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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS-

VALUE ’ IN APPAREL RETAILING- DEMOCRATIZING FASHION FOR COMPETITIVE ADVANTAGE

Dr. Pritee Saxena Prof. Arijit Bhattacharya IBS Mumbai IBS Mumbai

Abstract

“Cheap” or “discounted” products used to carry a negative connotation in consumer psyche with respect to inferior quality and were associated with feeling of suspicion and lack of status. But with the introduction of ‘Value Fashion’, the Indian apparel market has changed the scenario drastically. Positioning of this segment lies between premium apparels and unbranded products and refers to fashion apparels at affordable prices to aspirational, price-conscious buyers. Presently, it is the largest growth segment in the Indian apparel market. Sensing the huge growth potential of this segment, many established apparel retailers have entered this segment by targeting not only customers in the metro cities but also in smaller Tier II and III cities. However, the rapid success of the relatively new Value Fashion concept has created a unique dilemma for many established apparel retailers, with regards to how to integrate both lower price and assured quality in the overall value proposition without compromising on the overall brand equity in the eyes of the customers. In this backdrop, present case study, using secondary sources, aims to trace the evolution of the concept of ‘’ or ‘value fashion’ globally and in Indian context. The case study will further focus on key Indian ‘value fashion’ apparel retailers and their growth strategies (with respect to consumer behavior, supply chain and analytics) to win market share in a competitive market along with existing challenges. Finally, the case study will address the issue of value-volume dilemma for the Indian apparel retailers.

Evolution of Value Fashion The root of this fashion trend can be traced Zara filled the gap by democratizing the back to post 2008-09 global economic fashion and bringing it to the masses, in recession period when consumers, lacking course of time, India too followed the discretionary income in a tight economy, trendand it became a big format store started questioning the wisdom of spending concept for apparel retailing As far as the a fortune to buy premium brands. This pricing is concerned, whereas premium incident forced the fashion houses, in order brands command a price margin of three to survive, to innovate ‘fast fashion’. The times, ‘value fashion’ brands change one- term refers to fashion products at a lower and-half time profit margin and give value- price as compared to the premium fashion seeking customers another option to explore. segment. As ‘fast fashion’ brands like Sweden’s H&M, Japan’s Uniglo and Spain’s

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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS- Mumbai

Category Overview more toward urban middle class aspirations. According to Value fashion market which Apparel was no longer only a functional stood at ₹ 3.2-3.5 lakh crore in 2017 is aspect but symbolized perfect appearance, growing at a CAGR (Compounded Annual prestige and image. Growth Rate) of 13-14 per cent will become In urban cities, the concept of value fashion ₹ 6.8-7.4 lakh crore by 2023 Though the top was also extremely popular due to the metro cities continue to significantly fashion-conscious younger generation who contribute to the revenue, as per present data had immediate access to trends via social (refer exhibit1) by 2025 two thirds of the media and other digital outlets. According to middle class would be located in the middle Anusha Couttigane, senior analyst at Kantar tiers, smaller cities and large district towns Retail, “Consumers want the latest trends at and would be attractive hubs for apparel cut-price rates, especially younger markets. These customers who are largely generations. They see new trends fastest and “aspirers” were largely untapped at present want them the most, yet have the smallest and presented a big opportunity for brands budgets.” As a result, they wanted to buy offering affordable clothing solutions. fashion apparels both affordable and The emerging trend of value fashion was fashionable, low-priced without triggered major by two factors: urbanization compromising on quality. Gorisha Sapra, and ‘rurbanization’. Urbanization happened expressed: “I look for products that are both due to migration to urban centres from rural of decent quality and reasonably priced…I areas especially into tier III and IV cities want fashion brands where I can get five to which resulted into these becoming growth seven pieces of clothing within ₹ 5,000." engines from value fashion apparel segment. Sensing untapped growth opportunity, many Key Players in the Category fashion brands, have entered these smaller There are both national players as well as cities to target aspirational customers with regional players in the market. Few more discretionary spending power, more significant players in this category are: Max conscious about their appearances and ready Fashion, V-Mart, Fashion at Big Bazaar to shift from shift from unbranded ready-to- (FBB), Arvind , Reliance Trends, stitch apparels to branded and standardized TCNS clothing, Patanjali, CityLife, V2 ready-to-wear ones where customers could Retail and CityKart Retail. try before purchase. On the other hand, rural urbanization or ‘rurbanization’ due to more Max Fashion employment generation in the Max Fashion, owned by Dubai-based manufacturing sector, more agriculture- Landmark group was India’s largest value related value added services and fashion brand by revenue. The brand was government’s rural employment schemes launched in2004 in the UAE (United Arab shift rural consumption pattern was leaning Emirates) and in 2006 entered the Indian

