Designer wear industry to reach Rs 11K crore by 2020: ASSOCHAM

Growing at a compounded annual growth rate (CAGR) of about 40 per cent, the booming designer wear industry in India is likely to cross Rs 11,000 crore mark by 2020, apex industry body ASSOCHAM said today.

The domestic designer wear industry is currently poised at about Rs 720 crore, according to a study titled ‘Trends in Indian Designer Wear Industry’ released by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

“The designer wear industry in India is driven by higher disposable incomes leading to rising purchasing power, emergence of mall culture, changing sense of style, dressing and growing fashion consciousness among urbanites,” said D.S. Rawat, secretary general of ASSOCHAM while releasing the findings of the study.

“A huge growth potential is foreseen in the market as more and more people are buying branded products and apparels and exhibit a strong desire for individuality in their self-expression as dressing has become one of the important aspects of one’s identity and overall personality,” said Rawat.

Besides, rapidly growing popularity of boutiques selling designer and local wear showcasing finished and ready-to-stitch garments and trendy dress material is another growth driver for designer wear industry, according to ASSOCHAM study.

Apart from this the film industry and the west also have a huge influence on the ever-evolving fashion scenario in India.

Eying a huge consumer base premiere foreign brands dealing in segments like designer wear, lifestyle consumer products are also making a beeline to enter the profitable Indian market amid fears of another economic slump in the United States (US) and a debt crisis in European markets.

Growing at a CAGR of about 12 per cent, the global designer wear industry is currently poised at over Rs 2.2 lakh crore and likely to cross Rs 6.1 lakh crore mark by the end of this decade, said ASSOCHAM.

“Currently India’s share in the global designer wear industry is a minimal 0.32 per cent but is likely to reach about 1.7 per cent by 2020,” said Rawat.

With over 150 dedicated fashion institutes, a good number of youngsters in India are making a career out of fashion industry.

The chamber has called for removal of infrastructural and various logistical bottlenecks that are proving to be a bane for growth and development of designer wear segment in India.

ASSOCHAM has suggested the government to sponsor exchange programmes between domestic and international fashion institutes to enhance Indian designers’ potential and bring India on the global fashion map making it a prominent fashion capital of the world.

According to a recent ASSOCHAM survey nearly 35 per cent of male and over half of ...

Print Email RSS