bot, Online Fitting Room
Moda Rapido (Myntra’s Private Label) Artificial Intelligence, Machine Learning
Fabindia Chat Bot, Artificial Intelligence, Machine Learning, Progressive Web
Apps, Oracle Commerce Cloud
Vedant Fashion Algorithm based inventory management
Source: Secondary Research
6. Operational & Financial Benchmarking
Evolution of Organized Retail in Women Indian Apparel
Exhibit 6.1: Brand Launches in Women Indian wear Segment
Pre 1995 1995-2000 2001-2015 2016 – Onwards

 Initiation of EBOs by  LFS initiation by Westside  Initiation of Shop in Shop  Strategic investment and
the likes of Biba and  EBO expansion by Biba partnership with Large Format Stores acquisitions in Women Indian Wear
Fabindia in Women Indian and Fabindia by BIBA by Aditya Birla Fashion and Reliance
Wear  Initiation of Branded  TCNS starts with first EBO Retail / Trends
Mens Indian Wear  Value fashion growth by the likes  Category and format extension b
of V-Mart and Vishal BIBA (Rangriti) and TCNS (Aurelia)
 Start of Vertical Fashion Specialist  Growth of online focussed brand
like Myntra and Jaypore  Category extension of Fabindia
 Private label focus by LFS stores into Cafes
 Private Equity Investment in the  Focus on own website commerce
sector by the likes of
BIBA and TCNS
Source: Technopak Analysis.

Exhibit 6.2: Historical Rollout of EBOs – Years in FY
Brands 2015 2018 2021 2022 CAGR (2015- CAGR (2018-

18) 22)
Biba 168 248 290 308** 14% 6%
Rangriti - 46 107 119** - 27%
Fabindia 200 275 306 309* 11% 3%
Aurelia 69 183 223 231** 38% 6%
W 166 281 319 333** 19% 4%
Source: Technopak BoK and Analysis; *Data as of Sept’2021. **Data as of Dec’2021
Rangriti and Biba showed one of the highest CAGR of 27% and 6% respectively in rollout of EBOs for the period 2018- 22 among
The total number of EBOs of Biba (308) is one of the highest in the Women Indian Wear segment.
39
Region & Tier wise split of EBOs of Key Players

The urban apparel market had a share of 60% of the total market compared with a share of 40% contributed by rural India in
FY 2020. Almost 21% of the urban apparel demand can be attributed to Delhi NCR and Mumbai mak these cities the largest
consumers of apparel in India. However, a distributive growth across the country is resu in growth of demand from Tier II, III
& IV cities which together account for 34% of the demand in the apparel mar in financial year 2020 and is further expected
to grow further in the coming years. Players like Biba, W, Fabin Global Desi have a Pan urban India footprint with EBOs
present across Metros, Tier I, Tier II and Tier III ci and therefore these brands can be termed as Pan India category leaders.
Biba’s well established EBO networ well diversified across all regions of India.
Exhibit 6.3: Number of Stores (EBOs) split by city type for Key Apparel Brands
Region & Tier wise split of EBOs of Key Players
The urban apparel market had a share of 60% of the total market compared with a share of 40% contributed by rural India in
FY 2020. Almost 21% of the urban apparel demand can be attributed to Delhi NCR and Mumbai mak these cities the largest
consumers of apparel in India. However, a distributive growth across the country is resu in growth of demand from Tier II, III
& IV cities which together account for 34% of the demand in the apparel mar in financial year 2020 and is further expected
to grow further in the coming years. Players like Biba, W, Fabin Global Desi have a Pan urban India footprint with EBOs
present across Metros, Tier I, Tier II and Tier III ci and therefore these brands can be termed as Pan India category leaders.
Biba’s well established EBO networ well diversified across all regions of India.
Exhibit 6.3: Number of Stores (EBOs) split by city type for Key Apparel Brands
Brand Total EBOs Split of EBOs across city type

Top 2 Cities Next 6 Cities Tier 1 Tier 2
Biba** 308 53 75 44 106
Fabindia* 309 74 85 48 68
W** 333 63 60 49 105
Aurelia** 231 35 40 64 57
Indya 190 58 73 47 12
Rangriti** 119 19 18 24 31
Global Desi 105 27 33 17 20
Ritu Kumar 68 20 17 19 9
Neeru's 43 5 26 7 4
Anita Dongre 5 4 1 0 0
Top 2 Cities: Delhi NCR & Mumbai; Next 6 Cities: Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, and Pune
Tier 1 Cities: Cities with a population in the range of 1 to 5 million; Tier 2 Cities: Cities with a population in the range of 0.3 to 1 Million; Tier 3 Cities: Cities with
population less than 0.3 Million.
Data as of Feb’2022. Source: Secondary sources, Store locator of brands, Technopak Analysis. Note*: As on Sept 2021. Note**: As of December 2021
Exhibit 6.4: Store Distribution (EBOs) by Region for key apparel brands
Brand Total EBOs EBO Split

East West North
Biba** 308 55 67 102
Fabindia* 309 45 65 97
W** 333 62 48 134
Aurelia** 231 58 25 84
Indya 190 16 67 50
Rangriti** 119 29 26 49
Global Desi 105 15 30 39
Ritu Kumar 68 8 19 29
Neeru's 43 2 3 5
Anita Dongre 5 0 1 3
Top 2 Cities: Delhi NCR &Mumbai; Next 6 Cities: Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, and Pune
Tier 1 Cities: Cities with a population in the range of 1 to 5 million; Tier 2 Cities: Cities with a population in the range of 0.3 to 1 Million; Tier 3 Cities: Cities with a p
than 0.3 Million. Note: Madhya Pradesh Considered in West India.Data as of Feb’2022. Source: Secondary sources, Store locator of brands, Technopak Analysis. N
2021. Note**: As of December 2021
Channel Wise Segmentation
40
Exhibit 6.5: Brand presence across formats

Online further split into-
Brands EBOs LFS & MBOs Online Own Website
Biba ✓✓✓ ✓✓ ✓✓✓ ✓✓
Rangriti ✓✓✓ ✓✓ ✓ ✓
Anita Dongre ✓✓ ✓ ✓
Aurelia ✓✓✓ ✓✓ ✓ ✓
Fabindia ✓✓✓ ✓ ✓ ✓✓
Global Desi ✓✓✓ ✓✓ ✓ ✓
Indya ✓✓✓ ✓ ✓✓
Jaypore ✓ ✓✓✓ ✓✓
Mohey ✓✓✓ ✓✓ ✓ ✓
Neeru's ✓✓✓ ✓ ✓
Ritu Kumar ✓✓ ✓ ✓
Soch ✓✓✓ ✓✓ ✓ ✓
W ✓✓✓ ✓✓✓ ✓✓ ✓
Source: Secondary sources, Technopak Analysis; Data as of Feb 2022, ✓ Signifies extent of presence across channels
Major Retail led Women Indian Wear brands have presence across all formats but EBOs remain the mainstay for them. Post-
through brands have gradually expanded their Online channel, and brands like Biba, which already had an industry-leading o
presence within their category before 2019 were able to undertake this transition faster than others. This is reflected both in
share of E-commerce in its total sales and the rank of Biba’s website compared to that of other brands.
For FY 2021, 37% of Biba’s revenue share was attributable to sales through online channels and is one of the highest
in the industry.
Exhibit 6.6: Split of Revenue Across Formats for Key Players
Channel Revenue Share
Biba TCNS Fabindia Soch Vedant

