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Retail Sales Growth: Pent-up demand post-Covid led to booming sales in athleisure wear and lifestyle products. Kumar Rajagopalan notes the unsustainable high growth post-pandemic and the impact on consumer spending.
Bestseller is closing its Indian ethnic wear brand Indifusion due to poor sales and shifting consumer trends. The company, known for western brands like Jack and Jones, bought Indifusion during the pandemic but struggled to understand and operate in the Indian wear market. The decline in traditional wear is part of a broader trend, with consumers increasingly choosing versatile, comfortable clothing for multiple occasions. Fusion wear, combining traditional and modern styles, is growing in popularity, driven by factors like the rise of the female workforce and fashion trends.
Landmark Group: “We are thrilled to welcome Ritesh Mishra to our team. His extensive experience and proven track record in the retail industry make him a valuable addition to our leadership team,” said Devarajan Iyer, executive director and CEO, Lifestyle India.
Troubled edtech Byjus has fired nearly 500 staffers amid a severe cash crunch. More details on this in todays ETtech Top 5.
"Revenge shopping that we saw during the pandemic was never sustainable. While people are buying higher priced products including cars and electronics with finance options, the increasing EMI every month is forcing them to cut back on lifestyle products like clothing and accessories," said Kumar Rajagopalan, chief executive officer of RAI.