India’s branded apparel market which is currently estimated at Rs. 200 billion is expected to reach the Rs. 300 billion mark in the next three years.
The Indian apparel market is estimated to be a mammoth Rs. 2,450 billion, out of which the organized sector accounts for only Rs. 450 to 500 billion, reports Business Standard quoting PTI.
Ramesh Jain, Managing Director of Don & Julio Apparels Worldwide, said out of the total apparel in organized sector, branded apparel market is estimated at Rs. 200 billion and is expected to grow at 15 percent per annum to touch Rs. 300 billion in the next three years period.
The growth in the branded apparel sector will be in premium quality products and brands, as a result of higher disposable income of young generation in the country, as well as their increased exposure to international brands and products like never before, he added.
A recent report released by Wazir consultants titled, ‘Road to 2025: Textile and apparel sector report’ stated that the present apparel market of India is showing robust growth despite global uncertainties and slackened demand.
The report further stated that India is expected to be one of the major growth centers for apparel consumption by 2025.