Compared to other developing economies, the retail scenario of the Indian market has for years shown sustainable long-term growth. However, one concept that was barely heard of even a couple of years ago today has become significant within the fashion sourcing fraternity – B2B marketplaces. As the world navigated through the pandemic, B2B Marketplaces flourished remarkably, having charted their growth path whilst revamping the ruptured conventional textile supply chains by taking age-old processes onto the digital platform. Ankur Ketan, Co-founder of Reevoy, in a conversation with CXOToday, discussed the current fashion trade market, as well as the vision behind building a one-stop shop for all things fashion.
- Can you take us through the journey of Reevoy? What is the gap that you are trying to fill?
Answer: Reevoy is a frictionless global fashion trade platform that helps connect retailers and manufacturers. We at Reevoy support the parties from discovery, design, and timely delivery to quality. Today, most of the global fashion trade is facilitated through traditional buying agents, bringing in several inefficiencies owing to the fragmented nature of the buying agents. It is also important to note that India’s top five buying houses account for less than 10% of India’s fashion trade globally. Through Reevoy, we are tapping on these challenges and have digitised the complete supply chain to add value to stakeholders across the cycle.
Our vision is to enable players in the global fashion trade to leverage market insights on design trends and improve delivery timelines to help buyers receive better PnL. Today, we work with 10+ retailers globally and 80+ factories across India and Bangladesh. We also shipped one million pieces and are looking at sending another two million in the remainder of the year.
- How has the B2B fashion ecosystem changed pre and post-pandemic?
Answer: The fashion ecosystem and textile industry has proved to be the economic booster for developing countries in the last two decades. During the pandemic, the world was ready to enter the slowdown and the global economy contracted by 3.3 % in 2020, while the Indian economy contracted by 8.0%. While the pandemic became a booster for the pharma industry and a deal-breaker for the travel and tourism industry, it offered a unique position for the global fashion Industry. The global fashion industry had plenty of inefficiencies and blockages in the past, but post covid there was a period to innovate and revamp the supply chains to boost its speed and flexibility. It offered perfect marketing and branding value in sustainability along with the Make in India policy, especially for small manufacturers. As per a McKinsey report from the year 2021, during the pandemic, 60% of Fashion companies started planning for higher efficiency in their assortment strategies.
- What innovation have you introduced in the supply chain to make it more seamless?
Answer: Reevoy has changed the textile business model by introducing small manufacturers across the globe to the industry and helping them enjoy its benefits by connecting them to retailers. Reevoy has been unlocking the India opportunity for importers. The company enables big international brands in the fashion vertical and home décor to buy from India through its advanced technology platform and highly qualified professionals. Reevoy ensures the timely delivery of products from discovery to design with its unique tech offerings.
- What challenges have you faced as an entrepreneur foraying into the sector?
Answer: As a son of a garment retailer, my vision for Reevoy was to change the textile business model by introducing small manufacturers across the globe to the industry. Like other startups, a critical challenge we faced in the initial stages was finding the right product-market fit or PMF; if we look at it today, Reevoy is a well-known brand within all the locations it operates. We are excited about making Reevoy synonymous with the global fashion trade.
- What is the way ahead for Reevoy? t
Answer: We are planning to collaborate with more retailers and manufacturers globally. Today we are connected with over 10 retailers and 80 + factories worldwide and plan to expand it to 200 + factories in the coming year.