20 August 2022, Mumbai:

Rugby Apparel Market is Expected to Valuation of US$ 917 Million in 2022 and Reach US$ 2,984 Million by 2032.

The rugby apparel market is estimated to grow at a value of 11.3% CAGR, according to Future Market Insights. In 2021, this market was predicted to have a global valuation of US$ 917 Million, and is expected to reach a sum of US$ 2,984 Million by 2032.

The growing global interest in rugby games, combined with an increasing number of rugby players, is likely to drive market expansion in the future years. This population comprises both professional rugby players and individuals who enjoy the sport as a recreational hobby.

Rugby fan gear

With the increasing number of rugby tournaments, the global acceptance of rugby apparel has increased, propelling the entire industry. Furthermore, an increase in the number of tournaments and games, as well as increased sponsorship and partnership for rugby apparel to be worn in the game, will drive market growth throughout the projection period.

Consumers’ increased focus on environmentally friendly materials to maintain wearer comfort, as well as their increasing transition toward sustainable rugby gear, is boosting product demand and thus market expansion.

Rugby league apparel

Rugby gear provides the flexibility of movement and comfort, as well as moisture management, which is driving market expansion. Another factor driving the global market demand for rugby apparel/garments is the growing female participation in the sport. However, because rugby is not a popular sport among the general public, it is likely to limit market growth over the forecast period.

Furthermore, limited commercial exposure for products is projected to stymie market expansion in the future years. In contrast, increased investments in this sport combined with innovation in apparel are projected to create profitable prospects for the market throughout the forecast period.

Rugby apparel

Key Takeaways from the Market Study

·         In 2022, the global rugby apparel market is estimated to have a global market size of US$ 1,022.85 Million.

·         By product type, the upper wear segment will account for 51% of the global market share in 2022 and grow with a 11.8% CAGR during the forecast period.

·         By product type, the bottom wear segment will exhibit a 10.3% CAGR during 2022-2032.

·         The APAC rugby apparel market is expected to grow with a 11% CAGR during the forecast period.

·         The European region is projected to acquire 41% of the global market share in 2022 and grow with a 12.2% CAGR during the forecast period.

Rugby jersey jumper

“Growing demand for fresh and innovative rugby readymade garments/apparel designs among players is pushing the market size. Another major element driving the market is the growing number of females playing rugby and participating in rugby games around the world,” comments a Future Market Insights analyst.

Competitive Landscape

The market is highly fragmented and competitive, with worldwide companies pursuing product innovation methods. A range of activities is being undertaken by key industry actors to increase their market position.

These processes include mergers, collaborations, and acquisitions, as well as the development and introduction of innovative products, global expansion, and others.

§  Nike frequently uses social media outlets to promote brand visibility, which also aids in product sales volume and also additionally promotes through various media in order to propagate social messages regarding women’s empowerment and sports participation.

§  For the upcoming 2022/23 season, Canterbury launched the redesigned Ireland Rugby Home jersey in 2022. This will be worn by the men’s and women’s teams, along with a selection of training equipment all rugby fans can enjoy.

This year’s shirt reflects the strength and solidarity of Irish players, fans, and supporters as they prepare for upcoming test matches against strong opponents.

(These insights are based on a report on the Rugby Apparel Market by Future Market Insights.)

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18 August 2022, Mumbai:

Preview

With customers buying clothing, footwear, and accessories in more significant numbers than anticipated in advance of a lengthy list of festivals beginning with Dasara and finishing with the wedding season, fashion businesses have many reasons to rejoice this holiday season. Sales and bill sizes for retailers' holiday collections have increased by 15% to 20% thus far this season.

According to one KPMG report," Empowered consumers, digital disruption, rising costs and shifts in purchasing behavior are challenging today's consumer and retail businesses. Festive Success But Head Winds for 2022".

Despite the general downturn, marketers have made a concerted effort to pack a punch to maintain holiday spending. Marketers have been working hard to charm their customers around festivity and festival by offering value-based freebies like dinners, movie tickets, or beauty services and maximizing in-store discounts and loyalty club advantages. According to early studies, consumers are savoring attention.

Festivity at number one

An additional benefit is that the holiday season began earlier this year, in October than last year. Retailers with a national presence report a noticeable increase in sales at their locations in the East and South, where Dasara is enthusiastically observed.

