Desi clothing is the new black
Ethnic wear market is growing faster than western wear market in India
Garments
Ethnic wear market is growing faster than western wear market in India
Aditya Birla Group is building an ethnic wear portfolio in India. It has bought stakes in ethnic fashion brands such as Sabyasachi, Jaypore and Tarun Tahilliani. H&M introduced saree collection, while Uniqlo introduced kurtas.
Ethnic wear market is growing at 10% per year. It is worth INR 70,000 cr. Women’s ethnic wear is 85% of the market. The rest belongs to men’s ethnic wear. Men’s segment is growing at 20% per year. Brands such as Fab India, Manyavar and Jaypore have been successful. Fab India is a traditional brick and mortar brand with more than 300 stores. Jaypore is an online retailer.
As per Financial Express: “Selling ethnic wear requires a different set of skills than western wear. The ecosystem for suppliers and vendors is not fully developed here and companies need to work on this,” says Abheek Singhi, managing director and senior partner, BCG.
Three future trends for ethic wear market are ethno-fusion, e-commerce and tier 2 and 3 towns/ cities. Young customers are experimenting with the new styles. It is not about festivals and traditional occasions. Most brands are using e-commerce platforms to reach new customers.
Worth your time: How Biba grew into a 1000 cr brand Link