17 October 2023, Mumbai

A majority of Indian fashion designers blend Indian culture, modernity, and superb craftsmanship.

They have made a name for themselves in the premium apparel segment, creating both casual and lavish outfits.

Some are famous worldwide for their creative designs, while others work behind the scenes, providing exquisite embroidery, embellishments, and fabrics to renowned brands.

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Successful Indian Fashion Designers

Manish Malhotra is regarded as India's richest fashion designer.

Other successful designers include Tarun Tahiliani, Ritu Kumar, Rohit Bal, Sabyasachi Mukherjee, Neeta Lulla, Masaba Gupta, Anamika Khanna, and Anita Dongre.

New Trend: Collaborations

A new trend is emerging where designers collaborate with big corporates and companies with technical expertise to expand their reach and growth.

These partnerships benefit both parties and offer more opportunities than solo ventures.

Examples of Collaborations

Tarun Tahiliani got funding from ABFRL because of his long-term association with Chairman Kumar Mangalam Birla, who is a fan of Tahiliani's Ensemble.

ABFRL also bought a 51% stake in House of Masaba Lifestyle, owned by Masaba Gupta, and counting.

Reliance Brands also invested in Ritu Kumar, Abu Jani Sandeep Khosla, Manish Malhotra, and counting.

Conclusion

These collaborations are changing the luxury market landscape and offering more opportunities for Indian fashion designers.

5 key insights:

• Indian fashion: culture, modernity, craftsmanship
• Premium apparel: casual and lavish outfits
• Global recognition: creative designs, behind-the-scenes
• New trend: collaborations with big corporates
• Changing landscape: more opportunities for designers

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14 October 2023, Mumbai

The Indian fashion industry is a global leader in innovation and diversity, with a reputation for creativity, sustainability, and cultural richness. According to a recent industry report, the sector is expected to overgrow, with a Compound Annual Growth Rate (CAGR) of 11-12%, reaching a market value of $115-125 billion by 2025.

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Key Trends

Sustainability: As environmental and social awareness increases, sustainability has become a key value for the fashion industry. Indian fashion brands are adopting green and ethical practices throughout their supply chains, production processes, and marketing strategies. 

These practices include the use of organic and recycled materials, waste reduction, carbon emission reduction, and the support of fair labor practices.

Digitalization: The COVID-19 pandemic has accelerated the digital transformation of the fashion sector, with many Indian fashion brands launching or expanding their e-commerce platforms. Social media has become a vital tool for marketing and customer engagement. 

This digitalization trend is expected to continue for the next two years, with more brands investing in e-commerce, virtual try-on experiences, augmented reality, and artificial intelligence technologies.

Inclusivity: A rising trend in the Indian fashion industry is inclusivity, as brands celebrate diversity in their designs, models, and campaigns. 

This includes serving various customer segments such as plus-size, gender-fluid, ethnic, and regional groups, honoring India’s rich cultural heritage and diversity. Inclusivity is a social duty and a business opportunity for the fashion industry.

Opportunities and Challenges

The Indian fashion industry has immense potential for expansion in both domestic and international markets. By offering customized products and services that suit local tastes and preferences, the industry can tap into new markets. 

Additionally, collaboration with other sectors and stakeholders, such as technology, entertainment, and education, can enhance the industry’s value proposition and impact.

However, the industry also faces challenges, including maintaining high quality and craftsmanship standards, constantly innovating to meet changing customer preferences and market trends, and complying with various regulations and norms.

Summary

The Indian fashion industry is well-positioned to harness its potential and emerge as a global leader in the coming years. By addressing the challenges and embracing the opportunities, the industry can contribute to the economic growth and social development of India.

Key trends:

• Sustainability: green, ethical practices
• Digitalization: e-commerce, social media
• Inclusivity: diversity, cultural heritage

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10 October 2023, Mumbai

While major global fashion weeks sashay their seasonal collections, not many buyers are aware that a huge chunk of the exquisite embellishments often statement pieces of collections are painstakingly handcrafted in the by-lanes of Mumbai and other Indian cities.

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The Indian Contribution to Global Luxury Fashion

The first-of-its-kind Dior Fall 2023 collection held at Mumbai’s ‘The Gateway of India’ put the spotlight on the Indian contribution to the French haute couture brand as it paid its long-overdue homage to Indian craftsmanship. 

