04 November 2023, Mumbai

Why India

For centuries, textiles have been an integral part of India's economy and culture. In recent years, the Indian textile industry has experienced significant growth and modernization, and the establishment of mega textile hubs is a pivotal strategy to further elevate India's status as a premier global textile hub.

Growth Accelerants

Mega textile hubs offer several advantages, including scale, competitiveness, and innovation. 

By bringing together various components of the textile value chain in one location, these hubs create economies of scale and bolster the industry's overall competitiveness. 

Additionally, mega textile hubs facilitate the exchange of ideas, technologies, and best practices, which fosters innovation and the development of cutting-edge products and processes.

The establishment of mega-textile hubs also results in the creation of substantial employment opportunities, especially in regions with higher unemployment rates. 

Vocal For Local

The "Make in India" initiative has been instrumental in attracting foreign direct investment (FDI) into the manufacturing sector, and mega textile hubs are poised to play a key role in India's transformation into a global manufacturing powerhouse.

Conclusion:

Kickers: Mega textile hubs are a strategic investment for India's future. By leveraging their advantages of scale, competitiveness, and innovation, these hubs can help India become a global leader in the textile industry. 

Additionally, mega-textile hubs can create millions of jobs and boost the Indian economy.

5 key insights :

• Growth accelerants: Scale, competitiveness, innovation
• Employment opportunities: Substantial, underserved regions
• Vocal for Local: Make in India, global powerhouse
• Strategic investment: Future of India's textile industry
• Kickers: Jobs, boost economy

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01 November 2023, Mumbai

WHY India

Fueled by urbanization, rising incomes, and nuclear families, India's retail market is poised for explosive growth, reaching a staggering $2 trillion by 2032.
The e-commerce industry is also set to skyrocket, crossing the $350 billion mark by 2030 with a robust CAGR of 23%.

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Transformational
In 2022–23, India's retail sector underwent a major transformation, embracing operational technology and enhanced business practices such as digital storefronts and automated supply chains.
This has propelled India's retail industry to become one of the most vibrant and dynamic in the world.
Goldilocks times
As we enter 2024, retail brands are doubling down on cutting-edge technologies like AI, predictive analytics, and the metaverse to rethink their business goals and shape the future.

With consumers and brands forming closer ties than ever, it is imperative to explore opportunities and adapt strategies accordingly.

5 key insights:

• Indian retail to boom to $2T by 2032.
• E-commerce to cross $350B mark by 2030.
• Retail sector undergoes major transformation.
• Retail brands double down on cutting-edge technologies.
• Consumers and brands form closer ties.

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31 October 2023, Mumbai

Growing Environmental Concerns Driving Market Growth

The vegan footwear market is projected to grow from US$30,072.1 million in 2023 to US$60,992.6 million by 2033, expanding at a CAGR of 7.3%. 

One of the key factors driving this growth is the increasing environmental concern among consumers. 

According to a 2022 survey by GlobalWebIndex, 67% of global internet users are willing to pay a premium for sustainable products.

Vegan Footwear as an Eco-Friendly Alternative

Vegan footwear is a more sustainable alternative to traditional leather footwear, which requires harmful chemicals and produces a large carbon footprint. 

The production of vegan footwear uses sustainable materials such as recycled plastics, organic cotton, and mushroom leather.

Government Regulations and Growing Vegan Population Bolstering Market Growth

Government regulations on leather products and the growing vegan population are also contributing to the growth of the vegan footwear market. 

For example, in 2022, the Indian government banned the export of leather and fur products from the country. This ban is expected to boost the demand for vegan footwear in India.

Increasing Need for Industrial Carbon Footprint Reduction to Fuel Market Growth

The footwear industry is one of the major contributors to carbon emissions. However, with the growing demand for sustainable products, several footwear companies are taking steps to reduce their environmental impact. 

For example, Nike has committed to reducing its carbon footprint by 50% by 2030.

Commerce Platforms Fueling Market Revenue

The availability of vegan footwear products on e-commerce platforms such as Amazon, Flipkart, and eBay is also contributing to the market's growth. 

These platforms provide a convenient and easy way for consumers to purchase vegan footwear.

