According to a recent study by ASSOCHAM, the designer wear industry, growing at a CAGR of about 40%, is likely to cross the Rs 11,000 crore mark by 2020. The study, titled, 'Trends in Indian Designer Wear Industry', says that the designer wear industry is currently pegged at about Rs 720 crore.
The growth drivers for this industry are higher disposable incomes, emergence of mall culture, changing sense of style, dressing and fashion consciousness. Moreover, rapid growth of popularity of boutiques selling designer and local wear showcasing finished and ready-to-stitch garments and trendy dress material is another growth driver for the designer wear industry, the study says.
The study further unveils that the global designer wear industry, growing at a CAGR of about 12%, is priced at over Rs 2.2 lakh crore and is likely to cross Rs 6.1 lakh crore mark by the end of this decade.