FY2020 FY2021 FY2020 FY2021 FY2020 FY2021 FY2020 FY2021 Fashion
FY2020
Revenue (In 757 526 1,149 636 1,166 659 281 NA 915
INR Cr)
EBOs 47% 35% 44% 33% NA 80% 72% NA 91%
MBOs 4% 4% 4% 1% NA 5% 6.5% NA 8%
LFSs 35% 24% 42% 38% 6.5% NA
Online 15% 37% 10% 28% NA 15% 15% NA 1%
Source: Secondary Research, Technopak Analysis. For Biba, MBOs channel includes MBOs & Others
Web Traffic and Ranking of Key Women Indian Apparel Players
Exhibit 6.7: Web traffic and ranking of websites of key women apparel players
In Thousands
Avg. Duration of Industry Rank*
Brands Pages/Visit
Visits Unique Visitors Visit (Min) in India
Biba 920 507 5 10 14

Jaypore 640 388 4 6 33
41
Mohey (Manyavar) 629 428 4 8 37

Fabindia 1,600 950 3 10 39
Ritu Kumar 100 61 3 7 51
W 856 476 3 8 65
Libas 80 42 4 9 78
Indya 422 237 7 12 89
Aurelia 172 98 5 9 95
Soch NA NA NA NA 108
Global Desi 177 94 11 11 265
Anita Dongre 70 51 5 7 345
Neeru's 32 27 6 9 529
Source: Secondary Research, Technopak Analysis. *Website ranking from www.similarweb.com – showing ranking in the cate
Brand Average Store Size Range (sq. ft) SPSF/Year Range (INR)
Biba 1,400 1,500 8,400 9,000
Fabindia 2,600 2,800 11,400 12,300
Aurelia 1,000 1,200 6,000 7,300
Soch 1,400 2,400 8,300 14,300
W 1,000 1,200 7,000 8,400
So N urce: Secondary sources, Technopak Analysis
imp otes: SPSF calculated basis Fiscal 2020 Store and Revenue data, as Fiscal 2021 data will not give the correct inference owing to COVID-19 act in Fiscal 2021.
B Few players selected basis data available in public domain
E usiness Model, Sourcing & Segments
xhibit 6.9: Business model, Sourcing and segments for Key players
Key Players Business Model & Sourcing Segments Present within

Apparel
Biba  Biba is amongst the first women Indian brands and operates through a Casual Indian wear, Sleepwear
network of 308 EBOs, and presence in LFS, MBOs and prominent Online presence Athleisure, Footwear, Festive
both through own website and marketplaces. Its brand Rangriti has a network Wedding Collection, Cocktail &
of 119 EBOs Fragrances
42
 All manufacturing undertaken through an asset lite model of

outsourcing that comprises contract factories who perform production on
job-work basis
 It has a vast supplier and vendor network across North India with long standing
relationships, & strong supply chain network
 Biba follows expansion through a mix of owned and franchise stores to increase
their store presence
Fabindia  Fabindia has expanded beyond Fashion and offers products across Apparel and Casual Indian wear, Wedding
Accessories, Home and Lifestyle, Personal Care and Organic Food categories Festive, Western wear, Saree
 Network of 309 Fabindia stores and Experience Centers along with 74 Organic and Blouses, Stoles and Saron
India stores Seasonal wear, Footwear an
Accessories
 It sources through a network of contract manufacturers, artisans, and
farmers across India. They are mainly in the form of clusters which Fabindia
accesses through contract manufacturers.
 It has 4 regional warehouse, 1 central warehouse and 1 national
warehouse
TCNS Clothing  TCNS leverages its multi reach distribution model via its four home grown Casual Indian, Wedding, Festiv
brands (W, Aurelia, Wishful and Elleven) Winter Wear, Dupattas & Shaw
 It has an asset light outsourced model of manufacturing operations for all its Tops, Footwear, Cosmetics
brands
 TCNS focuses on company owned stores to increase their store presence
in India
House Of Anita  HOAD manufactures locally majorly in Navi Mumbai with smaller partners Festive Wear, Casual Wear, W
Dongra (HOAD) in remote villages Wear, Winter Wear, Sarees
 Its leading brand Global Desi focuses on franchise model for opening new Accessories, Footwear, Fragran
stores and expanding its store presence.
 The group procures 100% of its fibre portfolio from green shirt producers
and use 100% recycled corrugation boxes which is made
up of 80% recycled pulp
Vedant Fashion  Vedant Fashion mainly focuses on the organized Indian wedding and Wedding Wear, Casual Wear
celebration wear market under the brand Manyavar Festive Wear, Occasion Wea
 It primarily uses third party manufacturers spread over 41 cities Pan India and Indo-Western, Accessories
provide them designs from their in-house designers
 Manyavar focuses on expansion through Franchised EBO and aims to provide
an omnichannel experience to their customers
Competition Analysis on Financial & Other Metrics

Revenue trajectory in the 2019-2021 period indicates the challenges that Covid induced lockdown posed on the industry.
However, players with multi-channel approach, e-commerce enablement and broader market presence were perhaps able to
tide better than others during this period.
Exhibit 6.10: Revenue of Key Players (INR Cr)
Revenue From Operations (INR Cr) Growth FY 20-21

FY 2019 FY 2020 FY 2021
Biba 729 757 526 -31%
Biba 643 666 463 -31%
Rangriti 86 91 63 -31%
Fabindia 1,139 1,161 659 -43%
Apparel 852 887 407 -54%
Non Apparel 287 274 252 -10%
43
HOAD 512 508 257 -49%

Jaypore 34 28 28 0%
Neeru's 218 181 92 -49%
Ritu Kumar 241 285 175 -39%
Soch 327 281 NA NA
TCNS 1,148 1,149 636 -45%
W 689 666 350 -48%
Aurelia 390 402 248 -38%
Wishful 69 80 38 -53%
Vedant Fashion Limited 794 915 542 -41%
Manyavar 654 749 456 -39%
Mohey 52 65 40 -38%
Other brands (Twamev, Manthan,
Mebaz) 88 101 45 -55%
Source: Annual Reports, Secondary Research, Technopak Analysis, Revenue for standalone businesses from MCA reports, For HOAD- consolidated data from M
Available. For Biba-Restated Financials from Company Data
CAGR (X Yrs) = RRI(X, V (YR 0), V(Yx)
Biba’s revenue from operations was INR 526 Cr in FY 2021 making it one of the largest brands in Indian women’s apparel we
segment. Among the brands of scale above INR 300 Cr, Biba emerged as a resilient brand with a degrowth of 31% d
2020-21 owing to COVID, compared to other players with higher degrowths.
Exhibit 6.11: Gross Profit of Key Players (INR Cr)
Gross Profit and Gross Margin

Company FY 2019 FY 2020 FY 2021 2019-21
Biba 481 66% 508 67% 304 58% -21%
Fabindia 675 59% 679 58% 389 59% -24%
HOAD 398 78% 406 80% 93 36% -52%
Jaypore 11 34% 8 30% 12 44% 5%
Neeru's 125 57% 91 50% 37 40% -46%
Ritu Kumar 203 84% 243 85% 137 78% -18%
Soch 163 50% 130 46% NA NA NA
TCNS 758 66% 746 65% 363 57% -31%
Vedant Fashion 572 72% 659 72% 400 74% -16%
Limited
Source: Annual Reports, Secondary Research, Technopak Analysis, Revenue for standalone businesses from MCA reports, For HOAD- consolidated data from
MCA, NA - Not Available; Gross Profit = Revenue - COGS Gross Margin = Gross Profit/Revenue
For Biba-Restated Financials from Company Data CAGR (X Yrs) = RRI(X, V (YR 0), V(Yx)
Exhibit 6.12: Profitability - EBITDA (INR Cr.) and Growth
EBITDA and EBITDA Margin

