Weaving Success: European suiting brands tap India's premium market
10 December 2024, Mumbai
The Indian premium suiting fabric market is seeing a demand surge, attracting the attention of discerning consumers and international brands alike. With a growing middle class, increasing disposable incomes, and a penchant for luxury, India presents a lucrative opportunity for European and British suiting brands seeking to expand their global footprint.
European invasion
As per market research firm Statista, the Indian textile market, valued at approximately $150 billion in 2021, is projected to reach $209 billion by 2027. While precise figures for the premium suiting segment are elusive, experts estimate it to be a multi-billion dollar market, growing at a healthy CAGR of 8-10 per cent. This growth is due to growing urbanization, increasing brand consciousness, and a preference for high-quality fabrics among affluent consumers.
Recognizing this potential, several European brands have made significant inroads into the Indian market. These brands, known for their craftsmanship, heritage, and superior quality, are catering to the evolving tastes of Indian consumers who seek the finest fabrics for bespoke tailoring.
For example, Scabal the Belgian luxury brand, known for its exquisite fabrics and bespoke tailoring services, has established a strong presence in India through exclusive boutiques and partnerships with high-end multi-brand outlets. Scabal's key strengths lie in its heritage, impeccable quality, and personalized customer service.
Dormeuil, another prominent European player, Dormeuil, has attracted the Indian buyer with its innovative fabrics and contemporary designs. The brand's focus on technology and sustainability resonates with the modern Indian consumer. Dormeuil leverages a mix of exclusive stores and select multi-brand retailers to reach its target audience. British brand Holland & Sherry is making a mark with a rich history dating back to 1836. It offers a wide range of premium fabrics, including wool, cashmere, and silk. Holland & Sherry has adopted a selective distribution strategy, partnering with premium tailors and retailers in major cities.
These brands are employing a multi-pronged approach to reach their target audience in India. Their flagship stores in major metros offer a personalized and immersive brand experience. They are also opening shop in shops in multi-brand outlets. Partnering high-end retailers allows these brands to expand their reach and tap into existing customer bases. E-commerce is also gaining traction, with brands launching their own websites or partnering with luxury fashion portals to cater to the digitally savvy consumer.
Domestic brands giving competition
While European brands enjoy a strong reputation for quality and craftsmanship, they face competition from domestic players like Raymond and Siyaram's, who have a deep understanding of the Indian market and offer competitive pricing. However, European brands differentiate themselves through their heritage, exclusivity, and superior product offerings.
The future of European suiting fabric brands in India is good brands, with their strong heritage, focus on innovation, and commitment to quality, they are well-positioned to capitalize on this opportunity. However, they need to remain agile and adapt to the unique demands of the Indian market, including price sensitivity and evolving consumer preferences, to ensure continued success.
