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The process of making clothing and accessories, such as shoes, coats, blouses, and pants, involves cutting textiles and other materials and sewing them together.
Over 300 international fashion brands are expected to launch in India over the next two years, as the country grows into one of Asia’s most appealing consumer markets. International fashion brands will want to open stores in India because of the country’s growing middle class, strengthened manufacturing sector, and economy.
As a result, India is poised to transition from an increasingly important sourcing hub to one of the most appealing consumer markets outside of the Western world. Despite structural challenges such as inequality, infrastructure, and market fragmentation, strong economic growth, scale, and rising tech-savvy are expected to combine to make it the next big global opportunity in fashion and apparel.
The India apparel market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
India’s economy has been severely impacted by COVID-19. Numerous transportation options, including trains and flights, are suspended as a result of the nationwide shutdown, which is anticipated to harm domestic business in India.
Since the virus is currently also harming and disrupting the global economy and supply networks, the issue is also having a serious impact on the Indian economy.
The COVID-19 pandemic is anticipated to largely have a negative influence on exports, with second-order effects on domestic markets, resulting in a decline in both exports and domestic sales.
The epidemic has impacted the bulk of India’s export markets (the US and EU together account for about 60% of the country’s total garment exports in value terms), resulting in order cancellations and order delays that have increased inventory levels and increased working capital needs.
The last quarter of FY20 saw a dry up in apparel orders, problems with working capital, and a lack of clarity on tariffs and incentives, particularly as exporters from Bangladesh, Sri Lanka, and Vietnam are given privileged access.
The closure of all of India is also having an impact on domestic consumption. In addition, domestic prices could be significantly impacted if exporters dump their stockpiles in the domestic market, leading to even lower margins.
New store openings have ceased, and even domestic stores are dealing with an inventory build-up due to clothes supplies for the next summer season. This could cause short-term blips like lower spending and casual labour employment (due to factory closures and workers returning to their hometowns).
Reliance Industries Ltd’s retail division opened its first in-house premium fashion and lifestyle store, as the company expands its presence in India’s luxury market. Azorte, the first of which opened in Bengaluru, will compete with Mango and Industria de Diseno Textil SA-owned Zara, catering to millennials and Generation Z.
Triumph International India, one of the world’s leading intimate apparel brands, opened its first exclusive standalone retail store in Pune at Phoenix Marketcity, Viman Nagar. The 804-square-foot store is themed, with set-ups and fixtures in both brands’ signature colors. Customers can also get expert fitting advice from their well-trained fit specialists.
Stargate Tech, an Indian fashion-tech company, has launched the womenswear brand Bostreet. The company also launched the Bostreet website and app, which features over 1,000 styles of co-ords, trousers, t-shirts, denims, skirts, and shorts.
Bostreet will introduce international fashion to the Indian market. Bostreet also debuted its first collection on Myntra Stylecast, marking the company’s first collaboration with a multi-brand e-commerce platform.
Van Heusen, Aditya Birla Fashion and Retail Ltd’s (ABFRL) leading power dressing brand, has announced the launch of a new sub-brand in activewear called ‘Flex.’ The Van Heusen Flex range is aimed at young professionals and is designed to look sharp while also providing true freedom of movement and being infused with superb style and comfort.
Innovations to Look out for in Indian Textile Industry.India is on track to replace China as the world’s primary producer of textiles and clothing. The competitiveness of the Indian textile and clothing sector will, however, depend on innovations and how quickly they are adopted.India’s textile and clothing sector makes a significant contribution to the nation’s economic growth. Close to 5% of the country’s GDP is contributed by it, and it directly and indirectly employs close to 10 crore people.
Despite the COVID-19 epidemic, the industry is continually raising the bar to surpass China, the European Union, and Vietnam as the world’s new centre of textile and clothing manufacturing. However, in order to keep a competitive advantage, businesses must concentrate on new solutions due to a rise in global rivalry, shifting consumer tastes, and growing worries about climate change.
The world requires innovation to strike the correct balance between two important factors: technology and sustainability. Disruptive technologies should be both technologically and environmentally feasible.
Consumers have changed their attitudes towards the Internet of Things (IoT) throughout time, and companies and designers have followed suit. Innovation continues to be at the core of the textile industry, whether it is in marketing, supply chain management, or production.
New advances in design technology make it simpler to create and market a product. One of the first phases in making a new costume is figuring out the ideal fit, such as how loose or well-fitted the outfit is meant to be, and 3D rendering may assist with this process.
Due of the reduced waste and labour requirements of 3D printing, several brands are increasingly using it in their collections. The ability to remotely monitor and operate equipment as well as gather data to enhance operations benefits businesses as well.
The development of blockchain has significantly changed how major international businesses are handling their supply chain management problems. This innovative technology makes it possible to transparently track all the pertinent data points, which benefits not only the manufacturers but also the suppliers and distributors. Blockchain will have a big impact on how the sector communicates and completes transactions, even if technology is still in its infancy in India.
