19 January 2024, Mumbai
India's leading fabric manufacturer, Siyaram's is doubling its store presence in the midst of a challenging textile industry.
Outlook
This confidence stems from the long-term positive outlook for the Indian textile market, which is expected to grow at a 10 percent CAGR to reach $350 billion by 2030.
The company's omnichannel approach, which combines physical stores with online sales, is essential for reaching a wider audience and driving growth.
Innovation drives growth
Siyaram's is also focusing on innovating its product lines and communication strategies to connect with younger consumers. This is crucial for the brand's long-term success, as the youth market is a major driver of growth in the Indian textile industry.
In future, Siyaram's needs to ensure that its product lines are priced competitively and marketing campaigns resonate with young consumers.
The company needs to effectively integrate its online and offline channels to provide a seamless shopping experience for customers.
The company's focus on expansion, innovation, and connecting with younger consumers will be key to success.
Data-point
As per a FICCI-Wazir Advisors report, driven by a growing domestic market and exports, the Indian textile and apparel market is expected to grow at a CAGR of 10 percent to reach $350 billion by 2030 from $165 billion in 2022.
However, the sector faces several challenges, including rising input costs, competition from global players, and a slowdown in demand.