According to Vinay Bhopatkar, Brand Head at Van Heusen, early signs of the holiday shopping season in Kerala and the East show higher expenditure, particularly on clothing and accessories. We predict this pattern will hold throughout India over the future holiday seasons. Additionally, to encourage consumer foot traffic during the season, they have solid marketing activities in place, Bhopatkar continues.

Festivity calendar 2022

Due to increased shopping before the local pujas, Max Retail reports that their same-store sales in the East surged by an astounding 80% on their holiday assortment. We have noticed a rise in shopping since Onam.

According to one KPMG report," Uncertain outlook for 2022 if consumer confidence falls, as costs continue to climb for the retail sector".

We are witnessing a more informed and discriminating customer. They don't want expensive goods, but they aren't prepared to forgo the newest fashions, according to Vasanth Kumar, executive director of Max Retail.

Festival awakenings

Special days called celebrations are observed all across the world. Every culture has a unique holiday collection that reflects its long-standing rituals and traditions. Celebrations significantly impact the fashion business in terms of attire, theme decorations, and a variety of other aspects.

Celebrations have an impact all year long, but they are particularly noticeable during festival seasons when activity levels are higher than usual. Most individuals dress for the festivals, whether they are religious or cultural. Depending on the type of event, several types of clothing can be worn, such as long gowns for weddings and shorts, a genuine chrome hearts sweatshirt, and jeans for a nightclub party. This demonstrates how strongly festivities affect the fashion world.

Festival clothes

As fashion tastes shift, casual ethnic dress has become the favored choice as time passes. Ethnic clothing, including salwar-kameez, kurtas, palazzos, dhoti pants, and sharara suits, became trendy during these periods. These modern styles may be purchased at in-store and online shops that provide great shopping deals and attractive trends.

Shopping during festivals is fun for everyone since there are tonnes of the newest clothes for both men and women. It's also time for fashion designers to display their artistic talents via their festival collections.

They provide apparel that is both stylish and comfortable. It may be a runway collection displayed at a fashion show or exhibits, and stores open only during festival time.

IN SHORT

Consumer buying habits alter throughout the festival season. Due to increasing investment in the textile industry, consumers are more inclined to purchase celebratory clothing. Urbanization is one factor that affects consumer buying behavior.

Every year, a rising graph showing increased sales over the holidays is seen in the fashion business. As per one KPMG report," Pent up demand, especially for new clothes, has so far been at significant enough levels to keep the overall retail sector in relatively good health".

Additionally, everything is now clear because of the internet's accessibility to information, which has significantly contributed to consumer behavior changes.

One of the other elements influencing the evolution of the fashion industry is the availability of reasonably priced clothing for online purchasing.

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17 August 2022, Mumbai:

Apparel industry overview

Seasonality is something that manifests itself in the apparel/fashion industry According to one EDITED report," Apparel seasonality is shifting. Retailers are increasing summer apparel more than winter apparel and consumers are into it."

Waiting for a week typically results in discounts on many of the same expensive things bought during the holidays. As a result, some people could decide to give gifts after the customary holiday because they can save a lot aware of seasonal pricing.

For travel and tourism, it's equally critical to comprehend seasonality. When choosing the best time to travel, it can be helpful to know when the busiest time of year will be and how it may affect the cost of transportation, lodging, and entertainment.

ALSO READ  Upcoming festive season will boost apparel sales in India, hope retailers

RELATED NEWS .  Rising inputs costs compel retailers to hike apparel prices

Apparel industry in india

According to one research gate report," Demand forecasting of fashion apparel products has to cope with serious difficulties in order to get more accurate forecasts early enough". One of the sectors with the quickest rate of growth is the textile and apparel/garment sector, which employs millions of people.

These factories process textiles by using hazardous chemicals, which increases environmental contamination and raises public awareness. This has led to the adoption of environmentally friendly enzyme-based treatment methods by textile manufacturers, with fungi serving as the primary microbiological source of these enzymes.

ALSO READ Retailers optimistic as apparel sales clock growth in March

Apparel industry business process

It also impacts managing a hospitality company and making decisions about how to estimate staffing and employment needs. Better planning, budgeting, and long-term capital allocation can result from knowing when to engage seasonal staff to prepare for a spike in visits. To be a wise investor, one must comprehend the seasonality of stock upticks and downturns. Companies frequently seek to improve specific indicators near the conclusion of the fiscal year to attract additional investors.

