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Customers are mindful of the adverse environmental impact of fast fashion. Sustainability and ethical awareness are influencing the industry to make dynamic changes such as digitization, circularity and transparency in business practices that will help brands in the long-term, says GlobalData, a leading data and analytics company.

Conscious consumption is on the rise and shoppers have acquired a different set of priorities such as recycled materials, affordable prices and good quality. Fast fashion retailers should use their inherent capability to provide such an offer with their quick turnaround time in response to the latest trends.

Rukmini Durge, Retail Analyst at GlobalData, comments: “Designers and brands have reflected on fast fashion industry’s business practices in view of COVID-19 disruptions to conclude that it is time for fast fashion to take a turn for the better. Offering consciously made clothing can attract customers and drive sales without the pressure of continuous change and production that results in waste of materials and growing landfills.

“Customers hold the brands accountable for maintaining traceability of raw materials, factories and production processes. Customers’ lasting loyalty to a brand, a share of their wallet and the brand’s image is bolstered by means of upholding this. Thus, providing transparency in supply chain and manufacturing and closing the loop of apparel life cycles through recycling initiatives has become pertinent for companies.”

Pandemic led store closures, piling up of inventory and shift in consumer behavior towards lesser purchases have led the retailers to downsize the product ranges. Fast fashion retailers saw the e-commerce channel grow exponentially as customers took to shopping online. Lower price points, easy online accessibility and increased focus on digitization will enable fast-fashion retailers to attract shoppers looking for trendy yet affordable products from the comfort of their phones/other devices.

Ms Durge concludes: “Brands must focus on a differentiating factor to stand out in the competition, in the way ASOS did with the launch of its new-to-market womenswear brand ‘As You’. With the upcoming festive season and positive updates about COVID-19 vaccine, fast-fashion retailers will have the potential to make up for a substantial share of sales that were lost during the pandemic. Digitization, value for money and focus on transparency, circularity will be vital to the growth of fast fashion in the near future.”

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The coronavirus pandemic was a once-in-a-lifetime test of business continuity planning for retail businesses across the globe. Even when things have stabilized to an extent and economies are gradually opening up, the industry is being confronted by a string of questions, the hardest of which are

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Welcoming Vineet Jain onboard Lalit Agarwal, CMD, V-Mart Retail says, “We are delighted to welcome Vineet to the V-Mart family. Vineet brings both depth and breadth of leadership and operational experience in the value retailing format, and a customer-centric approach that would help accelerate V-Mart’s growth and market leadership journey”.

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In India, handloom is the second-largest economic activity after agriculture and is a major source of employment. Kankatala has been working with 50 major weaving clusters of India and like most of their patrons, their weavers to are associated with them since 3 generations. The brand has touched the lives of more than 1 lakh weavers over years. The pandemic had put the industry on a stand by making it difficult for the weavers to make ends meet. To support them, for the first time, the e-commerce portal has also been offering discounts on select products. This has enabled the patrons to avail their favourite products at discounted prices and weavers to start weaving again making it a win-win situation.

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Saxena pointed out that KVIC was hopeful of good demand for its non-leather footwear globally, including 15 designs for ladies and 10 designs for men.

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A specialist in managing Hypermarket/ Supermarket/ Fashion Businesses, he worked with Future Group as a core member and has managed reputed value retail formats including Big Bazaar, Food Bazaar and FBB.

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