A Mckinsey report titled The State of Fashion 2019 states that India is increasingly becoming a focal point for fashionistas with more than 300 international brands expected to open stores in the next two years. A rapidly growing middle-class, increasingly powerful manufacturing sector and strong economic fundamentals make the country too important for international brands to ignore. Economic expansion is happening across Asia, but expect that 2019 will be the year in which India will take center stage
The country is being propelled by strong macroeconomic tailwinds and is predicted to grow at 8 percent a year between 2018 and 2022. The Indian middle class is forecast to expand at 19.4 percent a year, outpacing China, Mexico, and Brazil. India is set to move from being an increasingly important sourcing hub to being one of the most attractive consumer markets outside the Western world.
India’s apparel market will be worth 59.3 billion dollars in 2022, making it the sixth-largest in the world and comparable to Britain 65 billion dollars (Rs 4.51 lakh crore) and Germany 63.1 billion dollars (Rs 4.38 lakh crore). Given these dynamics, it is little surprise that more than 300 international fashion brands are expected to open stores in India in the next two years.
