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How do you see denim market shaping around the globe? How will Indian denim perform on growth trajectory?
Denim is the fastest
growing category in Textile/Garment. Denim is a magic fabric and entices
all designers and emerging brands to have range of products in this
fabric. Consumers are young and, aspirational garments from denim fabric
very well fit into the genes of these young consumers. Denim market in
India is poised for leap frog growth.
Today, Indian consumer
awareness to denim is very nascent. But the entry of global players
coupled with Indian brands extending their portfolio in Denim is creating attention
in the consumer mind. Indian consumer is getting global in terms of mind
set and is open to change thereby willing to accept products made out of denim. Young
consumers are very brand conscious and willing to splurge money on look and feel
in their day to day life. Brand owners need to catch up on this trend and
leverage their design and marketing skills to tap this consuming class in right
product offering and price.
Denim Jeans market in
India is big and growing at a very fast pace. Market size for both branded
and unbranded jeans put together is in the range of INR 120 billion and is growing
exponentially. Its estimated growth is 20% percent Y-O-Y. Almost all
brands are making beeline to enter this category in a big way. Jeans as casual
attire is accepted in all groups of consumers - Men, Women, Boys, Girls and
kids.
Mills which are
manufacturing denim fabric need to invest on the "Innovation side” by
earmarking regular funds to woo more consumers world over to scale up their
business in the years to come. They need to create more awareness at end user level by projecting that denim is 100%
cotton, as many consumers consider denim as non cotton thus leading to low
consumption. This trend is prevalent more in Indian market. Current production
capacity in India is 800 million meters which needs to grow further in the
coming months for Indian textile mills to dominate the world market. All mills
which are manufacturing denim need to enhance their capacities to take cost
leadership for capturing more share in the emerging Global market. This in
turn will lead to more consumption at all levels.
The time has come for Indian Textile and Garment
fraternity to work on price cartel to capture global market. All mills should
also think of introducing their own brand as part of forward value chain to
improve the bottom line.
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Published on: 23/03/2012
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.