Pune-based fast fashion start-up Incosi Fashions is making the most of a rapidly growing Indian retail market with its innovative and designer products which perfectly matches the craze and personalities of the millennial.
Cross loop, India's first and only designer earphones focuses upon designer audio whereas Ralph Pierre (Watch) has its focus on the wearable category. The scope in these categories is immense and the company, as a start-up, has caught the imagination of millennials across the country.
"Fast fashion accessories are increasingly being used by the youth. We expect to have at least 100,000 customers for our brand in the next three quarters," said Shubham Khare, co-founder and CEO, Incosi Fashions.
Incosi has its design curation center in Pune and the USP of brands success is innovation. In-depth research of the market directed the team to leverage the new India's growing appetite for affordable designer's products. Incosi's innovative and affordable brands have been able to lend a touch of creativity and sophistication to every youth's aspiration.
Fashion accessories as a segment have seen tremendous growth in the last five years, this is due to the increased exposure to international fashion and the growth of the internet and Smartphone usage that has made people aware of international trends and fashion standards.
As per an ASSOCHAM-Resurgent joint study, online shopping is expected to clock an annualised growth of 115% this year. Along with that over 120 million Indian consumers are expected to shop online this year. Online is the future of retail and Incosi is going ahead with an online first strategy. Ralph Pierre and Cross loop merchandise are available on its own website and all the leading online sites like Amazon, Flipkart, PayTM, Limeroad, Snapdeal, etc.
"We chose fast fashion segment which is an aggressively growing category in the Indian retail sector. Indian fashion retail market has witnessed several significant changes in recent years, which speaks for the country's evolving fashion retail market. To tap into this potential market Incosi Fashions has introduced two brands called Ralph Pierre and Cross loop," he added.
Like any other leading start-ups, Incosi fashions focuses on fresh designs at affordable price points. The company has thrown a big challenge to the existing retailers who either have redundant designs or they cater to the upper middle class and above segments. "The idea is to be in vogue, which you can never be if you have to repeat your accessories every single day," Khare explained.
Lifestyle and fashion will continue to be the strongest driver of the Indian market in the country, the fast fashion start-up has now taken an aggressive stance towards getting a larger share with its brands Cross loop and Ralph Pierre. Incosi eyes the most promising and rapidly growing segment fast fashion under the retail sector with its innovative and affordable products.
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