In spite of the prevailing economic gloom, the Rs.1,294 billion Indian apparel market is projected to grow at the rate of 7.3 per cent to Rs 1,389 billion in the current year, says the recently launched Images Year Book Business of Fashion 2009. According to this Technopak-Images Apparel Report, volumes in the apparel market are expected to grow at the rate of 4.3per cent from 5,905 million units in 2008 to 6,156 million units in 2009.
Value growth in the apparel market has plummeted from a robust 15.9per cent in 2007 over 2006 to 9.3 per cent in 2008 and the severest drubbing was seen in the womenswear and unisex apparel segments where growth fell from 16 per cent in 2007 to 8.3 per cent and 7.1 per cent respectively in 2008. But the Images Year book analysis interestingly states that the industry is likely to experience the most stable and decent growth in these two sectors in 2009.
The menswear segment enjoys 38.8 percent market share and is expected to grow between 6.2 percent and 7.8 percent in 2009 depending upon the unfolding economic scenario, the women’s wear segment with 34.9 percent market share is likely to grow in the range of 8.4per cent to 8.5 per cent and will continue to be dominated by ethnic wear. The unisex apparel segment comprising jeanswear, active sportswear, casual jacket and blazers, is also expected to grow between 9.4 per cent and 10.2 per cent in the current year. One promising segment is that of wedding wear, which the report estimates at around Rs 38.4 billion, and likely to grow at an annual rate of 13.5 per cent over the next four years.
— IndiaRetailing Bureau