It’s a piece of good news for Fashion lovers, that a Fashion Revolution is coming by 2020, reported by Trusted sources.
India is increasingly becoming a focal point for fashionistas with more than 300 international brands expected to open stores in the next two years, according to McKinsey Fashion score.
The report stated that “Economic expansion is happening across Asia, but we expect that 2019 will be the year in which India will take centre stage“. “As a result, India is set to move from being an increasingly important sourcing hub to being one of the most attractive consumer markets outside the Western world.”
India’s apparel market will be worth 59.3 billion dollars (about Rs 4.12 lakh crore) in 2022, making it the sixth-largest in the world and comparable to Britain 65 billion dollars (Rs 4.51 lakh crore) and Germany 63.1 billion dollars (Rs 4.38 lakh crore), according to data from McKinsey’s FashionScope city-level growth forecasting tool. The aggregate income of the addressable population (individuals with over 9,500 dollars or Rs 6.6 lakh in annual income) is expected to triple between now and 2025. So it’s a Big Fashion Revolution.
“Despite structural challenges that include inequality, infrastructure, and market fragmentation, we expect strong economic growth, scale and rising tech-savviness will combine to make it the next big global opportunity in fashion and apparel,” it said.
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