International fashion media woke up and wrote their own tributes to these craftsmen as other collections let out their Indian stories.

The Growing Indian Luxury Market

Meanwhile, much has been written about the dynamic Indian market that international luxury brands are courting aggressively. 

From Dior to Galeries Lafayette, from Louis Vuitton to Frank Muller, and from Saint Laurent to Tiffany’s, everyone who is anyone in the world’s finest echelon of luxury is sitting pat in India, watching its millionaire club grow. 

Data points

As per a Credit Suisse report, the number of millionaires in India is projected to grow 105 percent by 2026. 

Indeed, these luxe brands are focused on boosting their India sales. A Bain & Co report says by 2030, the luxury market in India could reach a staggering $200 billion.

According to a leading and reputable Mumbai-based business journal, the affluent Indian is spending on things luxury like there was no tomorrow. 

From 2021’s revenge spending post-COVID opening to a gradually settled but more in terms of high-value ticket items, affluent Indians have a clear message for luxury brands – we are out for the finest, and international luxury brands are delivering, right here in India.

Projections

Euromonitor International estimates the luxury goods market, which includes personal luxury, fine wines, champagne and spirits, luxury cars, and experiential luxury, to bounce back, after the pandemic setback, to over Rs 50,000 crore by 2024 from around Rs 46,000 crore in 2022. Stock markets have been on the rise, and a new pack of young business owners has emerged, with the valuations of their enterprises soaring. Richie-rich GenZ buyers are now making a beeline for high-end stores. 

They are happy to treat themselves unashamedly and have no issues forking out big amounts to buy luxury brands.

Quintessentially Indian Craftsmanship in Luxury Fashion

The contribution has always been there, but European haute couture has always harbored the perception that ‘Made in India’ or any other underdeveloped or developing nation in Asia, Africa, and the South Americas would damage a luxury brand’s reputation as Western luxury buyers did not approve of their high-ticket items being made in poor countries.

However, international luxury brands had absolutely no qualms about getting every piece of a garment manufactured wherever there was cheap labor and then assembling it all, say in France, thereby getting the legitimacy of bearing the label ‘Made in France’.

Make in India

As Isabel Marant, the French designer behind the eponymous label points out, the bulk of all haute couture is India-made nowadays not only for the practicality of cost but also for skills that no other country can offer when it comes to handcrafted work. 

The India factor in luxury clothing is now being acknowledged with leading labels like Bvlgari, Hermes, and Balenciaga now crediting and using Made in India for some of their statement pieces. 

It is but a matter of time before the world of luxury will state India as their source and maybe an inspiration.

Sum & substance

India is a growing market for international luxury, and Indian craftsmanship is playing an increasingly important role in the global luxury fashion industry. 

While many luxury brands have long been outsourcing their production to India, they are now starting to acknowledge and celebrate Indian craftsmanship. 

This is a significant development, as it could lead to more jobs and opportunities for Indian artisans and a greater appreciation for Indian culture around the world.

5 key insights :

• Indian craftsmanship
• global luxury fashion industry
• luxury brands
• growing Indian market
• increasingly important role

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17 October 2023, Mumbai

Consumer Spending Drives Economic Growth

India is witnessing a strong festive shopping season in 2023, backed by a recent study from the Reserve Bank of India that shows the importance of consumer spending, which makes up 60 percent of GDP. 

The study also confirms the prediction of a 6.5 percent economic growth for this fiscal year.

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E-Commerce to Benefit from High Spending Activity

E-commerce platforms are set to benefit from this high spending activity, with forecasts suggesting not only a boost in the vibrant economy during the festive season but also a consistent spending trend in the next year.

Rise of E-Commerce Sales

The rise of e-commerce sales is especially remarkable. The Ministry of Commerce’s estimates indicate that the e-commerce market will grow to $350 billion by 2030, a significant jump from the estimated $63 billion in 2023.

Indians to Spend $1 Billion on E-Commerce This Year

Indians are likely to spend around $1 billion between October and November this year—a record-breaking amount, 20 percent more than the previous year, according to a consultancy firm based in Bengaluru that specializes in tracking 100 Indian e-commerce platforms, which account for nearly 90 percent of India’s e-commerce sales.

