How Year 2021 Panned For Businesses And Where They Are Headed In Year 2022!

Reports suggest that India’s direct selling industry would be valued at US$ 2.14 billion by the end of 2021. Brick-and-mortar retailers, too, have been growing steadily and several fashion brands are looking to open more stores in the upcoming financial year. Through this article, we take a look at how year 2021 panned for businesses and where they are headed in year 2022.

- Tripti Mehta

The Indian retail industry, at large, has developed as one of the most dynamic in the country, primarily driven by the entry of several new players and the massive boost to e-commerce in recent times. A report by India Brand Equity Foundation (IBEF) states that retail technology companies supporting the retail sector with services such as digital ledgers, inventory management, payments solutions and tools for logistics & fulfilment are taking off in India. In the first nine months of 2021, investors pumped in US$ 843 million into 200 small and mid-sized retail technology companies, which is an additional 260 per cent of capital compared to the entire 2020. But, businesses have faced several challenges in the last year and it hasn’t at all been smooth sailing.

Talking about how the year panned for his brand, Gaurav Pushkar, Co-founder, DaMENSCH, says, “In pre-COVID times, the men’s apparel industry was seeing an average of 1213 per cent CAGR. The digital native online consumer ignited this revolution seeking distinct and innovative products & fabrics and sought out brands that challenged the norm. As a result, while the innerwear segment for online platforms grew 2.5x pre-COVID, DaMENSCH grew 6x. We added to our existing innerwear catalogue and launched products for men’s entire essential wear - shorts, t-shirts, joggers, pyjama pants, sweatshirts, tank tops, hoodies and chino shorts. Hence, overall, it’s been a great year for us and essential men’s wear in India.”