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January 28, 2026
What does it actually take to build a fashion brand in India?
This panel (“Beyond the Noise- How D2c Fashion Brands Are Reinventing Retail”) at the 25th Edition of India Fashion Forum focussed on some real answers, in a refreshing, down-to-earth conversation moderated by Devangshu Dutta (Founder, Third Eyesight), with the founders of DeMoza (Agnes Raja George), The Mom Store (Surbhi Bhatia), Miraggio (Mohit Jain), BeyondBound (Tejasvi Madan), and Bari (Sameer Khan Lodhi).
No fluff, no “disrupting the industry” talk. Just founders being honest about what’s worked, what hasn’t, and what they’d do differently. A few things that struck a chord:
• Every single brand started because the founder couldn’t find something they personally wanted: inclusive activewear, affordable handbags that didn’t look cheap, good maternity wear. Sometimes the simplest observation is the best business idea.
• Inventory management came up often. One founder took their inventory cycle from 6 months down to 4. Another re-shuffles stock every 15 days based on what’s selling where. Unglamorous? Yes, but this is what actually keeps a business alive.
• The marketing conversation highlighted a move away from traditional advertising toward things that actually make people feel something. One founder talked about turning a farmhouse into a full “apricot colour” experience for customers. Another shoots content with real customers, not influencers.
• And the most memorable line of the whole discussion came from the most experienced founder in the room sharing a learning: “I won’t open stores fast.” No explanation needed, really.
Building a brand is exciting. Keeping it alive is the harder, quieter work. This panel was a good reminder of that. Worth a watch if you’re building something in this space.
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January 17, 2026
Prachi Srivastava, Hindustan Times
January 16, 2026
We keep telling ourselves that 2026 will be the year of budgeting. So, we’ve cut back on weekend brunch, paused Zara hauls, are collecting every coupon code we can, and are furiously spinning the wheel of luck on every site’s pop-up box. One thing that’s making it a little easier: Mini-sized luxury.
We’ve been here before. India’s sachet and sample-size products have been so successful, they’re studied in business school. We’ve lived through the beauty-box-subscription revolution (we still have the empty pouches somewhere). We’ve sprung for discovery kits on Nykaa and Tira (those 7ml doses will never make a difference, but still…). But luxury in small sizes? In this economy, when we’re budgeting and still craving pick-me-ups, it’s an idea whose time has come.
Everyone’s doing fun-size now: There’s one-day-use SPF as a handbag charm, tiny tubes of mascara, three-spritz niche perfumes. There are advent calendars – 30-day boxed sets for December, promising big savings. But also tasting jars of chilli-oil, one-hour-burn micro candles, single-wash detergent pods, even a single-cup insulated flask for your morning brew.
They all have starring roles in What’s in My Bag videos and GRWM reels. “Mini-product content sees higher engagement because it’s visually satisfying,” says beauty influencer Preiti Bhamra (@PreitiBhamra). “The contrast of a big hand holding a tiny product instantly catches attention.” Minis are deliberately packaged in the same style as a full-sized product, for better brand recognition. They photograph better too. Plus, think of how many more treats can fit on a shelf or a handbag, if they’re a smaller size.
Thinking small
Minis used to be linked to the Lipstick Index. The uptick in small-luxury purchases has, for decades been a recession indicator – ostensibly because when finances feel uncertain, consumers tend to avoid big purchases and turn to smaller indulgences for an emotional boost. That’s no longer true. Small is now a category unto itself.
On top beauty sites, you can filter products by mini size (not Travel Size as they were once called). Korean and Japanese brands deliberately market “ampoule” sizes for single-dose products. Platforms such as Smytten sell only sample sizes. Gemz, a mass-market brand that hasn’t launched in India yet, is aimed directly at GenZ (as the name suggests). It sells bath products in single-use packs. Hang them on the shower rod, open one, add water, lather, rinse, repeat.
Retail and luxury analyst Devangshu Dutta notes that minis are just low-risk experiments in luxury. It “encourages consumers to try premium categories they might otherwise postpone”. Think about it: A full-size Maison Francis Kurkdjian perfume may cost more than a month of Uber rides, but its mini discovery set under ₹5,000 feels like reasonable adulting. A Jo Malone candle is basically an EMI for your nose — but the 35g version? Suddenly doable.
“Across beauty, fragrance, personal care and gourmet foods, minis help brands acquire new customers faster,” Dutta adds. “They rotate better on shelves, get tried more often, and build quicker loyalty.”
