If you are planning to make the best out of fashion retail, look no beyond than Asia.
Diversified market as it is influenced by different cultures and styles coupled with increasing spending power of consumers, who are open to try new concepts, Asia is all set to become the next mecca of the global fashion industry.
India and China are undoubtedly the leading markets in term of size but there are others too which are coming up and equally strongly!
Japan and South Korea are two major names in this direction.
As per Statista, revenue in the Japanese apparel market amounts to US $ 86.07 billion in 2022 and is expected to grow annually by 4.14 per cent (CAGR 2022-2026), where womenswear holds the sway with a market volume of US $ 47.72 billion.
Boasting of a stable economy, its population of 127 million enjoy per capita GDP of around US $ 41,000, thereby putting Japan in a far better position compared to many other Asian nations in terms of economy and buying prowess even if Tokyo’s districts like Harajuku Shibuya, and Ginza today offer the world’s trendiest and finest fashion pieces to cater to the young and upwardly mobile consumer base, always looking for something new and trendy.
Adding vibrancy to the Japanese market are its globally-renowned, home-grown fashion brands likes of UNIQLO, GU, BAPE, ASICS, WTAPS, Porter Yoshida & Co., NEIGHBORHOOD or NBHD, Snow Peak, Wacko Maria, Auralee, visvim, mastermind JAPAN, nanamica, Portvel, etc., standing shoulder-to-shoulder with global bigwigs and competing with them in no unequal terms to add a new dimension.
Also to be considered in this direction is South Korea, the revenue which in the apparel market of which stands at US $ 37.51 billion even if it is expected to grow annually by 0.76 per cent (CAGR 2022-2026).
Coincidentally, in South Korea too, the womenswear section is the dominant one with market volume of US $ 18.11 billion.
As the Korean culture spreads globally like wildfire thanks to its hugely successful K-pop, K-film and K-beauty sectors, it has attracted insatiable interest everywhere thereby pushing the Korean fashion industry and the fashion retail sector to the next level so much so that the Seoul Fashion Week (SFW) today aspires to become the fifth significant fashion week in the world after the Big Four of New York, London, Milan and Paris.
Names like STYLENANDA, GENTLE MONSTER, MINJUKIM, Hyein Seo, Andersson Bell, 8 Seconds, Reike Nen, YUUL YIE, IMVELY, SJYP, CRES, E DIM, etc, vying with overseas brands for a larger share of the market only add to the vibrancy and market excitement.
Even though not as big as Japan or South Korea, Malaysia and Singapore are also coming up rather strongly in the fashion retail sector.
The fourth-largest economy in South-east Asia with an average per capita income of around 16,000 Euros (in purchasing power parity), the affluent lifestyle of the Malaysians that rivals that of Singapore and Brunei is drawing names like Burberry, Louis Vuitton, Versace, Hermes, Michael Kors, AX Armani Exchange, Gucci, Calvin Klein, who all have their strong presence in Malaysia.
The opening of the first store of COS (Swedish retailer) in Kuala Lumpur recently marked the entry of first upmarket fast-fashion brand into the country, thereby opening the doors for others to come rushing in to make the best of market opportunities on offer.
Apparel Sourcing Week 2022 gives you the unique opportunity to meet and explore business possibilities with all the stakeholders from Asia, be it buying houses/brands/retailers or manufacturers and suppliers, while also gaining rare business insights from industry experts and business pundits.
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.