It may be beneficial to buy or sell shortly after learning how the earnings season may affect the trading activity and share prices. The pandemic's start and stop have clouded the pricing picture, and since it has persisted long enough, the COVID-19 economy of today is being compared to the COVID-19 economy of last year, weighing the ridiculous with the downright insane.

ALSO READ Rising cotton cost compel Indian fashion retailers to hike apparel prices

Apparel industry business model

Last month, prices for all goods and services increased by a seasonally adjusted 0.8% compared to October, which was somewhat more than expected by economists. Still, they were up 6.8% compared to a year earlier, which was a significant change.

Prices for apparel/clothing increased by 1.3 percent from month to month and by 5% from year to year. New technologies like digital fitting rooms and virtual assistants have improved in-store customer experiences for brands.

Additionally, the development of Blockchain Technology, Artificial Intelligence, Metaverse, and other technologies will assist firms in releasing premium products into the market more quickly and generate more income. According to estimates, 32% of fashion executives believed that in 2022, digital technologies would present many prospects.

ALSO READ Consolidation Is In The Air: How Is It Affecting Textiles & Apparel Industry

Apparel industry during covid

Different consumer markets and sourcing locations will recover from COVID-19 shocks in different ways. Nations with strong healthcare systems and resilient economies will succeed.

In this situation, fashion executives should prioritize investment choices and continuously assess the location risks. Many fashion and apparel/garment companies will be able to recover some of their lost value in 2022 as a result of the pandemic. 

Apparel industry essay

According to one apparel resources report," The concept of seasons in the fashion industry started because people needed season-relevant clothing due to the extremities in weather.

Businesses in the fashion and apparel industries will benefit from the development prospects in 2022 because they will be able to produce higher-quality goods faster, do their part for the environment, and make a profit. Companies need to be more open with their customers in order to meet their expectations and overcome the difficulties of supply chain management.

By utilizing circular business models, eco-friendly materials, and sustainable technologies, brands can become more sustainable. Retailers and clothing brands can put in a lot of effort to overcome these obstacles and look forward to better chances in 2022.

Currently, given the looming increase in macroeconomic uncertainty, managers in the apparel/fashion industry regarding how the coming market & festive season will pan out in the near/midterm future and what the right corporate & marketing strategy is to cope up & sail through.

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19 August 2022, Mumbai:

Secular Trends

Trends for 2022 point to constant innovation, ESG, and customers-centric industry approach are anecdotal tailwinds.

The Indian textile sector had difficulties in the years 2020 and 2021. The mix of products changed, and production timelines fell. Overall, the industry survived the storm unfazed by all the losses, and a cross-section of the industry that the Textile Value Chain spoke to and interviewed thought that good times are coming in 2022.

There were various sources of the rekindled excitement and confidence. First, it shows that both real and digital gave optimism wings toward the end of 2021 and the beginning of 2022.

Textile industry trends and prospects

Visitors are confident that the trend of these Phygital events will continue in the months to come as a result of the hybrid editions of Techtextil India, Gartex, and SITEX 22.The statements made by Mr. Ripple Patel, Managing Director of FiotexCotspinPvt. Ltd, that "The Year 2021 was a full surprise year packed with anxiety and delight," are echoed by several business leaders.

2021 The year it was

The year 2021 was successful; the industry had healthy margins, the whole textile value chain prospered, and Indian textile industries received a significant boost. This year, Fiotex took a step toward meeting 50% of its green energy demands using renewable energy, and we did it by building 2.6 MW WTG to meet 30% of our needs.

Textile industry trends in India

After the bloody market of the previous year, the spinning industry breathed a sigh of relief, and we too concentrated on efficiency as a path to profitability.

Additionally, cotton prices increased dramatically after the year, which is a risky development. Margin pressure will be felt across the board. Demands on a national and international level are changing, and so are the dynamics.

Textile industry growth rate

Textile industry growth in china: Without China, the textile value chain may encounter some difficulties, and for Cotton Spinners this year, a lot will rely on local circumstances.

