Fashion plays an important role not only individually but also in society. It allows us to define our own style and personality, outline us as individuals and opens doors of acceptance in modern society.
With the rising importance of fashion in the Indian scenario, it is no surprise then that the Indian fashion retail industry is on a meteoric growth trajectory. Indian designers are taking the global industry by storm, peddling unparalleled designs – for both apparel and accessories – in the international market. The glamour quotient is at an all-time high with the Millennial population emulating models and film stars.
This Millennial consumer – with his/her high-income level, even higher spending capacity and his shop-anytime-you-wish attitude – wants the best of fashion. The consumer is ready to explore and happy to spend and the retail industry is eager to comply. The fashion retail sector is catering to the evolving consumer through a number of mediums, including physical and digital, while striving to provide that all important Omnichannel engagement.
New Global Ranking
Recently, India surpassed China as the top retail destination in the world. The change in ranking is an outcome of four factors including increased consumer spending beyond essentials, mobile and internet penetration, favourable foreign investment climate and cashless transactions.
Favourable trade policies, GST to a certain extent, and the increased penetration of organised retail into the interiors of the country are among other factors contributing towards making the Indian fashion retail industry attractive for investors.
Pankaj Renjhen, Managing Director – Retail Services, JLL India, writes: “Organised retailing in India has undergone remarkable growth in last decade owing to favourable demographics, growing consumer aspirations and brand consciousness. Correspondingly, the fashion category has also undergone profound transformation over the years in terms of type and positioning of brands, formats, products and emergence of new players. The depth and variety of fashion brands have taken a quantum leap in shopping malls across all the sub-categories including apparel, footwear bags and accessories. Fashion retailers not only expanded in metros but have also moved into Tier II and III cities as organised retail spaces started mushrooming up in smaller towns.”
He further goes on to explain that across Indian shopping malls, there has been a significant rise in the number of retailers in the premium and high-end fashion segments over the last decade. It has become more important than ever before for retailers to understand the need for customisation across different micro-markets.
Market Size & Growth
The Indian economy, one of the fastest growing economies of the world, is witnessing major shifts in consumer preferences. An increase in disposable incomes, brand awareness and a tech-savvy Millennial population are the driving factors of incorporated retail within the country. The entry of international brands, changes in preferences to branded products, the budding economy, and a large young consuming population has made India a highly lucrative market.
India has the world’s largest youth population, which is becoming fashion conscious owing to mass media and social media penetration. This has opened unprecedented retail market opportunities.
Overall, Indian retail scenario has shown sustainable long-term growth compared to other developing economies. The Indian retail market was worth Rs 41,66,500 crore in 2016 and is expected to reach Rs 1,02,50,500 crore by 2026, growing at a CAGRof 10 percent. It is envisaged that the current fashion retail market worth Rs 2,97,091 crore will grow at a promising CAGR of 9.7 percent to reach Rs 7,48,398 crore by 2026. Indian apparel industry which is the second largest contributor in the retail industry after food and grocery is also witnessing major shifts. The promising growth rate of 9.7 percent makes the Indian fashion industry prominent in the retail sector. With a GDP growth rate of 7 percent, India has an edge over developed markets of the US, Europe and Japan which are expected to grow at a rate of 2-3 percent.
Abhishek Bansal, Executive Director, Pacific Mall explains the growth of the fashion retail market, “Leading fashion brands are eyeing the Indian market with renewed, country-specific, localised strategies. Indian consumers are exhibiting a distinctively higher preference towards International fashion brands. There seems to be an ever increasing and growing appetite for all things fashionable. Delhi has become a growing aspirational market for international luxury and fashion brands. We are continuously seeing the more far-sighted and committed brands consolidating their position in the market by continuing to look at expansion strategies. Despite this, the Indian market has a lot of untapped potential. As the integration of the Indian consumer with global trends continues, international fashion brands can expect to find the country an increasingly fruitful ground for growth. We have observed that there has been a significant rise in the number of retailers in the premium and high-end fashion segments over the last decade. Within the fashion segment, there are also variations in type and positioning of brands across various malls depending upon the location and catchment. In other words, the real estate strategies of fashion retailers are customised according to micro-markets, taking into account the shopping preferences of the potential shoppers.
