Industry Review Global Apparel Industry

The outbreak of COVID-19 has acted as a massive restraint on the Apparel Industry in 2021, as
consumption declined due to lockdowns imposed by governments globally and consequent cut
down in discretionary expenditure. However, the industry is gradually recovering with normalcy
reinstating in daily lives , alongwith increase in consumption. Increasing demand for online
shopping is expected to help the Apparel Market grow further by driving easy access through
larger platforms than before, which will drive market growth by increasing their customer base
geographically. In countries such as India, for instance, e-commerce portals have also given
boost to the sales of garments by giving larger exposure to artisans and brands in a very large
market. Social commerce is increasingly being used as a sales and engagement channel thanks to
growing functionality and user comfort for social channels, which make a seamless shopping
experience more feasible. The Global Apparel Market size is expected to grow from USD 551.36
billion in CY 2021 to USD 605.4 billion in CY 2022 at a compound annual growth rate
(“CAGR”) of 9.8 percent. This Market is expected to grow to USD 843.13 billion in 2026 at a
CAGR of 8.6 percent. The Indian Apparel Industry GlobalData said India’s apparel market grew
to USD 65 billion in 2021 on the back of easing restriction, reopening of retail stores, and return
of social gatherings but still remain below 2019 levels. The market is expected to grow at CAGR
greater than 10% during the period 2022-2026. 3 Annual Report | 2021-22 Directors Report
Corporate Governance Report Business Responsibility and Sustainability Report Financial
Statements AGM Notice The country has seen the entry of several foreign brands in last few
years but Indian lifestyle brands, however, continue to grow rapidly as they leverage deep
understanding of consumer trends and uniqueness of India fashion market. With reduced
attention span, increased connectivity and acceptance of new technology, 2021 saw brands
launching several digital intiatives to provide enhanced customer experince, personalised
marketing and higher brand loyalty. The Indian e-commerce industry has transformed the way
business is done in the country, especially in the last 24 months. Unicommerce’s e-commerce
fashion report states that the fashion e-commerce industry in India clocked a 51 percent jump in
order volumes during 2020-2021 over the previous fiscal year with fashion/apparel being one of
the key growth driver. According to a Technopak report, by 2025, close to 20 percent of all
apparel sold in India will be online; making it an estimated USD 16 billion market