Apparel April 2019 Apparel May 2019 issue | Page 22

MARKET WATCH
India: Women’s Shirt Market
Grows at 11 Per Cent CAGR
A coffee table report by Shirtopedia 2019 suggests
that the shirt market for women in India grew at a
compound annual growth rate (CAGR) of 11 per
cent compared to five per cent for men. As per the
report released on Day 1 of India Fashion Forum
2019, men constitute 82 per cent of the shirt market
in India followed by children at 12 per cent and
remaining is the women’s shirt market.
Change in women’s tastes and preferences
has already created demand for both formal
and casual shirts in metros and tier I cities, and
is expected to see a boost in the non-metros.
The Indian shirt market is expected to grow at
a compound annual growth rate of six per cent
to R81,578 crore by 2027 from an estimated
market size of R44,830 crore in 2017. Value
segment between R801 and R2,500 is the
major contributor in the men’s shirt segment by
constituting 52 per cent of the market.
India Second Largest
Market after the UK for
Marks & Spencer
India is the only market where Marks & Spencer
has a dedicated approach focused solely on
the Indian consumer rather than repurposing
any products launched elsewhere. The retail
major has launched a revamped product range
at competitive prices, and has also brought in a
service proposition by introducing in-store stylists.
It is looking at a double-digit growth in terms of
store addition in the next fiscal and has turned its
attention to the fast emerging tier II and III cities.
M&S now has 76 stores across 32 cities.
Presently, M&S sources around 30 per cent of
the material locally and the rest is from imports.
The plan is to launch more products which
are relevant to customers. The company is
also present on online sales through its several
channel partners. The present contribution of
online sales is in single digits but it is expected to
grow further. M&S opened its first store in India
in 2001 and in April 2008, signed a joint venture
with Reliance Retail. Established in 1884, M&S
is one of the UK’s leading retailers and trades in
57 markets, with over 400 stores and an online
presence in 33 markets.
E-commerce Firms to Form Lobby Group
Around 10–11 e-commerce companies, including Snapdeal and ShopClues, are in the process of forming a lobby group
called ‘The E-commerce Council of India’. The idea behind forming this group is to have an entity that represents the
interest of ‘Indian e-commerce companies’, where a majority of shareholding is Indian. The aim of this group is policy
advocacy, exchange of best practices and a general engagement platform for the e-commerce companies in India. It is
about having a focused voice for the e-commerce sector.
This development comes at a time when the Indian e-commerce sector has experienced several policy changes over
the last few months, including the new foreign direct investment (FDI) rules and a draft e-commerce policy. The smaller
e-commerce companies had also come together in January to request the Government to not extend the February 1,
2019 deadline for FDI compliance.
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I APPAREL I
May 2019