2. Fashion is all about uncertainty. It thrives on the X-factor. Uncertainty and ambiguity
makes designing clothes for these emerging markets more challenging and
exciting, as there is no precedent for reference. Fashion’s cyclical nature makes it
fickle, yet at the same time, identity defining. Men are considered a conservative
gender by fashionistas and this is more so in India.
“Men’s fashion is something of an enigma at times.. it seems simple – just don pants,
a button down shirt.. and the look is ready.”
However, menswear fashion today is the fastest growing segment.
3. Indian Apparel Industry
The Indian apparel market has demonstrated resilience and growth in an
environment characterized by slow economic growth.
The domestic apparel market, which was worth INR 207,400 cr (USD 38 billion) as
of 2012. This market as a whole is expected to grow at a CAGR of 8% to reach
USD 19,600 million by 2018.
4. The Menswear Market
With a market size of INR 97,000 crore (around USD 17 billion) , menswear is the
largest segment in India’s apparel market, accounting for 43.1% of the overall
market. In comparison, women’s wear makes up 38%, while kids wear comprises
19.9%, of the market.
The various Indian Menswear Market reports pointed to the following aspects –
India accounts for 11% of the Asia-Pacific menswear market value
Data monitor report forecasts that menswear will grow at CAGR of 11% till 2020.
5. Indian men’s wear market categorizes into different product segments such as-
Formalwear
(shirts, trousers, suits)
Casualwear
(T-shirts, denims, shirts)
Ethnic wear
inner wear, Active wear,
and sleep wear.
8. Indian Men’s Ethnic Wear
Ethnic wear has risen above the age
and sex barrier. Though women are the
primary consumers for ethnic wear, the
men are not far behind.
Designers and Retailers are
progressively turning their attention to
clothing men in ethnic attire these
days.
Manyavar, was one of the earliest
companies to step into this segment.
Now this retail space is also being
populated with several new entrants
with easy access to the market
through e-tailing.
9. Latest trends in men’s Ethnic wear
Items like the stylish Nehru Jacket have gone beyond the Indian milieu and have in
fact become internationally recognized and loved fashion items.
The dhoti suit look, perfectly combines the elegance of Indian traditions with sharp
western styles. Plus, Indo Western kurtas, sherwanis and pajamas are more subtle.
Men’s fashions sometimes mirror women’s styles, ex- the Pathani suit for men from
Pakistani Salwar kameez.
Revival of khadi in plain kurta styles.
A men’s dupatta or scarf to the outfit.
A wedding Kantha and the turban.
10. Brands for Mens’ Ethnic wear
Manyavar
Raymond
Online n stores Private
Brands (ex- Pantaloons,
Diwan saheb, Ritee
Riwaj, Tathastu)
Designers like Rohit Bal,
Manish Malhotra,
Shantanu & Nikhil,
Anamika Khanna, Rajesh
Pratap Singh etc.
11. Growth Pattern
Men’s apparel category which was used to seeing fairly high growth
rates of 20% - 40% , suddenly started seeing growth of 60% overall.
12. High Growth Categories
The Inner and Active wear, denims and T-shirts are high growth
categories within menswear segment with CAGRs of 16%, 14%, and
12% respectively.
The demand for denim is growing among men, especially with the
younger generation. The entire denim market of India hinges around
the men’s denim segment which contributes 80% to the market.
The heightened acceptance of casual or ‘Friday’ dressing, and the
penetration of denim into Tier II and Tier III cities and rural India are
contributing to the growth of men’s denim in India.
The active wear, an essential part of modern life, especially in
metros, as a result of which the demand is on the rise within Indian
menswear market.
14. Potential for Future
The menswear market is expected to grow at a CAGR of 8.5% over the
next two years to reach INR 131,000 crore (USD 24 billion) by 2017.
*CAGR: Compound annual growth rate
15. The Men’s Innerwear Market
The men’s innerwear market, worth INR
6330 cr (USD 1.2 billion) is characterized
by the presence of numerous Indian
and international brands catering to
different segments of the market.
The various subcategories of men’s
innerwear include vests, briefs/boxers,
basic T-shirts, shorts/ pyjamas,
sleepwear, and the high grossing active
wear.
Consumers mostly purchase branded
products for vests and brief/boxers,
which are the largest category offerings
from leading innerwear brands.
17. STRENGTHS
Easy Accessibility of Cheap Labor
Rise in the Exports
Tax Benefits by Government on apparel Manufacturing Machinery.
Government initiatives to encourage exports and upgrade
technology.
Strong Relationship with Clients in European and North American
countries.
18. Weaknesses
Low Technology Advancement and Integration
Low Labor Output due to Insufficient Training
Environmental Controls and Restrictions
Highly fragmented industry with large number of small size and
technologically-outdated plants, lacking benefits of economies of
scale.
19. Opportunities
Low barriers to Entry
Mounting Preference for Fashionable clothing brands.
Developing Overseas and Local Market
Favorable demographics in the domestic market; increasing young
population coupled with rising income levels.
Emergence of retail Industry as a whole and development of various
malls provide huge opportunities for the apparel segments.
Opportunities in product diversification.
20. Threats
Intense Competition from Other Countries.
Constantly Changing Fashion Trends and Preferences
Fluctuations in the demand in exports due to the elimination of
quota regime.
Higher borrowing cost which affects the profitability of the small and
medium firms.
Womenswear market is a constant threat.
21. Government Policies & Regulations
The Ministry of Textiles & apparels has taken pro-active role to rejuvenate the
textile industry. It is now working more as a facilitator.
100 per cent FDI allowed through the automatic route.
De-reservation of readymade garments and knitwear (for t-shirts) from the
small-scale industries (SSI) sector since end-2000.
The Government is also working on ‘Advance Authorization Scheme’ and
‘Duty Exemption Pass Book’ to boost export in the textile and apparel sector.