Developments of 2016 that will shape fashion
The acquisition of online fashion portal Jabong by Flipkart-Myntra in July this year was the biggest news in the Indian fashion world since the latter’s own merger in 2014. The Flipkart-Myntra-Jabong ecosystem now holds sway over two-third of the high-margin online fashion market, and signals the beginning of the consolidation period in e-commerce.
Next, in a very short time, Amazon India has managed to catch up, and is now running neck and neck with the Flipkart-Myntra-Jabong triumvirate. The launch of Amazon Fashion and Amazon’s own fashion label in 2016 is a virtual extension of Amazon’s own strategies as well as the compulsions offered by the fashion segment in online retail.
Whether one likes it or not, Textiles 4.0 is in, and it’s been a silent move so far. The textiles apparel industry in India, however, will need to maintain a balance between automation and labour since the sector is one of the biggest employers in the country.
other developments of 2016 that will have a bearing on 2017 include election of Donald Trump as the next US President, rise of oil prices, and the outcome of Brexit poll at the international level. On the domestic front, developments that will have an impact include GST, demonetisation, package for apparel and made-ups sector, and trade relations with China.
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Fibre2Fashion News Desk – India