In a bold exploration of the evolving dynamics within the ethnic wear market, industry leaders convened at the India Fashion Forum 2024 to unveil pioneering pricing strategies poised to reshape the fashion landscape. Against the backdrop of shifting consumer preferences and market trends, the forum served as a crucible for innovative ideas and transformative initiatives aimed at redefining pricing norms within the ethnic wear segment.
“Ethnicwear pricing isn’t just about numbers; it’s about weaving narratives and crafting experiences that resonate with our diverse customer base,” said Umar Akhter, CEO, Co-Founder, Koskii, at the India Fashion Forum 2024.
“Ethnicwear pricing strategies are undergoing a paradigm shift, driven by a synthesis of tradition, innovation, and consumer aspirations,” remarked Rajesh Jain, CEO Lacoste India, during the engaging discussions at the forum. His sentiment encapsulated the prevailing sentiment among industry titans, who recognize the need for pricing structures that balance heritage with modernity while delivering exceptional value to customers.
Luxury pricing strategies took centerstage, with Sanjeev, representing SOLUS.ai, shedding light on the intricacies of creating an aura of exclusivity and desirability through pricing. “Luxury pricing is an art form, meticulously crafted to evoke desire and prestige. It’s about creating value beyond monetary considerations,” he remarked, offering insights into the strategic nuances of luxury branding.
Joseph Paul George, Executive Director of Vismay, emphasized the need to challenge prevalent discounting practices and adopt value-driven pricing models. “Discounts erode brand value and undermine our commitment to quality and craftsmanship. We must embrace pricing strategies that honor our heritage and build lasting relationships with our customers,” he asserted, urging industry players to prioritize value over short-term gains.
Sanjay Vakharia, Co-Founder & CEO of Spykar Lifestyles, underscored the strategic significance of End of Season sales in driving customer engagement and optimizing inventory management. “EOS sales are more than just a clearance event; they’re an opportunity to renew excitement and reinforce brand loyalty,” he remarked, highlighting the multifaceted role of pricing in enhancing customer satisfaction and brand profitability.