Other factors – according to a JLL report – that are ensuring a boom in the Fashion Retail segment in India are an increase in the number of brands in the premium fashion category, the entry of global brands and fast fashion retailers, and the subsequent growing demand for quality Grade A retail real estate space. This has further led to an emergence of fast fashion retailers as anchors in malls, the introduction of new formats and the adoption of technology by fashion retailers, customisation of retailers’ real estate strategies for different micro markets, increasing competition necessitating regular evaluation of brands’ performances by shopping malls and a regular churn in prime shopping malls to accommodate newer global and high performing brands.
Growing Prominence of Western Wear & Fusion Wear
The Indian apparel market is classified into three segments; men, women and kids wear. Currently, men’s wear holds major share with approx 41 percent of the hold of the total market. Women’s wear contributes around 38 percent, while 21 percent is covered up by the kids wear.
Going by the demand and the surge, it is estimated that over the next decade women’s wear and kids wear will demonstrate high CAGR of 9.9 and 10.5 percent respectively, resulting in rise in market share of these categories. Both, menswear, and womenswear are expected to contribute 39 percent each to the total market by 2026, with kids wear accounting for the remaining 22 percent.
With a market size of Rs 1,24,423 crore, men’s wear is the largest segment in the apparel market and is expected to grow at a CAGR of 9 percent for the next 10 years to reach Rs. 2,95,795 crore by 2026.
The kids wear segment – one of the fastest growing segments in the Indian apparel market – is expected to reach Rs1,66,147 crore by 2026.
The women’s wear market is expected to reach Rs 2,86,456 crore by 2026. Women’s wear in India comprises of ethnic wear, western wear, Indo-western, inner-wear, etc. Currently, ethnic wear is the single biggest category in women’s wear segment with a share of 66 percent. However, the increase in the number of working women in India has fueled the women’s western, fusion, and occasion wear segments as well.
Malls are increasingly allotting more and more space to women ethnic and fusion wear brands which are expanding aggressively across the country. Western wear brands, including fast fashion and casual wear, are also expanding rapidly due to increasing demand by consumers.
“In the last decade, there has been a manifold increase in the number of malls, but the quality retail real estate space is still quite limited. Demand for right quality retail spaces in the right locations has increased significantly in recent times. Currently, the fashion category occupies 45-60 percent of mall spaces in India. The past few years have seen the emergence of national-level women ethnic and fusion wear brands which are expanding aggressively across the country. Western wear brands, including fast fashion and casual wear, are also expanding rapidly due to increasing demand by consumers,” said Bansal.
Shibu Philips, Business Head, Lulu Mall, agrees “With 224 operational stores, it comes with everything that is required to whet the desire of a discerning shopper, from premium to mid-premium, branded apparels to fashion accessories and much more. We also, understand that the expectations are growing day by day, as customers and new generations are exploring the world. And so, we have been adding more International fashion to the mall. Since the opening of our mall in 2013, we knew fashion will be the most challenging segment for us. Therefore, being the first avenue for large scale organised retail in Kerala, we provide a complete shopping and entertainment destination value, we have been able to stay far ahead of competition across the state.
“Fashion plays a very important role when it comes to the mall business. Our primary target audience is the fashion and brand conscious consumers who are well versed with the latest fashion trends in the market. We bring the best mix of the international, national and regional fashion brands to cater to their needs,” said Gajendra Singh Rathore, Director, Phoenix MarketCity.
Mukesh Kumar, Senior VP, Infiniti Malls, “Fashion is a very important segment for us. We have recently added new brands like Columbia, W, Asics, Croma, Cadini and Beligan Waffle to name a few. This is an ongoing process and brands are regularly added to make sure the mall stays fresh.”
Changing Consumer Landscape in India
Indian consumers are changing at a pace far greater than that foreseen. This change has been a result of several drivers that have grown in strength over the years. The drivers are as follows:
Change in consumer income and Demographic Profile: As per latest census figures, one third of the Indian population are below 25 years and half of the population is below the age of 35 years. This means that consumer demand will keep growing in the future, thereby propelling India’s GDP via internal consumption, it also means that the types of products, services and experiences will undergo a big change to keep pace with the outlook of this young population. Rising incomes and propensity to spend are now expanding beyond metros to Tier II and III cities, which are also turning into new power centres of demand.
