Fashion Business is all About Reviving the Old
"Denim revolution started in India in the 80s and 90s which gradually shifted to lifestyle and more so fashion of late. With 7.4% of India's GDP growth and USD 1,362 per capita income, India continues to be one of the largest producers of denim in the world," said Deval Shah, Reliance Brands business head - Diesel & GAS.
According to experts, the Rs 30,000-crore Indian denim industry, which has been growing 15% annually for the last five years, is expected to be worth Rs 54,600 crore by 2023.
The reason why denim has become the new fad in fashion is that of the versatility of the fabric which can be designed into various things other than just pair of jeans.
Here is an analysis on how denim has its roots deeply penetrated in the fashion market:
Denim is available for everybody and as per their choice. Most importantly denim is the most unbiased available fabric and is more in demand with the lower middle class than of the upper-class society.
"India is selling the cheapest pair of jeans which nowhere in the world is available. If we bring down the price of jeans to USD 10 a piece as is currently prevailing in the US, India's denim demand would increase resulting into this sector's growth at 20% per annum," Subir Mukherjee, Business Head (Denim) Bhaskar Industries said.
"With the emergence of denim demand from Bangladesh to which India exports huge quantity, Indian businesses have doubled installed capacity denim to 1.3 billion meters per annum over the last five years with an estimated investment of Rs 60 crore per million meters," Shah said.
Getting a good, comfortable and long-lasting fabric was the main concern of people. Denim grabbed the attention of designers when it was introduced as a comfortable, durable and low maintenance fabric for all.
Evolving Fashion and Technology:
Fashion is an ever evolving stance in today’s world. Earlier the denim fashion was limited to jeans and now it has evolved to be used as a fabric to make all forms of attire.
Now denim has also entered children’s fashion. Moreover, there are startups, who are always on the lookout for opportunities where they can get space to extend their roots and grow their business.
"Brands are getting disturbed due to rapid change in fashion and technology," added Manjula Tiwari, CEO of Future Style Lab.
There is tough competition in the market, amongst the brands to come up with something new and rule the market. The existing brands find it easy to fetch their customers, which is why they try to stick to the authenticated product and add only limited changes.
But when it comes to the startups and entrepreneurs, they are facing the challenge and they have too many things on their plate to share to the audience, which might take time but if they keep up the work, eventually they will land themselves in good positions, equally with the bigger brands.
Now that the customers are capable enough in investing in the material of their choice, moreover with time customer has become more experimental with choices and are ready to take risks and try the new options available to them.