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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06 October 2023, Mumbai

The ITMF's Global Textile Industry Survey (GTIS) conducted in mid-September 2023 found that survey participants exhibited a cautious sentiment regarding the current business situation. 

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Summary:

The indicator for the business situation stood at -27 percentage points (pp), as companies in the entire textile value chain were struggling with rising costs and weak demand. 

Business expectations have remained unchanged since July at around +20 pp. 

Welcome trend; Order intake recovered in May 2023, but flattened in July and remained very weak in September (-28 pp). 

The entire textile value chain is running on minimum levels of orders. 

As long as brands and retailers do not increase orders, the entire value chain will continue struggling. 

Order book

Order backlog slightly increased globally, from 1.9 months in July to 2.2 months in September 2023. 

This indicator has been on a falling trend since the end of 2021. The average capacity utilization rate dropped again globally (69%). 

Textile manufacturers expect this rate to remain low in six months’ time as well. Weakening demand has been the major concern in the global textile value chain for a year. 

Growing concerns

In September 2023, this concern grew even stronger due to high inflation rates measured in the last few months, a phenomenon fueled by high energy and high raw material prices. 

Nevertheless, participants seem not to be concerned by order cancelations and inventory levels remain average along the textile value chain. 

Quick point

The GTIS survey findings suggest that the global textile industry is facing a number of challenges, including rising costs, weak demand, and supply chain disruptions. 

However, participants seem to be optimistic about the long-term prospects of the industry.

5 key insights :

• Cautious sentiment
• Rising costs, weak demand
• Order intake flat
• Capacity utilization low
• Long-term optimism

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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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05 October 2023, Mumbai

Celebrating Branding Excellence

Apparel Group's internationally renowned footwear brand, Crocs, has won the prestigious Superbrands status. The award was presented at a grand ceremony held on the 28th at the Intercontinental Hotel, Dubai Festival City.

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Superbrands Recognition

The Superbrands organization is a globally renowned independent authority and arbiter of branding brilliance. 

The Superbrands status is awarded to brands that have achieved exceptional levels of brand recognition, quality, and customer satisfaction.

Neeraj Teckchandani's Perspective

Neeraj Teckchandani, CEO of Apparel Group, shared his strategic perspective on the recognition, stating, "Receiving this prestigious Award is both an honor and a valuable affirmation of our strategic commitment to excellence and innovation. This recognition underscores our relentless pursuit of delivering unparalleled quality and value, reflecting the strength and resilience of our brand portfolio. 

I am immensely proud of our dedicated team, whose consistent efforts enhance our brand's reputation and strategically position us for continued growth and success in the competitive global market."

Crocs' Exceptional Ability

This award bears witness to Crocs' exceptional ability to grow and exceed in the competitive market, reinforcing its status as a leading brand in the global fashion and lifestyle industry. 

The award demonstrates Crocs' unique ability to resonate with consumers, offering products and experiences that stand out in the marketplace.

Apparel Group's Success

This recognition capitalizes Apparel Group's exceptional ability to nurture and grow brands in the competitive market, further solidifying its position in the global market.

Sum & Substance

The Superbrands status is a significant achievement for Crocs and Apparel Group. It is a testament to their commitment to excellence and innovation, and their unique ability to connect with consumers.

5 key insights :

• Crocs wins Superbrands status
• Celebrates branding excellence
• Recognizes brand recognition, quality, and customer satisfaction
• Commitment to excellence and innovation
• Unique ability to connect with consumers

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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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04 October 2023, Mumbai

Ambition to Action

The Global Fashion Summit: Boston Edition, held on September 27, 2023, convened hundreds of representatives from brands, retailers, NGOs, policy, manufacturers, and innovators to transform ambition into action. 

The Summit explored the 2023 editorial theme, ‘Ambition to Action’, while reflecting on and responding to what happened at Global Fashion Summit: Copenhagen Edition in June.

