Indian fashion market is growing at a very fast pace and is expected to reach USD 96 billion in the next four years. Apparel which is USD 51 billion, will continue to grow at a steady pace of 10.5 percent CAGR over the next four years and will touch USD 75 billion. A key segment to look out for is the niche category of lifestyle accessories which is going to become 3 times of its size from USD 2 billion to approximately USD 6 billion, growing at a rate of 30 percent CAGR over the next four years. At the India Fashion Forum 2017, Pakhie Saxena, Vice President, Technopak, talked about Indian Fashion Market - its size, key categories, challenges and its share in the total market.
Talking about the channel mix that is going to make up the lifestyle and fashion market, Saxena said, “Brick and mortar modern retail is expected to grow at 7 percent CAGR over the next four years and e-tailing which is currently at USD 3.6 billion will become 5 times its size to become approximately USD 17 billion USD. So the e-tailing market is at a trajectory in India currently and it is expecting to mirror China owing to the key reasons of weak penetration of modern retail and rapid penetration of the internet. Presently, e-tailing is just 6-7 percent of the USD 63 billion fashion market and is expected to grow by 15 percent in the next four years.
KEY SEGMENTS OF LIFESTYLE FASHION MARKET
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