|The dynamics of global fashion retail business is changing very fast and while earlier it was always about western markets and Asian manufacturing, the stereotype is no longer true. At one end, western markets are stagnating, while at the other end, Asian markets like China, Korea, Japan and India are the new focus markets. Similarly, many products are moving back to the West, as technology supports in-shoring of production in the US and Europe.|
|This situation has created fresh challenges and it’s high time for collective efforts and regional cooperation at every level to ensure that manufacturing business is retained in the region. As a region, the Asia-Pacific is attracting a lot of attention for investment and collaborations because of the potential growth opportunities that it provides. ASW 2020 is set to capitalise on the strength of the region for traditional and emerging markets.|
|It is interesting to note that while clothing sales is growing at 6.7 per cent in the US, it is an impressive 9.7 per cent in India. Also, as per official data, in 2020, the average age of an Indian will be 29 years, compared to 37 for China and 48 for Japan, making India the country of the young!|
|This young population is looking for fashion and owing to this generation’s new-found economic independence and confidence, the potential of fashion retail is huge. It is also important to recognise that the aspiration for fashion is not limited to the towns and so-called metropolitan cities, but is a pan-India phenomenon, though the interpretation of fashion may be different. In fact, the growth of retail sector in smaller cities is outpacing that seen in the metro-cities.|
|Cities including Lucknow, Jaipur, Chandigarh, Kochi, Indore, Nagpur and Bhubaneswar are developing thriving retail sectors, buoyed by factors such as an increasing population and rising income levels, as well as cheaper land prices helping the construction and expansion of stores and malls. Meanwhile, bigger brands such as H&M and those belonging to large business conglomerates such as Tata-owned Trent, Aditya Birla’s Pantaloons and Future Group’s Big Bazaar and Easyday as well as the likes of GAP, Nautica and US Polo are expanding in smaller cities.|
|Indian retailers and brands like Future Group, Reliance Trends, Aditya Birla Group and Raymond’s, in their bid to expand further, have already started developing the vendor base for sourcing certain products from Bangladesh, Vietnam, China and Sri Lanka in order to enhance their competitiveness, locally and internationally.|
|With retailers looking for more products and reliable partners, the upcoming Apparel Sourcing Week 2020 holds growing significance for the Indian and international retailers and brands to meet the best of the garment manufacturers from India, Bangladesh, Indonesia, Sri Lanka and Myanmar and build a long-term relationship besides understanding their manufacturing capabilities, the quality and timely delivery standards and also identifying the ways with which the manufacturers can address their growing needs.|
|With the right synergy, The Apparel Sourcing Week, India has already created a reputation as an acclaimed networking and sourcing platform to house the leading and the most popular clothing and fashion manufacturers. The event with each passing edition will eventually present itself as the most economical alternative to all major international fairs, offering variety of merchandise that cater specifically to the needs of Indian consumers. It aims to become the most visited trade fair in Asia not only for the growing domestic retail but also for the export market.|
Apparel Sourcing Week 2020, a three-day 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.