The Indian retail industry is undergoing a significant transformation, driven by the rapid expansion of value retail—a segment that delivers affordability without compromising on style and quality. This evolution was the focal point of the panel discussion, “VALUE RETAIL: Consumer’s Delight, Industry’s Opportunity,” organized by the Clothing Manufacturers Association of India (CMAI) during Bharat Tex 2025.
Industry Leaders Share Insights on Value Retail
L-R, Vedant Modi, Chief Revenue Officer, Vedant Fashions Ltd. (Manyavar); Rakesh Biyani, Mentor, Nexon Omniverse Ltd; P. Venkatesalu, CEO & Executive Director, Trent Ltd; Rahul Mehta, Chief Mentor, CMAI; Ram Chandra Agarwal, Chairman & MD, V2 Retail Ltd; Suman Saha, CXO, Myntra; Rajesh Jain, MD & CEO, Sports And Leisure Apparel Limited (Lacoste India); B.S. Nagesh, Chairman, Shoppers Stop & Founder, TRRAIN.
Moderated by B.S. Nagesh, Chairman, Shoppers Stop & Founder, TRRAIN, the panel featured some of the most prominent names in the retail sector:
- P. Venkatesalu, CEO & Executive Director, Trent Ltd.
- Rakesh Biyani, Mentor, Nexon Omniverse Ltd.
- Ram Chandra Agarwal, Chairman & MD, V2 Retail Ltd.
- Rajesh Jain, MD & CEO, Sports And Leisure Apparel Limited (Lacoste India).
- Vedant Modi, Chief Revenue Officer, Vedant Fashions Ltd. (Manyavar).
- Suman Saha, CXO, Myntra.
The Rise of Value Retail in India
The discussion highlighted that value retail is no longer just about affordability—it is about aspirational fashion at accessible price points. Panelists emphasized the rising demand for quality fashion in both urban and non-urban markets, driven by increasing disposable incomes, digital awareness, and shifting consumer expectations.
Ram Chandra Agarwal, Chairman & MD, V2 Retail Ltd., remarked, “India’s biggest fashion retail company can emerge from the value retail segment. The opportunity is limitless, and success hinges on supply chain efficiency, product innovation, and operational excellence.”
Consumer Aspirations & the Influence of Social Media
The conversation underscored that aspirations, not just affordability, are propelling the growth of value retail. Social media and digital trends have made fashion more accessible than ever, eliminating the traditional trickle-down effect.
Suman Saha, CXO, Myntra, noted, “Earlier, fashion trends trickled down over time. Now, social media virality dictates demand. ‘Farewell Sarees’ became a national trend overnight. Today’s consumers seek a mix of affordability, trendiness, and relevance, compelling brands to adapt swiftly.”
Tier 2 & Tier 3 Cities: The Next Growth Frontier
While metro cities continue to dominate, Tier 2 and Tier 3 cities are witnessing an unprecedented retail boom.
Vedant Modi, Chief Revenue Officer, Vedant Fashions Ltd. (Manyavar), illustrated this shift, saying, “One of our largest stores, spanning 25,000 sq. ft., is now in Gorakhpur. The spending power in smaller cities, especially during weddings, is remarkable. Instead of multiple small stores, we are consolidating into larger, experience-driven formats.”
The Online vs. Offline Debate
Despite e-commerce’s rapid rise, offline retail remains crucial for experiential shopping. However, digital platforms are now essential for brand discovery and convenience.
P. Venkatesalu, CEO & Executive Director, Trent Ltd., emphasized, “Today’s consumer shops across channels. While Gen Z prefers digital, Zudio has chosen to remain offline, focusing on in-store experiences. Success lies in making strategic choices, not merely following trends.”
Rajesh Jain, MD & CEO, Sports and Leisure Apparel Limited (Lacoste India), expanded on the idea of value, saying, “Value isn’t just about price. A customer buying a ₹3,999 Lacoste polo seeks satisfaction just as much as someone purchasing a ₹399 local brand polo.”
Retail’s Role in Job Creation & Economic Growth
The panel also discussed value retail’s immense potential for job creation. With modern retail expanding to 1000+ cities, the sector is expected to generate over 30 million jobs.
Rakesh Biyani, Mentor, Nexon Omniverse Ltd., highlighted, “India is uniquely positioned as both a production and consumption hub. Enhancing supply chain efficiencies and scaling manufacturing will be key to meeting demand sustainably.”
Key Takeaways from the Discussion:
- Value retail is no longer just about price; it delivers aspirational, high-quality products at accessible price points.
- Tier 2 and Tier 3 cities are major growth drivers, with increasing spending power and demand for premium shopping experiences.
- Social media is accelerating fashion trends, making cycles shorter and consumer expectations higher.
- A well-calibrated omnichannel strategy is essential; while online retail is crucial for convenience, offline retail remains indispensable for experience.
- The expansion of modern retail is set to generate millions of jobs, transforming India’s economic landscape.
The Future of Value Retail in India
As the discussion concluded, panelists unanimously agreed that India’s retail landscape is evolving rapidly, with value retail at its core. The segment is no longer defined merely by pricing but by the overall value delivered through innovation, accessibility, and experience.
Consumers today cannot be boxed into one category—they are dynamic, evolving individuals with varied purchasing behaviors. Different occasions, aspirations, and financial considerations influence buying decisions, making it imperative for brands to stay agile.
The next decade will witness brands leveraging omnichannel strategies, expanding into untapped regions, and redefining customer experiences to stay ahead in this competitive market.
About CMAI
Established 61 years ago, the Clothing Manufacturers Association of India (CMAI) is the most representative association of the Indian apparel industry, boasting over 5,000 members and serving more than 35,000 retailers across the country. Its members include manufacturers, exporters, brands, and ancillary industries.
CMAI plays a vital role in advocating industry-friendly policies, engaging with the government on issues such as GST, PLI, Duty Drawback, Export Promotion Schemes, and FTAs. It also actively promotes ESG and sustainability initiatives within the sector.
For more information, visit: www.cmai.in
