~Indian Fashion & Lifestyle market to grow at 12 per cent CAGR to Rs 394,000 crore by 2020~
~India Fashion Forum 2016 in 16th edition sees congregation of designers & retailers~
Indian fashion and lifestyle segment is witnessing a paradigm shift with women’s apparel expected to match men’s apparel – 37 per cent market share each – in 2016, said Head Consumer & Retail, A T Kearney India, Debashish Mukherjee, on Tuesday.
“Indian organised retailers need to pay more attention to women consumers as India is one of few or only country where Men’s apparel share is higher than women’s and that is changing,” Debashish Mukherjee said speaking at the inaugural session of the India Fashion Forum 2016 organised by Images Multimedia Pvt Ltd.
Overall, the Fashion & Lifestyle market in India is currently estimated to be around Rs 221,000 crore and is poised to grow at 12% CAGR to Rs 394,000 crore over the next five years, Debashish Mukherjee said.
Apparel that currently constitutes 57.2 per cent of the pie in the overall market will grow to 59.9 per cent by 2020, while footwear will see a decline from 34 per cent to 26.1 per cent in the same period. Accessories market share – which includes apparel accessories, bags, wallets, belts, fashion jewellery, time wear and eye wear – is all set to grow from 8.8 per cent to 14 per cent during the forthcoming five year period, Mukherjee added.
According to Mukherjee, leading lifestyle players have seen the writing on the wall and have been able to successfully carve out a niche for themselves. “Segments like Kids wear, and Ethnic clothes – once “white” spaces – have been penetrated by players like Gini & Jony, FabIndia, and Biba,” he stated.
As per the AT Kearney survey, Indians prefer shopping online – 62 per cent compared to global consumers at 54 per cent. A large portion of this 62 per cent is devoted to travel, air-ticketing and flash sale related buying, as opposed to shopping on e-commerce sites.
Delivering his keynote address, Chairman of India Fashion Forum and Managing Director Lifestyle International, Kabir Lumba, said, “In our 16th edition of this forum, we as an industry have moved from reckless optimism in the first seven too eight years to pessimism in 2008 and then gradually to cautious optimism and now to sensible optimism as we align with the consumer in making his choice easier by supplying good products at great prices.”
Allaying fears about competition, Joint Managing Director, Future Retail, Rakesh Biyani said, “Competition does not destroy the market in terms of new delivery platforms or products or changing fashions, but instead, expands the market.”
About THE INDIA FASHION FORUM
India Fashion Forum is India’s largest and most market-ahead congregation of fashion creations, marketing and retailing knowledge experts, products and innovations. Launched in 2000, it was intelligently designed to catalyse the industry to optimise opportunities of the past decade. A decade that has been a particularly eventful one with rapid paradigm shifts in consumption behaviour driven by access to technology, the world wide web, resources, connectivity, interchange of ideologies, environmental degradation, and above all, knowledge.
At IFF, for the past 16 years, India’s leading fashion incubators, creators, influencers, marketers and retailers have kept ahead of market shifts and emerging consumption trends in a dynamic atmosphere of shared insights, ideas, innovations and intellectual collaboration.
The modus operandi is to catalyze the business to think “Fashion Forward”, plan “Long Term”, and act with “Creative Intelligence”. Hence, every year, IFF’s main focus point has been to Learn, Share and Evolve with the single minded agenda to fast forward growth for the entire value chain – from yarn to retail.
Experts have deemed the IFF as “easily the most focused and smartest fashion business conclave in Asia,”. It is widely acknowledged that IFF provides the finest platform for fashion creators and the retail community to focus on the fast-evolving aspirations of consumers and continuously challenge and reinvent themselves.
Founded in 2010 in New York and acquired by Snapdeal in 2015, Exclusively.com is the ultimate luxury online fashion destination for Indians around the globe. The website provides consumers in over 100 countries access to the best of Indian fashion and lifestyle with womenswear, menswear, beauty and home décor collections from biggest designers and independent boutiques.
Based in New Delhi with offices in New York, Exclusively.com, and the fashion tech company partners with over 200 leading designers and brands including Abu Jani Sandeep Khosla, AM:PM, Anita Dongre, Anju Modi, Gaurav Gupta, JJ Valaya, La Martina, Manish Arora, Manish Malhotra, Mandira Bedi, Malini Ramani, Masaba, Napadori, Nikhil Thampi, Ritu Kumar, Satya Paul, Tarun Tahilani, , Varun Bahl and many more.
Augmenting its luxury lifestyle eco-system, Exclusively.com recently launched dedicated segments for premium beauty & wellness products and international luxury brands including Dermalogica, Diptyque, Forest Essentials and many more.