Overview of the Industry
The signs are everywhere that the Indian Fashion industry is evolving by the growing number of designers, boutiques and outlets, design schools and customers across the country. However, Indian fashion and textile brands need to warm up to the emergence of a new consumer awareness and catch up with the latest global fashion trend. Employment in fashion-related industries in India is estimated to be around 60 million.
Women and kids wear categories are growing faster with a 13 percent and 17 percent CAGR respectively for the past 5 year period than menswear at 11 percent. The per capita apparel spending is also highest for kids, followed by women and men. Further, within women’s-wear, western and Indian ethnic segments are growing faster, with 21 percent and 17 percent projected CAGR between FY 2015-2020 compared to saree at 6 percent CAGR.
Size of the Fashion Industry
The current size of the Indian fashion industry is worth INR1000 crore, while the market size is approximated to be INR 20,000 crore. However, Indian fashion accounts for a meagre 0.2% in the world market. But here it is to be noted that Indian fashion is just in its nascent stage.
India’s fashion retail market is itself set to grow to US$115 billion by 2026.