Apparel Online Bangladesh Magazine January Issue 2019 | Page 20

POLICIES & PERSPECTIVES - 2018 APPAREL RESOURCES NEWSLETTERS FACEBOOK FRIENDS To subscribe, send us an email at [email protected] Join more than 10,000 people who are already fans of Apparel Resources on facebook. Search for Apparel Resources at https://www.facebook.com/apparelresources/ >> Indian Retail Market on Roll…! India, an emerging market... Next EU or US for Bangladesh? October 2018 / September 2018 “Personally I feel dealing with Japanese clients is more comfortable and this is because Japanese are very rational people. If we have a genuine problem and are able to explain them the same logically, they not only understand but also support us in dealing with the issue and once one is able to win their confidence, the Japanese buyers will help one in every respect. They believe in mutual growth and development. I work with more than 20 manufacturing units in Bangladesh for different product categories, out of which 14 are for Japanese clients alone. While selecting a manufacturing unit for Japanese buyers, apart from other aspects, I ensure that it has sufficient space to facilitate piece-to-piece inspection. Besides, almost 95 per cent factories are not used to working with the Japan market neither are they aware of their quality parameters, and this has to be taken into consideration as well while placing an order,” said Md. Jamilur Rahman Khan, MD, Innovative Tex (BD) Limited, a Dhaka-based buying house catering to host of clients in Canada, USA, Europe and Japan in various product categories in knit and woven. “As Japan increases its apparel sourcing from Bangladesh, I see a huge investment opportunity for Japan in the basic textile sector of the country. The Government’s move to create 100 new Economic Zones in Bangladesh has opened up opportunities for Japanese entrepreneurs. Japanese market has huge emphasis on quality and it would not be wrong to say that Japanese customers are the most quality-conscious people in the world. Japanese buyers want the best and they are also ready to pay for it. Having said that, Bangladesh is also changing; some of our green factories are world-class. Bangladesh today has the highest LEED certified green factories in the world. I think the Bangladesh RMG sector needs to focus more on Japan while also improving on all fronts including quality and fashion parameters to successfully cater to the Japanese market,” maintained Salahuddin Kasem Khan, President, Japan- Bangladesh Chamber of Commerce and Industry (JBCCI). 20 Apparel Online Bangladesh | January 2019 | www.apparelresources.com The Indian retail market is the cynosure of all eyes, be it international brands and retailers or manufacturers looking for new opportunities. And why not…! The Indian fashion retail market, currently at US $ 46 billion, is expected to reach US $ 115 billion by 2026, growing at a promising CAGR of 9.7 per cent. Further, the share of spending on clothing and footwear in total consumer spending at 6.7 per cent is higher than what is seen in the US (3 per cent) and the UK (5.7 per cent). Also, the year-on-year expenditure growth in India at 12 per cent is more than double the anticipated global rate of 5 per cent. “No one can ignore the potential of the retail market in India. It is a huge market that is still unexplored and with Tier-2 and Tier-3 cities now joining the retail landscape, the size of the market is mind- blowing,” said M.A. Jabbar, MD, DBL Group. “We have a design studio in China and we are planning a product profile that will suit the Indian market. After all, if we want to do well then, we have to have the right product,” observed Maashed Abdullah, Director, Dressman Limited, who is very excited about the idea of entering the Indian retail market. “We have been working for Woodland for last seven years and never faced any problem, but now that other Bangladeshi firms are also getting on to the bandwagon, the prices being offered earlier have declined,” shared Md. Khosru Chowdhury, Chairman & MD, NIPA Group that manufactures outerwear.