The growth of the sleepwear market is majorly driven by increase in preference for comfortable clothing. The sleepwear category is emerging as a trending fashion, with bridal sleepwear and sleepwear for themed parties gaining increased traction, which acts as a key driver of the market. Conversely, innovations in design and enhanced comfort and functionality are expected to provide opportunities for growth for the sleepwear market.
Moreover, fashion shows, such as the Victoria Secrets, which showcase large variety of loungewear and sleepwear have led to increase in popularity of sleepwear globally, as large number of consumers get influenced to purchase such products, thereby increasing the sales.
Currently, the brand has launched the sleepwear range on its company website biba.in and they further have plans to take it to offline and other distribution channels as well.
Bindra stated, “We have been extremely agile and responsive to the situation, not focusing so much on events and promotions while looking at various ways to revamp our business model, operations, marketing, and so forth. We are focusing on a seamless digital marketing and customer relationship management and reassessing digital marketing strategies while communicating with our consumers in new ways to keep them engaged with the brand. We are very active on our social media platforms and have been engaging with our customers through relevant content and online sessions.”
Impact of COVID-19 on the Brand
Like every business, BIBA also suffered losses in the global pandemic. Bindra acknowledged that the fashion retail sector has been the worst hit and has suffered maximum losses. He said, “We went through a very challenging phase since the complete lockdown. Business has been impacted hugely since all our stores were closed during lockdown which meant zero sales. Retail is a unique industry where fixed costs are extremely high, and we have a situation where we have had zero revenue since the lockdown.”
He further shared that the lockdown was a difficult time since the time lost can’t be regained in retail. The change in consumption patterns and consumer behaviours will lead to significant change in the retail and fashion industry and it’s critical for brands to stimulate demand in the coming months.
“Business is gradually opening up and we too resumed our business online and offline both. We have reopened over 150 stores across India and hope we gain momentum soon. Online sales have been good for us and we will continue to focus on the same,” said Bindra. “In such a time the focus is on creating a safe environment for our staff and customers to be able to shop at our stores. It will take time to recover maybe months or a year, however, the demand for the fashion and apparel will not weaken.