The Indian Fashion Retail Market is poised for great growth. According to Technopak Research, the Indian Retail Market was estimated to be worth Rs 53,06,400 crore (US$ 792 billion) in 2018 and is expected to reach Rs 1,50,68,300 crore (US$ 2,249 billion) by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11 percent. It is envisaged that the current fashion retail market worth Rs 3,61,160 crore (US$ 54 billion) will grow at a promising CAGR of 8.1 percent for next ten years to reach Rs 7,88,532 crore (US$ 118 billion) by 2028.
The Indian fashion retail market, which is the second largest contributor in the retail industry after food and grocery, has been witness to major disruptions in the past one decade. The entry of international brands, a large and young consuming population in the country, deeper penetration of the Internet, mass media and the social media, changes in this population’s preferences from non-branded to branded apparel, and a fast growing economy leading to increased disposable income has converted India into a highly lucrative market.
The distinct trends in the macroeconomic scenario, the favorable demographic dividend, retail specific policies, and consumer buying behaviour, have triggered a transformation in the fashion retail market which is also reflected in the changes undergone by the Indian retail industry according to Technopak.
These take the form of modernisation and corporatisation of retail businesses, the evolution of alternative retail landscapes, the customisation of product portfolios to address the specific needs of various consumer segments, the increasing success of private labels, and the growing focus on business efficiency. And who better to understand these changes than stalwarts of the Indian Fashion Retail Industry?
IMAGES Business of Fashion brings you the third edition of ‘Meet the Masters’. We give you a handpicked list of some of the great minds of the fashion industry. This selected group of visionaries have, through their perseverance and business acumen over the years, shaped fashion retail in India. This leader’s club comprises entrepreneurs, brand & business heads, and fashion visionaries. These trailblazers not only have the vigour to dream big but also the perseverance to see that dream through to reality.
What makes these stalwarts masters? It is their deep understanding of fashion and their sensitivity to its subtle nuances; their willingness to try new trends; their acute sense of appreciation of fashion; and their in-depth understanding of the materials and design that make fashion.
Read on for the views and visions of some of the most creative, innovative and enterprising geniuses in the Indian Fashion Retail scenario, as well as their outlook on taking their market forward.