As per one Textile value chain report," India will become a net importer of cotton from 2021-22 cotton season onwards and become dependent from Atmanirbhar".

Summarising 

ICRA, a company that provides consumer ratings, is optimistic that the Indian textile industry will stabilize in 2022, with the cotton spinning and clothing export divisions performing exceptionally well.

According to the report, cotton spinning and clothing exports might rise by 15% to 20% in 2022. The domestic apparel/clothing and fabric categories may each experiencing growth of between 35% and 40%. The 2021 fiscal year, however, is anticipated to have experienced even more pronounced decreases in these categories.

According to a senior at Corporate Industry Ratings, "as demand continues to normalize in both domestic and export markets, we expect the textile sector performance to rebound to pre-Covid levels in FY2022 on a wide level."

ICRA is convinced that the worst pandemic is behind us due to vaccine rollouts and rising consumer optimism. The textile industry anticipates that the upbeat feeling of the most recent third quarter of the 2021 fiscal year will continue in the following quarters due to economies opening up and an increase in local and export demand.

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18 August 2022, Mumbai:

Bird's Eyeview

In the fashion world, navigating the internet buying experience across numerous channels may be stressful since it can be challenging to determine the fit and size of a particular product. This condition creates a perplexing predicament that pressures both the buyer and the seller. 3D avatars are used as a model to better comprehend how things fit together.

Customers may accurately make purchases with the aid of interactive 3D product viewing and configuration.

3d avatar for streaming

A showroom tour streamlines tailored and intelligent consumer solutions that result in rapid product discovery. The virtual characters in these online shops serve various functions, from being essential to the buying experience by displaying the goods to guiding customers through suitable interaction.

3d avatar illustration

In the fashion world, the difficulty of determining the fit and size of a given product may make the internet purchasing experience across numerous channels daunting. Due to the pressure, this circumstance puts on both the buyer and the seller, a perplexing scenario results. 3D avatars act as a model, which makes it easier to comprehend the fit.

Customers are assisted in making appropriate purchases through interactive 3D product viewing and configuration. A showroom tour makes intelligent and individualized consumer solutions that make rapid product discovery more efficient.

In these virtual stores, the virtual avatars serve several functions, from crucial to the buying experience by showcasing the goods to guiding customers through suitable interaction.

3d avatar generator from photo

The most notable change we are now seeing that has been influenced by the epidemic is the proliferation of online fashion and augmented reality (AR) clothing. Shortly, they're anticipated to become a way to dress your avatars in online games and virtual meetings, even while lounging at home in your pajamas.

A digital avatar is a picture of a person or a user's persona acting in a certain way. This may be a 3D character like those in video games and virtual worlds, or it could be a 2D symbol like those on social networking sites and forums. A tech-savvy group of fashion aficionados developed the social media-driven trend.

Create a 3d avatar of yourself

A 3D avatar's body measurements are taken to guarantee size homogeneity and create new fashions. These digital avatars reduce the cost of sampling and speed up 3D fit analysis during the early stages of product development. To evaluate clothing draping and stress behavior as the body moves to extreme positions for fit purposes, avatars can be animated to fit positions. This feature makes it considerably simpler to get to a well-fitted authorized production sample by allowing you to try to solve fitting-related concerns digitally early in the garment design phase.

3d avatar

For the virtual runway, 3D artists have total control over their avatars. 3D avatars that seem genuine have been created and animated for virtual fashion presentations.

With the current 3D technology, there are many possibilities for producing unique and authentic digital avatars. Digital avatars that have been built are capable of various dynamic poses and natural, synchronized body and attire movements. When original camera angles, lighting, and backdrops are used, a 3D digital clothing presentation that is professional, amusing, and creative is produced.

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12 August 2022, Mumbai:

What is apparel retail industry

The apparel retailing industry broadly entails comprises businesses/enterprises engaged in the business of selling viz women's, men's, children's, and infant's apparel constituting categories such as formal wear, activewear, evening & nightwear, athleisure, beachwear, celebration, ethnic wear, casual wear, outerwear & so and so forth.

Operating margin1 to expand, but inflation to limit it below pre-pandemic levels.

A combination of strong same-store sales, new store launches, and higher contribution from online channels will sew 21-23% revenue growth for apparel retailers this fiscal, or ~500 basis points (bps) more than the pre-pandemic (fiscal 2020) level, despite elevated inflation impacting discretionary demand.