Country-wise Insights

Germany is leading the European Vegan Footwear Market

Germany is the leading market for vegan footwear in Europe, with a market size of US$ 26.14 billion in 2030. This is due to the growing demand for vegan products and the high number of vegans in the country.

India: A Favorable Market for Vegan Footwear Products

India is a favorable market for vegan footwear products due to the growing demand for plant-based products and the high percentage of the vegan population. 

The country also has a high demand for shoes and handicrafts.

Competitive Landscape

The vegan footwear market is highly competitive, with several players operating in the space. Some of the key players include Nike, Adidas, VF Corporation, and PAIO.

These companies are investing in innovation and design to differentiate themselves in the market.

Outlook

The vegan footwear market is expected to grow in the coming years, driven by increasing environmental concerns, government regulations, and the growing vegan population.

Growing Environmental Concerns Driving Market Growth

The vegan footwear market is projected to grow from US$30,072.1 million in 2023 to US$60,992.6 million by 2033, expanding at a CAGR of 7.3%. 

One of the key factors driving this growth is the increasing environmental concern among consumers. According to a 2022 survey by GlobalWebIndex, 67% of global internet users are willing to pay a premium for sustainable products.

Vegan Footwear as an Eco-Friendly Alternative

Vegan footwear is a more sustainable alternative to traditional leather footwear, which requires harmful chemicals and produces a large carbon footprint. 

The production of vegan footwear uses sustainable materials such as recycled plastics, organic cotton, and mushroom leather.

Government Regulations and Growing Vegan Population Bolstering Market Growth

Government regulations on leather products and the growing vegan population are also contributing to the growth of the vegan footwear market. 

For example, in 2022, the Indian government banned the export of leather and fur products from the country. This ban is expected to boost the demand for vegan footwear in India.

Increasing Need for Industrial Carbon Footprint Reduction to Fuel Market Growth

The footwear industry is one of the major contributors to carbon emissions. However, with the growing demand for sustainable products, several footwear companies are taking steps to reduce their environmental impact. 

For example, Nike has committed to reducing its carbon footprint by 50% by 2030.

Commerce Platforms Fueling Market Revenue

The availability of vegan footwear products on e-commerce platforms such as Amazon, Flipkart, and eBay is also contributing to the market's growth. These platforms provide a convenient and easy way for consumers to purchase vegan footwear.

Country-wise Insights

Germany is leading the European Vegan Footwear Market

Germany is the leading market for vegan footwear in Europe, with a market size of US$ 26.14 billion in 2030. This is due to the growing demand for vegan products and the high number of vegans in the country.

India: A Favorable Market for Vegan Footwear Products

India is a favorable market for vegan footwear products due to the growing demand for plant-based products and the high percentage of the vegan population. 

The country also has a high demand for shoes and handicrafts.

Competitive Landscape

The vegan footwear market is highly competitive, with a number of players operating in the space. 

Some of the key players include Nike, Adidas, VF Corporation, and PAIO. These companies are investing in innovation and design to differentiate themselves in the market.

Outlook

Vegan Footwear Market to Reach US$ 60.99 Billion by 2033, Expanding at a CAGR of 7.3%

The vegan footwear market is expected to grow in the coming years, driven by increasing environmental concerns, government regulations, and the growing vegan population.

Key points:

• The vegan footwear market is projected to grow from US$ 30,072.1 million in 2023 to US$ 60,992.6 million by 2033, expanding at a CAGR of 7.3%.
• One of the key factors driving this growth is the increasing environmental concern among consumers.
• Vegan footwear is a more sustainable alternative to traditional leather footwear, which requires harmful chemicals and produces a large carbon footprint.
• Government regulations on leather products and the growing vegan population are also contributing to the growth of the vegan footwear market.
• The footwear industry is one of the major contributors to carbon emissions, but several footwear companies are taking steps to reduce their environmental impact.
• The availability of vegan footwear products on e-commerce platforms is also contributing to the market's growth.
• Germany is the leading market for vegan footwear in Europe, with a market size of US$ 26.14 billion in 2030.
• India is a favorable market for vegan footwear products due to the growing demand for plant-based products and the high percentage of the vegan population.
• The vegan footwear market is highly competitive, with several players operating in the space. Some of the key players include Nike, Adidas, VF Corporation, and PAIO.

