Home Fashion Fashion designers to expand the market of their own labels

Fashion designers to expand the market of their own labels

New Delhi: The study conducted by the premium apex chamber, Associated Chambers of Commerce and Industry of India (ASSOCHAM) revealed that fashion designers are likely to expand the market of their own labels to around Rs 2000 crore by 2012 from the current level of approximately Rs 200 crore, Venugopal N. Dhoot, president of Assocham, said in a statement. The industry body attributes this growth to the fashion market that is undergoing large scale diversification with consumers developing taste for variety of local as well as overseas products. The turnover of overall fashion industry both in retail and non- retail segment as of now is estimated between Rs. 34,000 to Rs.35,000 crore in which the contribution of apparel segment alone has already touched Rs. 16,000 crore, estimates the ASSOCHAM. In a paper brought out by ASSOCHAM on Potential for Fashion Industry, it has been pointed out that in the current Rs. 200 crore size of fashion wears, the contribution of budding designers is just about Rs. 20 crores which in percentage terms works out to be 10%. The remaining contribution comes from the established designers. These institutes equipped with modern skills and technologies would help impart sufficient training to potential designers. Moreover, the established designers would deepen their presence in and around metros and would target the upper strata of the society as the demand for western outfits is expected to go up in that segment. As per the estimates made by ASSOCHAM, the contribution of established fashion designers to fashion industry would go down in percentage roughly by 20% by 2012. Their current contribution to fashion industry is estimated at about 80%. Assocham president Venugopal Dhoot said, “The government should establish more fashion institutes across the country with appropriate R&D facility in every zone to ensure regional expertise in apparels and high breed design in production.”

 

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