Industry leaders spanning fashion and lifestyle to home furnishing share their expectations and strategic plans for the year 2024
Bengaluru: In 2024, Indian retailers are foreseeing an expansion across various dimensions, including revenue, sales, product offerings, physical footprint, technological advancements, and infrastructure development.
Various industry leaders spanning fashion and lifestyle to home furnishing share their expectations and strategic plans for the year 2024….
BlissClub: The direct-to-consumer (D2C) women’s activewear brand is focusing on brand awareness while expanding its product range.
“In 2024, we intend to democratise access to quality activewear through competitive pricing and introduce new categories. On the retail front, we plan to scale profitability while maintaining strict guardrails on capex to strengthen business health,” said Minu Margaret, founder of BlissClub.
The brand also aims to grow 100% year over year (YoY) while further improving unit economics.
Bagzone Lifestyles: The Mumbai-based lifestyle brand that owns brands such as Lavie and Lavie Sport anticipates two times growth in both revenue and market share this year.
“In 2024, we plan to allocate major investments toward technology integration, geographical expansion, category expansion and enhancing our production capabilities,” said Ayush Tainwala, chief executive officer of Bagzone Lifestyles Pvt. Ltd.
IGP: Multi-category gifting company IGP is targeting over 50% revenue growth in 2024 with a stronger focus on profitability. “We plan to establish a network of over 150 physical stores in the top 50 cities in India and offer both online and offline shopping options,” said Tarun Joshi, founder of IGP.
“We aim to strengthen our position as a leader in the gifting category in emerging markets such as India, the Middle East, and Southeast Asia,” he added.
Anko India: Australian home brand Anko entered India in April 2023. Currently, it is in the expansion phase wherein the objective is to reach a larger set of audiences across the nation.
“More than revenue, the focus is on customer metrics and product performance. These are the foundation years for the brand in India and we want to ensure that we lay a solid foundation,” said Pulkit Bansal, country head, Anko India
Vedas Exports: Manufacturer and exporter of handicrafts and decor items Vedas Exports’ primary focus for 2024 is on the business-to-consumer clientele and on forging partnerships with offline retail stores.
“Based on the market recovery observed in the last quarter of 2023, we anticipate a robust growth trajectory for 2024. We aim to achieve an 80% increase in revenue in 2024 compared to 2023,” said Palash Agrawal, director of Vedas Exports.
Deco Window: The home decor store chain and a domestic endeavour of Jayanita Exports has set its eye on international expansion.
“Our expansion extends beyond India, with a significant international move through a partnership with the second-largest US retail chain, Home Goods. The brand is also actively exploring new markets in South America, Russia, Australia, parts of APAC, and other countries,” said Vaibhav Jain, chief executive director of Deco Window.
Moreover, it is aiming to onboard over 50 distributors across India by 2024 and to reach a Rs 250 crore growth milestone.
Centuary Mattress: The Hyderabad-based mattress brand plans considerable horizontal and vertical expansion through 2024, focusing on tier 3 and 4 towns prioritising online sales, and investing 8 to 10% of revenues in complete marketing, including regional IP television platforms such as Bigg Boss, shared Uttam Malani, executive director at Centuary Fibre Plates Pvt. Ltd.
MyHome: Saint-Gobain India’s concept brand of MyHome is poised to tap into the substantial potential of tier 2 and tier 3 markets, with aspirations to expand the MyHome store count to over 200 by 2024.
“In line with our growth trajectory, we are trending to surpass Rs 1,000 crore by 2026,” said Hemant Khurrana, executive director – homes and hospitality at Saint-Gobain India.
