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
Textiles | On 18th Jan 2017
The world economy expanded by just 2.2 per cent in 2016, the slowest...
Textiles | On 18th Jan 2017
Schoeller textiles, Swiss textile company, has released its new...
Bolger & O'Hearn
‘The Indian market is interesting and rather persistent in seeking new...
‘Blending cultures is the true beauty of fashion, where one’s imagination...
Everflow Petrofils Ltd
‘An innovative technology which India needs desperately is the...
Swerea IVF AB
Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...
Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...
Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
"Now we can see the Russian trend in international fashion. And Russian...
Hyderabad-based designer Prathyusha Garimella is known for blending...
Label Ritu Kumar
‘Classics will return’ "There are a lot of people wearing western clothes ...
Apparel/Garments | On 17th Jan 2017