CREDITS: Future Market Insights report

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03 November 2023, Mumbai

WHY India

India's retail sector has seen remarkable growth in the first nine months of 2023, with a 46% year-on-year increase in leasing activity, according to a report by CBRE, a leading commercial real estate services company.

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This growth is particularly evident in the eight major cities of Bengaluru, Delhi-NCR, Pune, Hyderabad, Chennai, Mumbai, Kolkata, and Ahmedabad, which together accounted for 4.73 million sq. ft. of retail leasing in the first nine months of 2023, compared to 3.23 million sq. ft. in the same period last year.

• The report, titled 'India Market Monitor Q3 2023', attributes this surge in demand for premium retail spaces to various factors, including:

  • Fast urbanization
  • Rising disposable income
  • The lasting appeal of offline retail
  • Investments in retail infrastructure by both public and private sectors

  The report also highlights the following trends in the retail market:

  • The first half of 2023 recorded a significant year-on-year growth of nearly 24% in retail leasing, while the same period of 2022 saw a negligible growth.
  • The fashion and apparel segment dominated the retail leasing with a 34% growth, followed by home furnishing and department stores with 17%, and food and beverage with 13%.
  • Bengaluru, Delhi-NCR, and Pune were the top performers in the real estate market, accounting for more than 61% of the share in various leasing activities. Pune led the growth with a 58% increase in supply additions, followed by Delhi-NCR with 19%. Many of the top eight cities witnessed a year-on-year growth of almost 100% in the completion of malls and shopping centers.
  • Delhi-NCR also experienced a boost in retail activities, especially after hosting the recent G20 summit.
  • Domestic firms were the main drivers of leasing activity, representing about 68% of the market, followed by retailers from Europe, the Middle East, and Africa (EMEA) with 22%.
   

  Conclusion:

  The Indian retail sector is poised for continued growth in the coming years, driven by urbanization, rising disposable incomes, and the growing popularity of e-commerce.

  The establishment of mega textile hubs and other government initiatives are likely to further boost the sector's growth. This growth will create new opportunities for investors, retailers, and consumers alike.

  5 key insights :

  • Strong retail growth: 46% YoY leasing growth in first 9 months of 2023
  • Key drivers: Urbanization, rising incomes, offline retail appeal
  • Top cities: Bengaluru, Delhi-NCR, Pune
  • Dominant segment: Fashion and apparel (34% growth)
  • Domestic firms lead: Account for 68% of leasing activity

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01 November 2023, Mumbai

Y India

COVID-19 accelerates digital transformation

The COVID-19 pandemic has quite certainly accelerated the digital transformation of the Indian fashion industry across the board, with brands investing aggressively in e-commerce, social media marketing, and virtual try-on experiences. 

This trend is expected to continue, with more brands adopting innovative technologies to reach and engage customers.

E-commerce is on the roll

Online fashion sales in India are anticipated to hit $14.4 billion by 2023, striding at a compound annual growth rate (CAGR) of 18.5%. 

What solely drives growth today is the convenience of online/digital shopping, attractive discounts, promotions, value propositions, and a vast range of choices.

Social media marketing is essential

Social media has become an essential tool for fashion brands to market their products and engage with customers. 

Brands are using social media to share new collections, run promotions, and build relationships with their followers.

Virtual try-on experiences become popular

Emerging technologies such as augmented reality (AR) and virtual reality (VR) are enabling consumers to virtually try on clothes and accessories, reducing the need for physical trials. 

This is especially popular among younger consumers, who are more comfortable shopping online.

More and more brands will embrace and adopt innovative technologies

Operating efficiency for the overall enterprise health: In the future, we can expect to see very aggressive Indian fashion brands adopting innovative technologies to enhance their operational efficacy and reach a wider audience, improving customer satisfaction to her delight.

For instance, brands may use artificial intelligence (AI) to personalize recommendations and improve customer service.

