"Denim revolution started in India in 80s and 90s which gradually shifted to lifestyle and more so fashion of late. With 7.4% of India's GDP growth and USD 1,362 per capita income, India continues to be one of the largest producers of denim in the world," said Deval Shah, Reliance Brands business head - Diesel & GAS.
Denim has been in fashion business for a while now but even though there are other fabrics, which are growing alongside denim and many new products are being introduced in the market time and again, yet denim remains the consistently winning player, dominating the whole of fabric market.
According to experts, the Rs 30,000-crore Indian denim industry, which has been growing 15% annually for the last five years, is expected to be worth Rs 54,600 crore by 2023.
Now when again denim has become a trendy outfit not only as a pair of jeans but also in other forms, basically denim as fabric has become the new fashion.
Here is an analysis on how denim has its roots deeply penetrated in fashion market:
Denims are available for everybody and as per their choice. Most importantly denims are the most unbiased available fabric and are more in demand with the lower middle class than of the upper class society.
"India is selling cheapest pair of jeans which nowhere in the world is available. If we bring down the price of jeans to USD 10 apiece as is currently prevailing in the US, India's denim demand would increase resulting into this sector's growth at 20 per cent per annum," Subir Mukherjee, business head (Denim) Bhaskar Industries said.
"With the emergence of denim demand from Bangladesh to which India exports huge quantity, Indian businesses have doubled installed capacity denim to 1.3 billion meters per annum over the last five years with an estimated investment of Rs 60 crore per million meters," Shah said.
Getting a good, comfortable and long lasting fabric was the main concern of people. And when they got introduced to denim, which was durable, comfortable and long lasting, especially for the lower middle class people, who cannot afford to buy clothes frequently, it is then it caught eye balls of fashion designers.
3. Evolving Fashion and Technology:
Fashion is an ever evolving stance in today’s world. Earlier the denim fashion was limited to jeans and now it has evolved to use denim as a fabric to make all forms of attire.
Now even denim has entered to the children’s fashion as well. Moreover there are startups, who are always on the look for opportunities where they can get space to extend their roots and grow their business.
"Brands are getting disturbed due to rapid change in fashion and technology," added Manjula Tiwari, CEO of Future Style Lab.
4. Tough Competition:
There is tough competition in the market, among the brands to come up with something new and rule the market. The existing brands find it easy to fetch their customers, which is why they try to stick to the authenticated product and add only a few changes.
But when it comes to the start ups and entrepreneurs, they are facing the challenge and they have too many things on their plate to share to the audience, which might take time but if they keep up the work, eventually they will land themselves in good positions, equally with the bigger brands.
Now that the customers are capable enough in investing in material of their choice, moreover with time customer has become more experimental with choices and are ready to take risks and trying the new options available to them.