India is a focal point for the fashion Industry. The country reflects a rapidly growing middle class and a robust manufacturing sector. These factors, with increasing tech and strong economic fundamentals, make India too strong for International Brands to Ignore.
Economic Expansion is taking place across Asia. But it is believed that India will place itself at the front stage in the years to come. India’s GDP is expected to enhance at a rate of 8 percent by the year 2022.
India’s middle class is expected to expand by 1.4 percent a year. Doing this, the country can even outpace China, Brazil, and Mexico. As a result, India is set to evolve from an increasingly important outsourcing hub to one of the most critical customer markets outside the Western World.
According to the reports, India’s Apparel Market will be worth $59.3 by the year 2022. It makes India 6th largest in the world when compared with the data of the UK, Germany, etc. The aggregate income of the nation’s population is expected to triple between now and 2025.
According to Sanjay Kapoor, founder of Genesis Luxury believes that higher incomes are likely to create a whole new class of customers. He states that we are moving towards the ‘gold collar’ worker. It is a term that defines well or highly paid professionals. These individuals are happy to feel good, happy to look good, and are expanding consumption of today.
It is quite surprising that about 300 international fashion brands are ready to open stores in India within the next two years. However, India remains a challenging as well as an opportunity market for all the companies.
In India, the apparel business is still largely unorganized. With formal sales that account to only about 35% of total sales in 2016. This proportion is about to increase by 45% by 2025. However, this is still a low proportion.
To build momentum, Indian players are innovating at a much larger pace. The retailers are leveraging technology with the use of smart displays and secure checkout at the store.
To consider an example, Madura Fashion and Lifestyle launched the Van Heusen style studio. They used augmented reality to display outfits on customers.
Similarly, malls have also increased their space for more services and food entertainment.
The growth of the Apparel sector is also driven by the increasing use of tech among customers—the figures from 10 years before indicates that technology was just for few, during that time. In a country of 1.2 billion people, smart phones user was only 5 million. However, out of these 5 million, only 45 million Internet users. These figures have seen a drastic change since 2018 and are expected to double till 2022.
E-commerce users are moving to solutions based on Artificial Intelligence. According to Ananth Narayan, Chief executive of Myntra, ‘Curation and Personalisation based on own taste will be a lot more important.’ He believes it’s not about having the most extensive selection; it’s about presenting the most appropriate choice to the customer.
In short, the Indian Market offers excellent promises despite structural challenges that include Market Fragmentation, inequity, and Infrastructure. We expect strong economic growth, rising tech perceptions among users will combine to make the country the next big global competitor in fashion and apparel.
International Institute of foreign Design was launched in the year 1995. Over 25,000 students pass out every year from the institute.
In 25 years, INFID had produced star designers who have presented their art in Prince Charles, Balaji Telefilms, Jodha Akbar, BajiraoMastani, etc.
All the big names of the Indian Bollywood industry are somewhere attached to INIFD. They aim to provide quality coaching in interior design and fashion to the common man in India by providing quality coaching at affordable fees. INIFD is affiliated with the London School of Trends (LST)
INIFD is known for
- The largest network of design institute
- Technical facilities, modernize centers and world-class resources to provide education
- Global recognized Institute for Fashion and Interior Designing
- Qualified and experiences national & International faculties