Company FY 2019 FY 2020 FY 2021
Biba 130 17.8% 135 17.9% 62 11.9%
Fabindia 385 33.8% 273 23.5% -41 -6.3%
HOAD 24 4.6% 102 20.0% -18 -7.1%
Jaypore -12 -34.5% -13 -48.2% -22 -76.5%
Neeru's 26 11.9% 11 6.2% -8 -8.3%
44
Ritu Kumar 7 3.0% -14 -5.0% -17 -9.5% NA

Soch 19 5.8% -21 -7.4% NA NA NA
TCNS 177 15.4% 186 16.2% 2 0.4% -88%
Vedant
Fashion 274 34.5% 398 43.5% 235 43.3% -7%
Limited
MCA, NA-Not Available; EBITDA (Earnings before interest, taxes, depreciation, and amortization) = PBT + Finance cost + D&A. (Excludes Other Income).
Formula - % of Revenue
Note – Fiscal 2019 and Fiscal 2020 margins not strictly comparable due to implementation of IND-AS 116 from Fiscal 2020 onwards For Biba-Restated
Financials from Company Data
CAGR (X Yrs) = RRI(X, V (YR 0), V(Yx)
In FY 2020, Biba, Fabindia, TCNS, HOAD and Vedant Fashion are the only brands that were able to maintain a positive PAT and
PAT Margin
Exhibit 6.13: Profit After Tax (INR Cr.) & PAT Margin %
PAT and PAT Margin

Company FY 2019 FY 2020 FY 2021
Biba 20 2.8% 9 1.2% -12 -2.3%
Fabindia 116 10.2% 58 4.6% -111 -16.9%
HOAD -1 -0.3% -11 -2.2% -90 -35.1%
Jaypore -9 -26.6% -14 -50.6% -17 -58.3%
Neeru's 5 2.2% -9 -5.2 -27 -29.4
Ritu Kumar -2 -1.0% -16 -5.6% -31 -17.9%
Soch 2 0.5% -28 -9.9% NA NA
TCNS 131 11.4% 69 6.0% -56 -8.9%
Vedant 182 23.0% 245 26.8% 131 24.1%
Fashion
Limited
Source: Annual Reports, Secondary Research, Technopak Analysis, Revenue for standalone businesses from MCA reports, For HOAD- consolidated data from MC
For Biba-Restated Financials from Company Data
Biba, Fabindia, TCNS and Vedant Fashion are amongst key players which have been able to maintain a positive Return on Net
Worth in FY 2020.
ROCE (Return on capital employed) indicates the company’s efficiency because it measures the company’s profitability
after factoring in the capital that has been used to achieve that profitability. As of financial year 2020, Biba has one of the high
ROCE amongst competition, which reflects their efficient capital model when measured against their profitability.
Exhibit 6.14: ROCE (Return on Capital Employed) and RONW (Return on Net Worth)
Return on Net Worth and Return on Capital Employed
FY 2019 FY 2020 FY 2021

RONW (%) ROCE (%) RONW (%) ROCE (%) RONW (%)
Biba 7.31% 16.69% 3.07% 14.80% -3.74%
Fabindia 15.7% 40.3% 7.4% 24.2% -17.5%
HOAD -0.5% 1.3% -4.5% 8.4% -54.7%
Jaypore -197.5% -195.5% NA* -325.4% NA*
Neeru's 9.7% 9.1% -23.8% 1.9% -219.9%
45
Company
Ritu Kumar -2.4% -0.1% -19.2% -15.3% -60.1% -24.6%
Soch 9.7% 7.9% -153.2% -20.5% NA NA
TCNS 21.2% 26.4% 10.5% 15.9% -9.2% -6.6%
Vedant Fashion 20.5% 38.5% 22.8% 37.8% 11.9% 21.6%
Limited
MCA, For Biba-Restated Financials from Company Data; RONW for Jaypore in FY2020 and FY2021 is not available as the Total equity stated is negative, Retu
on Capital Employed is the percentage of profit before interest, tax and exceptional items divided by capital employed; Return on Net Worth is calculated as th
percentage of profit/loss attributable to the owners of the holding company for the year/ period divided by Net Worth.
Advertising Spend as a percentage of Revenue, or advertising to sales ratio indicates the efficacy of advertising
strategies of the company. In absolute terms of spend, FabIndia, Biba, TCNS and Vedant spent were amongst the highest in
the industry in FY 21. However, in terms of this spend as % of revenue from operations, Biba, Fabindia, HOAD and TCNS were
better with efficiency of this spent that was in the 2-5% range in the same period. Biba has invested in digital marketing
initiatives to build online presence (including advertising on social media and collaborations with influencers) and their
flagship brand ‘Biba’ has the highest brand recall online amongst Women Indian wear brands as of February 2022, as per
consumer survey.
Exhibit 6.15: Advertisement Spend (INR Cr.) and Yield on Advertising
Advertisement Spend Yield on Advertising
Company
FY 2019 FY 2020 FY 2021 FY 2019 FY 2020 FY 2021
Biba 29.5 29.5 22.0 3.9% 4.2%

4.0%
Fabindia 34.0 34.0 15.0 2.9% 2.3%

3.0%
HOAD 26.4 20.6 15.5 4.0% 6.0%

5.2%
Jaypore NA 2.0 9.4 N 7.2% 33.2%

Neeru’s 16.7 8.0 4.3 A
7.7%
4.4% 4.7%
Ritu Kumar 15.1 15.1 10.7 5.3% 6.1%
6.3%
Soch 27.6 21.2 NA 7.5% NA

8.4%
TCNS 37.6 41.2 13.5 3.6% 2.1%

3.3%
Vedant Fashion Limited 66.5 68.5 26.6 7.5% 4.9%

8.4%
Source: Annual Reports, Secondary Research, Technopak Analysis, Revenue for standalone businesses from MCA reports, For HOAD- consolidated data
from MCA, NA-Not Available; Formula – as a % of Revenue, For Biba-Restated Financials from Company Data,
Store Economics
Store economics for Biba are comparable to industry standards and show store level profitability. On certain
parameters like Capex per store, Typical store area, Steady state store-level ROCE, Biba performs higher than
industry average. This allows the business to be self-sustaining without the need for sizeable external capital.
Exhibit 6.16: Store Economics for various Retail categories
Pharma Food & Jewellery Women Indian Biba Retailing Groce

Retailing Apparel
Retailing Retailing
Typical order Value (INR) 250-500 500- 5,000- 3,000-5,000 3,000-5,000
1000 1,00,000
Typical store Area (sq. ft.) 250-500 1,50 3,500-5,000 1000-1500 1400-1500
0-
2,50
0
46
Typical store Revenue per

month (INR) 10-15 Lacs 20-25 Lacs 4-6 Cr 8-15 Lacs 9 lacs to 10 lacs
Average Revenue per sq. ft. per

month (INR) 2000 1300 8000 650-850 700-750
Relative Inventory Cost (INR)

