Cover Story Clothing Ltd., a subsidiary of Reliance Retail Ventures Ltd., has taken a significant step in India’s fashion e-commerce arena by launching “Foundry,” a fast-fashion brand aimed at capturing the hearts of young consumers and making its mark in a space dominated by brands like Shein and Urbanic. Exclusively available on Ajio, which is Reliance’s fashion e-commerce venture, Foundry made a bold entrance into the market with 1,500 distinct styles. What sets Foundry apart is its commitment to delivering a fresh and diverse array of fashion choices, with a promise to introduce 50 new styles every day. The grand vision is to expand this collection to over 6,000 unique styles within the next year.
Manjula Tiwari, the CEO of Cover Story Clothing Ltd., emphasized the need for Foundry by highlighting the distinctiveness of Generation Z. These young consumers, she stated, are rapidly evolving, deeply engaged with global fashion trends, and distinctly different from the millennial generation. Thus, the fashion industry should cater to this segment’s distinct preferences. The brand aims to provide fashion-forward and pocket-friendly clothing, targeting a price point where the average selling price falls below Rs 1,000. This places Foundry in direct competition with brands like Zudio, owned by Tata Trent, and Intune from Shoppers Stop, alongside several other homegrown brands.
While India’s fashion landscape includes brands operating in a similar price range, what Foundry believes sets it apart is the concept of “fashionability.” It strives to compete with international giants like Urbanic, H&M, and Zara by crafting clothing that not only follows the latest global trends but is also designed to suit the body type of Indian women, making it a tailored fashion experience for consumers.
The initial response to Foundry has been extremely promising. The brand experienced a quick sell-out of its styles in just two days after the launch, signifying the strong demand in the market. Furthermore, within a week, over 5,000 customers expressed interest by wish-listing sold-out products, an indicator that there is a considerable unmet demand among Gen Z consumers for brands that understand and cater to their unique style choices.
India’s western wear market for women’s apparel has been experiencing significant growth, according to research firm Statista. In the financial year 2021, the market size was estimated at Rs 14,700 crore, and it is expected to reach about Rs 35,500 crore by fiscal 2025, growing at a compound annual growth rate of 19%. Factors contributing to this trend include increased internet penetration, widespread availability of affordable smartphones, and the convenience of e-commerce platforms. Foundry, not just focusing on clothing but also offering women’s fashion accessories like jewelry, caps, hats, bags, phone cases, hair accessories, scarves, and socks, aims to tap into this burgeoning market.
Looking ahead, Foundry has ambitious plans to expand its product range to encompass menswear and kidswear. Manjula Tiwari noted that “affordable fast fashion has been gaining momentum, especially among young shoppers with a high style quotient.” The brand is poised to make a significant impact on the fashion scene, catering to the fashion-savvy and budget-conscious Gen Z and millennials while offering an array of choices that are both on-trend and affordable. Ajio’s CEO, Vineeth Nair, highlighted the growing popularity of affordable fast fashion, especially among young shoppers, acknowledging that Foundry is well-positioned to cater to this demographic’s needs and preferences.
