Stitched in Success: Rise of luxury & super premium menswear in India
18 July 2024, Mumbai
The Indian menswear market, valued at $26 billion, is witnessing a sharp rise in the luxury and super-premium segment. This niche market is projected to reach even greater heights, with estimates suggesting a CAGR (Compound Annual Growth Rate) that could propel it to $34 billion by 2025 (Istituto Marangoni).
Brands leading the bespoke charge
International brands giants like Armani, Canali, Versace, Zegna, and Cadini are at the forefront, offering not just exquisite apparel but also made-to-measure services. This focus on personalization caters to a growing demand for perfectly tailored garments. Domestic players are not far behind. The Raymond brand, for example, has embraced an omnichannel approach, allowing customers to customize clothing online for a perfect fit. Louis Philippe too has upped its game with made-to-measure options and omnichannel retail experiences, allowing online customization. Even bespoke ventures like Creyate by Arvind are making waves in this space.
Tailwinds for growth
Several factors are propelling this sartorial surge.
Rising disposable incomes: India's burgeoning middle class and high net-worth individuals have more money to splurge on luxury items.
Growing brand awareness: Increased exposure to international fashion trends and a growing appetite for quality are driving the demand for premium brands. Also growing appreciation for Western styles, particularly formal wear, is creating a demand for international luxury brands.
Shifting preferences: Men are becoming more fashion-conscious, prioritizing comfort and thoughtful design over purely price-driven choices alongside traditional values.
The target audience for luxury menswear in India typically comprises business leaders and professionals who require sophisticated formal wear for work and social gatherings. High Net-worth Individuals HNWIs who seek exclusive brands and experiences associated with luxury fashion. And the younger generation with affluent backgrounds, the millennials and Gen Z, influenced by global trends, are increasingly drawn to luxury menswear.
As per Istituto Marangoni luxury retail thrives on a certain level of affluence and infrastructure. Currently, Tier I cities like Delhi, Mumbai, Bengaluru, and Chennai are the primary battlegrounds for luxury menswear brands, owing to their high concentration of wealthy individuals and established shopping districts. However, with growing disposable incomes, Tier II cities like Pune and Hyderabad are showing potential for future expansion.
Can sherwanis be the next big thing?
While western styles dominate the luxury segment, there's a potential for Indian silhouettes to take center stage. The premiumization of traditional wear, particularly sherwanis, is witnessing significant growth, indicating a possible future where Indian menswear goes global in a luxurious avatar.
The Indian luxury menswear market is a well-tailored story of growth. International brands are making their mark, while domestic players are innovating with bespoke services and reinterpreting traditional wear. As consumer preferences evolve and spending power increases, this market promises to be a goldmine for brands that understand the Indian man's desire to dress for success, with a touch of tradition if desired.