10-15 Lacs 25-35 Lacs 30 Cr-40 Cr 15-20 Lacs 17 lacs to Rs. 20 lacs
Employee Cost as % of store 4-5% 5-8% 1-2% 8-10% 8%-10%

revenue
Capex per store (INR) 4-8 Lacs 15 - 20 Lacs 1.5 Cr 35-45 Lacs Rs. 45-Rs. 50 lacs
Number of SKUs 5,000-15,000 4,000-5,000 - 1000-1500 1500-2000
Pay Back Period ~3 yrs ~3 yrs 3-4 yrs 2-4 yrs 2-3 yrs
Steady State Store-level RoCE 45-50% 30-35% 20-25% 30-35% 38%-43%

Exhibit 6.17: Split of Revenue Across Formats for Key Players
Channel Revenue Share
Biba TCNS Fabindia Soch Vedant Fashi

FY2020 FY2021 FY2020 FY2021 FY2020 FY2021 FY2020 FY2021 FY2020
Revenue (In 7,572 5,258 11,487 6,355 11,659 6,591 2,810 NA 9,152
INR Mn )
EBOs 47% 35% 44% 33% NA 80% 72% NA 91%
MBOs 4% 4% 4% 1% NA 5% 6.5% NA 8%
LFSs 35% 24% 42% 38% 6.5% NA
Online 15% 37% 10% 28% NA 15% 15% NA 1%
Source: Secondary Research, Technopak Analysis. For Biba, MBOs channel includes MBOs & Others
For FY 2021, 37% of Biba’s revenue share was attributable to sales through online channels and is one of the highest
in the industry.
47
7. Unaided Consumer Survey

Consumer Behaviour for Women Indian Wear Purchase
Survey conducted across 928 consumers of Women Indian Wear across urban India to understand the purchase behaviour of Women
Indian Wear.
Purchase behaviour for Women Indian Wear
Majority consumers (59%) prefer to buy both ‘Ready to Wear’ (RTW) and ‘Ready to Stitch’ (RTS). A significant num of consumers
(33%) prefer to buy only RTW Women Indian wear, while 8% prefer to only get it stitched (RTS). shows inclination of consumers for
‘Ready to Wear’ Indian wear.
40% Consumers buy Women Indian wear 2-3 times a month, while 33% buy once a month, followed by consumers buying
once in 2-3 months.
Exhibit 7.1: Women Indian wear Purchase Preference & Frequency of Purchase
1%
5%
8%
21% 40%
33%
59%
33%
2-3 times a month Once a month
Both readymade & get stitched
Once in 2-3 months Once in a 6 months
Only readymade
Once a year
Only get stitched
Source: Primary Research, Technopak Analysis
Brand Recall
When consumers recalled (unaided) their top 5 brands, Biba was recalled by majority of the respondents (63 followed by Fabindia
(38%) and W (30%). Biba, Fabindia and W were also the top 3 brands in the First top of mind recall for consumers. Hence, the flagship
brand ‘Biba’ had (i) a higher top-of-mind awareness amongst its us compared to top-of-mind awareness of other comparable brands
(in the women’s Indian wear market), and (i higher unaided recall than other comparable brands in the women’s Indian wear market,
which has contributed the growth in their business.
Exhibit 7.2: Overall & First priority- Top of the Mind Recall Brands
7. Unaided Consumer Survey
Consumer Behaviour for Women Indian Wear Purchase
Survey conducted across 928 consumers of Women Indian Wear across urban India to understand the purchase behaviour of Women
Indian Wear.
Purchase behaviour for Women Indian Wear
Majority consumers (59%) prefer to buy both ‘Ready to Wear’ (RTW) and ‘Ready to Stitch’ (RTS). A significant num of consumers
(33%) prefer to buy only RTW Women Indian wear, while 8% prefer to only get it stitched (RTS). shows inclination of consumers for
‘Ready to Wear’ Indian wear.
40% Consumers buy Women Indian wear 2-3 times a month, while 33% buy once a month, followed by consumers buying
once in 2-3 months.
Exhibit 7.1: Women Indian wear Purchase Preference & Frequency of Purchase
1%
5%
8%
21% 40%
33%
59%
33%
2-3 times a month Once a month
Both readymade & get stitched
Once in 2-3 months Once in a 6 months
Only readymade
Once a year
Only get stitched
Brand Recall
When consumers recalled (unaided) their top 5 brands, Biba was recalled by majority of the respondents (63 followed by Fabindia
(38%) and W (30%). Biba, Fabindia and W were also the top 3 brands in the First top of mind recall for consumers. Hence, the flagship
brand ‘Biba’ had (i) a higher top-of-mind awareness amongst its us compared to top-of-mind awareness of other comparable brands
(in the women’s Indian wear market), and (i higher unaided recall than other comparable brands in the women’s Indian wear market,
which has contributed the growth in their business.
Exhibit 7.2: Overall & First priority- Top of the Mind Recall Brands
Top 10 Brands Recalled by % respondents Top 10 Brands Recalled by % respondents

(Overall) (First Recall Priority)
Biba 63% Biba 31%

48
Fabindia 38% Fabindia 12%
W 30% W 6%
Global Desi 27% Manyavar 4%
Manyavar 22% Libas 3%
Aurelia 12% Global Desi 1.8%
Libas 12% Lyra 1.4%
Meena Bazaar 10% Aurelia 1.3%
Soch 9% Max 1.2%
Max 7% Soch 1.0%

Frequently Purchased Brands
Biba was the most frequently purchased brand with 64% respondents (overall) following by 39% respondent purchasing
Fabindia. Biba was also the top brand with 42% respondents giving it the first purchase preference among all Women
Indian wear brands.
Exhibit 7.3: Overall & First Priority- Frequently Purchased Brands
Top 10 Brands Most frequently purchased Top 10 Brands Most frequently

by % respondents (Overall) purchased by %
respondents (First
Purchase Priority)
Biba 64% Biba 42%
Fabindia 39% Fabindia 7%
W 29% W 4%
Global Desi 27% Manyavar 4%
Manyavar 21% Libas 2%
Aurelia 12% Global Desi 2%
Libas 11% Aurelia 1%
Soch 10% Reliance Trends 1%
Meena Bazaar 9% Max & Soch 1%
Max 7% Meena Bazaar & Avaasa 1%

Brand Association for Biba
49
Biba was associated with both Daily wear and Occasion wear by majority consumers (70%), while 24% consumers associated it with only o
and 7% with only daily wear.
Exhibit 7.4: Biba Brand Association with Daily & Occasion wear
7%
24%
69%
Both Daily wear & Occasion wear
Only Occasion wear Only Daily wear
Online Purchase Behaviour
As of February 2022, an estimated 96% consumers browse for women’s Indian wear on online channels, including own-brand websites an
marketplaces with online marketplaces the preferred channel of purchase for 54% consumers.
Exhibit 7.5: Browsing & Purchase of Women Indian wear on Online channel
Purchase of Women's Indian wear from Preferred Online Channel for Purchase of Online Channel Women Indian Wear
13% 40%
54%
87% 6%
Yes No Only Online Market Places Only Brand Websites Both
The overall top three marketplaces for consumers to buy Indian wear are Amazon (90% respondents), Myntra (81% respondents) and Flipk
respondents). Biba is the most preferred brand purchased from these marketplaces (48% consumers), followed by Fabindia (19%) and W (
as of February 2022, the flagship brand ‘Biba’ was ranked as the number one women’s Indian wear brand in India on leading online marke
terms of ‘top brands purchased by respondents in the unaided survey’.
50
Biba’s own brand website is also the most preferred brand website where consumers purchase from (as respon by 70%
consumers).
Exhibit 7.6: Preferred Marketplaces and Brands Purchase, Top brand Websites from which consume
purchase
Top 3 brands purchased