5 key insights:

• COVID accelerates digital transformation
• E-commerce booms, online sales to hit $14.4B by 2023
• Social media marketing becomes essential
• Virtual try-on experiences gain popularity
• Brands adopt innovative technologies

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30 October 2023, Mumbai

WHY India

India's retail industry is booming, driven by the emergence of new players, a large population, a growing middle class, and a segment of consumers willing to splurge on luxury goods.

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These factors make India an attractive destination for foreign retailers who want to expand their business.
Key Factors Driving Omni-Channel Sales
Rising discretionary spending power: India's average per capita income has crossed $2,000 and is expected to reach $12,000 by 2047.
Growing internet and smartphone penetration: India is the second-largest internet market in the world, with more than 800 million internet users. The rise in smartphone users has boosted the growth of e-commerce platforms.
Expanding middle class: India's middle class is expected to drive consumer spending, which is projected to grow from $1.5 trillion in 2021 to almost $6 trillion by 2030.
Organized retail sector growth: The organized retail sector in India grew by 34% in FY 2022-23, exceeding pre-pandemic sales figures.
Personal loan growth: Personal loan growth in India, which serves as a sign of consumer spending, increased by 23.7% year-on-year in January 2023, with loans for major purchases, like vehicles, showing strong growth.
Indian consumers shopping
Investment Opportunities for International Brands
International brands have several investment opportunities in the Indian retail industry, including:
Investing in omnichannel retail: Omni-channel retail is becoming increasingly popular in India as consumers expect a seamless shopping experience across all channels.

International brands can invest in omnichannel retail by integrating their physical and online stores, as well as by offering convenient delivery and return options.
Expanding into new markets: India is a vast country with diverse demographics, which presents international brands with the opportunity to expand into new markets. For example, brands can target emerging cities and tier-II and tier-III towns, which have a growing middle class with disposable incomes.
Launching private labels: International brands can launch private labels to cater to the specific needs and preferences of Indian consumers. This strategy can help brands increase their market share and profitability.
Partnering with local retailers: International brands can partner with local retailers to expand their reach and gain a better understanding of the Indian market. Local retailers can provide international brands with valuable insights into consumer behavior and preferences, as well as help them navigate the regulatory landscape.
Quick View
Overall, India's retail industry is a rapidly growing market with immense potential for international brands.
By investing in omnichannel retail, expanding into new markets, launching private labels, and partnering with local retailers, international brands can capitalize on India's growth story and achieve success.

5 key insights:

• Rising incomes, internet use, and middle class drive growth.
• Omni-channel retail is the future.
• New markets offer untapped potential.
• Private labels cater to local needs.
• Local partners guide global brands.

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03 November 2023, Mumbai

• The ready-made garment (RMG) sector sees a sharp fall of 22.6% from April to August 2023, compared to the same period last year.
• The textile sector also faces a 2% drop in production during this period.
• The Index of Industrial Production for Textiles and Clothing (T&A) shows a slight increase of 1.6% in textile output, but this is offset by a lower index in April.
• The RMG segment suffered a huge decline of 17.1% in August 2023 and 22.6% in the April–August 2023 period, compared to the previous year.

Reasons for the Decline

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• The government's new Quality Control Order requires man-made fibers, including imported ones, to have a Bureau of Indian Standards certification. This makes it difficult for local textile makers to get these materials from abroad at affordable prices and availability.
• Garment exporters lack orders, leading to lower output without major job losses.

Possible Solutions

• The recent increase in duty drawbacks may help boost exports in a slow market.
• The apparel industry hopes for more sales during Diwali and the wedding season.
• Clothing Manufacturers Association of India (CMAI) to organize “Brands of India,” the largest show of Indian apparel brands in Dubai in November 2023, to support the weak economy.

If the production trend continues, it could result in more job losses, especially for lower and middle-income groups.

Key Insights:

1. RMG sector plunges 22.6% in 2023.
2. Textile production drops 2%.
3. Slight textile output increase offset.
4. RMG segment declines 17.1% in August.
5. Challenges and solutions discussed.

