Home / Knowledge / News / Apparel/Garments / Spending on fashion not frivolous any more – Blumerq CEO
Spending on fashion not frivolous any more – Blumerq CEO
04
Mar '14
Joseph Muthaiyan
Joseph Muthaiyan
“Consumers of India have become more fashion oriented, more willing to experiment with their looks and spending on fashion products is no longer considered frivolous by most people in the upper-mid and mid segments. This can be clearly backed by the fact that menswear market has grown by 11% CAGR and mid-segment by 16% CAGR, compared to an 8.5% growth rate in other segments”, says the CEO of an up-and-coming home-grown causalwear brand - Blumerq.

Mr. Joseph Muthaiyan may not be far off the mark. Mr Harminder Sahni, MD of consultancy firm Wazir Advisors valued the Indian apparel market at USD 40 billion in 2012. He projected it to grow at a CAGR of 13% and estimated it to reach USD 124 billion by 2020 in a presentation at the CITI hosted ‘Indian Textile Summit’ held in Mumbai.

Blumerq set up just a little more than two years ago by Tirupur-based Blue Mercury Apparels (P) Ltd, has now 314 retail points including exclusive outlets nationwide. It recently announced plans for doubling growth with an additional 270 retail points across India. It sells shirts, tees, polos, chinos, denims and shorts under the brand.

When asked on how Indian brands are competing with foreign brands, Mr Muthaiyan told fibre2fashion, “Global players/MNCs are mostly into premium segment whereas domestic brands are emerging as strong players in upper-mid and mid segment. Domestic brands have seen a huge growth opportunity in the Indian market, especially Tier 1 and 2 cities. This rise and growth can be credited to the cost sensitive psyche of consumers in India”.

He added, “Manufacturers are thinking and devising ‘Out-of-the-Box’ solutions and in the process coming up with innovative and cost effective ways of production to meet the needs of the emerging market trends and at the same time maintaining a healthy margin for themselves”.

When asked to names challenges faced by apparel brands, he said, “Men are moving out of old impressions and are becoming more fashion conscious, hence we need to be more aligned with international trends. Also, striking a balance between the increasing raw material cost and competitive product pricing is a challenge. In the segments we cater too, consumers are catered to by local players and not domestic brands, which is what Blumerq is targeting to break”.

Speaking about the acceptance & market for Indian brands in India, he reveals, “Acceptance of Indian brands is still low, but has seen steady growth in the last couple of years. Domestic brands have understood the key requirements of the market, which is essentially delivering global standard products and quality, at competitive price. This understanding has led to a better acceptance, especially with youth, and is steadily growing with the other age segments as well”.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 29th Jun 2016

Bangladesh revises tax at source on RMG down to 0.7%

Following requests made by trade bodies, the Bangladesh government...

AEPC chairman Ashok G Rajani speaking at the press conference. Courtesy: AEPC

Apparel/Garments | On 29th Jun 2016

Apparel sector pledges Rs 623cr investment post package

The apparel sector is buoyant after the recent announcement of Rs...

Apparel/Garments | On 29th Jun 2016

India’s apparel exports may touch $20bn in FY17: CMAI

The value of clothing exports from India is likely to touch $20...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Milind Khandwe
Hindoostan Innovation Centre

Which areas of innovation is the Hindustan Innovation Centre (HIC) focused ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
june 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search