Technology Innovations: The importance of technology in disrupting established business models is being widely recognized in the Indian retail industry. From mobility, 3D printing, and IoT, to Artificial Intelligence and even machine merchandising, technology is causing major changes in product creation, delivery and service to the consumer.
Cultural Shift: Changes in the amount and types of leisure activities have resulted in a shift from a formal dressing code to a more casual and stylish one.
Social Media and Brand Endorsement: The Internet and broadcast media have contributed immensely in building consumer awareness about brands. The reach of the media and television has ensured that consumers are following fashion trends at roughly the same pace all over the country. Increased awareness, coupled with geographical expansion and the growing reach of online retailers, has led to an increase in demand beyond Tier I cities.
“Customers now do not buy clothes but invest in occasions. Formal, non-formal, evening wear, day wear, casuals etc. are all becoming part of the larger fashion statement. The world has become very connected, as what happens in New York or London flashes in seconds on our smartphones. The demands and desires that are being created are ever growing. The consumer is a global citizen and his desire for the latest fashion and finest brands available in the world is ever evolving. In this scenario, it is extremely important to dedicate a substantial amount of area to fashion, which thereby drives revenues for the mall,” emphasized Sanjeev Mehra, Vice President, Quest Properties India Ltd.
Changing Dynamics of Fashion Retail Spaces
Retail in India is an incredible assortment of formats. Over the last decade, the concept of shopping has undergone a sea change in terms of format and consumer-buying behaviour. Along with increase in disposable income, brand consciousness, development and modernisation of infrastructure has also played a major role in defining the changing dynamics of retail spaces in fashion category.
“Indian fashion brands are constantly reinventing themselves to evolve with the increasingly competitive retail landscape. There is now an increasing emphasis on productivity when it comes to the revenue generated per square foot in physical stores. Therefore, fashion brands are reviewing their store networks and undertaking conducting structured research when it comes to location, rentals and sales generation,” explains Bansal.
There is ample dynamism at present, with a number of international brands entering the market. The existing brands are also working towards reinventing their ways to keep up with the pace of growth in the sector. Currently, the total retail spending in the top seven retail markets of the country amounts to Rs 4,17,200 crore and this is projected to reach Rs 8,76,200 crore by 2020.
But on the downside, the penetration of organized retail in India is abysmally low compared to developed and emerging economies. While the share of modern retail is 84 percent, 71 percent, and 53 percent in the US, Singapore and Malaysia, respectively, it is only 19 percent of the value of the total retail spending in the National Capital Region, Mumbai, Chennai, Bengaluru, Pune and Hyderabad cumulatively.
The next big wave that changed the skyline of the retail sector in India and accelerated the presence of modern retail is e-tailing, or the sale of products and services through the internet, telephone and television. The trend started in 2010 and has become prominent in the last four years. The latest retail wave that has brought about a change in the retail landscape is the Omnichannel approach. This approach delineates the integration of experiencing the convenience of e-tail and brick-and-mortar to give a seamless experience to the customers.
Omnichannel connects with consumers through various channels, such as physical stores, websites, mobile apps, social media, kiosks and many more, and strives to enable the consumer to shift between various media seamlessly during a consumer shopping journey.
Rima Pradhan, Sr. Vice President, Marketing, Viviana Mall highlighted the benefits of Omnichannel and technology, “Viviana Mall has zoned itself in such a way that a customer knows exactly where he/she will find a particular category of product in the mall. With the help of technology, we have provided digital touch screens at all entry points and on all floors so that a customer can easily locate each and every brand in the mall without any assistance.”
Changing Trends
As far as fashion and shopping industry is concerned; the word ‘trending’ is very difficult to explain and understand. It’s all about understanding and reshaping the consumer demand in innumerable ways. What style, color and size should be bought, what are the brands that needs to be explored while purchasing, what design is new and trending in the market are the major queries which the customers and retailers have to undergo before understanding the market. Some specific trends are as follows:
Sustainable and eco-friendly manufacturing: As India is confronted with pollution issues, it has become imperative for textiles industries to adopt eco-friendly strategies. Consumers are sensitive and are increasingly aware and brands/private labels in turn have started catering to this market especially in babies, kids wear and premium adult wear categories segments.
Smart Garments: With technological penetration everywhere, the garment industry is also witnessing major technology upgradation. Smart garments are the norm of the day.