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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS- Mumbai apparel retail market. As on 2017, the brand whereas Max is in the value fashion segment operated 190 exclusive Max stores and with 96 per cent private labels. Max price planned to launch 60 more stores in the near points are 35-40 per cent below Lifestyle.” future. In 2015, Max launched Easybuy in the value Max grew its business by opening stores in apparel segment for tier II and III segments. tier II cities like Kota in Rajasthan, Rajkot in The motto of the brand was “Super Style, Ahmedabad, Rajamundry in Andhra Pradesh Super Pride” and at Easybuy 99 per cent of and Rourkela in Odisha. It focused on the collections were below ₹ 699. The opening stores in neighborhoods without format was built keeping in mind regional malls and targeting the so called requirements and the company planned to popular/middle/mass segment to promote open store in every headquarter of India. In ‘fast fashion. order to scale up rapidly to cover 500 plus Fast fashion referred to apparels which district headquarters the company had conformed to the latest fashion trends but adopted the franchisee route. with a lesser price tag. Vasanth Kumar, Executive Director, Lifestyle International, V-Mart Max Retail Division observed, “Being a Gurugram-based V-Mart, a value fashion leader in value fashion, Max is poised to and lifestyle products retailer was capitalise on meeting the fashion aspirations established in 2002 and was considered a of young contemporary family segment in pioneer in value fashion According to Lalit India, maintaining the current 32 per cent Agarwal, founder V-Mart “We target small CAGR trend and becoming a ₹5,000 crore towns and people in the income group of brand in the next three years.” The average ₹15,000-20,000 per monthThe company selling price at any Max Fashion store is primarily focused on smaller towns – around ₹599 and an average cash memo is specifically the tier II, III and IV cities and ₹1600-1800 with an average basket size of followed a cluster-based model approach. three and half apparels. Approximately, 75 per cent of its stores are Interestingly, the brand also owned and located in only four states – Uttar Pradesh, operated Lifestyle, a multi-brand apparel Uttarakhand, Bihar and Jharkhand. In 2018, and accessory retail store chain which sold eight of the 10 stores V-Mart added were in fashion products in the higher price range. tier-III and tier-IV cities (refer exhibit2). Few retailers carried both a premium brand Agarwal justified the cluster-based retail and a cheaper ‘value’ brand as a flanking expansion strategy by saying that it saw “a strategy. Kumar justified the strategy as dual lot of opportunity and growth…The approach to value fashion where customer consumers, the Bharat, which lives in these had the choice to buy exceptional value and towns and this is where the high density of good value. “Lifestyle is in the premium population is, have unlocked aspirations and segment with 75 per cent other brands unaddressed consumption needs. The selfie