ALSO READ  Upcoming festive season will boost apparel sales in India, hope retailers

RELATED NEWS .  Rising inputs costs compel retailers to hike apparel prices

CRISIL REPORT OUTLINES

Operating margin will improve 175-200 bps on year to 7.75-8%, supported by an increase in scale leading to better fixed-cost absorption, price hikes, and a greater share of private labels. However, higher input prices will cap the operating margin 50-70 bps below the pre-pandemic level. Among the key inputs, domestic prices of cotton almost doubled between April 2020 and May 2022.

Despite some moderation since June 2022, they are expected to remain higher than what it was before the pandemic.

A study of 46 CRISIL-rated apparel retailers, which account for more than a third of the organised sector’s revenue of ~Rs 90,000 crore, indicates as much.

ALSO READ Retailers optimistic as apparel sales clock growth in March

Garment and Retailers

Says Naveen Vaidyanathan, Director, CRISIL Ratings, “Revenue growth of apparel retailers will be driven by better same-store sales and higher contribution from new stores set up in the past 2-3 fiscals. These had contributed sub-optimally during the pandemic.

Additionally, rising average selling price and transaction size are helping offset in-store footfalls that continue to trail pre-pandemic levels amid high inflation".

CRISIL Ratings expects large apparel retailers to grow faster at 25-30% this fiscal, compared with 10-15% by their small and mid-sized counterparts2. This would be on a relatively lower base as the large ones, being predominantly situated in malls and high streets, were impacted more by the pandemic-related lockdowns.

ALSO READ Rising cotton cost compel Indian fashion retailers to hike apparel prices

Role Of FDI

Clothing retailers and brands

They will also lead the improvement in operating margins with ~250-300 bps expansion this fiscal. Because of higher fixed costs, their operating margins were more negatively impacted during the pandemic. That situation will now reverse. Moreover, they typically have stronger and well-established brands that command higher gross margins compared with mid-sized apparel retailers.

CAPEX

Capex by apparel retailers is set to rise over 30% on year this fiscal because of the improvement in demand. Apart from store expansions, the addition of warehousing space and investment towards brand acquisitions, a significant part of the spending would be to augment tech platforms and online offerings. The share of online channels in the overall revenue of apparel retailers is expected to cross 15% this fiscal vs ~5% in fiscal 2020.

Fashion retailers by revenue

Says Shounak Chakravarty, Associate Director, CRISIL Ratings, “The expected improvement in cash accrual, which will largely fund CAPEX, will strengthen the credit profiles of apparel retailers this fiscal. Debt metrics are seen comfortable with gearing below 0.5 time and interest coverage set to improve to over 10 times this fiscal, compared with ~6 times last fiscal. Balance sheets are already sound with several apparel retailers having raised equity even during the pandemic".

Summing-Up

In the road ahead, further waves of the pandemic, resultant lockdowns and mobility restrictions, and higher-than-expected input cost inflation that could lead to downtrading and ultimately affect profitability would bear watching.

Apparel retail companies in India.

1 Operating margins are calculated on a pre-IndAS basis, with lease payments treated as an operational expense

2 Large retailers’ revenue is typically more than Rs 1,000 crore, with a pan-India presence.

(CRISIL report) The article has not been edited by DFU Publications staff

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18 August 2022, Mumbai:

Prologue
There's great promise in the fashion industry in India--but challenges as well| McKinsey.

Fashion often refers to a current trend or style. The phrase fashion goods refer to a broad range of things, including apparel, cuisine, fragrance, music, vehicles, and cosmetic products. The worldwide business community now considers fashion to be essential. 75 million people were employed by the worldwide fashion industry in 2012, which had a value of USD 1.7 trillion.

The clothing/apparel and textiles sector contributed the most to the fashion retail sector. Who are the consumers who are likely to shop for fashion? must be answered in order to sell fashion clothing efficiently. Understanding the answer to this issue will enable marketers of fashion items to focus their marketing efforts on the right target markets.

What comes under demography

One of India's oldest industries is the textile and apparel business. The Indian Brand Equity Foundation (IBEF) claims that the textile industry is special in contrast to the industries of other nations due to its tight linkage to agriculture and the old culture and traditions of the country in terms of textiles.

