Amidst the coronavirus lockdown, the economy has taken a severe hit with the Sensex and Nifty falling every day. The fashion market is no exception, and to compensate for the massive loss with shops shutting down and finances cooped up, the brands are belting out some significant discounts and offers.
The nationwide shutting down has impacted the fashion industry in its online and in-store sales. Brands have already accounted for a fall of 70% in the last month and are predicting the numbers to fall some more with the ongoing situation. Online sales have seen a fall-of 15% as consumers cutbacks on discretionary and non-essential items.
“More or less, all the malls in the country are shut now,” said J. Suresh, MD of Arvind Fashion, which sells a raft of brands including Gap, US Polo, and Sephora. “We may have to really focus on online until the (offline) market recovers.”
The retailers have expressed their concerns over the logistics, and proper delivery methods are still in deliberation as the states have limited transportation movements. Vague guidelines concerning the non-essential items have also affected the online market.
In the current milieu, brands such as Gap, Hummel, Adidas, Aeropostale, and Asics are offering a 30-60% discount across the sites. Various products are on sale, and the brands hope to compensate some of the losses through online sales.
“Of course, we were trying to push through e-commerce, but there is a difficulty as our warehouses are shut due to the lockdown,” said Siddharth Bindra, MD of Biba.
‘Shoppers Stop’ is offering a rebate of 70% across the site. The fashion and accessories section has a range of products with unprecedented deal offers.
While you’re indoors, we’re here to #KeepTheLoveAlive! Shoppers Stop is available online for all your fashion & beauty needs, on (online) and on the app,” a text message by the country’s largest listed department store chain said.
While Nykaa, a leading chain of makeup and cosmetic essentials, has shut their establishments in the malls, their online services are still running smoothly with only “essential products” available through delivery. Sephora, another leading chain of cosmetic goods, hopes to keep up the customer’s morale with their extensive deals and discounts.
Shoe companies like Clarks and liberty shoes, instead of their annual events of summer sales, have integrated the current discount trend as the bi-annual sales of May and June.