Smart Casuals: Corporate dressing these days is not just restricted to strict formal wear anymore. Increasing inclusion of smart casuals or semi-formals has resulted in the entire corporate attire segment undergoing a sea of transition.
“On the semi-urban and small town side, this means more spend on apparel, increasing adoption of ready-to-wear apparel and increasing acceptance of western casuals. On the urban side, with the rapid expansion of professional sectors in India where working conditions are more women friendly and hiring policy is inclined towards greater gender diversity, the number of women entering in workforce is constantly increasing. Hence, the need of dressing smart and willingness to look better is driving urban women to increasingly accept western wear. Urban consumers today buy apparel which serves a specific occasion. There exist urban consumers who buy apparel because of functional benefits and hence brands introduced clothing lines on the concept of shape retention, anti-stain, anti-odour, anti-perspiration, quick dry, etc. Urban consumers see apparel as a form of self-expression,” said Bansal.
Apparel Sales in E-Commerce: E-commerce has grown in recent years and is playing a major impact in bridging the gap between consumers in Tier I, II and III and premium wear sellers. In India, e-commerce portals and marketplaces have established themselves by providing huge discounts to lure customers thus changing the consumers’ mindset and providing wider range of products to choose from.
Rise of Organised Retail: The Indian fashion retail industry is transforming rapidly and is seeing shift from unorganised to organised retail. Penetration of organised retail chains has contributed to the growth of the apparel market and expansion to non-metros is being seen asa very lucrative opportunity by domestic and international brands. Once considered value conscious, consumers of Tier II cities are now open to spending more on fashion.
Return of Custom-Fit Clothing: The men’s wear market in India transitioned from tailor-made to ready-made clothing due to the popularity of ready-made clothing among young and working Indian men. “But now, the trend of custom-fit clothing in India is reviving. Custom-fit clothing is of two types – made-to-measure and bespoke tailoring. In India, premium brands like Raymond and Louis Philippe as well as luxury brands like Armani, Versace, Zegna, Cadini and Canali offer made-to measure services. Premium brands like Van Heusen’s My Fit and Creyate by Arvind Group have also introduced bespoke tailoring in an attempt to capture the growing trend of custom-fit clothing,” highlighted Bansal.
Middle Class & their aspirations: 37.5 per cent of India’s population is expected to be living in urban areas in search of jobs and better education by 2025. The middle class consumers which will form 48.5 per cent of total targetable customer base will contribute about 55-60 per cent share of total apparel market size.
“Lots of brand are coming from abroad, out of which many are being run by Indian corporates. Also, a lot of positive steps are being taken by the government to make the process easier for these foreign brands to enter the Indian market and establish themselves. I also feel today that Indian brands are giving international brands strong competition, which is good for a healthy market,” pointed Arjun Gehlot, Director, Ambience Mall – Gurugram & Vasant Kunj.
“Phoenix MarketCity has always been known for keeping up with the latest trends in fashion. The mall curates various events pertaining to fashion such as fashion shows, launch of spring summer collection and autumn winter collection, styling workshops with renowned stylists from the fashion world, a denim fest and so on. We also setup fashion related décor in the mall to generate curiosity among customers. The main objective is to make shopping a fun experience for customers,” says Rathore.
“In the past few decades, we have seen a major shift in the fashion fraternity. Today it is all about self-expression and a statement of individuality. Accessibility of information on global trends has led to easy penetration of brands into Tier I & II markets resulting in a common theme of fashion across the different regions. Needless to say social media has been instrumental in bringing about this change. The lines are fast blurring and therefore majority of global fashion brands are opening stores across India. As a leading player in the retail industry, DLF has always been a front runner of this fashion revolution in the country by connecting international brands with Indian consumers. At our malls we have a wide number of both international and national brands and both the categories are doing well catering to extremely conscious consumer of today following major fashion trends,” expalined Pushpa Bector, Executive Vice President and Business Head, DLF Shopping Malls.
What Works for Fashion Retail
In terms of fashion, Mumbai, Bangalore and Delhi NCR are at the epicentre of the fashion retail wave. The majority of the global fashion retailers planning to enter the country are considering these three locations in the first phase.
