To provide additional job opportunities
Global designer wear market worth Rs. 1,80,000 crore
Call to set up more fashion design institutes
KOCHI: The Indian fashion designing industry is expected to touch Rs.750 crore by 2012 from the present estimated level of less than Rs.290 crore, according a report brought out by the Associated Chambers of Commerce and Industry (Assocham).
The industry will create additional employment opportunities for over 50,000 skilled professionals like fashion designers and merchandisers.
Indian companies’ heavy investment in the industry, ready availability of designer wear in shopping malls and consumers’ interest in designer wear and exposure to western media are the main reasons behind the quantum leap, the report said.
The Indian fashion industry accounts for barely 0.3 per cent of the international industry’s net worth.
Currently, the global designer wear market is worth about Rs.1,80,000 crore and growing at 10-10.5 per cent every year, an Assocham analysis said.
As per the estimates, Indian designer wear commands a category engagement of 66 per cent for male customers and 57 per cent for female customers, according to the analysis.
The category engagement in western designer wear is 5 per cent. Excluding western wear, the per capita per annum spending on designer wear for men is Rs.48,627 and Rs.56,271 for women.
About 60 per cent of male shoppers and 72 per cent of female shoppers prefer shopping for designer wear in departmental stores. Comparatively, 46 per cent of male buyers and 38 per cent of female buyers vouch for exclusive brand showrooms, the analysis said.
The government should establish more fashion institutes across the country with R&D facilities in each State or at least every zone so that the regional expertise in apparel are brought to light and blended with other regional and international deigns to produce high breed design, according to the organisation.
The frequency of purchase is the highest amongst youngsters. However, women in the 41 to 50 years age group are also big shoppers.
The northern and western regions of India account for the highest shopping for designer apparel.
The fashion industry is one of the fastest changing and most dynamic industries in the world today.
It will be the gigantic Indian fashion-consuming public that will continue to set the growth trends, the report said.
As per Assocham estimates, the Indian apparel market was worth Rs.1,11,000 crore in March 2007 and will to touch Rs.1,30,000 crore by 2008. More than 81 per cent of the population is below 45 years and are highly fashion conscious, the report pointed out.
Third largest producer
The country’s fashion industry is also at an advantage as India is the third largest producer of cotton in the world. It also has an abundance of talented designers.
The Indian designer-wear industry at present comprises a small number of designers who, though having their own outlets, do not have resources to grow in size, the report pointed out.
In such cases, either fashion houses or retail enterprises in conjunction with designers should provide the organisational structure and leadership.
It requires creative designers, a seamless supply chain, control over retail and distribution, and meticulous attention to quality, the report said.