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India’s denim production grows at 15% CAGR

 

Indias denim production grows at 15 CAGR

 

Denim production and consumption in India is increasing at a CAGR of 15 per cent, says a report by Business of Fashion and McKinsey. The pandemic has challenged the fashion sector in the nation. Executives from three Indian denim mills shared their views on the current denim industry at a Carved in Blue webinar recently.

Aamir Akhtar, CEO, Arvind , noted that as brands still hold their spring inventory and plan to repurpose the same, they aren’t buying new. However, capacity at several mills still remains underutilized. Over the next six months, most Indian mills won’t surpass a capacity of 45-55 per cent, said Aditya Goyal, CEO and Managing Director, Anuhba Industries.

However, demand in rural areas has been increasing where denim is being purchased as a workwear essential. These individuals are able to sell their goods and have received support from the government. Meanwhile, cities are taking longer to bounce back and make denim purchases since workers are unemployed and businesses are struggling. Because of this, commoditized denim is rebounding at a greater rate than fashion denim.

Even though consumers’ stay-at-home lifestyles have caused denim sales to take a hit, denim mills expect demand for denim to bounce back soon. It cannot be challenged by anything but itself, asserted Subir Mukherjee, Business Head, Bhaskar Denim.

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