Have you ever wondered what's propelling the rapid rise of The Indian Garage Co. (TIGC) in the fast-fashion scene? The Indian fashion landscape is currently undergoing a remarkable transformation, and The Indian Garage Co. is at the forefront of this exciting evolution. Vumonic Datalabs explored The Indian Garage Co.'s remarkable journey from July to September 2023 on Ajio and its implications for the future of fast fashion in India.
From July through September, The Indian Garage Co. experienced a remarkable surge in sales, reaching its peak in August and September at 1.2 and 1.3 times the July figures, respectively. Noteworthy, there was a noticeable decrease in the average order value during this period, declining from 650 INR in July to 530 INR in September. This, coupled with an average discount of approximately 1300 INR, signifies a well-thought-out pricing strategy. The brand strategically offers competitive prices to expand its customer base without compromising on quality or brand integrity.
Shirts featuring patch pockets emerged as a prevailing trend during this period, seamlessly merging traditional designs with contemporary fashion. Geographically, cities like Hyderabad, Bangalore, Chennai, and Delhi witnessed the highest product sales, highlighting the brand's widespread appeal across India. These urban centres, renowned for their fashion-savvy populace, have warmly embraced The Indian Garage Co.'s offerings, consolidating its formidable market presence.
Achieving a gross merchandise value (GMV) of Rs 300 crore in FY23 is a noteworthy milestone, reflecting the brand's robust business model and extensive market penetration. According to ET Retail.com, The Indian Garage Co. aims to double this figure to Rs 600 crore in FY24, an ambitious goal that seems attainable given its current trajectory and the backing of TMRW.
In summary, The Indian Garage Co. is not only reshaping the landscape of fast fashion in India but also influencing its future trajectory. With the support of TMRW's substantial investment, the brand is primed for even greater success. As consumer preferences evolve in this dynamic market, The Indian Garage Co. serves as a shining example of adaptability, innovation, and profound market insight, ensuring it remains at the forefront of India's fast-fashion revolution.
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Disclaimer: The information provided in this blog is based on the data analysis conducted by Vumonic Datalabs and is subject to market dynamics and fluctuations.