I feel so used
We don’t buy minis only because they’re practical. We buy them because they hit our emotional pressure points. Clinical psychologist Dr Prerna Kohli says that when life feels overwhelming, “a small treat feels manageable.” A tiny lipstick becomes a quick hit of “at least this feels good,” even when nothing else is going right.
“There’s also a cultural twist,” Kohli adds. Indians grow up on the idea of delayed pleasure — work first, reward later. Tiny luxuries flip that script. They’re permission to feel good now. “Choosing something beautiful reminds you that you still matter, without waiting for a milestone.” Women, particularly working women and caregivers, hesitate to invest in themselves. But a tiny serum? That feels “allowed.” Less money, less guilt, and far fewer explanations.
Tiny treats thrive in the kitchen, as young professionals find them easier to experiment with, than brimming jars of an unfamiliar flavour. Food creator Natasha Gandhi (@NatashaaGandhi) says that tasting sets, mini variety packs and weekend-use portions have been doing well in the gourmet and artisanal category as diners seek restaurant-style flavours at home, but don’t want to cook the same thing over and over. In smaller kitchens and cluttered pantries, they also feel practical. They sit “at the sweet spot of ambition, convenience and low commitment.”
Too tiny to thrill
Not all minis deliver value. A 7ml sunscreen sachet isn’t enough for a user to determine if it truly suits their skin. A one-meal condiment delivers flavour, not familiarity. Single-use homecare creates packaging waste, adds to clutter, and cost-per-use can quietly climb. Luxury shampoo and conditioner minis are largely “overrated,” says Bhamra — often more indulgent illusion than practical trial.
The real red flag appears when the buying shifts from enjoyment to emotional avoidance. “It becomes unhealthy when shopping is used to numb uncomfortable emotions,” cautions Kohli. The usual symptoms apply: Shopping in secret, adding to cart the same time every day, week or month – indicating shopping during cyclical low periods, overjustification for a purchase. “Enjoyment is fine. Distraction always circles back.”
Perhaps in an age of overwhelm, the new luxury isn’t about owning more, but about feeling steadier. “Sometimes people simply enjoy beautiful things in small forms,” says Kohli. “We’re allowed to like something just because it makes us smile.”
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January 15, 2026
Sagar Malviya, ET Bureau
Mumbai, 15 January 2026
It’s mostly a tale of two halves for top western fashion labels in India after the runaway sales and retail expansion in the years soon after the pandemic.
While Marks & Spencer, Benetton, and Adidas are battling waning demand, Uniqlo and Nike are gaining fresh ground, reflecting wider choices and increasingly discerning buyers in one of the world’s fastest-growing consumer economies.
Spanish brand Zara is facing stagnant growth while it tapered off at Apparel Group, which sells Aldo, and Charles & Keith brands in India. Experts termed the divergent sales performance as a potential structural shift instead of demand slowdown in India’s fashion and lifestyle market.
Devangshu Dutta, founder of retail consulting firm Third Eyesight, said consumers have clearly shifted towards function, even as trend-led brands continue to exist though they tend to be comparatively smaller. Some brands are also finding it harder to set or even follow trends the way they once did.
“This is especially true for Gen Z, which stays closely tuned to global trends and acts as the primary driver of fashion adoption,” said Dutta. “While older consumers may have greater spending power in absolute terms, it is younger shoppers who shape trends and influence product sales.”
Growth slowed across most leading retailers and fast-fashion brands in the country in FY24 as high inflation and stagnant incomes crimped discretionary spending.
While the trend remained the same for many even in FY25, select brands staged a strong rebound. For instance, Nike India’s sales rose 14% in FY25, up from a 4% increase in the previous year, while Uniqlo accelerated growth to 45%, from 31% in FY24.
Revival after Festive Season
Even Lifestyle, India’s biggest department store chain, grew 5% last fiscal, rebounding from a 4% decline in FY24.
Uniqlo said it continues to see steady momentum in India, supported by strong customer response, retail expansion, rising brand awareness, and a strong ecommerce uplift. “India is now among Uniqlo’s fastest-growing markets in Asia and plays a meaningful role in the region’s overall business,” Kenji Inoue, chief financial officer and chief operating officer, Uniqlo India told ET. “The country’s young demographic, growing focus on quality, and increasing appreciation for functional everyday clothing have all contributed to this progress.”
