In an ambitious move signalling its desire to grab a share of India’s fast-growing luxury market, London-based fashion brand Raishma recently expanded into India through strategic partnerships with leading e-commerce platforms such as Nykaa Fashion, Myntra, Ajio and Tata Cliq Luxury. Raishma Islam, founder of the brand, spoke to Inside Retail about the backdrop of the brand and the strategic intent behind its foray into the Indian market.
Indian market. Inside Retail: Can you tell us a bit about Raishma’s journey from inception to its current market position? Raishma Islam: I have always been interested in fashion, due to my mother’s influence. Exposed to design from an early age, my British-Asian heritage has influenced my design ethos and made the brand Raishma what it is today. The brand has grown significantly since launching our ready-to-wear collection in 2013 and Raishma Studio in 2021. I have been designing for 25 years, have worked with royalty and continue to work with notable and influential people across the world. Our pieces are made to be cherished and this has always been central to the ethos of the brand. From the pandemic to the ongoing economic crisis, we have thrived and are now with multiple retailers across the UK and the Middle East and are looking to expand in the US, India, Greece, Kazakhstan and Eastern Europe. IR: What motivated your decision to expand into India? What was the reason for this strategic move? RI: Creating a fusion-inspired style was a big catalyst for me. As a 10-year-old, I loved Indian silks, embroidery and Bollywood movies. Entering the competitive fashion industry as a British Asian and wanting to create a style that blends Eastern and Western influences was something new and unheard of when I started. Today, the brand has a loyal international clientele who love Raishma’s products, a beautiful blend of modern silhouettes and ethnic design elements. As Raishma grows and we launch Raishma Studio in 2021, this customer base is only going to grow over time. Given this, we thought it was the perfect time to launch Raishma in India given its proximity to our customer base and ease of purchase. Currently, we retail with Aza Fashions and Nykaa Luxe and are about to launch in Ajio and Tata Cliq in India as well. IR: Why did you decide to partner with an e-commerce platform for expansion? Do you have any physical touchpoints in this market? RI: E-commerce platforms offer more reach than brick-and-mortar stores, especially in India, in terms of an exclusive and exclusive platform where you can browse collections from different brands on the same website. While choosing an e-commerce platform in India, we have partnered with Aza Fashions, Tata Cliq, Nykaa Luxe and Ajio and it is mainly about visibility. Besides that, the shopping behavior is shifting mainly towards online shopping and more and more people are preferring online shopping. This gives us the advantage of being on these platforms at the same time and reaching the Indian market who shop this way. We aim to have a physical touchpoint in India as soon as we have in the UK and the team is currently working towards that. IR: Does the brand’s retail strategy change depending on the market? RI: Yes, I think adapting to the market is one of the most important elements in retail. Your retail strategy needs to change to suit your target market and how it resonates with your customers is key. For example, a retail strategy for the UK is designed to cater to all the other factors and challenges that the brand faces in the UK, but it may be different in the Middle East or the US. It is important to adjust your retail strategy to suit the needs of the market. IR: After India, in which markets does the brand plan to expand or increase its presence? RI: The Middle East has always been the main focus of our international expansion. Since 2020, we have been retailing on Ounass, an online luxury outlet featuring international designers and local Middle Eastern brands. Ounass covers Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. We also launched at Galeries Lafayette Doha in May this year and are currently working towards our September 2024 collection. The brand also wants to launch in the US from Spring/Summer 2025. IR: Can you share any thoughts on the challenges that Raishma may face during this expansion? IR: The business has been impacted thus far by Brexit, a pandemic, a cost of living crisis and two wars, which have had a tremendous economic impact on the UK and retail industry within six years. Despite this, the brand has grown since then. Speaking of expansion, every market has different aspects that can be a challenge. Anticipating challenges that may be applicable to other markets we are expanding into, one of the issues we faced previously in the industry was overcoming the assumptions attached to the brand name “Raishma”. Because of this, buyers saw Raishma as a completely ethnic brand. The strength of the brand is that the products are very versatile and appeal to a wide international clientele. In terms of retail, we are a growing brand, so our strength is that we are very flexible and can diversify into different product lines. As we expand, we are committed to making couture style accessible and promoting ethical fashion practices. Setbacks only strengthen my determination to overcome obstacles.