Rajneesh Mahajan, CEO, Inorbit Malls, says “Fashion as a category is comparably more organized in the retail sector in India, and with apparel, shoes, bags and accessories it contributes anywhere between 60-65 percent of the monthly sales in a mall. The frequency of fashion shopping is higher. Fashion brands bring fresh merchandise every season and the fast fashion brands have even higher frequency of introducing new designs and trends. Fashion being the biggest space occupier in malls, at Inorbit, we are continuously curating our offering to bring in best in class for our patrons.”
Bipin Gurnani, CEO Prozone Intu Properties Lt., agrees “Fashion is emerging as an important and growing category in the Indian retail sector. Consumers, on an average, are buying apparel eight to ten times a year as compared to a few years ago. Fashion category forms an integral part of our malls. It is a huge driver of footfalls, and therefore, forms a large part of our retailer category. At both our centers, approximately 48 percent of our retailers are from the fashion category that includes – unisex fashion, menswear, women’s wear, kids wear & footwear.”
Nearly 400 international brands are already present in India, a large number of them in shopping malls. Some of the recent entrants in the Indian market include Ikea, H&M, Gap, Aéropostale and Massimo Dutti. The advent of these fashion giants has brought aspirational trends to India that caters to all age groups. It is not merely the metros, but today fashion has reached the Tier II & III cities thanks to the internet boom.
It is to be noted that the coming of international brands has only increased competition for the share of the buyers’ wallet with domestic brands reinventing and changing their positioning and formats to attract the buyers.
Region-Wise Distribution
Demand for various apparel categories varies substantially across the country. The urban market that mainly comprises of metro cities such as Delhi/NCR, Mumbai, Bengaluru, Chennai, etc., are the biggest markets for apparel in India and contribute 23 percent to the Indian apparel market.
Considering the fact that almost 70 percent of the population resides in villages, the major contribution of urban cities to the apparel market indicates the higher purchasing power of the people in urban cities, their frequency of purchases and tendency to purchase premium and quality products.
The rural apparel market in India is still primarily catered by unbranded and unorganised local players. Need based clothing and price sensitivity among people of rural India does not make it a lucrative market for branded players.
“Since international brands have already carved a niche for themselves in Indian metropolitans, they are now focusing their energy on Tier I and Tier II cities, trying to tap the market in these cities to expand their consumer base. The top tier cities will continue to remain dominant locations in terms of apparel market because of the presence of both middle class and affluent consumers. However, two-third of this middle class will dwell in the middle tiers and smaller cities as well as large district towns which are and will continue emerging as increasingly attractive apparel markets. There is an estimated potential growth in smaller cities such as Dehradun, Lucknow, Jaipur, Chandigarh, Kochi, Patna, Bhubaneshwar, Indore and Nagpur among the leading cities that will drive retail growth basis total retail stock, upcoming supply, retailer presence, retailer expansion plans and investments. Tier II and III cities among other are the next retail destinations in the country owing to increasing real estate rentals of tier I and metro cities,” says Bansal.
Fashion Space in Shopping Malls
Smart mall developers study their target audience, see the categories that are growing in their catchment area and then pick and choose the perfect brand mix for their fashion and accessories section – an exercise which is extremely important since malls depend heavily on the revenue and footfalls that fashion brings to them. Since fashion retail is all about the customers’ preferences, space allotment to brands –value formats, lifestyle, and luxury formats – needs to be in sync with the type of people visiting a mall. It is almost impossible to understand what the customer is exactly looking for. The likeness for design and trend can change any moment.
Fashion consumers, say mall developers, can be broadly divided into two categories – focused buyers and impulse buyers. Focused buyers are those who know exactly what they want, which store houses the product and come to the mall with the purpose and intent of buying that piece of clothing. Impulse buyers on the other hand are those who visit a mall just on a whim and then end up buying clothes that appeal to them on the spot. Both types of customers are important for retail stores and malls and to satisfy them both, mall developers ensure retailers update their designs and categories almost every month.
“Lulu Mall primarily caters to the premium and mid-premium brands in all categories. Ground floor gives an exposure to international brands which include watches (luxury), beauty, fashion, etc (premium brands). In the first floor one sees a good collection of premium brands in men’s, women’s & unisex fashion. If one walks through the second floor of the mall, they will be able to see kids fashion, value, accessories and sports brands,” marked Philips.
“The Fashion segment as a whole covers apparel, accessories, footwear and is the largest occupier of space, followed by entertainment, F&B and electronics. At Inorbit, we have allocated around 60-65 percent space for the fashion segment which includes fashion anchors, apparel, footwear and accessories. In the recent past, the allocation for F&B has increased and more space is given to this category, may be taking it up to 15 percent of the mall space,” shared Mahajan.
