The size of the Indian apparel market is US$ 65.3 billion in the year 2022 and is expected to grow at a CAGR of 12.3%, reaching US$ 168 billion by FY 2031. The market opened up after a low FY21 to increased optimism and a pent up demand to reach pre-covid levels. Increasing share of e-commerce also helped in the growth of the market.
Indian Economy-Sneak Peak
One of the fastest growing economies in the world, India is the world's 6th largest economy in real terms and 3rd largest in PPP terms. India is expected to be in the top 3 global economies by the year 2032. India's real Gross Domestic Product (GDP) has sustained an average growth between 6% and 7% since FY 1991. Since FY 2015, India has become the fastest-growing economy in the G20 and is expected to grow at approx. 6% in FY 2023. The real growth rate declined to 4% in FY 2020 and witnessed a degrowth of 7.3% in FY 2021 due to the outbreak of the COVID-19 pandemic, which led to the imposition of lockdowns towards the last quarter of FY 2020 and a major part of the first quarter of FY 2021 leading to tension in the economy.
India's nominal GDP is expected to cross US $5 trillion by 2027. Several structural factors are likely to contribute to India's economic growth. These include favorable demographics, reduced dependency ratio, rapidly rising education levels, steady urbanization, growing young and working population, IT revolution, increasing penetration of mobile and Internet infrastructure, increasing aspirations and affordability,etc.
Denne historien er fra July 2023-utgaven av Business Of Fashion.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 2023-utgaven av Business Of Fashion.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Being Human launches 100th India store in Jaipur
Being Human, Bei the iconic a clothing line with philanthropic heart, has opened its 100th store in Jaipur.
Reliance Retail opens 73rd Avantra by Trends store in India
Reliance Retail's ethnicwear brand Avantra by Trends has opened its 73rd store in India in Hyderabad.
Cosset Clothing celebrates 3 years with Desk to Dusk collection
Cosset Clothing marks its third anniversary with the launch of the Spring-Summer 2024 collection, 'Desk to Dusk, a testament to its commitment to sustainable fashion.
Blackberrys launches TechPro collection 2024
Menswear brand Blackberrys Mensw Lhas introduced its groundbreaking TechPro Collection '24 across its stores nationwide.
The Kaftan Company launches men's lounge wear collection
The The Kaftan Company (TKC), renowned for its innovative loungewear, has launched its latest collection, the Twilight men's loungewear collection, marking a significant milestone as the first-ever range of kaftans designed exclusively for men.
MENSWEAR MARKET IN INDIA: Challenges & Opportunities for New-Age Brands in an Overcrowded Segment
There has been a significant change in the external environment in the last 15 years, which has directly led to changes in not only what a male consumer wears but also what he chooses to wear and how...
SUSTAINABLE FABRICS IN MEN'S FASHION: A CLOSER LOOK
Polyethylene terephthalate (PET) bottles, once destined for eternity in waste piles, have found a new purpose through recycling, emerging as recycled PET, or rPET...
UNI STYLE IMAGE: Championing Circular Fashion and Sustainability
Uni Style Image (USI), founded in 1990, is a global leader in sustainable designs. Renowned for its commitment to quality and environmental stewardship, USI stands among the top 10 polo T-shirt brands worldwide...
RAYMOND 'MADE TO MEASURE'
Bridging Bespoke Luxury with Ready-to-Wear Convenience
SNITCH From Fledgling D2C Brand to Pioneering Innovator in Fast Fashion
An in-depth analysis of Snitch's transformation from a nascent brand to a leading force in the young and innovative menswear segment in the Indian fast fashion domain...