The brand was originally planned to hit the floor in the Jan-March quarter but the pandemic did not allow it to do so. Now, as things gradually get back to normal, Budweiser Streetwear Co. is all set to make the big move.
Anheuser Busch InBev, the world’s leading brewery has taken the stride to foray into the fashion industry. COVID-19 induced lockdown has severely impacted the fashion and alcohol industry. However, the famous beer company Budweiser decides to expand its existing customer base by offering something more than beer to all the Budweiser lovers.
Named as Budweiser Streetwear Co; the newly emerging fashion brand will offer a range of apparel products like Tshirts, sweatshirts, tops and track pants with the hottest selling product of the new normal- face masks. The company has partnered with India’s leading fashion marketplace “Myntra” to sell the brand.
“The diversification will help us explore a new business line with our patrons as well as build a new consumer base,” said Kartikeya Sharma, South Asia president at AB InBev that had earlier collaborated with designers to launch a limited range of streetwear collection.
The brand was originally planned to hit the floor in the Jan-March quarter but the pandemic did not allow it to do so. Now, as things gradually get back to normal, Budweiser Streetwear Co. is all set to make the big move.
“With Unlock 1.0 in action, our consumers are seeking fresh opportunities to adapt to the new reality,” said Sharma indicating it is early to give an outlook on revenues for the new segment.
Streetwear has gained a lot of popularity over these years among the nation of young citizens. Owing to the rising demand, many brands have started inculcating the concept into their collection. Ayyappan Rajagopal, head of business at Myntra, believes that the category will surely prove to be lucrative for the retailers.
Albeit its downturn due to the pandemic, apparel remains the most attractive sector for a number of companies willing to further diversify. Apart from Budweiser, United Spirits, which owns Royal Challengers has been selling apparel and lifestyle merchandise form many years now, riding on the Indian Premier League cricketing team. Also, B9 Beverages, the company which manufactures Bira Beer, launched its online merchandise store two years ago and has recently introduced T-shirts and glassware to its new collection.
“The sale of our merchandise, including apparel and bar accessories, has consistently been growing at 30%. Our aim is to achieve 3% contribution to the company’s revenue by 2023 to come from our merchandise,” said Ankur Jain, founder of B9 Beverages.
