Fashion Brands Galore for the New-Gen Indian Consumers
The Indian textiles and apparel market was estimated to be worth $100 billion in 2019 and employs close to 4.5 crore people including 35.22 lakh handloom workers. The country produced 63.34 billion square meters in cloth in 2020. India is also the second largest exporter of textiles and clothing in the world.
The size of the market is also matched by a robust market demand. According to reports, the Indian apparel market is slated to experience growth in demand at 12% CAGR. The demand will reach a whopping $220 billion by 2025-26. Speaking in terms of volume, the apparel market in India will experience an 8.8 percent increase. By 2022, the average volume per person is going to touch 22.09 pieces in 2022. Reports also suggest that 99% of sales in the apparel market in 2022 will be for Non-Luxury goods.
The promising numbers from the demand and supply side tell a story of a thriving fashion industry in the country. Factors such as rising income levels, a younger demographic and deeper penetration of organized retail across the country have been contributing towards the industry’s constant growth.
It’s also pertinent to note that the apparel and fashion industry has undergone massive transformation in the past couple of years. Digitization has surely fired up the fashion world much like every other industry. With rise in e-commerce and a burgeoning D2C market, the number of unique players in the industry has also gone up.
Be it sustainable fashion, quirky prints, thrift stores, natural fabrics, athleisure or wardrobe essentials, today the Indian market has players presenting clothes that cater to every whim and fancy of the consumer. Led by fashion savvy entrepreneurs and industry big-wigs these brands are under standing the pulse of the market. The current edition of StartupCity brings to you a list of 10 such new age apparel startups that are wowing their consumers with beautiful clothes that also have nuanced thoughts and ethos woven into them.
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