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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS- Mumbai age is driving everything right down to those Arvind Fashions levels. This is where we want to go and this Arvind the Indian $1.7 billion conglomerate, is where most of the retailers are also trying through Arvind Fashions, its branded to follow. V-Mart sees a huge potentiality apparel and accessories business had going forward. We have just scratched the decided to double its revenue from surface by reaching maybe 100-odd towns in Unlimited, its value-fashion brand. In 2016, these tiers but there are thousands of towns the company t entered the value fashion in these locations which can be inhabited by segment by re-branding Megamart, its large retailers like us.” To support its growth, V- format discount stores, to Unlimited. Mart had taken a data-centric approach with According to J Suresh, MD & CEO of the inclusion of AI(Artificial Intelligence) to Arvind Fashions Ltd., “Unlimited is one of gain insight into customer taste, wearing the key drivers for our future value creation” pattern, mix of the products they wore and to “take advantage of the largest growth prices they could afford. In December 2018, segment in the Indian apparel market.” the brand achieved the landmark of opening The company planned to generate one-third its 200th store. The 200th store was a major of its total revenue from i.e. ₹ 2000 crore in landmark for V-Mart, as the brand added the revenues by 2022 from Unlimited. last 100 stores in three years, while it took According to the company, “Unlimited is a 12 years for the first 100 stores large format (8,000-10,000 sq ft) value fashion store for families, which primarily Fashion at Big Bazaar sells in-house brands such as Karigari, Kishore Biyani-led Future Group’s value- Anahi, Sugr, Ruggers, Excalibur, Colt, fashion venture Fashion at Big Bazaar Newport, etc. along with a couple of (FBB), had 62 exclusive brand outlets and licensed brands such as Elle Studio and also sold through 385 points of sale in Big Cherokee. Ninety per cent of the apparel and Bazaar stores as on November, 2018. accessories retailed at Unlimited are priced According to FBB COO Rajesh Seth, in below ₹1,000 with the average price point order to maintain its competitive edge, the at ₹550.” chain had focused on “…improving product assortments, in-store experience by Reliance Trends reworking/renovating 100 points of sales Reliance Trends, a leading apparel retail where FBB is sold and also strengthened our chain claimed it was ‘the largest destination supply chain.” . The chain planned to invest for the widest range in value fashion’and ₹350 crore to add 200 exclusive FBB outlets presently focused on the youth segment. At by financial year 2020-21and aimed aims to present, the chain had 557 stores 160 cities double revenue in the next two years - focus and planned to grow to 2500 stores in 300 on ethnic wear, indo-western and . cities in the next five years. In order to give shape it to its ambitious growth plan the

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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS- Mumbai company integrated its private labels with its fashion and brand consciousness of the e-commerce venture (through Ajio.com) and semi-urban and rual customers. penetrated deep into Tier III and IV cities. In March 2019, Reliance Retail acquired mid- Patanjali segment menswear brand John Player, a In November , 2018 Indian FMCG (Fast mid-segment menswear brand from ITC Ltd Moving Consumer Goods) brand Patanjali as ITC decided to focus on the premium entered the branded apparel market through end. The deal would add Rs 350 crore to its -based store Paridhan. The brand Reliance Retail’s value fashion business targeted both men and women of all age groups and offered denim, casual and formal TCNS Clothing clothes under brands Sanskar (for men), Few brands which represented only Aastha (for women) and Livefit (sports and premium brands earlier, sensing the yoga apparels). According to Saurabh opportunities in the value fashion segment, Uboweja, International Brand Expert and now offered value brands. A case in point is CEO Brands of Desire, “…there is enough TCNS clothing, a designer, manufacturer, headroom to build an Indian origin fast marketer and retailer of women’s branded fashion brand in the country…The apparel. As on September 30, 2017, TCNS marketing strategy for Patanjali will largely sold its products through 418 exclusive revolve around building a large retail brand outlets, 1,305 large format store footprint across the country offering low outlets and 1,361 multi-brand outlets in price/medium value products endorsed by a different parts of the country. It also sold highly influential brand ambassador, Baba products through six exclusive brand outlets Ramdev.” in Nepal, Mauritius and Sri Lanka.The The company planned to open around 100 company owned premium brands W (fusion Paridhan stores by the end of 2018-19 and wear) for women and Wishful (occasion around 500 stores at the end of next fiscal wear) and also Aureila (contemporary ethnic year, largely based on franchisee model.. wear), its affordable value brand to cover all price segments of modern Indian women. CityLife The brand had successfully expanded its Kolkata-based CityLife, as on October 2018, retail footprints in the country with over 200 operated 106 stores across 13 states with an standalone stores across more than 90 cities average store size of 10,000 square feet and an also sold online. Aurelia also opened its focused on tier II and IV towns. It planned flagship outlet in Sri Lanka and looking to open 40-50 stores in a year in order to forward to make its presence in many more become a key player in the value fashion countries. Specifically, the brand targeted segment. According to Ritesh Kedia, the tier II cities in India to capitalize on the CityLife Retail director, the company “will continue to focus on smaller towns and

