CMAI FAB Show 2023 Generates Rs. 2000 Crores Business Reflecting Optimism in the Indian Apparel Industry
Furthermore, the industry has been impacted with almost 50 rise in cotton yarn over two years, which saw garment manufacturers and retailers increasing prices by 15-20 leading to slowing down of demand in the unorganized sector, especially in tier-2 and tier-3 cities and towns, added Mr. Masand.Speaking about the apparel segment expectations, Venu Nair, Managing Director CEO, Shoppers Stop Ltd., said, We are expecting a strong growth in the apparel segment, on the back of our key strategic pillar of Private Brands, National Brands and Store Expansions.
The Fabrics, Accessories & Beyond Show 2023 (FAB Show 2023) organised by the Clothing Manufacturers Association of India (CMAI) last week concluded on an optimistic note with business of about Rs. 2000 crores generated during the three days of these B2B events. The CMAI Vendor Sourcing Fair 2023 (VSF 2023) was also organised alongside the CMAI FAB Show 2023. This year the CMAI FAB Show 2023 witnessed over 12,000 visitors including more than 1500 top platinum buyers and brands including Amazon, Ajio, Anita Dongre, Bewakoof, D'Mart, Firstcry, Jack & Jones, Killer, Lifestyle, Max, Myntra, Mufti, Raymond, Nykaa, Pantaloons, Pepe Jeans, Pothys, Shoppers Stop, Siyaram's, Soch Apparel, Spykar, V Mart, Westside, Zudio, among many others. Speaking about the industry outlook, Rajesh Masand, President, Clothing Manufacturers Association of India (CMAI), said, "The overall garment retail segment in India is estimated to be Rs. 8 lakh crore. Over the years the garment segment, which grew 18% in the last year, has seen a significant consumer shift towards branded apparel with online buying picking up pace. The garments industry is hopeful of the upcoming festive and wedding season and is expecting healthy growth for apparel especially occasion wear this year." "Post-pandemic, the overall growth of the industry has been minimal in line with the GDP growth rate of the country. Furthermore, the industry has been impacted with almost 50% rise in cotton yarn over two years, which saw garment manufacturers and retailers increasing prices by 15-20% leading to slowing down of demand in the unorganized sector, especially in tier-2 and tier-3 cities and towns," added Mr. Masand.
Speaking about the apparel segment expectations, Venu Nair, Managing Director & CEO, Shoppers Stop Ltd., said, "We are expecting a strong growth in the apparel segment, on the back of our key strategic pillar of Private Brands, National Brands and Store Expansions. We are expecting the market to be very positive with a considerable increase in demand this wedding and festive season. Festive season also comes with holidays. Travel and vacation, are further strong reasons for customers to invest in their ensemble." Sharing insights on the denim segment, Manish Kapoor, CEO, Pepe Jeans, said, "Summer will be very promotional with growth driven by price and little volume growth. Volume growth expected to come in from mid Q2. the premium denim segment is expected to grow at 12-13% as premiumization still continues as a major trend. Consumer preference for sustainable and on trend products is also seeing a positive trend. We are expecting a 15-18% growth during the festive." The CMAI FAB Show 2023 also attracted largest domestic and international buyers including Bangladesh, China, Ethiopia, Hong Kong, Nepal, New Zealand, UAE, and UK. Among the top exhibitors were Arvind mills, Grasim mills, Jindal mills, Bhagwan Textiles Mumbai, Disha Mumbai, Artex Bangalore, Gokul Tex Surat, Apple industries Surat, Sashwat Ahmedabad and Bhavna processors Ahmedabad.
The world's largest associations namely Bangladesh Garments Manufacturers & Exporters Association (BGMEA) and Bangladesh Knit Manufacturers & Exporters Association (BKMEA) also participated in the CMAI FAB Show 2023. About CMAI The Clothing Manufacturers Association of India (CMAI) is the most 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 industry. CMAI advocates regarding policies and also guides and encourages its members on ESG related matters and initiatives. In 2019, CMAI launched the SU.RE initiative to encourage members to embrace sustainability.
Established six decades ago, CMAI has contributed immensely towards development of the industry. In 1978, CMAI had led the creation of the Apparel Export Promotion Council (AEPC). CMAI is also authorised by the Government of India to issue Certificate of Origin (Non-Preferential) to Exporters. CMAI is the only Indian Association that represents the entire Indian Apparel Industry & Trade on prestigious international forums such as International Apparel Federation (IAF) headquartered in Netherlands. Visit: www.cmai.in | Follow Twitter: @CMAI_Official.
Image: CMAI FAB Show 2023
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)