Amidst burgeoning fashion market, growing consumer demand and entry of global players in India, Australian fashion brand Forever New has announced the appointment of first celebrity endorser Diana Penty. The model turned actor will be featured in various marketing promotions across digital and social media platforms.
The Australian mass premium brand which entered India in 2008, is also aiming to generate around ₹140 crore in sales in the ongoing financial year, nearly 50% jump from last year. The women’s western wear brand, targets consumers aged between 18 and 35 years and differentiates itself fast fashion players H&M and Zara by designing clothes that suit an Indian woman’s body type which are long lasting.
It essentially competes with the likes of core fashion brands such as Marks & Spencer and Uniqlo.
“Diana Penty talks effortlessly to both young girls and mature women segment. She also exhibits the values of the brand and we plan to leverage her popularity across digital, outdoor and in store placements. There’s a deliberate strategy to become more visual and communicate and engage a lot more with our consumers and create brand awareness,” said Dhruv Bogra, country manager, Forever New, India, South East Asia and Middle East.
The company is investing ₹10 crore in promotions on social media and influencer marketing initiatives.
“We are working with influencers in cities such as Pune, Lucknow, Guwahati and Siliguri creating styling tips and look book videos which has worked quite well for us,” Bogra added.
Founded by Australia based couple Dipendra Goenka and Amanda Goenka, Forever New was established in 2006 and backed by British retail magnate Tom Singh who has founded fashion brand New Look. With 250 stores globally, Forever New is currently present in 12 countries. In India, it is growing at a compound annual growth rate (CAGR) of 16%, retailing through 70 doors across 36 cities which includes exclusive as well as multi-brand outlets such as Shoppers Stop.
“We plan to add four more cities this year and add 10 more stores in next two years. Our strategy is to focus on the top ten cities and grow the market there. For instance, we don’t have a store in Connaught Place or Khan Market in New Delhi so these are some gaps which we are trying to fill by having a presence in premium upmarket locations,” added Bogra.
The brand core business are dresses which comprise 40% of its revenue followed by tops and accessories. With an average cart value of ₹5, 500, Forever New also sells through e-commerce platforms such as Nykaa, Myntra and TataCliq along with its website. E-commerce contributes ₹20 crore to its overall revenues which it plans to double every year.
According to consulting firm Technopak estimates, the Indian apparel (including footwear and accessories) stands at $89 billion growing at 9.5% to become $221 billion by 2021.
“Forever New have realised that the Indian fashion market is becoming big and consumers are evolving to appreciate their offerings. Therefore, it makes sense for them to invest in marketing efforts. Moreover, the branded apparel share is only 30% of the overall apparel market with international brands contributing barely $2 billion in turnover. So, clearly there’s a huge headroom for growth which brands such as Forever New should leverage,” said Ankur Bisen, an analyst who leads the retail division of Technopak Advisors.