E-Commerce Giants See 15% Rise in Order Volumes

E-commerce giants such as Amazon, Flipkart, Myntra, Ajio, Nykaa, Meesho, and Snapdeal are seeing a 15 percent rise in order volumes during the initial days of their festive sales campaigns, due to the large number of orders.

Consumers Unaffected by Inflation and Higher Interest Rates

E-commerce platforms are happy that inflation and higher interest rates have not affected the excitement of Indian consumers.

This is consistent with the Reserve Bank of India’s finding that consumer confidence reached a four-year peak in September, supported by stable inflation and better employment conditions.

Major Players Breaking Records

Major players in the industry are breaking their records this year. Amazon India’s Great Indian Festival of 2023 has been their most profitable festive campaign so far, with Vice President Manish Tiwary stating that this year’s start has been “unprecedented.”

Long & Short

The strong festive shopping season in 2023 is a testament to the resilience of the Indian economy and the growing popularity of e-commerce. 

With consumer spending driving economic growth, e-commerce platforms are poised to benefit significantly from this trend.

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5 key insights:

• Consumer spending drives growth
• E-commerce sales to reach $350B by 2030
• Indians to spend $1B on e-commerce this year
• E-commerce giants see 15% rise in order volumes
• Consumers unaffected by inflation, higher interest rates

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09 October 2023, Mumbai

The global textile yarn market is set to grow exponentially through the years, with a projected rise from USD 14.4 billion in 2023 to USD 18.5 billion by 2028, representing a compound annual growth rate (CAGR) of 5.1%. 

This forecast is attributed to various factors, including the growing global population, urbanization trends, and increasing demand for textile products and applications in the home textile segment.

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Preferred Yarn

Cotton yarn is expected to dominate the textile yarn market throughout the forecast period. 

Cotton is a versatile fiber that is used to produce a wide range of textile products, including clothing, home textiles, and industrial textiles. 

It is known for its comfort, durability, and breathability.

Sweet spot

The home textile segment is also projected to witness significant growth during the forecast period. 

Home textiles encompass a wide range of textile products utilized in residential settings, including bedding, curtains, upholstery fabrics, towels, rugs, and more. Textile yarns are indispensable components in the production of these home textile products, as they form the basis for weaving or knitting the fabrics used in these applications.

Growth enablers

The growing global population and urbanization trends are expected to be the key drivers of the textile yarn market in the coming years. 

As more people migrate to urban areas, there is a concurrent increase in the demand for textiles and textile-related products, driving the need for textile yarns.

Takes prominence; China is set to grab the biggest market share in Asia-Pacific (APAC), owing to its substantial manufacturing capacity for textile yarn production and well-established textile industry. 

The country's big-scale production prowess permits it to cater to both domestic and international demand for textile yarns.

Bottomline:

The textile yarn market is expected to benefit from the growing global population, urbanization, and increasing demand for textile products and applications in the home textile segment. 

Cotton yarn is anticipated to remain the dominant segment, while the home textile segment is forecasted to experience significant growth. 

China is all set to secure the largest market share in Asia-Pacific.

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14 October 2023, Mumbai

The Indian textile industry, which relies heavily on cotton for its products, is facing a crisis due to the high domestic prices of raw materials. 

ASKS

The industry has been asking the government to remove the 11 percent import duty on cotton, which was imposed three years ago to encourage local sourcing and reduce environmental impact.

However, the government has not responded to the industry’s demand, even though the domestic cotton prices have increased by 18 to 19 percent compared to the imported ones. 

The industry claims that importing cheaper cotton is the only feasible option to remain competitive in the global market, especially during the off-season from April to September when the domestic supply is low.

Representations

The Southern India Mills Association (SIMA), a representative body of the textile mills, has been lobbying for a temporary suspension of the import duty during the off-season. The government, however, has not agreed to this proposal, citing that the domestic prices have not risen significantly during this period.

The textile industry is also facing challenges from other factors such as climate change, which affects the natural yield and quality of cotton, economic slowdown, which reduces the demand for non-essential items like apparel and home furnishing, and sustainability activism, which criticizes cotton farming for its high water consumption and soil degradation.

