Current size of the Indian fashion industry is worth INR1000 Cr while the market size is approximated to be INR 20,000 Cr by 2020. The global designer wear industry is currently poised at over Rs 2.2 lakh crore and likely to cross Rs 6.1 lakh crore mark by the end of this decade.
The Indian fashion has just rolled over from infancy to the growth stage. And the signs are great, why? – growing number of designers, boutiques and outlets, design schools and customers.
The fashion ecosystem is not about fashion designers, just like in any other country is also about fashion photography, pattern making, garment construction, accessory designing, make-up artists, modelling, fabric weaving, textile research and development, fashion journalism/editorial, and manufacturing to name a few. And there are Fashion Services professionals, PR firms and networking platforms which help fashion designers and freelancers in brand and business growth.
The Indian designer wear industry, according to a recent study by ASSOCHAM, is growing at a compounded annual growth rate (CAGR) of about 40 per cent. In the report titled ‘Trends in Indian Designer Wear Industry’, the booming industry in India is likely to cross the Rs 20,000 crore mark by 2020.
“The designer wear industry in India is driven by higher disposable incomes leading to rising purchasing power, emergence of mall culture, changing sense of style, dressing and growing fashion consciousness among urbanites,” said D S Rawat, Secretary General, ASSOCHAM. Currently, India’s share in the global designer wear industry is a minimal 0.32 per cent, but is likely to reach about 1.7 per cent by 2020,” said Rawat.
The New Trend in Fashion Ecosystem: – B2B Commerce
The fashion ecosystem in India is unorganised, but we have seen the changes coming and the industry is using new value driven tolls, startup services and technology to bring a system of organised communication and traction.