At Monalisa, we are committed to establishing an upmarket brand within the Nepalese market, ensuring that our standards not only meet but exceed international benchmarks.
Sumeet Bansal | Director | Monalisa Exclusive Textiles
How is the current market scenario of Shirting & Suiting in Nepal?
The current market scenario for shirting and suiting in Nepal reflects a challenging landscape. Unfortunately, the economic recession has impacted the spending capacity of our consumers, leading to a decline in overall market performance. The reduced purchasing power of the people has posed a significant challenge for our industry. Moreover, the heightened competition in the market further complicates the situation, making survival and growth increasingly questionable for businesses in the sector. It's a delicate balancing act that we, as industry players, are navigating through with strategic adjustments and innovative approaches.
What are the challenges you are currently facing?
We are grappling with several challenges that collectively pose a threat to the sustainable operation of our business. Firstly, exorbitant rental costs have become a significant burden, making it increasingly difficult for us to maintain profitability. Secondly, there is a notable scarcity of trained manpower in our industry, which hampers our operational efficiency and growth potential. Additionally, the high-interest rates imposed by banks are particularly detrimental to small businesses like ours, limiting our financial flexibility and hindering investment opportunities. Lastly, the overarching issue of a drop in sales exacerbates these challenges, as the combination of these factors creates a complex environment that demands innovative solutions and strategic maneuvering to stay afloat.
How can we uplift this sector?
To uplift the shirting and suiting sector in Nepal, a strategic focus on attracting foreign tourists as potential buyers is imperative. We can position Nepal as a hub for quality suits at affordable prices, emphasizing our competitive edge with low labor costs and operational charges. This would require collaborative efforts between the government and industry stakeholders to promote the message that in Nepal, discerning buyers can acquire top-notch suits without breaking the bank.
Furthermore, following the example of countries like Thailand, the government should consider allocating benefits on shirting and suiting industry. Such incentives would not only encourage local businesses to enhance their production capacity but also make Nepalese products more appealing to the international market. By creating a supportive framework akin to what has been successful in other countries, we can pave the way for the growth and sustainability of the shirting and suiting sector in Nepal.
Can we compete with the international market and keep the standards?
Absolutely, it's entirely feasible. While it might not be rocket science, the key lies in the craftsmanship we bring to the table. At Monalisa, we are committed to establishing an upmarket brand within the Nepalese market, ensuring that our standards not only meet but exceed international benchmarks. The crux of competition isn't just about replicating global trends; it's about infusing our products with a distinctive touch, leveraging our rich heritage and skilled craftsmanship. By doing so, we not only compete but carve a unique niche, making our mark on the international stage while maintaining the high standards we set for ourselves.
