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Indian fashion, lifestyle sector witnessing a surge: Myntra
23
Mar '18
Pegged at $100 billion, Indian fashion and lifestyle industry is witnessing a surge, growing at a compound annual growth rate of 8-10 per cent offline and gradually embracing online as the channel of the future, as is evident from a projected penetration of 15-20 per cent over the next five years, from the current 4 per cent, according to research by Myntra.

Myntra shared key insights into the fabric of fashion in India based on comprehensive research at the India Fashion Forum event in Mumbai recently. Myntra is India's leading platform for fashion brands.

India has 450 million internet ever accessed population that is likely to grow by 62 per cent to 729 million by 2020. Of this, 310 million is the active internet accessing population, accessing the internet at least once a month. This number is expected to increase by 35 per cent to 419 million by 2020, a Myntra press release said citing says the study.

The number of online transactors was 200 million in 2017 and is expected to increase by 65 per cent by 2020. Of these, 60 million is the base of online fashion shoppers, which may double by 2020.

A change in consumer profile, new fashion segments, fast fashion and a market for premium brands, products and accessories was also observed. Half of consumers reside in rural areas compared to the earlier 30 per cent, women shoppers are 45 per cent as opposed to the earlier 28 per cent and vernacular online content has increased from 45 per cent to around 60 per cent.

On Myntra’s online platform, activewear is growing at twice the rate of casual and formal apparel with 60 per cent of the growth coming from tier 2+ markets. Eco-friendly and sustainable fashion styles have grown by three times in the last one year and fast fashion has witnessed a six-fold growth in the last 2 years, the study found.

The market for accessories on the platform grew four-fold in the last one year, with sportswear accessories being one of the key sub-categories contributing to this growth.

The fashion market in India is currently estimated at $70 billion, of which only 25 per cent is organized retail market. E-commerce is a key channel for fashion and the online fashion market is projected to grow 3.5 times from $4 billion to reach $14 billion by 2020, the study added. (DS)

Fibre2Fashion News Desk – India


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