Stitch World Magazine February Issue 2019 | Page 2

LAYING THE FOUNDATION FOR GREAT BUSINESS SYNERGY IN ASIA Even as Western markets stagnate, India is a country where fashion clothing at present has a massive potential to grow mainly owing to its young generation’s new-found economic independence and confidence. And the number of people who qualify as young is huge. As per official data, in 2020, the average age of an Indian will be 29 years, compared to 37 for China and 48 for Japan; making India the country of the young! It is imperative to note that while clothing sales is growing at 6.7 per cent in the US, it is an impressive 9.7 per cent in India. And this reality is just the beginning – enough to give the much-needed impetus to the intent behind creating a show like Apparel Sourcing Week 2019. It is also important to recognise that the aspiration for fashion is not limited to the towns and the so-called metropolitan cities, but is a pan-India phenomenon, though the interpretation of fashion may be different. In fact, the growth of retail sector in smaller cities is outpacing that seen in the metro cities. Cities including Lucknow, Jaipur, Chandigarh, Kochi, Indore, Nagpur and Bhubaneshwar are the current thriving retail sectors, buoyed by factors such as increasing population and rising income levels, as well as cheaper land prices helping in the construction and expansion of stores and malls. Meanwhile, bigger brands such as H&M and those belonging to large business conglomerates such as Tata- owned Trent, Aditya Birla’s Pantaloons and Future Group’s Big Bazaar and Easyday as well as the likes of GAP, Nautica and US Polo are also expanding in smaller cities. As of today, the Indian clothing retail market, worth US $ 49 billion, is fed by mostly Indian manufacturing besides US $ 700 million worth of apparels from China and US $ 300 million worth apparels from Bangladesh. But with the market slated to reach US $ 115 billion by 2026, the Indian market would require larger number of vendors to fulfil the retail shelves. Indian retailers and brands like Future Group, Reliance Trends, Aditya Birla Group and Raymond’s, in their bid to expand further, have already started developing the vendor base for sourcing certain products from Bangladesh, Vietnam, China and Sri Lanka in order to enhance their competitiveness, locally and internationally. The influx of international retailers over the last decade has been a stimulus for fast tracking the growth in the Indian retail scenario and today the world is looking towards India as the next big market place for fashion. “The fashion segment is seeing a churn because of the growth in the industry from unorganised to organised and new investments from overseas and domestic investors…,” says Rahul Mehta, President, CMAI, an industry expert who has been at the centre of the movement, underlining how entry of global retailers has now increased traction to the retail landscape. With retailers looking for more products and reliable partners, the upcoming Apparel Sourcing Week, India, holds significance for the Indian and international retailers and brands to meet the best of the garment manufacturers from India, Bangladesh, Vietnam and Sri Lanka to build a long- term relationship; to understand their manufacturing capabilities; the quality and timely delivery standards; and also, to identify the ways by which the manufacturers can address their growing needs. With the right synergy, The Apparel Sourcing Week, India is slated to become the best and the widely acclaimed platform to house the leading and the most popular clothing and fashion manufacturers. It aims to become the most visited trade fair in Asia not only for the growing domestic retail but also for the export market. Some of the companies that have already registered for participation include Energy Pac; Sonia Sweaters; Pacific Jeans; Standard Group; Giant Group; Apex Lingerie; Well Group; Anowara; Pakiza Group; Epic Group; Lenny Fashions; Laila 2 StitchWorld      FEBRUARY 2019    Styles; Bando Designs; NIPA; Armana; Anzir Apparels, among many more! The retail landscape is indeed very exciting and dynamic, so, even before you embark on your journey as a participant, the website for ASW helps you to get an insight into the Indian retail market, the key players and a small profile of each of the visiting and registered retailers. The website is not only for the exhibits, but it also prepares and pre- informs the visitors about the participants and other activities that they can look forward to during the two-day event. Besides presenting a complete itinerary of the event, the companies that are taking part – their product portfolio and expertise; list of buyers/retailers/brands that are expected to throng the sourcing fest to select new suppliers; ASW’s exhaustive articles/whitepapers on various topics by renowned industry experts, relevant information pertaining to the market, retailers/experts’ opinions on new and evolving opportunities and how to exploit the same, in a nutshell, are sure to help you chart success with ease! However, as sourcing events/fairs are usually very busy places, it is important to pre-register the visitors and deliver him/ her the passes for an easy and hassle- free entry. To ensure a seamless and pleasant experience for our valued visitors/ participants, a very simple form has been created to help you complete the formalities from the comfort of your home in advance. Looking forward to meet you in Bengaluru in March this year! ORDER YOUR PASS