FEATURE
A Sleep to Remember
The global sleepwear industry is expanding and India’s huge market potential is finally seeing
light at the end of the tunnel. Anurima Das explains how various industries are keeping up
with the increasing demands in this ‘new’ segment of the Apparel Industry…
Snooze for comfort
The sleepwear market over the last few years
has expanded drastically. Newer players right
from luxury to mass retail have become a part
of this segment and are creating ripples through
sales. This has created a good following at
every point across the supply chain. A study
by Technavio has brought to light the global
sleepwear and loungewear market which
will reach a CAGR of nine per cent by 2023
approximately. Industry experts too are of the
same opinion citing that the segment is ripe with
opportunities.
“The sleepwear culture and industry has
come to a full circle. A set that would cost
approximately R130, say about 30 years ago
has now risen to R3000. The consumer demand
has grown and this means that its supply must
grow as well.
Sleepwear has an annual market of R4000
crore. Out of this R1200 is organised and the rest
is unorganised. However, this too is converting
rapidly into an organised business with large
private retailers and national omni-present
brands like Sweet Dreams making a place for
themselves in the market. The consumption of
sleepwear is growing at an annual growth of 12
per cent. This is pushing more competition into
the market. China had a R20000 crore market
for sleepwear when its economy touched USD 5
trillion,” explains Hitesh Ruparelia, Owner, Sweet
Dreams.
32 I APPAREL I August 2020