~Indian Fashion & Lifestyle market to grow at 12% CAGR to Rs 394,000 crore by 2020~
~India Fashion Forum 2016 in 16th edition sees congregation of designers & retailers~
March 15 2016, 18.43 PM IST || Pocket News Alert
Mumbai, 15th March 2016: Indian fashion and lifestyle segment is witnessing a paradigm shift with women’s apparel expected to match men’s apparel at par in terms of 37% market share each in 2016, said Debashish Mukherjee, Head, Consumer & Retail, A.T. Kearney India 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 on Day 1 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 5 years, Debashish Mukherjee said.
Apparel that constitutes 57.2% pie in the overall market now will grow to 59.9% by 2020 while footwear will see a decline from 34% to 26.1% in the same period. Accessories market share that include apparel accessories, bags, wallets, belts, fashion jewellery, time wear and eyewear would grow from 8.8% to 14% during the forthcoming five year period, Debashish Mukherjee said.
Capturing the disruption, leading lifestyle players are able to identify the “white” spaces or create new play areas in the market to carve out space for themselves. Segments like Kidswear, Ethnic, once “white” spaces, are now well penetrated by players like Gini & Jony, FabIndia, Biba, Debashish Mukherjee said.
While the online shopping preference by Indian consumer is clearly seen on the higher side at 62% compared to global consumers at 54%, the same is more in travel, air-ticketing and flash sale, rather than pure play online retailer, as per the A.T. Kearney survey.
Later, delivering his keynote address, Kabir Lumba, Chairman of India Fashion Forum and Managing Director Lifestyle International said, “In our 16th edition of this forum, we as an industry have moved reckless optimism first 7-8 years to pessimism in 2008 and then gradually moving to cautious optimism and now to sensible optimism as we align with the consumer in making his choice easier for the product with pricing.”
Allaying fears about competition, Rakesh Biyani, Joint Managing Director, Future Retail speaking at the panel discussion said, “It does not destroy market in term of new delivery platforms or products or changing fashions, but expands markets.”
About INDIA FASHION FORUM
India Fashion Forum is India's largest and most market-ahead congregation of fashion creation, 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.
About Exclusively.com
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.
