Gucci, Hugo Boss, Salvatore Ferragamo, Armani, Versace, Brioni, Ermenegildo Zegna, Canali, Corneliani, Alfred Dunhill, Cadini -- all these premium luxury menswear labels are a part of Indian man’s wardrobe now. Thanks to the growing menswear segment and luxury market in India, these brands are competing to grab a market in this demanding segment.
While the CII-AT Kearney report on luxury market has predicted that the Indian luxury market is growing at 20 per cent per annum, according to Technopak Advisors, a retail consultancy, the entire textile and apparel industry (2010 estimates), including domestic and exports, is pegged at Rs 3,27,000 crores and is expected to grow by 11 per cent to Rs 10,32,000 crores by 2020. Currently, menswear is the major chunk of the market at 43 per cent (Rs 72,000 crores) and is growing at a compounded annual growth rate (CAGR) of 9 per cent.
The menswear market in India is estimated to be the fastest growing apparel segment. ‘The India Menswear Market Analysis 2010-2014’ by Venn Research found that total revenue from menswear was $11.8 billion in 2009, representing a CAGR of 8.6 per cent from 2005 to 2009. Industry estimates peg the formal suits, jackets and blazers segment at Rs 4,500 crores.
The growth of this segment is attributed to the fact that men are quick decision makers and unlike women customers, are brand loyal. Secondly, men’s apparel is more westernized unlike women, who prefer traditional outfits over western clothing even in the high-end. So standardization of products is simpler and easier in the men’s clothing category. And while women spend more on jewelry, men splurge over clothing and technology. Entry of high-end labels and boom in the online media is further supporting the growth of men’s apparel market in the country.