Home / Knowledge / News / Apparel/Garments / Indian fashion, lifestyle sector witnessing a surge: Myntra
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


Must ReadView All

Sales tax reduced for Pak textile, leather sectors

Textiles | On 20th Nov 2018

Sales tax reduced for Pak textile, leather sectors

Pakistan’s Federal Board of Revenue (FBR) recently issued procedure...

US may include RMG in revised duty free Nepali items list

Apparel/Garments | On 20th Nov 2018

US may include RMG in revised duty free Nepali items list

The United States is interested to revise the list of Nepali products ...

Courtesy: Microsoft

Information Technology | On 20th Nov 2018

Gap partners with Microsoft for digital transformation

Gap has established a strategic partnership with Microsoft to drive...

Interviews View All

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Nishank Patel, Shri Dinesh Mills Limited

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Ghanshyam Ghoghari, Kimora Fashion

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Abhishek Dhanuka,

Abhishek Dhanuka

Vyom International Pvt Ltd, established in 2002, is one of Surat's leading ...

Cem Erdogrul,

Cem Erdogrul

Turkey-based Temsan Air Engineering is one of the leading manufacturers of ...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra,

Bani Batra

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

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

Leave your Comments


November 2018

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

news category


Related Categories:

Advanced Search