While names like Zara, Armani, Forever21, or Uniqlo appeal to Indian consumers and generate greater per square foot sales than departmental or hypermarket stores, labels like Benetton, Zodiac, Z3, Zara, Vero Moda, Calvin Klein, Diesel, and Tommy Hilfiger have seen excellent sales growth in the nation.

India's national demography

Consumer behaviour refers to the steps taken by people, groups, and organisations to satisfy their wants and desires by looking for, purchasing, utilising, and discarding goods, services, ideas, or experiences. These actions are completed in a systematic manner, commencing with the identification of a need, followed by information research, purchasing, and post-purchase assessment.

One research gate study has noted a positive correlation between agreeable, extroverted, open-minded, and stable with fashion shopping in the Indian clothing market. In addition to the exterior situational settings that influence consumer decisions, a number of crucial internal elements are known to have an impact on purchasing behaviour.

Consumer demographic traits including age, gender, marital status, employment, education, and income are included in these internal variables.

Meaning of Indian demography

Continuous patterns, such as shifts in age, gender, and income distribution, which indicate commercial prospects, are shown by demographic statistics.

The evaluation of several characteristics that are often connected with clothing is significantly influenced by demographic considerations.

Higher socioeconomic class consumers will favour a certain kind of clothing that they believe will meet their demands. Similar to how purchasing decisions would depend on age. It's possible that older buyers don't value the same qualities in clothing as younger shoppers do.

India's national demography

Marketers are interested in the number and types of households that own and/or purchase particular products, and they have also come to realise the advantages of focusing their advertising efforts on particular marital status subgroups.

For many goods and services, the household continues to be the relevant consuming unit.

As per one of Wazir advisor's reports," India’s medium- to long-term growth and its positive impact on private consumption will be determined by the interplay of demographics and urbanization".

Indian demograph

Income, education, and employment are further demographic factors. Although income has long been a crucial demographic factor for identifying markets, targeting a market only on the basis of money has significant drawbacks because it only shows a consumer's ability to make a purchase.

As per one of Wazir advisor's reports," Moreover, the younger population is naturally pre-disposed to adopting new trends and exploration given their education profile and their exposure to media and technology. This backdrop manifests as an opportunity for domestic consumption in the form of branded behaviour, organization retail, and product designs".

In light of this, this study looked at the combined influence of demographic factors on clothing/apparel customer purchasing behavior substantial rise in the working age population (from 36 percent in FY 2000 to 48 percent in FY 2016) augurs well for the growth momentum of the Indian economy going forward, as it will lead to rising income levels.

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17 August 2022, Mumbai:

Textile Industry Outlook

Imported inflation pressure remains the overarching risk. According to Upendra Prasad Singh, the textiles secretary, Indian textile makers are beginning to see a slowdown in demand due to rising energy and food costs that have reduced demand for goods like curtains and bedspreads in the US and Europe's key export markets. Inventory levels are pretty high at the time.

According to Textile Secretary U.P. Singh, the Ministry of Textile demand has decreased due to the US's high inflation rate, particularly for home textile items since they are more price-sensitive than clothing and apparel.

Is the global economy headed for recession

According to the most recent data on industrial and services activity, the US and European economies are facing bleaker prospects. Recession risk is being exacerbated by high energy prices as a result of the conflict in Ukraine, supply chain delays as a result of pandemic-related lockdowns in China, soaring commodity prices, and rising interest rates.

Global recession fears 2022

India's exports have also declined sequentially after reaching an all-time high in FY22. The nation's trade imbalance came to a record in June due to a substantial increase in imports of gold and oil.

"While demand isn't as strong as it was a year ago, there are still chances. The China plus one approach is being used by other nations. Sri Lanka is likewise clearing out space in the industry. He boosted export development through free-trade agreements with Australia and the United Arab Emirates. 

Global recession fears loom large

In addition to outsourcing labor and production, the US imports raw resources from foreign nations. Consumers are starting to reduce their spending due to the stress the US is experiencing and the potential for an impending recession.

Consumers' worries are being stoked by recent reports on bankruptcy rates and a decline in employment growth. The fashion sector is probably going to feel the effects of this. The taste of consumers may shift in the following months from luxury items to necessities. They'll be inclined to seek ways to save money.

