New Delhi: The apparel segment, growing at 15% a year, is likely to touch Rs20-22 trillion ($466-513 billion) by 2012-13, according to market solution provider IRIS.
Of the Rs12 trillion apparel market, ethnic wear will continue to enjoy the majority share, IRIS managing director, Vivek Kumar, told PTI on the sidelines of the Pure and Play Retail Summit here.
“Women’s and kids’ wear comprise a huge portion of the retail apparel market in India and the women’s wear in itself is a Rs42,600-crore segment,” Kumar said.
Studies conducted by IRIS on the Indian retail market shows that the western wear segment of Rs2,400 crore, which is 12% of the total women’s wear market, and is growing at an exponential 16-20% a year.
“While ethnic wear is declining at around 1-2% a year, increase in the overall size of the market will compensate for the decline, as the size of the total pie will keep on increasing,” Kumar said.
He said, “The middle class population in India will reach 41% of total population by 2025 and this will contribute for the growth of western wear segment as well as the entire apparel retail segment in India.
In tier-2 and smaller cities, the growth of the apparel market is quite high and will reach 60% per annum very soon, he added.