If India’s booming retail sector and emerging opportunities today are one of the most talked about topics, so is the issue of hammering out a feasible and efficient sourcing strategy. If by sourcing locally, an International brand can take several advantages such as saving on import duty, shortening the supply chain, importing of products provides certain advantages especially on key products. Local sourcing is not only cost competitive but also helps shorten the supply chain and increases speed to market. Today, when everyone is talking about fast-fashion and quick response time, it is becoming imperative for these brands to develop an efficient supply chain with shorter lead times, preferably in the domestic markets.
The Day 2 of Apparel Sourcing Week (ASW) 2019 organised a panel discussion revolving around products, quantities, sourcing strategies and delivery expectations of both Indian and International brands sourcing for Indian stores with focus on new challenges and also growth areas like Opportunity Buying.
Titled Re-engineering Sourcing-Sourcing Strategy for Indian & International Retailers and Brands in India, eminent names from the Indian fashion retail sector including Mohit Dhanjal (Director Retail, Raymond Limited), Wicrant Gambhir (Head of Sourcing, Jockey India), Mohit Mathur (Senior VP Sourcing, Landmark Group), Yogesh Choudhary (VP, Production/Sourcing- Gini and Jony Ltd.), Purvi Joshi (VP, Being Human Clothing/Mandhana, India), and Ramesh Ramalingam (AVP, Sourcing Operations, Arvind Lifestyle Brands), took part in the dialogue.
“In today’s market, it is important for us to relook at our manufacturing practices to seed the potential that India has,” said Mohit Mathur, Senior VP Sourcing, Landmark Group, adding, “Making sure that the transformations are done within the length, breadth and depth of an organisation is what goes to bring in changes for the retailers.”
In a nutshell, the panel discussion dwelt on every aspect of sourcing and strategy that could open the gates to further growth and development.
