New Delhi: It’s all about ‘band, baja and sherwani’ in the men’s apparel market. Sales of men’s traditional wedding wear, including sherwanis, have jumped 25% in the last three years. The rising demand is also spurring competition in the wedding-wear segment, resulting in organised players, including Aditya Birla Fashion, Vedant Fashions and Raymond, scaling up aggressively.
“Sherwanis have emerged as a standout category, accounting for over a quarter of all sales. Over the past year, Tasva has seen its business double. Notably, the ‘angrakha’ silhouette has garnered substantial popularity among our customers, contributing significantly to this growth trend,” Ashish Mukul, brand head at Tasva, told TOI. This is majorly because of the rapid retail expansion throughout the country and the introduction of differentiated designs tailored to meet the consumers preferences.
Over the last two years, both Aditya Birla Fashion that markets Tasva, and Ethnix of Raymond added about 183 stores combined, with about 94 stores by Vedant Fashions, more popular as Manyavar. Over the next two years, these two brands are likely to add about 300 stores, estimates by I-Sec suggest.
The listing success of Vedant Fashions has accelerated competition in the wedding-wear segment from the other branded players, the report said. Aditya Birla Fashion launched Tasva in partnership with the fashion designer Tarun Tahilani in FY22, and Raymond introduced Ethnix in FY19, but started scaling up aggressively from FY22 onwards.
Vedant Modi, chief revenue officer, Vedant Fashions, echoes a similar trend. “In the last three years, sales of men’s wedding wear, including sherwanis, have grown by approximately 20-25%, indicating a rising demand. This trend underscores the significant role weddings play in driving sales of ethnic wear. The increase in sales is consistent across all types of wedding apparel, showcasing strong market performance and consumer interest in our offerings.
The premium segment of wedding wear is experiencing substantial growth, driven by the aspirational nature of weddings. Consumers are opting for higher-quality products for special occasions, driving robust growth in our luxury brand, Twamev.”
In FY2023, Indian men’s apparel market was estimated at over Rs 2.2 lakh crore, growing at nearly 10% CAGR from FY2015-2020. The pandemic, however, resulted in a contraction of 3.6% from FY2020-2022. But it is seen to have made a strong recovery and is projected to grow at a CAGR of 18% for the next four years, according to consulting firm Technopak. Ethnic wear accounts for about 6% of the overall men’s wear and is expected to witness a CAGR of nearly 20% over the next four years.
An expanding middle class, increase in discretionary spending and consumer demographics are strong growth drivers for the apparel market. Further, the premium segment is experiencing significant growth, in particular, sherwanis.
Customers have become increasingly discerning and well-informed about Indian attire, placing greater emphasis on meaningful designs and prioritising comfort alongside luxury. Consequently, brands have effectively tapped into this burgeoning market, by making high-quality designs more accessible to a wider audience, industry experts say.
Besides, the other most popular items are kurtas and kurta sets, among ethnic apparel. Strengthening the network and new and competitive offerings are factors leading to the growth. Physical stores remain the primary channel for sales, capturing approximately 90% of the market.
