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India’s fashion industry to reach $187.5 million
by Jenny HodgeThe Associated Chambers of Commerce and Industry (ASSOCHAM), the highest body of the Chambers of Commerce of India has estimated that the country’s fashion design industry is expected to touch Rs.7.50 billion ($187.5 million) by 2012, from the present estimated level of less than Rs. 2.90 billion ($72.5 million).
The apex body also hopes that the sector will create additional employment opportunities for over 50,000 skilled professionals like fashion designer, merchandiser etc.
The key reasons attributed for the projected growth include Indian companies’ heavy investment in the industry, readily available designer wear in the shopping malls, consumers shifting focus towards designer wear and exposure to western media.
In an analysis done by ASSOCHAM on “Indian Fashion Industry”, it has further revealed that the Indian fashion industry accounts for barely 0.3 per cent of the international industry’s net worth.
Currently, the global designer wear market is worth about Rs 1800 billion ($45 billion) and growing at 10-10.5 per cent every year.
As per the estimates, Indian designer wear commands a category engagement of 66 per cent for male customers and 57 per cent for female customers.
The category engagement in western designer wear is 5 per cent.
Excluding western wear, the per capita per annum spends on designer wear for men is Rs 48,627 ($1215.6) and Rs 56,271 ($1406.7) for women.
About 60 per cent of male shoppers and 72 per cent of female shoppers prefer shopping for designer wear in department stores.
Comparatively, 46 per cent of male buyers and 38 per cent of female buyers vouch for exclusive brand showrooms.
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