The Indian denim industry is showing continual growth trends over the years. With newer territories, technologies and trends, the market is only going to see some exciting moments ahead
There is a buzz in the industry that Kishore Biyani’s Future Lifestyle Fashion is buying a 75% stake in home-grown denim company, Spykar Lifestyle, for around R100 crore, in an apparent attempt to shore up its fashion and lifestyle play. If the reports doing the rounds are true, Spykar will join Future’s current denim portfolio of Jealous 21 and Bare. Biyani has 35 fashion brands with a combined turnover of over R7,000 crore.
Arvind Singhal, founder, Technopak Advisors, feels the Indian market offers a great opportunity for brands to launch new products. “What India needs is more denim brands. Today, denim wear is going deeper into the rural markets. Not only men, even teenage girls in rural areas are opting for denim wear. This calls for more brands that can cater to the demand,” he adds.
Although there is no official confirmation on Biyani’s Spykar deal, the news comes at a time when the Indian denim market is showing continual growth trends year on year, seasonal fashion upheavals like coloured non-denim trousers notwithstanding. As per a recent study by Technopak Advisors, the denim market in India is set to nearly double to over R13,000 crore in the next three years (by 2017), owing primarily to youngsters’ obsession for the cult fabric. The boom will be fuelled by not only an increasing demand from small cities and rural areas, but also acceptance of the fabric at workplaces, the study adds. In terms of volumes, the denim market is estimated at 300 million pairs of jeans, which is projected to grow to 550-600 million by 2015, reveals Technopak.
Gagandeep Singh of Denim Manufacturers’ Association, an industry body, adds: “We are the second-largest producers of denims after China. Of the total denims manufactured in India, 700 million metres are used in the domestic market and the rest is exported.”
Kavindra Mishra, CEO, Pepe Jeans India, feels this is one fabric that will never completely go out of fashion. “The denim market in India is growing at a very fast pace, with the market for branded jeans constituting over R2,000 crore in the country. India is growing at the rate of 10-15% per year,” he adds.
There’s a reason behind the popularity of denim wear. It’s among