When fashion and apparel, words like these are pronounced, only one thing used to come to mind, that is women. But it is buried in the past as the society has evolved with time.
Now fashion and beauty shares equal space in both gender’s wardrobe.
As per Euromonitor International's report, womenswear in India has continued to outperform womenswear since 2016, registering retail current value growth of 13% compared to 11% for the latter and the overall market is expected to reach a whopping Rs. 130K crore by the end of 2018.
The men’s apparel segment clocked an annual growth rate of 10% over 2010-2015 and is estimated to post 8% by 2020, growing from $13 billion currently to $19 billion.
The women’s apparel segment, which clocked a 9.5% CAGR over 2010-2015, is expected to post an 8.5% CAGR by 2020.
Between 2010-2011 and 2015-16, modern retail’s share has increased from 7% to 16% and this is set to grow to 37% of the overall retail trade by 2021.
Even the online retailing market is expected to grow to $44 billion by 2018 from $13 billion in 2014, with apparel being one of the biggest beneficiaries, accounting for 31% of online retail.
There are more reasons than one, which backs the point that menswear retail market has the rising potential in India. Here is the list of few vital reasons:
1. Celebrity Influence:
Fashion has always been the common link between audience and celebrities in India, the variety of colors, traditions and cultural differences offer too many options to satisfy everyone.
The celebrities have been one of the most important influences in shaping the demand of menswear in India. Series, movies, social media followings push the audience to try on different outfits and make space for them in their wardrobes.
Different looks, styles, fashion statements, have been the major drive to keep the audience pushing towards menswear retail market.
Earlier when the lifestyle was different, people basically the men used to confine themselves to limited options in terms of clothing or dressing up for certain occasions.
Now the social media, television, sports, fitness and movies have made them realize the importance of clothing in different occasions.
The kind of lifestyle change took place in India, where people could afford to buy different clothes for different occasions, which was earlier seen as women only thing.
3. Style and Brand:
Earlier retail brands were specifically selling or producing their signature style, now the style has evolved, people have evolved and so has the brands.
People are more conscious about style than brand, which made the brands to look things differently. This is the reason, why now brands too have started carving themselves to fit in with the style, which is being followed in the market.
Brands provide credibility and authenticity to the product which is why when people got both styles and brands under one roof, they started coming out of their usual boxes.
4. Growing Number of Companies:
Earlier there were only limited companies which were offering clothing for men, that too very expensive, which is why most people preferred tailored shirts and pants.
Then the revolution of ready-made clothing came in, from a lot of Indian as well as international companies. These companies came running in finding their rise in demand and opened their retails out here.
A lot of startups and designers found their value growing and this made availability of menswear designs, clothing, style and fashion one of the most sought-after business in India.