Indian Designer Wear Industry is growing at a
compounded annual growth rate (CAGR) of 40 Percent and have huge market potential. The booming designer wear industry in India is likely to cross Rs 11,000 crore mark by 2020, Online Selling is one of the fastest growing segment and is expected to grow further.
Indian Sarees has already marked huge demands among NRI's. Also the Kurti market segment has shown huge growths. Salwar Kameez markets also booming. The western wear is also the new trend. Thanks to Online Shopping portal which are providing good services and attracting more and more NRI's to shop from Home.
Guess being in any part of the world you get your Indian Fashion wear - Sarees, Salwar Kameez, Kurtis delivered to your doorstep in near about 10 days. More and More suppliers are joining online business and growing.
There is a growing trend to buy branded apparels. New Youngsters also prefer to buy apparels online and hence huge growth in online purchase.
Growing at a CAGR of about 12%, the global designer wear industry is currently poised at over Rs 2.2 lakh crore and likely to cross Rs 6.1 lakh crore mark by the end of this decade, said ASSOCHAM.
"Currently India's share in the global designer wear industry is a minimal 0.32% but is likely to reach about 1.7% by 2020," said Mr Rawat. (Secretary general of ASSOCHAM while releasing the findings of the study.)
Also youths are taking interests in this growing Fashion industry. With over 150 dedicated fashion institutes they get the require talent from these institutes. Expect Foreign Fashion Institutes to be opened in upcoming year's too as ASSOCHAM has suggested the government to sponsor exchange programmes between domestic and international fashion institutes to enhance Indian designers' potential and bring India on the global fashion map making it a prominent fashion capital of the world.
According to a recent ASSOCHAM survey nearly 35% of male and over half of female shoppers in urban India prefer shopping at retail outlets which are one-stop shopping destination as one can find almost all the leading local and international brands under one roof.
Besides, nearly 40% of working couples prefer buying designer wear for their kids. Even though the industry is regarded as a sunshine segment for overall apparel market it is grappling with issues like lack of strong brands and financing options for budding designers.
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Regards,
IndianCloths.in
SOURCES - Some part of research taken from ET
