The 11th edition of India Fashion Forum (IFF 2011) kicked off with a positive note for the Indian textile retail sector, which is expected to witness a high growth rate in the years to come. The two-day event (February 17-18) is being held at The Renaissance hotel in Mumbai.
“The textile retail sector will be one of the largest employment generators, apart from being a large value creator in the Indian economy,” said Nikhil Meswani, chairman of IFF 2011 and executive director, RIL, in his inaugural address.
The growth outcome expected from the Indian fashion retail sector throws open an investment opportunity of over Rs.30,000 crore annually across the textile retail value chain. This is expected to increase the size of the textile retail industry from its current size of Rs.3,15,000 crore to Rs.9,90,000 crore by 2020, he stressed.
Commenting on the business outlook for the textile retail sector in India, Meswani said, “I see convergence in price points of products that cater to need, comfort and luxury in India. Such a challenging business scenario compels us to re-strategise on the traditional thoughts in marketing. This is primarily because business models become obsolete before the product loses its appeal. There is need to continuously innovate, redefine and reinvent businesses to adapt to the changing needs of the consumer.”
He further said the key challenges was to “re-achieve what we did in the last 50 years within the next 10 years”.
To make the industry competitive, Meswani suggested, there is an urgent need to keep up-to-date with the latest fashion trends.
– IndiaRetailing Bureau