Mumbai (Maharashtra) [India], March 10: The retail industry in India is undergoing a paradigm shift with the explosive growth of value retail, a segment driven by consumers seeking affordability without compromising on style and quality. This transformation took centre stage at Bharat Tex 2025, where Clothing Manufacturers Association of India (CMAI) brought together leading industry experts for the panel discussion “VALUE RETAIL: Consumer’s Delight, Industry’s Opportunity.”
Moderated by B.S. Nagesh, Chairman, Shoppers Stop & Founder, TRRAIN, the panel featured eminent voices from 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); and Suman Saha, CXO, Myntra.
The Rise of Value Retail in India
The discussion highlighted that value retail is no longer just about low prices—it is about delivering aspirational products at an affordable price point. Panellists emphasized the growing demand for fashion and lifestyle products in both urban and non-urban markets, propelled by increased disposable income, digital awareness, and shifting consumer expectations.
Ram Chandra Agarwal, Chairman & MD, V2 Retail Ltd, emphasized the boundless potential in value fashion retail, stating, “India’s biggest fashion retail company can be a value fashion retail company. The size of the opportunity is unlimited, and success will be determined by competence in supply chain, product innovation, and operational efficiency. India already exports garments worldwide; the next step is to establish global retail footprints.”
Consumer Aspirations & the Power of Social Media
Panellists noted that aspirations, not just affordability, are driving value retail’s success. Social media and digital trends have blurred the traditional hierarchy of fashion trickle-down, making style accessible instantly across different demographics.
Suman Saha, CXO, Myntra, shed light on how social media is reshaping consumer behaviour, stating, “Earlier, fashion trends used to trickle down over time. Now, virality on social platforms is dictating demand. ‘Farewell Sarees’ became a national trend overnight. Consumers today are looking for a combination of affordability, trendiness, and relevance, and brands must be agile to cater to these evolving needs.”
Tier 2 & 3 Cities: The Next Growth Frontier
While metro cities continue to drive sales, Tier 2 & Tier 3 cities are witnessing an unprecedented retail boom. Vedant Modi, Chief Revenue Officer, Vedant Fashions Ltd. (Manyavar), highlighted this shift with an example: “One of our largest stores is now in Gorakhpur, spanning 25,000 sq. ft. The spending power in smaller cities, especially during weddings, is astonishing. Instead of opening multiple small stores, we are now consolidating with larger, experience-driven retail formats to better serve these markets.”
The Online vs. Offline Debate
Despite the rapid rise of e-commerce, offline retail remains crucial for categories requiring tactile experiences. However, digital platforms are increasingly being leveraged for brand discovery and convenience shopping.
P. Venkatesalu, CEO & Executive Director, Trent Ltd., noted the importance of a strategic approach to omnichannel retail: “The modern consumer is nuanced—she shops across formats. While Gen Z is hooked on digital, Zudio has consciously chosen not to go online. Success lies in making clear choices rather than blindly following trends.”
Rajesh Jain, MD & CEO, Sports and Leisure Apparel Limited (Lacoste India), elaborated on the evolving definition of value in retail, “Value can’t be defined as just money.” He presented a case study: “The customer buying a ₹3,999 Lacoste polo wants to be as satisfied as the customer buying a ₹399 local brand’s polo.”
Nagesh, asked, “Do you think this is a value customer? Will this customer with a Lacoste polo also have something from Zudio?”
Jain answered in the affirmative, “One hundred per cent. The customer who wears a Lacoste polo when going out with friends will feel more comfortable wearing a cheaper polo at home.”
Retail’s Role in Job Creation & Economic Growth
The panel also shed light on value retail’s massive potential for employment generation. With modern retail expanding to 1000+ cities, the sector is poised to create over 30 million jobs.
Rakesh Biyani, Mentor, Nexon Omniverse Ltd., stressed the role of manufacturing in fuelling this growth: “India is uniquely positioned as both a production and consumption hub. The key is to enhance supply chain efficiencies and support large-scale manufacturing to meet demand sustainably.”
This panel discussion at Bharat Tex 2025 brought forth several crucial insights:
1] Value retail is no longer just about price; it is about offering aspirational and quality-driven products at accessible price points.
2] Tier 2 and Tier 3 cities are becoming significant drivers of retail growth, with increasing spending power and demand for premium shopping experiences.
3] Social media is accelerating trend adoption, making fashion cycles shorter and consumer expectations higher.
4] Omnichannel strategies need careful calibration; while online retail is crucial for convenience and discovery, offline retail remains indispensable for experience and validation.
5] The expansion of modern retail has the potential to generate millions of jobs, transforming India’s economic landscape.
As the discussion concluded, the panellists unanimously agreed that India’s retail landscape is evolving rapidly, with value retail at its heart. The segment is no longer defined merely by pricing but by the value delivered through innovation, accessibility, and experience. The key takeaway was that customers can’t be put in a box. They are living, breathing, evolving individuals and can’t be subjected to a ‘One Size Fits All’ template. Different occasions call for different purchase decisions. Other factors like being a trend chaser, affordability hunter, or impulse buyer also come into play. The next decade will see brands leveraging omnichannel strategies, expanding into untapped regions, and redefining the customer experience to stay ahead in this dynamic market.
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