There is a new king in men’s apparel market in India — traditional wear. Soaring sales of men’s traditional wear, including sherwanis, have led to intense competition among brands and drawing in big organised businesses — such as Aditya Birla Fashion, Vedant Fashions and Raymond — into the game. As a result of aggressive scale-up by companies, sales in this segment have jumped by as much as 25% in the past three years, ToI reported on April 29.
During the period under review, sherwanis have emerged as a standout category, making up more than a quarter of all sales, the report (by Rupali Mukherjee) said quoting Ashish Mukul, brand head at Tasva.
The sales surge is primarily a result of India-wide rapid retail expansion and the introduction of differentiated designs tailored to meet consumer preferences, industry people say.
During the past two years, Aditya Birla Fashion, which markets Tasva, and Ethnix of Raymond, have collectively opened approximately 183 stores, including around 94 stores by Vedant Fashions, better known as Manyavar. In the upcoming two years, these two brands are expected to open around 300 stores, as per estimates by I-Sec.
The report mentioned that the success of Vedant Fashions’ listing has increased competition in the wedding-wear segment from other branded players. In FY22, Aditya Birla Fashion launched Tasva in collaboration with fashion designer Tarun Tahilani, while Raymond introduced Ethnix in FY19 and began scaling up significantly from FY22 onwards.
The ToI report said quoting Vedant Modi, chief revenue officer, Vedant Fashions: “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 the financial year 2023, the Indian men’s apparel market was estimated to be over Rs 2.2 lakh crore, with a growth rate of almost 10% compound annual growth rate from the financial year 2015 to 2020. However, the pandemic led to a decrease of 3.6% from the financial year 2020 to 2022. Nevertheless, it is observed to have experienced a significant recovery and is expected to expand at a compound annual growth rate of 18% for the upcoming four years, as per the analysis by consulting firm Technopak. Ethnic wear constitutes approximately 6% of the total men’s clothing and is anticipated to experience a compound annual growth rate of almost 20% in the following 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 more discerning and well-informed about Indian clothing, giving more importance to thoughtful designs and focusing on comfort as well as luxury. As a result, brands have successfully entered this growing market by offering high-quality designs to a larger audience, according to industry experts.
Apart from that, kurtas and kurta sets are also highly popular items in ethnic apparel. Factors such as enhancing the network and introducing new competitive offerings contribute to the growth. Physical stores continue to be the main sales channel, accounting for around 90% of the market.
