Rural India has created a strong demand for branded apparel and is expected to grow at a compound annual growth rate (CAGR) of 16.50 per cent by 2010, says a study ‘Booming Men Apparel Market in India’ by RNCOS, a market research company.
Identifying factors responsible for the growth of branded menswear in India, the report said that gradual shifting of retail formats in India from unorganised to organised sector and opening of discount stores are resulting in high penetration of branded garments. Besides, greater variety, arrival of new trends, and fashion consciousness are also fuelling the demand for branded products in the suburbs of India.
According to the report, major apparel companies are targeting rural areas by offering affordable and high-quality products. Branded apparel sales, across the country, are expected to increase at a CAGR of 24 per cent by 2010.
The study, which focuses on the challenges and opportunities of market trends, readymade garment market, and fashion industry, says that the Indian menswear industry is anticipated to grow at a CAGR of 14.90 per cent by 2010.