IFF commences with forecasts for Indian fashion segment

13 Mar '12

5 min read

“The fashion retail segment has been changing drastically has evolved to a whole new level over the past few years. It is imperative that brands have a clearly defined strategy to thrive in a market that has been grappling through an economic slowdown. The organized retail sector is doing all it can to avoid risks and there is a huge requirement for merchants rather than investors to propel the growth of the Indian fashion segment,” said Nikhil Chaturvedi. According to Rachna Aggarwal the wedding wear segment holds great potential in the Indian fashion retail segment.

Earlier at the pre-inaugural session Amit Gungnani, Sr. VP – Fashion (Textile & Apparel), Technopak Advisors and Amit Mahajan, Associate VP, IRIS deliberated on the most recent trends in the growing fashion market.

Amit Gungnani said, “The Indian fashion segment is at present estimated to have around 500 million consumers and this number is growing significantly year on year. Affordability in the fashion retail segment is imperative for the industry to grow, yet focus on value add ons provided to customers in the form of superior quality, fashion, innovation and experience is a must. There is a huge untapped market in the Tier II & III towns that offers immense growth potential for the fashion segment within the retail sector.”

Amit Mahajan, Associate VP, IRIS said, “The Indian fashion segment is growing at a healthy rate of 12-15% p.a and this growth is expected to continue over the next few years. The proportion of organized to unorganized sector is 30 to 70 respectively, and this provides huge opportunity for the organized sector to grow phenomenally. The Indian fashion market collectively with apparels, jewellery, shoes and accessories is pegged at 3.7 lakh crore. Women's, kids wear and sports wear within this segment of the market is expected to grow anywhere between 40 -50%.”

The sessions by various industry leaders gave an in depth analysis, detailed perspective of the key challenges, opportunities and forecasts for the fashion segment in India that is growing at an exponential rate.

India Fashion Forum

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