Speakers and Topics

Attendees heard from over 40 speakers from a range of companies and organisations, including Levi Strauss & Co., Tapestry, Neiman Marcus Group, Thunder Voice Hat, H&M Group, Alice and Olivia, BBC StoryWorks, New Standard Institute, Conservation International, Worldly, Trove, Ceres, Aditya Birla Fashion and Retail Ltd, and many more. The Summit also featured esteemed Indigenous speakers on the programme.

The programme featured bold panels, case studies, and leadership roundtables reflecting on topics including ‘Indigenous Leadership Perspectives’, ‘Exploring Fashion’s ESG Concept’, ‘On The Ground: Adaptation or Mitigation?’, ‘The Global Approach to Circularity’, and ‘Innovation for Value Chain Challenges’.

Highlights

Fashion CEO Agenda 2023

GFA published Fashion CEO Agenda 2023, a concise report to support the establishment and implementation of leadership strategies to achieve a net positive fashion sector. In a first for the Fashion CEO Agenda, this edition has been developed to include subsequent action areas for brands, retailers, and producers.

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GFA Designer Challenge 2023

GFA unveiled the latest response to the GFA Designer Challenge 2023, presented by Smiley. Julius Juul, Creative Director & Co-Founder, Heliot Emil, created an alliance with Upcycle Labs. 

The outcomes were showcased at the Summit through the release of a captivating new video depicting the journey of the designer.

GFA Policy Matrix: Americas

GFA launched the GFA Policy Matrix: Americas - a non-exhaustive document that encapsulates a wide array of policy efforts across the Americas. 

The Matrix complements the GFA Policy Matrix: EU edition released in June and summarises the key legislations going on implicating the textiles industry.

Fashion Redressed

Taking a glimpse into the dynamic world of fashion and textiles, the Summit presented a new online series titled ‘Fashion Redressed’ that was launched on 19 September with a collection of unique stories. 

This series expresses the creativity of the fashion world, spotlighting those who are working to find the stylish side of a more sustainable sector.

Circular Models

Trove and Worldly delved into their newly launched study, ‘Where Are Circular Models Effective Sustainability Strategies for Fashion Brands?’, which reveals where and how circular models play an important role for brands working to reduce their emissions when combined with upstream supply chain interventions.

Next Gen Assembly

The eight members of the first iteration of GFA’s Next Gen Assembly presented their manifesto via a powerful video message to attendees – outlining their aims and ambitions for the groups’ continued work to impact the fashion industry by supporting a sustainable trajectory.

Higher Ground?

The recently launched ‘Higher Ground?’ report, by ILR Global Labour Institute and Schroders, was discussed during the session ‘On The Ground: Adaption or Mitigation?’ The report covers the impacts of climate change on global apparel production.

Alliance for Chemical Textile Recycling (ACTR)

During the Global Circular Fashion Forum session, the Alliance for Chemical Textile Recycling (ACTR) was launched, representing a group of textile chemical recyclers for cotton, polyester, and blends. 

The alliance seeks to contribute to solutions for addressing the textile industry’s impact on society, the environment, and businesses.

Innovation Forum

Global Fashion Summit: Boston Edition also presented an Innovation Forum, enabling attendees to meet with 14 sustainable solution providers from across the value chain– equipping them with the concrete tools to expedite meaningful actions. 

GFS Connect facilitated over 90 connections between fashion companies and exhibitors during the Summit.

The Global Fashion Summit: Boston Edition was a successful event that brought together key players in the fashion industry to discuss and address the most pressing sustainability challenges. 

The Summit provided a platform for collaboration, innovation, and action, and it is clear that the industry is committed to transforming ambition into action.

The future is bright:

• Ambition to Action: The Summit explored how to turn sustainability goals into reality.
• Collaboration is key: The Summit brought together key players from across the industry to work together.
• Innovation is essential: The Summit showcased new technologies and solutions to address sustainability challenges.
• Action is needed now: The Summit participants are committed to taking immediate action to achieve a net positive fashion sector 

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