The apparel arm of Reliance Retail Ventures Ltd.—Cover Story Clothing Ltd.—has launched Foundry, a fast-fashion clothing and accessories brand that aims to be India's answer to Shein and Urbanic.
Foundry is live exclusively on Ajio, which is Reliance's fashion e-commerce venture. Having started with 1,500 styles, the women's fashion brand will be adding 50 new styles every day, with an aim to reach over 6,000 styles by next year, according to Manjula Tiwari, chief executive officer of Cover Story Clothing Ltd.
"We conceptualised Foundry because there are not enough brands to cater to the young population," Tiwari told BQ Prime in an interview. "Generation Z is very different from the millennials; they are growing fast and are aware of the latest global trend in everything, including fashion, more than anyone else."
The idea is to be fashion-forward as well as pocket-friendly, she said.
With the average selling price being less than Rs 1,000, Foundry will directly compete with the likes of Tata Trent-owned Zudio, Shoppers Stop's Intune, and other homegrown brands.
While several brands are operating at similar price points, it is the "fashionability" that is missing, she said. Foundry will also be competing with international brands like Urbanic, H&M, and Zara by designing clothes that "suit an Indian woman’s body type," unlike their rivals, according to Tiwari.
The initial response to Foundry has been "very encouraging". The brand has seen its styles get fully sold out in just two days, she said. "In the last week, we have seen 5,000 customers wishlist the sold-out products, and our team was also able to replenish very fast."
Such a response to a nine-day-old brand, which targets consumers aged 13–25, implies that there are not enough brands yet to cater to the Gen Z audience, Tiwari said.
Research firm Statista pegs the market size of western wear in women's apparel at Rs 14,700 crore in the financial year 2021. This is estimated to increase to about Rs 35,500 crore by fiscal 2025, growing at a compound annual growth rate of 19%. Factors like increased internet penetration, affordable smartphones and the convenience of e-commerce sites are contributing to this trend.
Other than clothing, Foundry also retails women's fashion accessories, including jewellery, caps and hats, bags, phone cases, hair accessories, scarves, and socks.
In the future, the plan is to expand into the menswear and kidswear segments as well, Tiwari said.
"Over time, affordable fast fashion has been gaining momentum, especially among young shoppers with (a) high style quotient," Ajio Chief Executive Officer Vineeth Nair said.
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