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The denim market in India will nearly double to over Rs 13,000 crore in the next four years, thanks to the youth’s love for blue jeans. The boom will be fuelled by not only increasing demand from small cities and rural areas but also the acceptance of denim at workplaces, according to a study by Technopak Advisors.
“The denim category, owing to its high association with casualisation and fashion, will witness volume growth due to increased penetration in rural geographies and smaller Indian cities,” says the study.
This is a reflection of the youth’s aspiration to engage with fashion, percolating beyond urban centres, it adds.
In 2012, the denim market in India stood at Rs 6,700 crore, with unbranded segment accounting for 58 per cent. While the mid-premium market commanded 15 per cent share, luxury comprised 16 per cent of the denim market in 2012.
BRANDED IS IN
By 2017, however, the unbranded segment will go down to 48 per cent, making room for more premium and mid-premium segments. These segments will grow at about 20 per cent over the next four years, almost double the growth in the unbranded segment.
“Young people have become brand conscious. And this is driving the growth of branded denim wear,” says Kewal Kiran Jain, Chairman and MD, Kewal Kiran Clothing, the maker of Killer Jeans. The brand has been growing at 25 per cent CAGR for the last three years.
“In denim wear, it is all about flaunting the distinct patch at the back unlike other clothing categories. Denim also does not lend itself to tailoring. So consumers have no choice but to go for a brand,” says Arun Sirdeshmukh, Co-Founder and CEO, Fashionara, an online seller of fashion clothes and international brands in India.
UBIQUITOUS
The denim segment has multiple advantages as people can also wear it to work. “Besides, new economy businesses such as advertising and e-commerce have employees wearing denim to work as it can be easily co-ordinated unlike ethnic wear,” he adds.
Aamir Akhtar, CEO, Lifestyle Fabrics (Denims) at Arvind, agrees. “Denim has broken all boundaries and can be worn on any occasion. It is also acceptable at workplaces for its adaptability. This is leading to increased innovation by companies. The ever-changing needs of the consumer challenge us to continuously innovate in this segment,” he says.
The Technopak study points out that going forward, the value growth within the denim category will be due to increased demand for enhanced fashion quotient, stretch and lightweight fabric, styling and detailing. “This trend is emerging across both men’s and women’s wear,” it adds.
In women’s wear, traditional ethnic wear is now limited to special occasions only and denim is finding its way into their wardrobes. “Even growth of the salwar-kameez market is largely driven by the increasing demand for kurtis , which that tend to be teamed with denims,” Technopak adds.
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