Fast fashion newcomer Tynimo picks up pace in India to take on global brands such as Miniso and Uniqlo, which has tasted success in the country’s vibrant and rapidly growing fashion market in a short period of time. On the back of retail expansion, the homegrown lifestyle retail brand said it is on the way to breaking even this year.
“While domestic shoppers cut discretionary spending, burdened by rising prices and a weak economic outlook, we are seeing robust sales across our categories. With a brand philosophy of ‘tiny store, more products’, each of our store has an eclectic collection of products with prices ranging from Rs 75-3,500, catering to value-conscious consumers,” said Vaibhav Jain, CEO and founder, Tynimo.
Tynimo aims to set up 40 physical stores by 2020 across the country with most of it being small formats. With a focus on the south market, Tynimo plans to launch its fourth store in Bengaluru airport in February and later expand in Chennai and Hyderabad.
The brand is also intensifying focus on serving customers through an omnichannel model and is working actively to launch the model in April 2020.
“We are seeing a growth of 30-40 per cent month-on-month, and nearly 30 per cent rise in footfall,” Jain said, adding that Tynimo is on track to break even in April-May 2020.
‘Fast fashion’ retailing — the apparel segment’s equivalent to fast-food — is big business, and it’s only getting bigger. India has already acquired a new taste for quirky Asian stores with a host of brands such as Miniso and Uniqlo, all known to be low-cost retailers, setting foot in country.
Homegrown brands such as Tynimo are also aggressively capitalising on the consumer desire for instant and affordable fashion as it is at a pivotal tipping point for the domestic retail industry and indicative of a new world order of consumption. Globally, however, many retailers are struggling on the high street — with the likes of House of Fraser, GAP, and Forever 21 shutting shop in the past few years.
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Currently, Tynimo operates in 16 categories such as toys, apparel, footwear, home decor and skincare. It also works closely with local artisans, providing them strategic market insights to help them tweak their products as per changing consumer demands and preferences.