Global Recessionary Fears

Sakthivel, President of the Tirupur Exporters Association, said, "There would undoubtedly be some impact on textile shipments to the US." Items with lower value and a price tag of $3 to $7 per piece will be less impacted. On the other hand, there is a positive rise in domestic demand. The market seems promising and is expanding steadily. 

How to prepare for global economic collapse

To balance their profits, Indian clothing producers are increasingly concentrating on the request of wealthy consumers in the home market.

According to Virendra Sharma, the president of Oswal Wool Mills in Ludhiana, which owns the Monte Carlo brand, As much since 85% to 90% of our output is for the domestic market as the demand has been fantastic in the nation these previous two quarters, according to the news.

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05 August 2022, Mumbai:

Outlines

The textile industry is the only sector in India that offers skilled and unskilled laborers a significant amount of employment.

Enhance the nation's primary industry; is necessary. It also contributes significantly to job generation, second only to India's retail industry, which accounts for more than 10% of the nation's GDP and over 8% of all employment.

ALSO READ Persistent Inflationary Forces Playing Out & Its Impact On T&A

RELATED NEWS .  Rising inputs costs compel retailers to hike apparel prices

Report for IndianTextiles

More than 4.5 crore people are employed directly in the textile industry in India, while a further six crore people, primarily women and rural residents, are used in associated industries.

Both domestically and internationally, the Indian textile industry is significant. It is regarded as the second-largest industry for manufacturing fibers, yarns, and fabrics and is of great significance globally.

ALSO READ China Penalty Tariffs on Finished Textiles & Apparel

Policy Interventions

The Modified Technology Upgrading Fund (ATUFS) scheme, introduced by the Indian government, is being implemented for the textile sector with a cost of $17,822 crore from 2016 to 2022 to attract $1 lakh crore in investment. By 2022, this is anticipated to produce 35.62 lakh job openings in the textile industry.

The sector can favorably impact the ecosystem with this plan and the most recent implementation of the PLI scheme for textile, which aims to attract investment of $19,000 crore for the manufacturing of high-value synthetic fibers, fabrics, garments, and technical textiles. Ministry of Textiles' concerted efforts to skill the labour force in textiles and technical textiles value chain under SAMARTH is also a right scheme in the right direction.

ALSO READ Decode In Fashion Space: Disposal Income v/s Non-Discreet Spend!

Role Of FDI

invest India textiles

Foreign investment, retail sector expansion, private sector involvement, and global cotton demand have been some of the industry's main growth drivers. For the textile industry, the rise in the FDI limit in multi-brand retailing has benefited because it has increased competition and given consumers more choices.

Outsourcing is expected to increase as foreign companies establish themselves in the domestic market. Population expansion has been an additional important driver in the increase in employment in the sector.

According to one KPMG report," Moreover, the industry and the Government could come together for attracting investments and creating support infrastructure for emerging sectors like Textile, other job-creating sectors.

Job creation in India

Apart from jobs in the tech industry, job openings in nine critical sectors, such as manufacturing, IT, and financial services, have increased at an average annual rate of 3.42 percent since 2014, according to the Ministry of Labor's most recent survey on the overall picture of the employment situation in India.

According to projections based on a study of 10,900 businesses, these industries—which include manufacturing, technology, financial services, and commerce—will employ 30.8 million people by the end of June 2021, up 29% from the 23.7 million used at the end of March 2014, the last time the survey was done.

Summing-Up

Simply put, high-quality products will be made possible by intelligent R&D, more robust product standards, joint ventures and partnerships, regulatory standards, and government backing for workplace safety efforts. India's total textile exports in 2015–2016 reached $40 billion thanks to technological developments. $223 billion was predicted for the sector by 2021.

However, due to the ongoing pandemic crisis, the demand for yarns and fabrics remained muted throughout the first half of FY 2020–21.

The industry anticipates a recovery and significant employment by the second part of the 2021–22 fiscal year, with incomes normal throughout the textile value chain and recent government announcements of different programs, including PLI.

According to one ET report," Increasing investments in infrastructure development, skill upgrading, digital augmentation, job creation, and MSME development could help country aligning us to the vision of current dispensation of hitting 5$ tn dollar economy.

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