India : Designer Wear Market Set To Hit Rs 1,000 Cr In 10 Years

The designer-wear market in India is expected to grow to Rs 1,000 crore in size in the next 10 years, according to an ongoing study that is being conducted jointly by KPMG Consulting Pvt Ltd and Fashion Design Council of India (FDCI).

At present, the size of the Indian market for designer-wear has been pegged at Rs 180 crore, which is just 0.2 per cent of the total apparel market in the country.

The joint study, which began in January this year and scheduled to be completed in the next three months, seeks to prepare a growth strategy for the designer-wear business in the country. Strategic tie-ups with large corporates, trend forecasting and setting up a `Fashion Park' and a `Fashion Fund' will form the core of the recommendations that would follow the study, according to Mr Anurag Mehra, Associate Director of KPMG Consulting.

Speaking to newspersons at the conclusion of a roadshow that was held here to announce the forthcoming Lakme India Fashion Week in Mumbai, Mr Mehra said the designer-wear industry was at present dominated by small-time players in an unorganised and highly fragmented set-up. Tie-ups with large corporates would ensure financial and marketing support and management expertise in operational matters.

At Rs 1,000 crore, the size of the market would translate to five per cent of the total apparel market in the country. "This target can be reached only if strategic tie-ups with corporates can be forged and the base of the market is extended to the pret and mass-market segment as well," Mr Mehra said. To make designer-wear products more accessible to the masses, the setting up of a `Fashion Park' in New Delhi was being contemplated. Besides, it has also been proposed to set up a `Fashion Fund' that would facilitate new initiatives in the designer-wear business.

The corpus of the Fashion Fund would be used for trend forecasting, providing scholarships for designers, promoting crafts and providing micro-credit to designers. FDCI, which is involved in the promotion of the fashion business in India, has a total of 87 designer members. It also organises the Lakme India Fashion Week. This year, the Lakme show will be held in Mumbai next
month. Fifty designers will participate at the show which will also
have on the sidelines seminars and buyer-designer meets.