Top 3 Marketplaces % Respondents on marketplaces % Respondents
Amazon 90% Biba 48%

Myntra 81% Fabindia 19%
Flipkart 76% W 17%
Number of respondents for Marketplaces =752
Top 3 Brand % Respondents
Websites
Biba 70%
Fabindia 23%
Soch 16%
Number of respondents = 374
51
Disclaimer
 This information package is distributed by Technopak Advisors Private Limited (hereinafter
“Technopak”) on a strictly private and confidential and on ‘need to know’ basis exclusively to the intended recipient. This info
package and the information and projections contained herein may not be disclosed, reproduced or used in whole or in part
purpose or furnished to any other person(s). The person(s) who is/are in possession of this information package or may come
possession at a later day hereby undertake(s) to observe the restrictions contained herein.
 Only leading players are profiled and benchmarked for the purpose of the report and does not necessarily cover all types
 The information contained herein is of a general nature and is not intended to address the facts and figures of any partic
individual or entity. The content provided here treats the subjects covered here in condensed form. It is intended to provide
guide to the subject matter and should not be relied on as a basis for business decisions. No one should act upon such inform
without taking appropriate additional professional advice and/or thorough examination of the particular situation. Technopa
directors , employees, agents and consultants shall have no liability (including liability to any person by reason of negligence
misstatement) for any statements, opinions, information or matters (expressed or implied) arising out of, contained in or der
or of any omissions from the information package and any liability whatsoever for any direct, indirect, consequential or othe
from any use of this information package and/or further communication in relation to this information package.
52
Authors of the ReportAnkur BisenSenior Partner & Head of Retail [email protected] Tiwari Partnermadhulika.tiw
Wear Retail in India
fidential
2
y
3
0
third-larg economy in
al economies in nominal
020)
est ree
CAGR
CY 2025P (2020-
2025)
26.7 5.0%
22.5 8.9%
6.3 5.2%
5.1 6.1%
3.8 7.1%
4.2 10.1%
3.4 5.5%
2.4 4.8%
2.4 8.4%
2.1 5.6%
d to sustain this growth momentum in
CY 2020 for India refers to FY 2021 data.
4
DP was ~60. in FY 2020.
ervices (food services,
36.8%. High share of
hile in the s term,

% CA over the period of 5
ans, leading to a growth
ed by inter- of
n increas trend since
8 CY 2019. Given the
64,137 in CY 2021 and
n age in In is estimated
DP was ~60. in FY 2020.
ervices (food services,
36.8%. High share of 5%
and in ility
hile in the s term, hort GR
% CA over the period of 5 ure
ans, leading to a growth play ing in nce
.
dia na, rets &
ed by inter- of
n increas trend since
8 CY 2019. Given the
64,137 in CY 2021 and
n age in In is estimated
pectively, and is
trends faster, has a
r counterparts were in
Canada UK
42.2 40.5
er influence on their families and society,

focus are also contributing to the same.
demographics and economic
rms of household activity, including an
of women workforce in the services
5
second on China. ly to the an ion

t is pace of India's 25.
pulation contributes
in urban centres by FY
Malaysia Vietna UK
m
77.1% 37.3% 83.9%
FY 2012-2020 and their number is

n US$ 10,000-50,000 have grown at a
ng to an increase in discretionary
oss other discretionary categories.
nuclearization in India. According to the

pected that that smaller households with
kaged food and food services.
6
2020, grow at a 10.1%
a in India was valued at ing rket ach
Bn (INR 80,77,500 Cr) tain US$ ries s
is
cted to main roughly

at ~ 60 billion as of FY
rall retail is expected to
owing sector in the
CAGR (FY 2020 - CAGR (FY 2021 -

FY 2025) FY 2025)
6.2% 9.5%
5.3% 5.6%
9.0% 10.7%
8.7% 22.2%
8.7% 20.6%
8.5% 15.9%
6.7% 20.3%
7.9% 21.6%
3.5% 17.2%
olic Beverages & Tobacco etc. Source: Technopak
e was low at 11.9% (US$ 7
tail
7.5% and 6.4% of retail

a CAGR of 8.7% from FY
ies and is expected to
d to FY 2020-25 is a
of 52% and it is
7.5% in FY 2020.
y FY
7.5% and 6.4% of retail

a CAGR of 8.7% from FY
ies and is expected to
d to FY 2020-25 is a
of 52% and it is
7.5% in FY 2020.
FY2025
Share Share Share

of of of
Unorg organi organi sed
anise sed E-
d B&M comm
retail Retail erce
91.0% 5.0% 4.0%
60.0% 33.0% 7.0%

55.0% 23.0% 21.8%
62.0% 16.0% 22.0%

8
80.4% 11.2% 8.4%
55.0% 9.0% 36.0%
70.0% 11.0% 19.0%
78.0% 11.0% 11.0%
80.4% 10.0% 9.6%
ch 9.6% (US$ 103 Bn) of the total retail
words, in the last thirteen years,

e demand away from unorganized
rganized retail is poised to be a key
rther to ~45% by FY 2025 and that will

these phases.
lets (EBOs) of a handful of apparel
ties) and product offering (fabrics, suits,
9
and Fabindia entered the organised retail sector and became category creators in the segment.Phase II (1995 – 2000) – Shoppers Stop started the first large
10
line oss t in es.

ncreased on presence ess
r various methods
yment systems. The
old spending declined
2022.
CAGR CAGR
2015-20 2020-25
14% 6-8%
- -
25% 9-11%
fabric to assess and make the purchase
sumer behavior and there was an
ed to this change and there was use of
ing from home etc. Companies also
ual try-ons. While online penetration
promising and an increase in sales
from ~4% in FY 2015 to ~18% in FY 2020
ntering the workforce, and both these

about ~375 million Generation Z and
vacated by Indian multiplexes during

king on this medium by creating content
mber of paid subscribers and the number
20 respectively.
eting being the cornerstone of growth.
FY 2025, contributing to ~27% of total
contribute ~43% of the overall
total retail by FY 2025 from its share of
was limited to key 11
place in the ‘Omni-

and online retailing are
made by a consumer is
ng a purchase decision,
er of the channels. This
thro e-commerce has

merce is projected to
e sales share going up
preferred to shop sitting
eaks and the
uch as Myntra, Flipkart,
at consumers.
was limited to key
that
.
e a es any mer
tore kes
place in the ‘Omni- ugh tail also
and online retailing are ted ed ns etc.
made by a consumer is ing
ng a purchase decision,
er of the channels. This
thro e-commerce has

merce is projected to
e sales share going up
preferred to shop sitting
eaks and the
uch as Myntra, Flipkart,
at consumers.
Netherlands US
9.9% 15.5%
13.1% 19.1%
y. There is immense potential for growth
12
etween FY 2020 and FY 2025 to reach

gitization, greater purchasing power
pparel and organized apparel retail are
oth branded apparel share and
petus to the growth of e-commerce
Y)
s. Organized retail signifies formal retail channels of

