26 July 2023, Mumbai
Market Insights
The Indian apparel market has witnessed remarkable growth, expanding between 15-20% in FY2023, reaching an estimated size of Rs. 7.80 lakh crore, according to the Clothing Manufacturers Association of India (CMAI).
Positive prospects despite challenges
The organized sector is projected to capture a substantial 25-30% share, with renowned brands like Shoppers Stop, Reliance Trends, Lifestyle, V-Mart, and others actively extending their presence in Tier-2 and Tier-3 markets.
Despite a slowdown earlier in the year, with moderate growth of 5-6% in garment retail sales, there is optimism surrounding the forthcoming festive season, as demand for apparel is expected to surge.
NGF
Recently, the CMAI hosted the 77th edition of the National Garment Fair (NGF 2023) in Mumbai, witnessing an impressive gathering of over 35,000 visitors, including national and regional retailers, distributors, and wholesalers, presenting a diverse range of fashion at the event.
About CMAI
With a rich history dating back six decades, the CMAI stands as the representative association of the Indian apparel industry, comprising over 4000 members and serving more than 20,000 retailers. It is the sole Indian association representing the entire apparel industry on esteemed international platforms like the International Apparel Federation (IAF).