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31 October 2023, Mumbai

WHY India

• Here are some of the key trends, challenges, and opportunities shaping the future of Indian fashion:

  Video Insights
  Trends
  Sustainability: Indian fashion brands are increasingly embracing sustainability, using eco-friendly materials, reducing waste, and ensuring fair labor practices. This is in response to growing consumer demand for sustainable fashion.
  Digitalization: The COVID-19 pandemic accelerated digital transformation in the Indian fashion industry, with brands investing in e-commerce, social media marketing, and virtual try-on experiences. This trend is expected to continue, with more brands adopting innovative technologies to reach and engage customers.
  Inclusivity: Indian fashion brands are becoming more inclusive, catering to the needs of diverse customer segments, such as plus-size, transgender, and disabled customers. This reflects the changing social landscape of India, where consumers are demanding greater representation.
  Challenges

  Competition: The Indian fashion industry is highly competitive, with both domestic and international brands vying for market share. To succeed, brands need to focus on innovation, quality, and the customer experience.
  Supply chain disruptions: The pandemic exposed the vulnerabilities of the global supply chain, disrupting the sourcing, production, and distribution of fashion products. Brands need to build resilient supply chains to mitigate these risks.
  Skills gap: The Indian fashion industry faces a skills gap, with a shortage of qualified workers in areas such as design, production, and marketing. This is a major challenge for brands that are looking to scale up their operations.
  Opportunities
  Export potential: The Indian fashion industry has strong export potential, thanks to its rich cultural heritage and craftsmanship. Indian brands can also capitalize on the growing demand for sustainable fashion in the global market.
  E-commerce growth: The Indian e-commerce market is growing rapidly, creating new opportunities for fashion brands to reach customers. Brands need to invest in their e-commerce capabilities to tap this growing market.
  Fashion law:

• The Indian fashion industry needs a robust legal framework to protect intellectual property rights, prevent counterfeiting, and ensure compliance with regulations.

• Such a framework would create a more favorable environment for businesses to operate in and drive growth in the sector.
  Net net

  Overall, the Indian fashion industry is poised for continued growth in the coming years. By addressing the challenges and embracing the opportunities, Indian brands can position themselves for success in the global market.

  Trends:

  • Green
  • Digital
  • Inclusive

  Challenges:

  • Competitive
  • Disrupted
  • Unskilled

  Opportunities:

  • Export
  • E-commerce
  • Law

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30 October 2023, Mumbai

India's Fashion Industry: A Growing Magnet for Global Brands

India is rapidly becoming a global center for fashion, attracting global brands with its unique blend of tradition and innovation, young and dynamic population, and growing middle class.

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Five Reasons Why Global Brands are Flocking to India

• Large and growing population: India has a population of over 1.4 billion, with a middle class expected to reach 547 million by 2025. This represents a huge and growing market for global fashion brands.
• Positive spending patterns and high brand awareness: Indian consumers are known for their positive spending patterns and high brand awareness. They are increasingly opting for quality and branded products, creating a fertile landscape for global fashion brands.
• Growing e-commerce market: India's e-commerce market is booming, creating new opportunities for fashion retailers and manufacturers to reach a wider audience. This is particularly beneficial for global brands, which can leverage their online presence to tap into India's growing e-commerce market.
• Rising incomes: Rising incomes, increasing brand awareness, and internet access are motivating Indian consumers to buy quality brands. This trend is fueling the growth of India's fashion industry and making it a lucrative market for global brands.
• Global issues: Global issues, such as de-globalization, have encouraged the international clothing and fashion industry to explore India's growth story, thus extending its global reach. 

This is providing global fashion brands with new opportunities to expand their operations into India.

Optimistic Outlook for India's Fashion Industry

The outlook for India's fashion industry is optimistic, as evidenced by the entry of numerous international brands into the market. 

While some brands have faced challenges adapting to the local context, India remains a prominent growth opportunity for the global luxury market.

Conclusion

A Lucrative Market for Global Fashion Brands: India's vibrant and diverse fashion culture, combined with its status as one of the world's fastest-growing and most competitive fashion markets, is making it a magnet for global brands. 

Global fashion brands are increasingly recognizing India's potential and are investing in the country to tap into its growing market.

5 key insights:

• Young and dynamic population
• Growing middle class
• Rising incomes
• Global brands attracted
• Lucrative market

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