Govt support

Last year, the government granted an import duty exemption until October, but this year it has not announced any such relief. 

The textile industry hopes that the government will reconsider its decision and allow duty-free imports of cotton to ease its woes.

Analysis:

The Indian textile industry is a major contributor to the country's economy, employing millions of people and generating billions of dollars in export revenue. However, the industry is facing a number of challenges, including rising cotton prices. The government's decision not to remove the import duty on cotton is putting the industry at a disadvantage in the global market.

The government should consider the industry's demands and take steps to support it. 

This could include providing temporary relief from the import duty on cotton, especially during the off-season. The government could also invest in research and development to help the industry produce cotton more efficiently and sustainably.

By supporting the textile industry, the government can help to create jobs, boost exports, and grow the economy.

Gist

ASKS:

• Remove 11% import duty on cotton
• Import cheaper cotton during off-season

Challenges: climate change, economic slowdown, sustainability activism

Govt support: grant import duty exemption until October

Analysis: Govt should reconsider decision and allow duty-free imports of cotton to ease industry's woes.

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11 October 2023, Mumbai

The Apparel Export Promotion Council (AEPC) anticipates robust growth in India's textile and apparel exports for the fiscal year 2023-24, with expectations of surpassing the $50 billion mark.

This marks a substantial increase from the $45 billion achieved in the previous fiscal year, primarily fueled by a burgeoning demand in key markets such as the United States and Europe.

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Prognosis

In FY24, the AEPC foresees a 10-12% upswing in exports to the United States and an 8-10% increase in exports to Europe. 

These markets constitute a significant share of India's textile and apparel exports, and the strong demand emanating from these regions is poised to propel the overall export figures for the fiscal year.

Several other factors are poised to contribute to the expansion of India's textile and apparel exports in FY24:

• Government initiatives, including the Production Linked Incentive (PLI) scheme, aimed at bolstering the textile and apparel sector.
• The rising global appeal of Indian textile and apparel products.
• The increasing demand for sustainable and ethically-produced fashion items.

Overview

The AEPC's projection of $50 billion in textile and apparel exports for FY24 bodes well for the Indian economy. 

The textile and apparel sector serves as a major employment generator in India, and its growth is expected to create jobs and stimulate economic development.

5 key insights :

• $50 billion export target for FY24
• 10-12% growth in US exports
• 8-10% growth in Europe exports
• Government initiatives to boost sector
• Rising global appeal of Indian products

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07 October 2023, Mumbai

The footwear industry is expected to experience moderate growth of 7-8 percent in FY24, a significant decline from the impressive 28 percent growth observed in FY23. Several factors contribute to this shift:

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1. Sluggish Volume Growth: The industry faces challenges related to sluggish volume growth. Consumers are not purchasing footwear at the same rate as before, impacting overall sales.
2. Stagnant Average Selling Price: Despite the growth in demand, there has been no substantial increase in the average selling price of footwear. This lack of price escalation affects revenue growth.
3. Challenges in the Mass Segment: The mass segment of the industry is particularly affected, with demand unlikely to improve significantly in the near future.

However, there is hope for a sales recovery during the festive and wedding seasons in H2 FY24. Industry players must closely monitor market trends and adapt their strategies to navigate these challenging times effectively.

Strategies for Success:

1. Focus on Premium Segments: Companies can concentrate on the premium segment, which is expected to continue performing well. High-quality, luxury footwear appeals to discerning consumers.
2. Innovate and Differentiate: To stand out from competitors, companies should innovate in terms of product design, materials, and manufacturing processes. Unique features and aesthetics can attract buyers.
3. Expand Distribution Channels: Companies can broaden their distribution channels to reach a wider customer base. This may involve investing in e-commerce platforms, expanding into new markets, and collaborating with retailers.
4. Cost Control: Streamlining operations, negotiating better deals with suppliers, and improving efficiency can help control costs and enhance profitability.

The footwear sector’s performance will depend on various factors, including consumer preferences, economic conditions, and supply chain dynamics. 

By implementing these strategies, industry players can position themselves for success despite the current challenges.

5 key insights :

• Growth to moderate: 7-8%
• Premium segments key
• Innovate to differentiate
• Expand distribution channels
• Control costs

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