At the same time many portals and e-retailers are offering foreign labels at discounted rates all through the year. With brand stores following the extended and heavy discount strategy in slow economic environment, it has led to retail sales surging.
Interestingly, the fashion trends are not just picked by women but even men are keen to look presentable following the latest fashion trends. According to a research, over 40 percent of urban men between 18 and 25 years have coloured denims in their wardrobe, as compared to 15 percent last season. And 65 percent of men between the 18 to 35 years of age are willing to try the latest colour jeans being offered by almost every fashion label.
Fashion concepts rule
As per industry experts, the market comprises of four consumer segments: Image seekers, driven by the need to be fashionable; Conformists, who prefer branded apparels to blend with their peer group; Perfection seekers who wear branded apparels for quality assurance, good fit and internal satisfaction; Variety seekers who look for a range of clothes, but are mainly driven by prices and discounts.
A survey by Booz and Co revealed that in 2011, the Indian apparel market was estimated to be Rs 190 crores, growing at an annual average growth rate of more than 9 percent and is likely to be at Rs 295 crores by 2016. And close to 20 percent of this market is organized and growing at a higher rate of 18 percent.
Brands bet big on fashion
Even apparel brands and retailers agree that there has been a major shift in the way consumers are shopping. They are increasingly showing interest in fashion and more willing to take fashion risks than ever before. Brands like Benetton, Zodiac, Z3, Zara, Vero Moda, Calvin Klein, Diesel and Tommy Hilfiger among others are on their toes to match demand. And indeed, these brands have been able to rake in good sales growth in the country.