of sales is necessarily branded. Therefore, organized share
rket in FY 2020. The balance ~23% is

or INR 1,40,964 Cr (~US$ 19 Bn) (FY
tal apparel is a unique feature of apparel
be the fastest growing segment in
13
) in size. This market is dominated by
% of the total menswear market of INR
91 Cr (~US$ 21.8 Bn) womenswear
arket is expected to reach INR 17,496 Cr
Indian wear market is expected to reach
9%.
ar for women compared to that for men
on wear) whereas for men it is currently
r for girls is ~21% of the overall apparel
R 3,06,702 Cr (US$ 40.1 Bn). Organized
ear in FY)
14
FY 2020 to ~29% in FY 2025. The share

between FY 2020 and FY 2025.
Cr) (Year in FY)
2% in FY 2025.
ely by FY 2025.
E-tail’s share in
73%
15%
12%
ds 2020 Kids 2025
e Marketplace 15
w categ Multi-brand
Asos
Gilt
e Marketplace
w categ Multi-brand
nsion ilers
ory; brand
Asos
Gilt lent:
ffer ave the
d is
ll as
well ing me ave
estyle and o multiple r of ing Biba
hey also h a focus on

offering in form of
g. This tren observed

parel and lifestyle
India, as as globally,
igitization as active
gly important with the
ial media platforms like
orms are used by brands
Desi, W, Soch are also
ompetitors in Indian
Website Ranking in
India*
14
16
265
39
65
108
’2022.
ue to lockdowns and also
ge policies adopted by brands
mmerce increased from 3% in
ands like Biba, Fabindia
g through social media
eady established themselves

hion Jewellery and Perfumes.
AGR of 10% over 5 years.
CAGR 2020-25
10%
10%
7%
Perfumes

-
-


ear Brands
diaspora abroad who have similar
he international market is largely viewed
Indian origin) spread across the globe.

tination with 4.4 Mn Indian diaspora. The
17
ents, low and semi-skilled workers etc.)

an wear brands.
an opportunity for Indian wear brands
1 store in Nepal), Fabindia, W and
ada & Mauritius respectively. Key
iew
Bn), at INR 1,63,291 Cr (~US$ 21.8 Bn).
Y 2025P
3 Cr (US$ 33.8 Bn) by the end of FY 2025.

of 9.2% between FY 2020 and FY 2025.
ashion leading to growth of new
d changing consumer demographics.
in INR Cr) – FY 2015, 2020, 2021,
18
h standalone boutiques selling
desired garments through made-to-
ed to 27% in FY 2020 and is expected to
E-commerce) and scale of organized
, ABFRL) have managed to address the
retail in Women Apparel sector.
rred form of apparel for approximately
Indian wear in the total apparel is a

ast Asia etc.) nearly the entire apparel
alues which impact the apparel’s cut,
handlooms fabrics). In this context, the
n the Indian wear categoy’s size and its
in INR Cr)
Indian wear in the total apparel is a
ast Asia etc.) nearly the entire apparel
alues which impact the apparel’s cut,
handlooms fabrics). In this context, the
n the Indian wear categoy’s size and its
in INR Cr)
19
ear, Trousers/skirts, Winterwear & clothing
R 2020-2025
ndian dresses/gowns etc. SKD includes Sets, Mix &
parel segment. While denim brands

hange in the demand and preferences
m FY 2020-25.
20
ium, Premiu and further
m,
Premium
Ritu Kumar, Satya Paul

Luxury
Sabyasachi,
Manish Malhotra
own since March of 2020 that impacted

the second wave of COVID that caused
1 onwards there was recovery in
nd work, which led to an increase in
he highest in a decade for the same
21
ack to normalcy. E-commerce saw a
ed categories. COVID-19 gave impetus to
of casual wear driven by work from
period. The sleepwear, loungewear and
fort wear. Marks & Spencer’s and
anded offerings for comfort-wear. Indian
wear mixed with smart casuals, along
the total Women Apparel Market,

R 48,152 Cr (US$ 6.4 Bn) was accounted
cant given the Indian wear category’s

western comprise many sub-categories.
henga etc.) and SKD (including Sets,
ral influences on Indian wear .
FY 2020, FY 2021 & FY 2025P

22
025, growing at a CAGR

f 46% is contributed by
FY 2025P (in INR Cr)

025, growing at a CAGR
f 46% is contributed by
FY 2025P (in INR Cr)
y FY en,
1&
INR 63,924 Cr
7,570
3,364
18,504
46%
22%
53%
27%
34,486
FY 2025P
20 to INR 63,924 Cr by the end of FY
oximately 52% as of financial year 2020,
23
s on dig activation is ital

Indian dresses/gowns etc) and SKD
Y 2020-25, while Saree & Others
AGR of 7.6% from FY 2020-25. Within

of 8.1% for FY 2020-25 while Saree
nal apparel such as sarees to a two-
53,342 Cr as of FY 2020 and is expected
24
size
– Market in INR Cr
CAGR FY CAGR FY
2015-20 2020-25
8.6% 5.9%
12.3% 8.1%
9.5% 6.5%
CAGR FY CAGR FY
2015-20 2020-25
6.8% 7.6%
12.6% 13.0%
17.3% 4.7%
9.2% 9.4%
ece market, dominated by ‘Salwar
parel market in India as of financial
nds like fusion wear. This transition is
king them stay ahead on fashion curve
premium price bands. These EBO led
gnifies brand stickiness and entry
ese brands (Viz. Biba Size, Fabindia
n leaders. In this backdrop, branded
n forward’ and ‘fashion follower’ retail
s constructed from scratch for every
d can go as high as 80-90% of revenue.
lso has a rich legacy of stores with a
pparel segment and has since evolved
ndian wear market (excluding Sarees) in
vendors, fashion forward brands,
out 45-60 days from design selection to
more than 70-75% of the sale comes
12-15%.
eferred apparel for most occasions. The
n. Whilst the consumers in Tier I cities,
he saree, the Indian wear category is
25
n dresses etc has found a universal
presence and social media marketing,
sets, palazzos, dhoti, Indian jackets,
ble advantage to homegrown players to

ands in leading positions.
NR 1,55,659 Cr (US$ 20.8) by FY 2025,

ding a 52% share in the kids wear
a’s young population with over 361 Mn
apparel market as for FY 2020. The

ed market, EBOs and Online retail are
Y 2025 from 22% in FY 2020.
025 (in INR Cr)
26
025P
% sh for FY 2020. Indian

both daily wear and
2021, FY 20
025P
% sh for FY 2020. Indian

both daily wear and
2021, FY 20
are girls
25P
27
9,695 Cr for FY 2020. Boys Indian wear
INR 13,778 Cr by FY 2025.
d in 2011 and is a festive season product
bottom wear, and footwear. Biba is
is market and has already made
ndian wear to kid’s wear and women’s
en’s Indian wear market.
ganized space
India footprint in terms of the presence
s also comprise regional brands like
rough LFS and online routes. Online
e, Pantaloons, Shoppers Stop, Reliance
cussed. These formats keep extensive
etail led brands) and their own private
Avaasa is of Reliance Trends. These
rnal labels/ brands. However, there are
ope for external labels or brands.
duct categories ranging from food &
h a strong value pricing pitch and a focus
or on other smaller trade-labels for
Amazon, Flipkart etc, and vertical

