Today Fashion is not limited to a female’s domain; it is something that is influencing the men too! In fact, luxury has just begun in India, especially for men, and the following five years hold immense potential for the Indian men's fashion industry.
A man’s fashion sense can be judged and evaluated by seeing the choice of their apparel, watches and footwear. Apparel is synonymous with the words like clothing, fashion, clothes, and garments. Today footwear, accessories, watches, eyewear, jewellery and fragrances also entail under the umbrella of the term apparel. We will discuss about all these sub categories in Indian context subsequently.
Not only in metros, but men are getting brand-conscious in tier II and tier III cities also. This is a big reason for the men’s apparel market growing at a very fast pace. People having even little bit of extra income are ready to spend on quality and premium products. This huge change in consumer behaviour has led many international brands enter the Indian landscape with a plethora of offerings. They are focusing PAN India, including Tier II, III cities where consumers are showing increasing demand for brands. While domestic brands are strong on their own, international brands are raising the bar with higher prices. They are creating a new segment called the super-premium and giving more choices to the consumer. Gucci, Hugo Boss, Salvatore Ferragamo, Armani, Versace, Brioni, Ermenegildo Zegna, Canali, Corneliani, Alfred Dunhill, Cadini, are all in the race to clothe the new sartorially savvy Indian man.
Marketers are not only reaching out to consumers through conventional brick and mortar models, but are opting for omni channel strategy to reach out to masses. Social media and e-commerce portals are playing vital role in accelerating the growth. Portals like Amazon, Flipkart, Snapdeal and many others have made so many options available to consumers from the comfort of home. Owing to its convenience, speed, competitive pricing along with multiple payment options such as online payment and cash on delivery is expected to aid the growth of men’s apparel and footwear market through online retailing channel in the coming years.
Online portals are making exclusive partnerships to further woo the buyers. For instance, Amazon has signed exclusive deals with four fashion brands — Bjorn Borg, Drunknmunky, Replay and Rockland — to sell their products exclusively in India. It had also signed up with American brand Aeropostale recently. The company has witnessed 450 percent growth in its men's apparel selection and is vouching for more growth in near future. Men’s apparel and footwear market has witnessed a rapid growth in e-commerce due to rising penetration of internet in urban, rural and sub-urban cities across India.
According to a research firm, the men’s apparel segment registered an annual growth rate of 10 percent over 2010-2015 and is estimated to post 8 percent by 2020, growing from US$ 13 billion currently to US$ 19 billion. Interestingly in India, womenswear constitutes only 41 percent of the market against 48 percent share of menswear.