With 60% market share, domestic brands dominate India's apparel market: CII report
15 May 2023, Mumbai
India's domestic fashion brands are witnessing remarkable growth, particularly in Tier II and III cities, as they continue to dominate the fashion market. These domestic brands accounted for an impressive 60% share of the total fashion market in India in 2020, according to a recent report by the Confederation of Indian Industry (CII).
The report projects that this upward trend will persist, with domestic brands expected to grow at a compound annual rate of 10% from 2020 to 2025.
These brands have a deep comprehension of the cultural nuances and sensibilities unique to the Indian market, enabling them to create products that resonate with their target audience.
Another factor contributing to the triumph of domestic brands is their ability to offer products at more affordable prices compared to their international counterparts. This affordability factor holds particular significance in price-sensitive Tier II and III cities, where consumers are conscious of their budget. By providing cost-effective options without compromising on quality, domestic brands have gained a competitive advantage and successfully gained market share in these cities.
The success and growth of India's domestic fashion brands signify a shift in consumer preferences and the rising influence of indigenous fashion. As these brands continue to expand their reach and cater to the evolving demands of Indian consumers, they are poised to further strengthen their dominance in the fashion market, especially in Tier II and III cities.
