Virender Sehwag’s VS Brand Expansion Plans In India

Shalmoli Sarkar — Fri, 20 Aug 2021 05:35:09 +0000

Much to the likes of Dhoni, Virat Kohli, and Yuvraj, Virender Sehwag lovingly known as the Nawab of Najafgarh too plunged into the athleisure space with his homegrown brand ‘VS’ an acronym of his name. Launched in March 2020, VS by Virender Sehwag aspires to achieve Rs 100 crore revenues in the next 3 years and wants to acquire 5 million customers across India in 5 years. The brand other than his former teammate’s lifestyle brand is also competing with international mega-brands like Adidas, Reebok, Nike, and Puma.

With gyms and sports centres gathering dust, the need to be fit and active has increased in the pandemic, and so is the demand for activewear apparel. According to a study by Research and Markets, the activewear market in India is estimated to be Rs 997.8 billion by 2024, expanding at an annual growth rate of 13.5 percent during the 2019-2024 period.

Growth Strategy of VS by Virender Sehwag

Here are some of the strategies that are likely to be adopted by the brand to expand its share in the Indian athleisure market.

Attractive price range: Virender Sehwag himself belonging to a humble middle-class family understood there are hardly any sports brands that cater to the masses. The international sportswear brand’s steep price tags force consumers of tier-II and III cities to settle for inferior quality. The t-shirts available in VS brand costs between Rs 499-599, whereas the same shall cost Rs 3000-4000.
Dedicated to cricket: None of his former teammate’s brands focuses on selling cricket kits and equipment such as batting gloves, bat, and pads on their websites directly, and affording the same from an international brand will be expensive. VS by Virender Sehwag offers gloves, knee pads, and gloves on its online store.

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According to a study by Research and Markets, the activewear market in India is estimated to be Rs 997.8 billion by 2024, expanding at an annual growth rate of 13.5 percent during the 2019-2024 period.

Digital marketing strategy: Virender Sehwag is famous amongst the Hindi-speaking population of India due to his comic puns on sports on social media, fun commentary during matches, and interviews that have earned him a large fanbase. On social media, he has 13 million and 6.5 million followers on Facebook and Instagram respectively. The brand plans to leverage the same to lure more customers and increase the reach of the brand.
Going omnichannel: When we follow the omnichannel strategy, we are creating customer touchpoints and the means to move closer to them. Sales through digital channels such as apps and websites provide convenience whereas shopping from stores allows the customer to receive personalised advice. Going omnichannel offers customers a seamless shopping experience.

VS by Virender Sehwag – Physical stores till the date

VS will be launching three stores in 2021 in Vadodara, Kolhapur, and Sultanpur, his native state. The brand has launched its first store in Ahmedabad and has plans to launch two more in the same city. Gujarat has recently been birthing many young cricketers such as Krunal Pandya, Hardik Pandya, Axar Patel, and the current world’s number one fast bowler Jasprit Bumrah. It has also appointed distributors Delhi, Faridabad, Bhopal, Indore, Sri Ganganagar, and Kanpur. It also plans to launch 5 stores outside of Gujarat in a few days.

What lies ahead for an entrepreneur or a former sportsperson to foray into the athleisure space?

With increasing disposable income and more inclination towards maintaining a fit and healthy lifestyle, the demand for activewear apparel will witness an uptick in demand. The Indian Cricket team’s consistent winning streak overseas and the league format matches will encourage more individuals to buy merchandise of their favourite teams. Affordable sportswear brands will have ample business opportunities catering to the needs of aspiring sportspersons belonging to smaller cities and towns, since international brands have not yet tapped that space. The rise of organised retail in tier-II and III cities will also pave the demand of branded sportswear goods. Former sportspersons leveraging their large fanbase can expand their brand awareness to the masses.

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Indian Activewear Market Grows Amid Pandemic

Shalmoli Sarkar — Tue, 25 May 2021 09:35:06 +0000

The activewear market in India had initially anticipated going through a rough patch because of the bleak scenario of gyms, dance-fitness centers, various outdoor competitions like – marathons and hiking as the pandemic nudged people to stay indoors impeding the out-of-home consumption. But to the industry’s surprise, the activewear market in India is outperforming the fast-fashion, ethnic wear, and formal footwear segment ever since the onset of covid. Though, as per ICRA fast-fashion brands are set to show a growth of 23-25 percent starting from a low base in 2021-22, it is far from pre-covid levels. According to a report by Research and Markets, the revenue of the activewear market was witnessing steady growth since the last decade. Currently, the activewear market is estimated to reach Rs 997.8 billion by 2024, expanding at a compound annual growth rate (CAGR) of 13.59 percent.

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As per a report from Research and Markets, the activewear market is estimated to reach Rs 997.8 billion by 2024, and will grow at a compound annual growth rate (CAGR) of 13.59 percent.

What is driving the growth?

The shift towards digital fitness

Closed doors of gym and fitness centres have led people to make a part of their dwelling as work-out space and are enrolling in DIY home workout from digital fitness apps such as Curefit and Adidas Runstatic, and live virtual workouts with fitness influencers. As per Gympik’s Fitness Behaviour survey, 84 percent of the fitness enthusiasts tried live-streaming fitness classes at least thrice during the lockdown. Millennials between the age group 25 -34 years of age are adopting digital fitness that is propelling the growth of activewear.

Influx of women into fitness

Owning a healthy lifestyle and a fit body is taking precedence in women. Women are aspiring to have an athletic body or become the next fitness influencer by taking up high-intensity interval training cardio workouts, abs workouts, zumba, aerobics, and pilates that require perfectly fitting activewear that goes fluid with the body movements. In the survey conducted by Gympik, 60 percent of fitness enthusiasts were women who expressed willingness towards digital fitness. Also, as per RedSeer’s report, the female intimate wear segment comprising branded mid- premium innerwear and branded athleisure will be a market worth $ 2.5 billion by 2025.

Activewear is the new casual wear

The boundaries of casual wear and activewear are blurring in remote working since people are prioritizing comfort. Puma is witnessing good demand in activewear like running t-shirts, track pants, shorts, etc. Zivame, a women-only online lingerie platform is experiencing demand in cotton leggings, track pants, T-shirts, shorts, etc. Hrithik -owned athleisure brand HRX is receiving a demand in loose and oversized athleisure particularly in loose t-shirts and oversized joggers.

What are Activewear Brands doing to sell?

While retail shops and malls wear a deserted look, activewear brands are devising strategies to reach customers directly. Companies are generating orders through WhatsApp and are ensuring quick deliveries. Global sportswear retailer Puma is taking orders through WhatsApp, sharing e-catalogues, offering virtual reality tours of the store, and booking appointments on its website for store visits. Zivame is rolling out a guided shopping experience resembling a store. Zivame’s retail store staff offer shopping assistance through WhatsApp with delivery directly to the footsteps. Its Fitcode feature helps the consumer find the appropriate fit and recommend styles suitable to the body frame within the comfort of home, thus elevating the consumer experience.

Brands foraying into the activewear segment

For many small and medium activewear brands, the consumer’s shift towards digital fitness will prove to be beneficial as now people are conscious about the cons of a sedentary lifestyle which will draw more demand.

Several global and national clothing brands are emphasizing on to build the activewear segment. Jockey has launched its latest activewear range catering to everyday fitness enthusiasts. Clovia, a women’s lingerie brand will soon be rolling out its activewear range addressing the ‘workout from home’ need. Nykaa too has launched its activewear segment for women under the ‘Nykd’ label and has made activewear available in Nykaa Man as well.

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