The size of the global apparel business is growing and is expected to generate double-digit growth between now and 2020. Much of this growth is coming from developing markets, notably from the exploding buying power among Asian consumers, who are migrating into the middle class.
They have now started to view clothes as an extension and expression of their new lifestyle. Indian economy, one of the fastest growing economies of the world, is witnessing major shifts in consumer preferences. Increasing disposable income, brand awareness, and increasing tech-savvy millennial population are the driving factors of corporatized retail within the country.
It is envisaged that the current fashion retail market will grow at a promising CAGR of 9.7 percent to reach ₹7,48,398 crore (the US $115 billion) by 2026. With the market size of ₹1,24,423 crore (the US $19 billion), men’s wear is the largest segment in apparel market and is expected to grow at a CAGR of 9 percent for next 10 years to reach ₹2,95,795 crore (the US $45.5 billion) by 2026.
Three out of five apparel shoppers are indifferent about the current apparel offerings. In today’s apparel, there is a need for some disruption within this industry. Increasing color assortment will no longer cut it. Being unique and personal is a must for today’s consumer mindset, people are now tired of wearing the same type of clothes, they need clothes which represent them individually. Now Industries aims to come up with designs which set people apart and to break the monotonous retail apparel market. People have shown interest in designer wear and customized tailoring, but the problem with designer wear is that the stuff is gorgeous, but it’s still just too expensive.