ories, vertical specialists as the term
mal brands/labels,
nline focussed/online-
28
nklay, Okhai are
ational regional brands ler ird ble ds.
Channel retailing and f an arel
tail led brands selling men t of
ing online fashion
y also offer limited
# Cities where
stores present
160
123
142
119
54
34
48
69
110+
54
41
78
33
27
100+
143
88
150+
228
65
NA
NA
NA
29
NA
NA
dicates stores co unts
for also that ely
the the ilers
at as a basis ther
Wear to have extended on.
ner Fusion and Indian ucts
extended to Denim,
Indian wear brands to
an apparel market,
ves as ‘all under one
ion across product and
since incepti Biba’s

nd prod of other
Denim
✓
✓
✓
✓
-
-
✓
✓
✓
✓
✓
✓
✓
✓
✓
30
-
-
-
us is
are synonymo with rall
y within th can range er, e ia,
s ove pitch and
egy. Howev many
mplete th product
Fabind Okhai,
Lehenga Set
✓
✓
✓
✓
✓
✓✓
✓
-
✓✓
✓
✓
✓
✓
✓
-
-
✓
-
-
y intens presence basis SKU 31

y growth dri for this
Wear sales. The
t and affordable prices ty of
daily wear. Therefore, ver dian ity,
aily Wear. For many rom duct fers
expansion and deeper ear
em. eir and Biba
ber s of
rget d W as a
upon th respective arily the
t & Salwar Kurta Sets), ent also is that
of products among
Fabindia offers 61 SKUs
en ta audience
rly 792 and 1591 SKUs
only 97 SKUs within the
hat prim target the

nal segment and (3)
es effici and timely

ed for marketing
ands for marketing and
ard.
Extent of
Discounting on
brand website (In
%)
Upto 50%
Upto 50%
Upto 50%
Upto 70%
Upto 50%
Upto 75%
Upto 50%
Upto 50%
Upto 50%
Upto 40%
32
Upto 65%
Upto 50%
Upto 50%
Upto 30%
Upto 50%
Upto 50%
Upto 60%
Upto 40%
Upto 70%
-
Upto 50%
Upto 50%
Upto 50%
Upto 70%
Upto 50%
Upto 75%
Upto 60%
Upto 50%
Upto 55%
Upto 55%
Upto 50%
Upto 50%
Upto 70%
Upto 10%
Upto 50%
Upto 60%
Upto 50%
Upto 50%
Upto 50%
Upto 50%
Upto 50%
Upto 45%
Upto 50%
33
Upto 50%
Upto 50%
Upto 50%
Upto 40%
Upto 50%
Upto 35%
Upto 30%
Upto 50%
Upto 55%
Upto 70%
Upto 250%
Upto 50%
Upto 55%
Upto 50%
Upto 60%
Upto 15%
-
BO, LFS, Value Retail is total of ers tly
asis curren retailing final selling
e formats
be category creators and provide
lows them to create new trends like
pportunity
ry catering to both daily wear and
e brand outlets and own website e-

arket while offering multiple touch
activate and build an omni channel
ted supply chain that work with the
tly improves consumer

VR) etc.
ongst consumers through
and efficient operations focused on
navigate across categories

eceive a diversified product range to
34
nd price options to choose from

categories
nds and product offerings across price
ge across categories
by catering to a large and value
essarily brand loyal
ggregators/distributors and
and flexible order quantities
ange which helps in cross selling
er III and Tier IV cities
Amazon and Myntra deliver to more
t range and pricing

s
rganized Women
16% in FY 2015 to around 23% in FY
ll growth of Women Indian wear stood
n this outcome and these trends will
1, FY 2025P
men Indian wear 35
ation on ma
s the In consuming class
ate and digi connected &
nsumers and rise of
men Indian wear
ny
ation on ma dian
s the In consuming class and
tally
ate and digi connected & itual
nsumers and rise of ess
ear of
, in
t in the busin of fashion ear
and Indian wear dian
Indian wear and ique
kets (viz. Japan, th
restricted their use to oth
asion wear, while not gue es
come of demographic it hing
ly the organised in
dian
ble
ibilities of b nds
at is in vo globally and nd
appeal. For instance, ions
ir with both Indian and ter
ed a key role
tional In prints are being
odern viz. dhoti pants
naged to lead this trend
his is an important
tood, and Indian wear
dernised ‘saree kurta’,
ear
Choga, 3-piece sets

s), etc.
etc.
36
irts, etc.
etc.
ies like Japan and China while up against

home, etc.) and occasion wear
r daily wear is crucial for its growth
y purchases and acceptance by a larger
l (weddings and festivals). Indian wear
ons by organised Indian wear and
wear and occasion wear purposes.
e greatly enabled by the significant
of growth and scale. It took time for
n wear from individual centric /
ards prototype development & fashion
egory leaders had three positive
were earlier perceived to be a category

by the overall growth of share of
egory leaders’ retail presence to Pan
as well) and that provides a natural and

he Indian wear category that comprises
nds having little to no share in this
37
t design and (full time)
3-4%
3-4%
~5%
2-3%
Annual Reports, IP Prospectus O
have around 3- 5% of its
ear
9
1- Ghewar Collection
1
1
1
9
38
Deal Value (in

INR Cr)
398
NA
110
NA
NA
NA
90
NA
ly 2000, Indian retail
ales and outreach. Today,
nd Outlets, E-commerce
ing the products and
ent channels like B&M
enablement and of
cross the value chain of the
tionship management etc.
Both for cost and business
This transition is
n Indian wear. Prior to the
s grown to 18%. This
sales via E-commerce.
14.
Post COVID (FY 2025)

21%
isation of new ways of conducting

hine Learning are such tools that have
e stores through interactive digital
ngagement and sales outcome. Indian
s.
39
tion
Progressive Web
2016 – Onwards
ategic investment and
itions in Women Indian Wear
tya Birla Fashion and Reliance
/ Trends
tegory and format extension by
Rangriti) and TCNS (Aurelia)
owth of online focussed brands
tegory extension of Fabindia
afes
cus on own website commerce
likes of
nd TCNS
the period 2018- 22 among its peers.
tributed by rural India in

40
these cities the largest
demand from Tier II, III
nd is further expected
otprint with EBOs
ndia category leaders.
tributed by rural India in
these cities the largest
demand from Tier II, III
nd is further expected the ing lting ket
otprint with EBOs dia, ties k is
ndia category leaders.
Tier 2 Tier 3
106 30
68 34
105 56
57 35
12 0
31 27
20 8
9 3
4 1
0 0
o 1 Million; Tier 3 Cities: Cities with a
e**: As of December 2021
North South
102 84
97 102
134 89
84 64
50 57
49 15
39 21
29 12
5 33
3 1
Million; Tier 3 Cities: Cities with a population less
r of brands, Technopak Analysis. Note*: As on Sept
41
Online further split into-

Website Marketplaces
✓✓ ✓✓✓
✓ ✓✓
✓ ✓
✓ ✓✓
✓✓ ✓
✓ ✓
✓✓ ✓
✓✓ ✓
✓ ✓
✓ ✓
✓ ✓✓
✓ ✓✓
✓ ✓✓
he mainstay for them. Post-Covid

y had an industry-leading online
ers. This is reflected both in Biba’s
ands.
one of the highest
Vedant
Fashion F
FY2020
915 Y 542
2
0
91% 2 90%
1
8%
8%
1%
2%
14
33
42
37
39
51
65
78
89
95
108
265
345
529
ent ear Fashion &Lifestyle. Rank as on 15 Feb’2022. Web Traffic, Page visits, Avg visit duration for Jan’2022 from www.semr
showing ranking in the category
d ize is the
ng to COVID-19 act in Fiscal 2021.
Segments Present within

