“The men’s partywear segment in India is projected to grow by 19.2 per cent in the year 2007-08,” says India Apparel Report by Images F&R Research, published in Images Yearbook 2008.
The report says that the segment, in value terms, is projected to grow to Rs 3,755 crore in 2007-08, from Rs 3,150 crore in the previous year.
The report further delves into various apparel categories that constitute the men’s partywear segment in the country.
About men’s partywear shirts, the report says that the Rs 1,515 crore category commands the largest market share in the men’s partywear segment. There are quite a few reputed brands that have been successful in creating a distinct identity in the category.
As compared to a 5.6 per cent volume growth in the overall men’s shirts category in 2007, the projected growth in partywear shirts is 9.1 per cent for 2007-08. Similarly, the growth in value is estimated to be 18.6 per cent in 2007-08 as against 13.4 per cent for 2006-07.
The report analyses that there is a huge scope in all party shirt ranges as a five per cent increase in average MRP is estimated. Moreover, there is good opportunity for foreign players to enter the party shirts category at the super premium and premium ends, since value growth at these price points is maximum.
According to the report, partywear trousers constitute the second largest market in the men’s partywear segment with sales worth Rs 843 crore in 2006-07. The segment is projected to grow by 16.3 per cent in the current fiscal with a volume growth of 7.1 per cent. Similarly, the projected appreciation in value is 16.3 per cent as against 12.4 per cent in 2007.
Suits, jackets and tuxedos:
The partywear suit, jacket and tuxedo market, valued at Rs 383 crore, has seen sale of 1.6 million units in 2006-07. This category is projected to grow by 13.8 per cent this year. The value appreciation is likely to increase by 27.5 per cent.
The report also says that consumers are willing to spend more on quality and exclusivity. Jackets and tuxedos continue to sell primarily through exclusive brand outlets (EBOs) and department stores.
The ethnic partywear segment, which is valued at Rs 409 crore, is projected to experience a volume growth of 9.1 per cent for 2007-08, which will likely fetch a 19.7 per cent appreciation in value.
The report notes that a good number of young corporate employees are taking to premium-end ethnicwear for special occasions, primarily because it provides a refreshing break from the rigid formality of daily corporatewear.