Increasing demand from UK and US is leading to a surge in exports of fashion and lifestyle products from India, says Sanjay Jain, CEO, PDS Multinational Fashions, a supplier to brands including Zara, Walmart, Mango and Superdry. He expects pent-up demand and increase in online sales to further drive exports. Exports are doing well despite problems related to migration of workers, adds Rahul Mehta, Chief Mentor, CMAI. However, order volume, is nowhere close to the pre-pandemic level as brands want to mitigate risk, he adds. Brands expect the ongoing vaccination to drive shoppers back to stores who until now relied on -commerce for most of their sales.
Worth $1.9 trillion in 2019, the global textile and apparel market is projected to reach $3.3 trillion in 2030. The market is likely to be dominated by Europe and the US who contribute about 30 per cent to the total apparel market.