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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS- Mumbai outskirts of large cities since rentals are in 8,000-10,000 square feet and the brand much less” and also due to “huge aspiration stores are primarily located in high-streets. amongst consumers in these markets and Marketing of Value Fashion in India penetration of modern retail is low.” Communication Strategy Value Fashion as a category posed unique V2 Retail challenges to its marketers as it catered to a V2 Retail, where V2 stood for Value and unique set of customers in the fashion Variety (refer exhibit3) is a value fashion context. According to Lalit Agarwal, player for the entire family. The brand had chairman and managing director of V-Mart 67 stores in 17 states and 61 cities in Tier II “…consumers are hugely exposed to media and III category and offered womenswear, and thus know about the latest trends, but menswear, children’s wear, and lifestyle their pockets or spends are fairly restricted. products. They want similar looking apparel or fashion clothing, but at lower prices”. CityKart Retail Additionally, apparel retailers were required CityKart Rtail, a value fashion brand owned to follow different product assortment by SSR Retail Kart Pvt Ltd was established strategies for rural (preference for brighter in 2016. Presently is had 29 outlets in 25 colors) and urban (black, white, shades of cities in Bihar, Uttar Pradesh, Jharkhand, grey) customers. Also, India being a Odisha, West Bengal, and the Northeast and multilingual, multicultural country, retailers, planned to open 150 more to expand its who typically targeted customers in tier II reach Its target demographic was lower and III cities, had to focus on the niche middle class families in tier-II and III cities requirement with respect to their different (refer exhibit 4, 5). According to Sudhanshu festivities. Hence, Value Fashion retailers Agarwal, Citykart’s Founder and Chief customized their merchandize offerings for Executive, the company targeted this different regional festivals e.g. ‘Onam’ in segment because “Tier II and III cities and South India and ‘Baisakhi’ in North India towns are highly under-penetrated in terms (refer exhibit). of organized retail. Basically, these are the With an eye to grow the brand to popularize places where people have newly increased in the hinterlands of India with special focus purchasing power and aspire for a shopping on the youth residing there brands had taken experience. and predicted there would be the celebrity endorsement route. According shift towards organized retail and branded to Anusha Couttigane, senior analyst at apparels would be more in-demand. The Kantar Retail, “…if you want to attract that brand positioned itself as a popular younger, trendy shopper – you have to make alternative to unbranded clothing for the sure you speak their language”. In 2018, lower-middle class. The average store size CityLife Retail used celebrity actors

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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS- Mumbai

Rajkummar Rao and Shruti Haasan as brand campaigns #StyleTheFUp and ambassadors ahead of the India’s festive #BeCollegeReady. As part of buzz season and V-Mart Retail selected marketing to promote the new launch, FBB Ayushmann Khurrana and Bhumi Pednekar collaborated with Frapp, a mobile two movie stars with strong connect with application for students’ community. aspirational and young middle-class families, residing away from the metros as Distribution Strategy its brand ambassadors. According to Jiten According to Ankur Bisen, analyst, retail Mahendra, Vice-President, Marketing, Max division of Technopak Advisors, “Value Fashion “…emotional building of Max as a fashion is an approach where the supply brand is extremely important for us as it chain of fashion is appended to deliver fresh helps us to cater to audience across fashion at a low value, focusing on categories.” To achieve this goal, the consumers who are looking to wear branded company adopted various ATL (Above The apparels” In order to achieve its unique Line) communication channels – including selling proposition value fashion players humorous television advertisement, retail were trying to have a tight control on store level initiatives to enhance customer overheads and supply chain. Focusing on experience and customer loyalty Tier III and IV cities came with the programmes. The company also brought advantage of lower per-square-feet retail into focus its designers, models and estate cost. Also, the “unseason strategy” influencers through its digital ecosystem. which focused on occasions (weddings, In order to grow, apart from movie stars as festivals etc.) and not seasons paid dividend brand endorsers, value fashion brands for retailers. adopted other strategies as well. FBB, At this juncture, industry experts were of the focused on the millennials as a positioning opinion that value fashion brands would strategy and roped in stars and continue to grow faster than other segments youth icons Varun Dhawan and Katrina Kaif of the apparel market as it remained the as brand ambassadors. According to Prachi preferred choice for many Indians who had Mohapatra, CMO of FBB, the company shifted to buy readymade apparels from focused on content marketing strategy tailor-stitched apparels. However, experts’ across various media vehicles. FBB was a opinions were divided on whether value sponsor of the Femina Miss India beauty fashion would be a profitable business pageant with parallel ran campaigns like '30 outside metros and big cities. Harminder days, 30 looks', ‘Woh Miss India Wali Sahni, managing director of Wazir Advisors Feeling’ and 'Wear What Miss Indias wear’. expressed his concern: “…it’s a big FBB also launched its new collection for challenge because once you enter tier II-III college goers which were promoted to the cities, managing the distribution with so target group with youth-centric social media many SKUs (stock-keeping units) is very