According to the Retailers Association of India (RAI), sales growth in organised retail segments such as apparel, footwear, beauty and quick service restaurants (QSR) saw single-digit sales growth last fiscal year but the market has recovered after the festive season with double-digit sales performance.
“Demand has improved, but it isn’t broad-based,” said Kumar Rajagopalan, chief executive at RAI which represents organised retailers. “With more fashion options available, Indian consumers are becoming more selective, and growth is coming to brands that offer a strong value proposition and not the cheapest products, but those where prices are justified by innovation, design and quality.”
In FY25, Apparel Group recorded a 25% sales growth, slowing from a 37% increase a year ago. Inditex Trent, which sells Zara in India, saw flat sales compared with an 8% growth in FY24.
Adidas too saw its revenue growth rate slowing to 5% from 20% in the previous fiscal. Sales of M&S and Benetton fell 12% and 3% each, respectively.
Being the world’s most populous nation, India is an attractive market for apparel brands, especially with youngsters increasingly embracing western-style clothing. However, most international and premium brands have been competing for a relatively narrow slice of the sales pie in large urban centres.
(Published in Economic Times)
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December 1, 2025
Priyamvada C, Mint
1 Dec 2025
A wave of investor capital is flowing into India’s laboratory-grown diamond (LGD) segment, as fastscaling brands tap rising consumer adoption in a market now worth well over $300 million. New-age brands have raised multiple rounds of capital on the back of growing market share and improving margins.
Actor Shilpa Shetty-backed Limelight, which is in talks to raise its second round of capital this year, joins the growing list of other small brands such as Onya, Giva, Jewelbox, Lucira Jewellery and Aukera, among others, who have snagged monies in recent months. Limelight has appointed Ambit Capital to raise about $20 million to fund its expansion plans, two people familiar with the matter said.
Confirming the fundraise, the six year-old company’s co-founder Pooja Madhavan said the funds will be used towards store expansion and brand building as it looks to touch 100 stores over the next year. “We are in final talks with growth PE funds and reputed family offices (for the fundraise),” she told Mint.
Other similar fundraises include Onya’s ₹5.5 crore in a pre-seed round led by Zeropearl VC last week, Aukera’s $15 million raise led by Peak XV Partners and Aditya Birla Ventures-backed Giva raised ₹530 crore in an internal round led by Premji Invest, Epiq Capital and Edelweiss Discovery Fund, as it looks to scale up its lab-grown diamond offerings.
Nine pure-play lab grown diamond startups collectively raised a record $26.4 million in 2025, compared with $4.7 million across eight startups last year, data from market intelligence provider Tracxn showed.
The development comes as India’s lab-grown diamond jewellery market, valued at about $300-350 million in 2024, expects to grow at a compound annual growth rate (CAGR) of 15% over the next decade, as per consultancy firm Redseer’s estimates. As the market evolves, several prominent jewellery brands will gradually pivot from exclusively natural/mined diamonds in favour of lab-grown alternatives, alongside high-end jewellers incorporating the lab-growns into their select collections, which will drive sales volumes and act as an affordable entry point for consumers.
This segment has particularly picked pace in the last five years, with millennials and gen Z leading this shift, driven by better value, trendier designs from new-age brands, and growing comfort with lab-grown diamonds as a certified, high-quality product. This category has also widened beyond occasional fashion to gifting, daily wear and increasingly bridal, reflecting sustained consumer confidence and a willingness to treat them as a mainstream jewellery option, Rohan Agarwal, partner at Redseer told Mint in an emailed statement.
He further added that new-age brands have steadily gained market share in the mid-ticket gifting and daily wear segment with many trying to push into premium ranges. While the competitive landscape is still evolving, incumbents have already started responding by launching LGD lines of their own, although the extent to which they can challenge remains to be seen.
Major Indian brands that are considering a foray into this category include Malabar Gold & Diamonds, Senco Gold, which has launched the subbrand Sennes and Tata’s Trent, which launched its brand Pome in Westside stores.
Devangshu Dutta, founder and chief executive officer at Delhi-based consulting firm Third Eyesight, echoed the sentiment. He explained that new-age lab grown diamond players are forcing traditional jewellers to introduce LGD options or risk losing younger customers. “Not just precious jewellery brands, even those that started as fashion jewellery are expanding their range with LGD designs.”
