IFF 2017: India Business of Fashion Report launched, says Indian fashion retail to grow at CAGR of 9.7 pc

The most awaited India Business of Fashion Report 2017 was launched at the India Fashion Forum 2017 which is being held at Renaissance Powai by a panel of eminent leaders of the Indian fashion industry. The Panel included J Suresh, Chairman IFF 2017, MD & CEO, Arvind Lifestyle Brands; B S Nagesh, Founder TRRAIN, Bijou Kurien, Board Member, L. Catteron Asia; Dilip Kapur, President, Hidesign; Prashant Gupta, President & CEO.abof.com-all about fashion; Tushar Ved, President, Major Brands; Santosh Menezes, Vice President (Fashion) Images Group; and Rajan Varma, Managing Editor, Images Group.
According to the India Business of Fashion Report 2017, the Indian fashion retail market which was worth Rs. 2,97,091 crores (Rs 2.97 lakh crores or $46 billion) in 2016 will grow at a world leading Compound Annual Growth Rate CAGR of 9.7 per cent to reach Rs 7,48,398 crores (approx. Rs 7.5 lakh crores or $115 billion) by 2026.
The promising growth rate of 9.7 per cent makes the Indian fashion industry a very prominent sector in the retail sector. India has the world’s largest youth population, which is becoming fashion conscious owing to mass media and social media penetration.
Indian economy, one of the fastest growing economies of the world, is witnessing major shifts in consumer preferences, with a GDP growth rate of 7 per cent, India has an edge over developed markets of the US, Europe and Japan which are expected to grow at a rate of 2-3 per cent. This has opened unprecedented fashion retail market opportunities.
Increasing disposable income, brand awareness and increasing tech-savvy millennial population are the driving factors of corporatized retail within the country. Overall, the Indian retail scenario has shown sustainable long term growth compared to other developing economies.
Encompassing exclusive studies conducted by IMAGES Fashion Research and key reports from top-rung international consulting, enabling and academic organisations participating in the India Business of Fashion Report 2017 include IBM; PwC; E&Y; Nielsen; Kantar IMRB; Technopak Advisors; IIT Chennai; WGSN; The Woolmark Company; Trend Council; IDC, Knightfrank; Wazir Advisors; Vanitycask Inc.; Le Souk; Pearl Academy; and Restore Design; to name a few.
The five-section 14th edition of the IBOFR begins with an overview of the very core, which is The New Fashion Consumer, we present sections on The Evolving Indian Fashion Market, The Technological Imperatives before fashion businesses, The Current Dynamics and Key Issues, and then finally it signs off with a view of The Fashion Product. It offers modern understanding of the elements that will define the business of fashion in the years beyond.
For 14 years now, the India Business of Fashion Report (IBOFR) known earlier as the Images Year Book has played a key role in serving as the ultimate guidebook to the fashion industry in India. This year’s edition is action packed with content highlighting the key takeaways from 2016 and forward-looking projections towards what the future holds.