Indian fashion retail market values about $50 billion in 2019 and is set to grow to $115 billion by year 2027. Parfait, Under Armor, Uniqlo are some of the big overseas brands that forayed into the vibrant Indian fashion retail market in 2019. Expansion of overseas companies in manufacturing fashion made the period 2019-2020 a good time.
McKinsey’s latest report suggests that India’s fashion apparel market would be worth $ 59.3 billion by 2022, making it the sixth largest in the world.
Advantage in India
In 2019, Indians spent INR5408 billion on clothing, while in 2010, it was only INR1924 billion, thus clearly indicating a tremendous growth. Revenue in the Fashion segment amounts to US$11,404m in 2020. Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 14.1%, resulting in a market volume of US$19,324m by 2024.
The market's largest segment is Apparel with a market volume of US$7,644m in 2020.
In the Fashion segment, 11% of total market revenue will be generated through online sales by 2024.