As fashion retail continues to grow and evolve, many new markets are emerging strongly! Australia is one of them which has grown over the years to gain prominence.
According to Statista, revenue in the Australian fashion segment is projected to reach US $ 11.12 billion by 2022 even if it is expected to show an annual growth rate (CAGR 2022- 2025) of 14.86 per cent, resulting in a projected market volume of around US $ 16.85 billion by 2025.
Today, Australia is a veritable hub for contemporary style, with a fashion scene that continues to grow and thrive as overseas and local brands/retailers compete with each other for a larger share of the pie. On one hand, we have the global biggies of the likes of Inditex, H&M, Uniqlo, etc., vying with which for a larger market share are home-grown names like Billabong, Calibre, Rip Curl, Country Road, Cotton On, as they try to cash in on the opportunities, especially in cities like Sydney and Melbourne, which continue to be amongst the top globally.
India, in particular, has an upper hand in Australia when it comes to apparel exports primarily due to the India-Australia Economic Cooperation and Trade Agreement signed in April this year, which leads the Indian Government to hope exports of textiles and apparel to Down Under could reach US $ 1.1 billion in the next 3 years from the current US $ 392 million.
Bangladesh, in the meanwhile, as a LDC, continues to enjoy the trade benefits in the Australian market and, in calendar year 2021, the country exported apparels worth US $ 765.47 million to Australia marking a growth of 20.9 per cent from the previous year.
So, if you are looking to explore and exploit the opportunities Down Under, make sure to visit ASW 2022 to gain rare business insights from industry experts and business pundits.
Don’t miss to mark the dates on your calendar – ASW 2022 taking place on 1 & 2 July in Bengaluru!
Apparel Sourcing Week 2022, a two-days Sourcing Show not only provides the Asian manufacturers a platform to showcase their products & manufacturing capabilities to the Brands & Retailers from all over the world including India, but also extends them a chance to attend the multiple seminars (headed by industry experts), workshops, open-house discussions and networking opportunities organised during these three days, which would help the manufacturers get a better understanding of Indian and International Retail and evolving dynamics of sourcing in various markets and retail formats.
Apparel Resources is well known for its benchmark publications – Apparel Online, StitchWorld and Resource Guide published from India, Bangladesh & Vietnam. These publications have been around in the industry for over 35 years, supporting, guiding and standing by garment exporters and the retail industry globally, providing them a platform to source better.