Indian Domestic Garment industry anticipates 20% surge in festive retail sales: CMAI

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.”

CMAI recently hosted the 77th edition of the National Garment Fair (NGF 2023) in Mumbai. The four-day event witnessed over 35,000 visitors including national and regional retailers, distributors, and wholesalers. Spread across 8,00,000 sq.ft., the National Garment Fair 2023 (NGF 2023) saw the participation of more than 1200 brands presenting a diverse range of womenswear, menswear, and accessories at the Bombay Exhibition Nesco Complex in Goregaon East, and the kidswear exhibition at the Jio World Convention Centre in Bandra Kurla Complex (BKC).

Established six decades ago, the Clothing Manufacturers Association of India (CMAI) is the representative association of the Indian apparel industry having over 4000 members and serving more than 20,000 retailers. Its membership consists of manufacturers, exporters, brands, and ancillary sector.

CMAI is the only Indian association representing the entire Indian Apparel Industry and trade on prestigious international forums such as International Apparel Federation (IAF) headquartered in the Netherlands.