Domestic men’s brands explore the right formula

Men’s wear is supposed to be the biggest and fastest growing apparel segment in India. The segment is flourishing with many global labels entering the country, creating stiff competition for Indian counterparts. However, experts feel that factors like understanding of local tastes that

differ according to geographic location and competitive pricing give an edge to Indian brands.

Another argument that supports the growth of Indian brands is that most of foreign labels cater to luxury or premium segment, leaving the bigger upper-mid and mid-market for national brands.

Searching for right success formula

With the opening up of Indian economy, fashion is one sector that has attracted the attention of maximum number of global brands and retailers. However, doing business in India is not easy especially for new entrants. While foreign luxury labels are trying to capture the attention of globetrotting customers, who are not only aware of these brands but also stop by their foreign outlets to shop. But that’s not enough to capture the larger picture. And that’s where domestic brands are playing a major role by reaching out to varied consumers tastes and price points.

And now fashion tastes are evolving with rising exposure to social media, internet and general awareness about brands. And factors like rise in disposable incomes, easy availability of money through credit cards, nuclear families, peer pressure are leading to the growth of men’s wear labels in the country. Gone are the days, when men relied on neighbourhood tailors to get their clothes stitched. They are now conscious of their look and the way they wish to present themselves. Brands are realizing this rise in fashion awareness levels and are putting in efforts to reach out to them by expanding their retail network to smaller towns.

Casual fashion leads over formals

With young Indian consumers increasingly becoming a part of the corporate world, smart casuals or informal fashion have made in-roads in the men’s wear segment. Earlier formal suits or clothing was common at work places but it is gradually being replaced by smart casuals. Most men’s wear labels are now catering to this segment by launching smart casual fashion range along with formal clothing.

The advent of e-commerce and self-employed professionals or entrepreneurs is also helping the growth of casual dressing. These people have their own tastes as far as their dress codes are concerned and they prefer the informal and comfortable smart casuals over the formal clothing. As per experts less than 40 percent of India’s population is based in cities, which is expected to grow by more than 300 to 350 million in the next two decades. And this increasing lot of young population migrating to urban areas is further fuelling growth of men’s western wear market.

The robust growth in branded men’s apparels is reflected in sales numbers of many players. Over the past five years, sales of Madura Fashions and Lifestyle having brands like Louis Philippe, Van Heusen, Peter England, Allen Solly under its belt grew at 25 percent CAGR, while that of Kewal Kiran Clothing, which owns the Killer and Lawman rose by 14 percent annually.