Apparel
Casual Indian wear, Sleepwear/
Athleisure, Footwear, Festive,
Wedding Collection, Cocktail &
Fragrances
43
Casual Indian wear, Wedding,

Festive, Western wear, Sarees
and Blouses, Stoles and Sarongs,
Seasonal wear, Footwear and
Accessories
Casual Indian, Wedding, Festive,

Winter Wear, Dupattas & Shawls,
Tops, Footwear, Cosmetics
Festive Wear, Casual Wear, Work
Wear, Winter Wear, Sarees,
Accessories, Footwear, Fragrances
Wedding Wear, Casual Wear,

Festive Wear, Occasion Wear,
Indo-Western, Accessories
n posed on the industry.

esence were perhaps able to
Growth FY 20-21 CAGR FY 2019-

21
-31% -15%
-31% -15%
-31% -14%
-43% -24%
-54% -31%
-10% -61
44
-49% -30%
0% -8%
-49% -35%
-39% -15%
NA NA
-45% -26%
-48% -29%
-38% -20%
-53% -26%
-17%
-16%
-12%
-28%
r HOAD- consolidated data from MCA. NA – Not
ndian women’s apparel wear

with a degrowth of 31% during FY
CAGR FY
2019-21
-21%
-24%
-52%
5%
-46%
-18%
NA
-31%
-16%
r HOAD- consolidated data from
CAGR FY
2019-21
-31%
NA
NA
-35%
NA
45
NA
NA
-88%
-7%
HOAD- consolidated data from
(Excludes Other Income).
wards For Biba-Restated
maintain a positive PAT and
FY 2021
-2.3%
-16.9%
-35.1%
-58.3%
-29.4
-17.9%
NA
-8.9%
24.1%
HOAD- consolidated data from MCA,
n a positive Return on Net

he company’s profitability
20, Biba has one of the highest
ir profitability.
FY 2021
RONW (%) ROCE (%)
-3.74% 5.28%
-17.5% -3.6%
-54.7% -31.4%
NA* -204.4%
-219.9% -7.9%
46
-24.6%
NA
-6.6%
21.6%
r HOAD- consolidated data from

tal equity stated is negative, Return
rn on Net Worth is calculated as the
fficacy of advertising
re amongst the highest in
ndia, HOAD and TCNS were
ed in digital marketing
with influencers) and their
f February 2022, as per
021
4.2%
2.3%
6.0%
33.2%
4.7%
6.1%
NA
2.1%
4.9%
r HOAD- consolidated data
ability. On certain
rforms higher than
rnal capital.
Biba Retailing Grocery
3,000-5,000
1400-1500
47
9 lacs to 10 lacs
700-750
17 lacs to Rs. 20 lacs
8%-10%
Rs. 45-Rs. 50 lacs
1500-2000
2-3 yrs
38%-43%
Vedant Fashion
FY2020 FY2021
9,152 5,424
91% 90%
8% 8%
1% 2%
e of the highest
48
e behaviour of Women
um of consumers
on of consumers for
by consumers buying
llowed by Fabindia
rs. Hence, the flagship
er comparable brands
’s Indian wear market,
e behaviour of Women
ber
This
um of consumers 21%
on of consumers for %),
the ers,
by consumers buying i) a to
llowed by Fabindia
rs. Hence, the flagship
er comparable brands
’s Indian wear market,
49
espondent purchasing
e among all Women
st frequently
chased by %
pondents (First
chase Priority)
50
rs associated it with only occasion wear
ng own-brand websites and online
ar
81% respondents) and Flipkart (76%

by Fabindia (19%) and W (17%). Hence,
dia on leading online marketplaces in
51
(as respon by 70% ded

rs
hich consume
52
ended recipient. This information
used in whole or in part for any
tion package or may come in
necessarily cover all types of players.

and figures of any particular
It is intended to provide a general
uld act upon such information
cular situation. Technopak and its
by reason of negligence or negligent
ut of, contained in or derived from,
ct, consequential or other loss arising
on package.
53
Tiwari [email protected] Abrol [email protected] Mishra Associatemeghna.mishra@tech

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202 2

Industry Report on Women Indian Wear Retail in

Rank in Rank in GDP CY 2020

USA 1 2 15 22.5% 18.2 24.3% 20.9 24.7% 26.7

Private Final Consumption

Country India China USA Singapore Russia Korea Canada

Source: World Population Review, Technopak Analysis

Country India China USA Singapore Russia Malaysia

Type of Categories FY 2020 FY 2021 FY 2025 (P) CAGR (FY 2020 -

Share Share Share Share Share Share

2010 2015 2020 2025 CAGR

Year India UK France Germany Netherlands

Exhibit 2.14: Broad types of Apparel E-tailers (2020)

Horizontal Vertical Online-only Online-only Online Exte Marketplace

Retailers Number of Instagram Number of Likes on Number of Twitter Website Ranking in

Biba 414K 800K 6,755 14

Global Desi 377K 392K 4,614 265

Category FY 2015 FY 2020 FY 2025P CAGR 2015-20 CAGR 2020-25

Women Footwear 17,560 28,800 46,200 10% 10%

Category Footwear Fashion Jewellery Bags Perfumes

Indian & Fusion

Online first brands Bunaai Jaypore, Indian Ethnic

Indian & Fusion

Private labels of LFS Reliance Trends, Stop Haute Curry (SS),

INR 26,482 Cr 46%

FY 2015 FY 2020 FY 2021 FY 2025P

EBO MBO LFS E-commerce/Online

Total Saree & Others 39,329 61,796 38,429 84,476 9.5%

W 2002 TCNS Clothing Co. Ltd. 333** 142

V Mart 2003 V Mart Retail Ltd. 371 228

Jaypore 2012 Jaypore E-commerce Pvt. 3 2

Key Players Indian Western Athleisure Fusion Denim

Occasion Type Product Category

Value Focussed Brands

Format Key Players Key Strengths & Propositions of these formats

Source: Technopak Analysis

Source: Technopak Analysis

Format Brand Fusion Wear Apparel within Fusion Wear

Aurelia  Dresses, Outerwear, Palazzos, etc.

Brand Category Designer Collaboration Year

Exhibit 5.6: Retail and Designer Led Brand Acquisitions

E-commerce as a % share of total Sales

Exhibit 5.8: Indian Wear and Indian Brands’ Adoption of Technologies

Pre 1995 1995-2000 2001-2015 2016 – Onwards

Source: Technopak Analysis.

Brands 2015 2018 2021 2022 CAGR (2015- CAGR (2018-

Region & Tier wise split of EBOs of Key Players

Brand Total EBOs Split of EBOs across city type

Brand Total EBOs EBO Split

Exhibit 6.5: Brand presence across formats

Channel Revenue Share

Biba TCNS Fabindia Soch Vedant

Biba 920 507 5 10 14

Mohey (Manyavar) 629 428 4 8 37

Key Players Business Model & Sourcing Segments Present within

 All manufacturing undertaken through an asset lite model of

Competition Analysis on Financial & Other Metrics

Revenue From Operations (INR Cr) Growth FY 20-21