“Down the road, there is potentially scope for consolidation as investors tend to prefer a handful of scaled platforms with strong brand recall and robust economics. So, as the category matures, there may be strategic acquisitions by large jewellery houses and corporates, as well as mergers among funded startups,” he added.
Those startups that can combine in-house manufacturing, design capabilities and data-driven retail expansion would be at an advantage, Dutta said. “Key future growth areas for LGD startups include omnichannel retail presence within India, with offline stores especially in demand-dense locations such as the metros and Tier 1 cities, export markets both with potential cost advantages and brand expansion, and extending into fashion jewellery, everyday wear, coloured lab grown stones and even luxury collaborations that position lab grown as aspirational rather than merely budget friendly.”
(Published in Mint)
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November 27, 2025
Viveat Susan Pinto, Financial Express
November 27, 2025
Several of the country’s top retailers, malls and brands have kicked off a shopping extravaganza on the occasion of Black Friday, offering steep discounts across product categories.
A Western import, the day which symbolises the beginning of the Christmas shopping season in the US, the UK and Europe, gained popularity in India over the past two years as a crucial sale window after Diwali.
Domestic retailers, say experts, are using this period to exhaust existing inventory at steep discounts as they gear up for the winter season.
This year, discounts are up to 60-80% across fashion, lifestyle, electronics and cosmetics, higher than the 50% seen last year. E-tailers such as Ajio have pushed the pedal even harder, offering as much as 85-90% on denims, jackets and select products during the sale this year.
Bigger Deals, Longer Duration
“Retailers in India are building Black Friday as an important off-season peak. The participation of brands is growing, deals are getting bigger and the sale days are more,” Devangshu Dutta, founder and chief executive of Third Eyesight, a Gurugram-based retail consultancy, said. That is visible from the intense promotional activity this year. What began as a flash sale event a couple of years ago has now extended to a week-long sale period this year, experts said.
Pushpa Bector, senior executive director and business head, DLF Retail, said that brands this year are ready with strong offers, driven in part by GST cuts and a stable economic outlook. “Early trends show healthy interest across categories by consumers. We expect a strong double-digit uplift over the Black Friday period, setting us up for a strong close to the year,” she said.
Retailer Strategies
While Black Friday typically falls on the last Friday of November, some retailers such as Flipkart, Croma, Vijay Sales, Nykaa and Tata Cliq have kicked off their Black Friday sales last week itself to build on the excitement. For electronic retailers, said Nilesh Gupta, director, Vijay Sales, Black Friday will extend into Cyber Monday next week (falling on December 1), making it even more relevant for them to focus on the occasion.
“We’ve been building Black Friday as a retail property in the last few of years as it fills the post-Diwali void quite well. Black Friday also extends well into Cyber Monday which comes immediately after. While we started with a few categories in the initial years, we now have offers across all our segments. Discounts are up to 45-50% this year in line with last year,” he said.
Rival Croma is also offering up to 50% discount on products this year, executives said.
“Black Friday has become one of India’s most anticipated shopping moments. At Croma, we are focused on delivering value across categories with steal deals, bundled savings, and limited-time offers,” Croma’s CEO & MD Shibashish Roy said.
Croma will also introduce a special late-night shopping window on November 28 at select stores across India. For two hours—from 10 pm to 11:59 pm —these stores will remain open with exclusive additional discounts on some of the season’s most in-demand products.
Nishank Joshi, chief marketing officer, Nexus Select Malls, said it is elevating the Black Friday experience with bigger assured gifts, giveaways and reward points if consumers upload their bills on their Nexus One apps.
Mayank Lalpuria, director, marketing (north, central & west) at Phoenix Mills, which operates Phoenix malls, said that it was expecting double-digit year-on-year growth and strong footfalls during the Black Friday period.
Tanu Prasad, CEO – Malls, Oberoi Realty, said that the firm was seeing far more planned purchases towards premium products and a rise in family-oriented outings. “We are anticipating an encouraging response at the (Black Friday) weekend resulting in a strong kick-off to the (December) shopping season,” Prasad said.
Direct-to-consumer brands such as Inc.5 footwear and NEWME said that they have rolled out big deals for Black Friday. “We’re looking at a 30x surge in orders across both offline and online for Black Friday,” NEWME Co-founder & CEO Sumit Jasoria said.
“Our customers look forward to Black Friday, and this year, we’re excited to bring fresh new launches, curated edits, and our widest range yet,” Rajesh Kadam, CEO, Inc.5 Footwear, said.
(Published in Financial Express)
