According to CMAI, there is optimism surrounding the forthcoming festive season as the demand for apparel is anticipated to be robust despite current challenges
Mumbai: According to the Clothing Manufacturers Association of India (CMAI) the Indian apparel market has grown by between 15-20% in FY2023 to reach an estimated size of Rs. 7.80 lakh crore.
“The organized segment of the market is projected to encompass approximately 25-30% of the total share. Prominent brands like Shoppers Stop, Reliance Trends, Lifestyle, V-Mart, and others are actively extending their presence and swiftly expanding their footprints into Tier-2 and Tier-3 markets,” Rahul Mehta, chief mentor, the Clothing Manufacturers Association of India (CMAI), said.
Rajesh Masand, president, the Clothing Manufacturers Association of India (CMAI) added, “Since the start of the year, the garment industry has been grappling with a certain slowdown with moderate growth of 5-6% in garment retail sales on average. Numerous brands and manufacturers have experienced a 10-15% downturn compared to the previous year. Despite these challenges, there is optimism surrounding the forthcoming festive season, as the demand for apparel is anticipated to be robust.”
