NEW DELHI (Commodity Online): Global designer wear industry is expected to cross Rs 6.1 lakh crore mark by the end of 2020, with India crossing Rs 11,000 cr, according to a study titled 'Trends in Indian Designer Wear Industry' by The Associated Chamber of Commerce and Industry (ASSOCHAM).
Indian designer wear market is growing at a compounded annual growth rate (CAGR) of about 40%.
"The designer wear industry in India is driven by higher disposable incomes leading to rising purchasing power, emergence of mall culture, changing sense of style, dressing and growing fashion consciousness among urbanites," said Mr D.S. Rawat, secretary general of ASSOCHAM, reported Business Line
With over 150 dedicated fashion institutes, a good number of youngsters in India are making a career out of fashion industry, the domestic designer wear industry is currently poised at about Rs 720 crore.
According to Rawat, there huge growth potential is foreseen in the market as more and more people are buying branded products and apparels and exhibit a strong desire for individuality in their self-expression as dressing has become one of the important aspects of one's identity and overall personality.