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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS- Mumbai complex. The cost just keeps increasing”. buying patterns are not similar in when Vasanth Kumar, executive director at Max compared to brick-and-mortar stores of the Fashions also subscribed to the previous company. According to Jiten Mahendra, point of view: “You have to do everything Vice-President, Marketing, Max Fashion that a brand does, but keep the price much “…every third person who walks in the lower. This category by nature will have a brick-and-mortar store is a buyer while on lot of attrition and failures. If you aren’t digital every 10th person is a buyer. But the very cost-conscious, you will end up reach of e-commerce is much more than the increasing prices. And if you are going too offline store.” low on value, you will end up missing the fashion. So you can trip very easily either Challenges and Way Forward way,” Kumar further expressed his Value Fashion is largely regional and is still skepticism about the so-called value fashion dominated by the unorganized segment. growth story: “I don’t think the Max and With the value for money proposition and Reliance Trends of the world will be able to first-mover advantage to cater to the latent go successfully to the hinterland. Their cost demand many brands have thronged the structures are just too high. There are Value Fashion segment in recent years in hundreds of regional labels which are not order to capture a potentially untapped visible, but they generate ₹ 50-70 crore in market. But, the question remained first, sales, and these brands are also value with affordable Internet-enabled smartphone players”. To address the distribution and and cheap mobile data and online retailers logistical challenges industry players had like Amazon was investing heavily in its adopted different strategies. Max owned supply chain to reach the remote corners of sub-brand adopted dynamic automatic India Tier II and III customers have options replenishment system in the backend to to buy apparel online as well. Also, Second, improve the efficiency of its supply chain. in the present scenario, how a brand According to Anand Aiyer, Senior Vice differentiated itself from others through President and Business Head, EasyBuy, clear positioning? Presently, the primary “Everyday orders get generated and challenge faced by the retailers is to build an products are dispatched automatically emotional connect with the customers to replenishing at style, color and size level. differentiate their products despite the Agility in supply chain is critical given our functional, price-centred value proposition major presence in small town where of products in this category. Third, how logistics lead time is more.” In 2017, Max heterogeneity should be managed in fashion Retail also launched its online channel consumption to avoid merchandising and platform maxfashion.com . According to the operational inefficiency? Experts had company “digital sales are almost equal to a pointed out that as one climbed down the large size offline store”. However, customer price ladder, fashion heterogeneity went up.

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This heterogeneity was due to the regional unlocking-economy-and-value-fashion- differences which further led to retail/ heterogeneities in size, fit, fabric and style.Other challenges for value fashion 4. http://wazir.in/pdf/Seven%20Consumpt retailers are linked to maintaining a cost- ion%20Trends%20That%20Will%20Defin efficient supply chain, right store location, e%20the%20Future%20of%20Indian%20A carrying the right merchandise mix in a pparel%20Industry-WEB.pdf culturally diverse country like India with different festivities in different seasons and 5. https://www.businesstoday.in/magazine finally, creating a positive customer /the-hub/making-the-cut/story/317157.html experience without compromising on ambience and customer service. 6. https://www.livemint.com/Industry/Dad 24qZbxmMdN8T1yBESrK/Max-to-open- Discussion Questions 30-stores-every-year-focus-on-areas- 1. How value vs. volume dilemma is without-mal.html affecting the Indian apparel retailers? Should they go for high price–low volume 7. https://simplicity.in/news- or low price–high volume? detail.php?nid=12299 2. Analyze the Value fashion category in the context of the 4Ps (product, price, 8. https://www.indianretailer.com/magazi promotion, place) and STP (Segmentation, ne/2018/november/EasyBuy-making- Targeting, Positioning) of marketing. fashion-affordable.m120-13-1/ 3. What are the consumer insights required to be successful in Value Fashion category? 9. https://www.livemint.com/industry/retai 4. What should be the way forward for the l/small-towns-and-value-fashion-a-perfect- existing Value Fashion players? fit-1551725875060.html

