H2F
EXPORTERS DEALING IN HOME LUXURY FORESEE A BRIGHT FUTURE DESPITE GLOBAL SLOWDOWN
For the forecast period of 2015-2020, the global home décor market registered a CAGR of 4.2 % and is expected to reap in US $ 664 billion by 2020. A large chunk of this market is attributed to the luxury market, wherein brands like Ralph Lauren, Armani / CASA, Nina Campbell, The Future Perfect, Zoffany are leading the bandwagon with their innovations in fabrics and designs, marketing techniques and steady growth in past few years.
Sarita Handa, Owner, Sarita Handa Exports
Though the US and EU markets are going through an all-time slow, the luxury segment, which accounts for 9.6 % of the home décor market remains largely unaffected. Indian exporters in this segment are mostly connected with the valueadded luxury or high-end market, with a smaller portion dedicated to basics. According to trade data of past two years, the export of cushion covers from India has seen a growth
SM Dwivedi, CEO, Sara Textiles
of 6.67 %, likewise carpets and rugs export have seen a growth of 9.05 % and quilts and other bedding items have grown by 5.38 %. The beds and linen segment currently dominates this market and accounts for around 33 % of the total market revenue.
The global market demands a wide range of handwork, 3-dimensional embroideries and newness in surface and fabric textures when they look at Indian exporters. Innovation in fabric textures, hand embroideries on luxury items such as pillows, towels, duvets, rugs and quilts are what exporters constantly work at. Chandrika Thatai, Co-founder of Fashion Accessories, Gurgaon shares,“ We are seeing growth in the global luxury market for unique and luxurious home décor, though there’ s a dip in usual FOBs in past years that also depends on customerto-customer.” The company, offering duvets, quilts, comforters, slipcovers, decorative cushions, drapes, scarves, throws, table linen, kitchen linen as well as Christmas products, has many prestigious clients like Zara Home, The White Company, Williams Sonama and many more.
Most global players are keeping the inventory line rather small due to the slowdown. And for Indian exporters, there is a stiff competition with neighbouring countries like China, Pakistan and Bangladesh, so exporters are increasingly capitalising on the country’ s core strengths like cotton, embroidered handwork by local artisans, prints and other local techniques to stay relevant.
Another major player in the segment, Sarita Handa Exports, Gurgaon also stresses on the importance of Indian techniques.“ The products from China are more machined, while Pakistan appears to have
30 Apparel Online India | MAY 16-31, 2018 | www. apparelresources. com