The Indian market he revealed was growing at 8-9 % with the unorganized sector slowly but surely dying out.
He said “The growth of the industry in the rest of the world is always linked to the growth rate of the economy but in India with the economy growing at 4.5% odd we are growing at double that rate which is an aberration. India is a growing market so that perhaps explains this growth rate.”
The apparel market which is valued at USD 40 billion is changing very fast with the early signs of a new trend emerging.
Kedar said that the new generation that was entering the job market were keen on looking stylish and classy and were now discarding the casual look that had taken a hold on the market over the past couple of years.
He said “I will be able to confirm this in six months. But the signs that are emerging show that this generation does not want to be casual who may denote relaxed or easy. They are all business and it looks like they are turning away from the style of the earlier generation and us at Peter England re now coming out with designs that are colorful and very fashionable. It is currently five percent of our sales”.
Asked about Goa he said it was state that was totally driven by value. It was he said not a premium market, here people wanted it to be the right price and they were not interested in splurging. He however went on to say that the market was interesting because of the large influx of both domestic and international tourists. The formal wear he said was tremendous value for money for the international tourist which was purchasing it in large numbers.
With over 10 million garments sold every year, the brand enjoys a strong national presence with 600+ exclusive stores and over 2000 multi-brand outlets in 700+ towns. It was recently named as one of “the most exciting brand” apart from being the “most trusted amongst consumers in the readymade apparel category as well”.
Asked what his prediction for the future of the industry was he said that the casuals and jeans market would slow down , with international brands coming in making domestic brands having to fight them to grow their business and a fair amount of consolidation would take place with companies buying out competitors to increase reach and increase capacities.