References 10. https://www.businesstoday.in/magazine /the-hub/making-the-cut/story/317157.html 1. https://www.businesstoday.in/magazine

/the-hub/making-the-cut/story/317157.html 11. https://www.indiaretailing.com/2018/12

/26/fashion/v-mart-indias-leading-value- 2. https://www.fibre2fashion.com/industry fashion-retailer-launches-200th-store/ -article/5129/value-retailing-are-brands- losing-their-luster- 12. https://www.thehindubusinessline.com/

companies/arvind-fashions-bets-big-on- 3. https://www.indiaretailing.com/2019/02 value-fashion-market- /21/fashion/dressing-indian-masses- opportunity/article25873529.ece

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organised-fashion- 13. https://www.adgully.com/reliance- retail,993478.html#.XKh0P5gzbIU trends-undergoes-a-youthful-makeover-in- new-campaign-71641.html 21. https://www.livemint.com/Industry/f2K LJKFl42qMDPztpjWduL/Cheaper-brands- 14. https://economictimes.indiatimes.com/i pick-up-pace-as-slowdown-hits-retail- ndustry/services/retail/reliance-industries- segment.html ups-retail-game-with-itcs-john- players/articleshow/68571288.cms?from= 22. https://www.indianretailer.com/article/s mdr ector-watch/fashion/How-value-retail-is- emerging-as-high-profit-business.a6235/ 15. https://www.zeebiz.com/india/news-w- aurelia-wishful-brands-fail-to-charm-d- 23. https://economictimes.indiatimes.com/i street-tcns-clothing-tanks-6-on-debut- ndustry/services/retail/value-fashion- 57420 retailer-citylife-to-open-40-50-new-stores- plans-to-raise- 16. https://www.exchange4media.com/mar funds/articleshow/66090420.cms keting-news/will-patanjali-crack-the- fashion-code-92895.html 24. https://bestmediainfo.com/2018/05/v- mart-unveils-campaign-with-ayushmann- 17. https://economictimes.indiatimes.com/i khurrana-and-bhumi-pednekar-as-brand- ndustry/services/retail/value-fashion- ambassadors/ retailer-citylife-to-open-40-50-new-stores- plans-to-raise- 25. https://www.exchange4media.com/mar funds/articleshow/66090420.cms keting-news/our-reliance-on-content- marketing-grown-significantly-over-past- 18. https://in.fashionnetwork.com/news/V2 few-yearscmofbb-91451.html -Retail-expands-retail-presence-with- stores-in-Jharkhand- 26. https://www.livemint.com/industry/retai Assam,1009101.html#.XKh6WZgzbIU l/small-towns-and-value-fashion-a-perfect- 19. https://in.fashionnetwork.com/news/Cit fit-1551725875060.html ykart-to-open-150-stores-in-5-years-eyes- over-Rs-320-crore-net- 27. https://www.livemint.com/Industry/f2K revenue,1024661.html#.XKh0Q5gzbIU LJKFl42qMDPztpjWduL/Cheaper-brands- pick-up-pace-as-slowdown-hits-retail- 20. 1https://in.fashionnetwork.com/news/Ci segment.html tykart-capitalises-on-rural-India-s-move-to-

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28. https://www.indianretailer.com/magazi 29. https://www.indiaretailing.com/2019/02 ne/2018/november/EasyBuy-making- /21/fashion/dressing-indian-masses- fashion-affordable.m120-13-1/ unlocking-economy-and-value-fashion- retail/

List of Tables and Figures

Exhibit 1: No. of households in different income brackets

Source: Wazir Advisors, 2019

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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS- Mumbai

Exhibit 2: VMart store entrance

Exhibit 3: V2 Retail Store

Exhibit 4: CityKart Hindi Advertisement focusing on Tier III, IV cities

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4th International Marketing Conference Reimagining Marketing – Confluence of Creativity and Technology IBS- Mumbai

Exhibit 5: CityKart English Advertisement focusing on Price

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