35 percent of the total mall trading area is occupied by the fashion brands. We have specially divided fashion into various sub categories such as General Fashion, Kid’s Fashion, Men’s Fashion, Women’s Fashion, Foot Fashion, Bags, Luggage & Accessories and Watches, Jewellery & Fashion Accessories. The upper ground floor of the mall comprises only of exclusive premium fashion brands where customers have a wide range of options to choose from such as Zara, Lifestyle, Marks and Spencer, GAP, GAS, Steve Madden, Sephora, Mac, Nautica, Gant and many more,” adds Rathore.
“We specifically follow the concept of zoning very seriously in both of our properties, so according to that, we have international brands on the ground floor. The women brands are collected and are accommodated in one area of the mall. Likewise, we have categories on every floor, which makes shopping very easy for the customers. There is a mix of everything. Indian brands are also coming to be at par with the international brands that we have. So, it’s more about what the customers want. The taste and demand of the customer also varies from different parts of the city and it is very essential to understand it. At the end of the day, its more about market research and customer choice. For example, the customer is very different in Gurugram, Delhi and Noida in brackets of style, fashion, price and purchase. So, a mall has to understand the needs of the people coming to it. We select the brands accordingly,” agrees Gehlot.
“In terms of space – almost 56 percent of our anchors, mini anchors and line shops fall under the fashion category thus the area contribution of fashion category retailers is high in our malls,” said Gurnani.
Fashion: Big Revenue Generator
On an average, 60 percent of a mall’s revenue is generated by its fashion stores. Currently, the fashion category occupies approximately 60 percent of mall space in India – a number that may go up as per a mall’s target audience, but never down. Even government and private shopping centres and complexes given maximum space to the shops that sell apparels and accessories.
“People here spend more than 70 percent on fashion & lifestyle. The trend towards fashion is currently good and therefore, we have been adding more international fashion to the mall,” said Philips commenting on LuLu Mall’s perspective. At Inorbit, fashion contributes approx. 70 percent of the total monthly sales. Phoenix MarketCity makes approximately 40 percent of the total mall average revenue is contributed by fashion brands which is the highest among all categories in the mall. For them anchor brands like Zara, Lifestyle, Marks and Spencer and Pantaloons do very well in this regard. Pacific Mall fashion revenue turnout from fashion is about 60 percent.
“Ambience Mall allocates 80 percent of their space to fashion, so lot of revenue is generated from it. I won’t be able to disclose the exact amount, but I would say the majority chunk is generated from the fashion. It’s a healthy growth that we can see,” pointed Gehlot. At Prozone, the fashion category contributes almost 62-65 percent of the total sales. At Select CityWalk Over 35 percent of revenue is generated from the fashion segment whereas the revenue percentage at the Quest Mall is 32 percent, at DLF Malls the percent goes up to 60 percent.
The Future
Indians have a very old affiliation with luxury. Luxury-goods sales in India grew 25 percent in 2014, compared with 7 percent in China as per a report published by Euromonitor. Over the next five years, spending in the Indian luxury market is expected to increase more than double to Rs 23,600 crore from Rs 13,200 crore.
JLL India predicts that fashion retailers will continue to command a prominent presence in Indian shopping malls. It is expected that more fashion brands will open ‘experience stores’ and newer formats and strengthen their footprint across the country.
Established fashion retailers will look for opportunities in secondary and tertiary cities in order to grow further and national fashion retailers are expected to innovate and come up with newer formats to sustain in the highly competitive market environment. Interactive and enhanced consumer experience will be the key for success for fashion retailers.
The Indian fashion retail market is open for greater brand assortment but requires customised approaches as each market is unique with different requirements and preferences.Going forward, there will be more investments by international retailers to expand their networks to maximize profitability.
The fashion market in the country is in midst of change. The Millennials are using new technologies and are spoilt with unprecedented choices both in terms of product offering and convenience. Being able to serve such demanding consumers can be challenging, but at the same time provide an important opportunity for retailers. Only those retailers who are willing to adapt according to these market trends stand a chance to grow and capture the market.
~With Research Inputs from: Technopak, JLL India and Euromonitor~
