Menswear segment in India is on the verge of its renaissance and India is being looked upon as a hub of high quality fashion menswear . The economic liberalization of the 90s played a key role in opening up a plethora of opportunities for the menswear suppliers and exporters helping them to maximise their profits by exporting to cash rich countries like USA , UK etc.
Major Players and Popular Menswear Products
Indian Menswear market is a mix of reputed corporate labels and upcoming designer wears. The major brands that are active here are Raymond’s, Peter England, LouisPhillips, Van Heusen, Wills Lifestyle, Provogue, Turtle, Allen Solly, Sculler’s, Levi’s, Le Cooper, Arrow etc.Also, few big names like Tata, K. Raheja Group and Future Group have jumped into the fray, further intensifying the competition with their retail chains like Westside, Shopper’s Stop and Pantaloons.
The genesis of newer brands have led the retailers to stack-up the vast range of garments ranging from Business suits, Formal wear, Semi-formal wear, Casual wear, Trousers, Shirts, Inner wear etc.
The Growth Potential
Various reports and industry analysts have predicted that with passing time, India will emerge as a major player in the apparel business, particularly in the menswear section. One of the main reason for this, is a shift in the focus of other industrialized countries like Korea, Taiwan etc. on other sectors. It is also believed that the Indian Government supports the growth of the apparel export business (through friendly policies), as it is a major earner of the foreign exchange.
Why Indian Market could also be a game changer?
As the economy of the country is improving, so is the income of its people.A study says that – As many as 500 million people, will start buying products in significant quantities for the first time in their lives. The point of concern then will be how and where these people spend their disposable income, which will eventually determine the fortunes of countless business houses, big or small.
The Road Ahead for Menswear Suppliers
Apparel manufacturers, wholesalers and raw material suppliers (mostly small to medium sized enterprises) are the key players in the menswear industry .Even though the Major menswear suppliers are now equipped with high-class supply chain management coupled with technical finesse in the logistics and distribution management, they still need to address a lot of concerns in order to stay competitive in the global economy .
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