Focus on domestic textile and retail markets ensures growth
“The growing textile market in India is a brightspot for the entire world,” said Prashat Agarwal, Managing Director & CEO of Bombay Rayon Fashions. He was the Chairman of the third session tiled ‘Looking inwards: Growing domestic market in India, the brightspot, at the CEO Conclave in Hyderabad. The conclave was organised by DFU Publications in association with the Textile Association of India.
“The world admires us not only for our manufacturing competitiveness but also due to the vastness and rapid growth of our market,” he added. “We need to look at it seriously and understand its growth imperatives,” he further stated.
The session also focused on the need for innovation. “We need to learn from the west is the technique to build big brands. Besides export, there is a lot of scope to grow within the country. We need to create good looking, well organised set ups,” said Manish Mandana, Managing Director, Being Human.
Amit Jain, Amtex Ventures, Home Fashion Consulting highlighted sustainability as the future of the textile industry with the packaging getting done with biodegradable material. “There will be green stories. Products will be made of reused and recycled material. Across the value the chain, the major changes will happen right from crop to processing,” he said.
Retailers to focus on product exclusivity
Govind Shrikhande, Mentor & Advisor, dwelt on the changing scenario in the retail industry.” In the last couple of years retail industry has undergone some big changes, one of them is Demonetisatiuon, second was GST and third one is ongoing battle which is online discounting,” he said. “If you see the track record of past years, you will value based brands have grown substantially whether it is Max or V Mart . These retailers are witnessing 30 to 35 per cent growth while other brands struggling to generate such revenue in the current market situation. A lot of brands are getting commoditised instigating the discount war. It’s time for brands and manufactures to ensure differentiation in their product lines,” he added.
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