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Indian Menswear Fashion Market
With a 46% share of all garment sales in India, menswear has a $26 billion market that is larger than womenswear, which accounts for 38% of sales and childrenswear for 16%. Men are more interested in Western fashions, which provides a greater chance for foreign businesses, while women like the traditional sari and local designers. International brands frequently ignore the Indian menswear market, which is limited to a few basic items like jeans and polo shirts. However, a fresh surge of interest is emerging. Luxury menswear brand Canali made an early foray into India; it made a profit in its first year there and considers India to be one of its top markets. The company now has six physical locations throughout India and, beginning in March, a high-end e-commerce site through Ajio Luxe, a native platform. Three clothing categories—polo shirts, linens, and denim—have long been favourites of Indian men. It is always difficult to sell fashion in a nation the size and diversity of India.
India offers a variety of climates, from the seasonally cold north to the primarily hot south, which drives up demand for a wide range of menswear. The difficult question of regional cultural preferences is another. Brands should take the effort to learn about Indian consumers. Indian tailoring has a lengthy history, as one illustration shows. Made-to-measure (MTM) is widely used outside of the traditional
Market Size for Menswear
The entire textile and apparel industry, including domestic and export sales, was estimated to be worth Rs 3,27,000 crore in 2010, according to Technopak Advisors, a retail consultancy. By 2020, this industry is predicted to grow by 11% to reach Rs 10,32,000 crore. Menswear currently accounts for 43% of the market (or Rs 72,000 crore) and is expanding at a 9% compound annual growth rate (CAGR). The fastest-growing garment market in India is the menswear market. According to Venn Research’s India Menswear Market Analysis 2010-2014, menswear generated $11.8 billion in total sales in 2009, a CAGR of 8.6% from 2005 to 2009. The formal suits, jackets, and blazers market is estimated to be worth Rs 4,500 crore. The males obviously want to appear stylish.
“It’s not surprising that it’s the fastest-growing luxury market,” says Pinaki Ranjan Mishra, partner and national head for retail and consumer products at consulting firm Ernst & Young. “Compared to women, who frequently choose Indian clothing, even at high-end stores, men’s clothing is more westernized.” “Consequently, standardising items is easier and simpler,” he claims. However, men have traditionally been the biggest spenders and are now looking for new opportunities. According to Mishra, “Even in cases of equal purchasing capacity, women may naturally purchase more jewellery, whereas men may favour technology and clothing.”
Indian Menswear Brands
According to this theory, looking successful starts with a good suit and tie. Although Cameron may have fallen down subsequent lists, he was hailed as the face of suits by a publication that many regard as the Bible of fashion. For the record, the dude has a penchant for 3,500 Saville Row suits.
Although India may not be the Mecca of bespoke, the experience is here because of the upscale menswear companies that are satiating the Indian man’s renewed desire to dress sharply. Due to the abundance of luxury labels available, men’s ready-to-wear has a fresh sheen and twist.
Hugo Boss, Salvatore Ferragamo, Armani, Versace, Brioni, Ermenegildo Zegna, Canali, Corneliani, Alfred Dunhill, and Cadini are just a few of the fashion houses competing to outfit the new sartorial-savvy Indian man.
Evolution of the Indian Menswear Fashion Market
India is one of the fastest-growing fashion marketplaces in the world; therefore, it only makes sense that, like all other categories, men’s western wear is also developing quickly. Ephemeral fashion cycles introduced by fast fashion power players and a growing preference for comfort, mobility, and sustainability are quickly changing the rules of the game. “New collections are released four to eight times a year since the emergence of multinational fast-fashion merchants, and customers have become accustomed to purchasing the newest styles. The majority of these goods are made to expire in six months. Fast fashion is not a sustainable idea, yet the majority of fast-fashion merchants are aware of its effects on the environment and how sustainability is a top priority for their millennial clientele. Consequently, the majority have begun implementing sustainable behaviours and producing sustainable goods.
The market has recently seen rigorous innovation as brands in the segment align their operations to meet the required standards of sustainability. “Sustainability is becoming more popular across all types of fibre and fabric.” Nearly all fabric mills today provide a selection of environmentally friendly products. The adoption of more environmentally friendly products by manufacturers, such as recycled or organic cotton, yarn manufactured from PET bottles, and products that require less water and chemical processing, is being aided by new developments in fibre, fabric, and finishing technologies. The market for men’s western clothing has changed as a result of the global trend of casualization, which has reached unprecedented heights in India. A variety of variables have come together recently to fuel the Indian population’s shifting fashion views. This evolving sense of trend and reasonably priced goods have propelled the casual wear market. The global trend toward casual attire in most corporate settings is proving to be a significant driver for smart casual clothing solutions. Additionally, the consumer’s shifting lifestyle patterns have greatly boosted this segment.
Men’s western wear as a category has adjusted to significant product diversification in recent years, just as the market and trends have altered. Product diversification has been greatly exhibited in the men’s formal wear market as a result of the growth of casual and sportswear. It’s an exciting time for menswear thanks to the new trend of “Athleisure,” which is best described as a cross between casual attire and performance sportswear. In a relatively short period of time, society has undergone significant transformation, and ideas like androgynous fashion and street style are still expanding. As a result, a “new man” who is more fashion-forward and willing to try new things has emerged. This trend was quickly tapped into by the fashion industry, leading to the emergence of new categories like athleisure apparel.
Conclusion
The Indian clothing business has always been dominated by women; historically, women have been more influenced by fashion trends. Men made needs-based purchases. The roles have now been reversed as more men pay more attention to their grooming and appearance and purchase more clothing items based on fashion trends rather than necessity. And because the Indian market for men’s clothing is heavily slanted toward western clothing, the industry has undergone significant growth in recent years. Men’s western clothing now makes up 60 to 70 percent of India’s total fashion market.
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