8eadymade CarmenL lndusLry

Textile industry in Ìndia is widely comprehensive, integrating whole range of raw material to finished product that
includes fibre manufacturing, spinning, knitting and weaving, and garment manufacture. Ìndustry provides almost
every single aspect:

. Raw materiaI: cotton, linen, wool, silk and manmade fibers like
viscose, polyester, polypropeylene and acrylic. Ìndian companies
have marked presence in even non-traditional segments.

. Fabric production: suiting-shirting, dress material, fabrics for shorts
and trousers, denim, hosiery, fleece flats and woolen knits, technical
fabrics and so on...

. AppareI production: Formalwear, casual wear, active sportswear,
traditional wear, under garments, outerwear, kids wear, and you
name - it produces.


. Made-ups production: A wide range of bedding, towels, bath, table
mats/linens, kitchen accessories and more...

Additionally, to aid above all there are well established infrastructure, multi-benefited governmental, political and
regulatory system that would lure foreign investors.

Ìn recent years, the readymade garment segment has seen vertical growth. Accounting nearly Rs. 20,000 crores,
this industry is growing at the rate of 20 percent, with massive visibility and consideration margins. The largest
segment for the readymade garment segment includes the age-group of 16-35 that is very brand conscious and
gives priority to high quality. Branded readymade garments account over 21 percent of the readymade garment
industry.

Overview - Indian Ready Made AppareI Market

Despite substantial growth, comparing to the international readymade garment
market of nearly 183mn USD, the Ìndian readymade garment market is still in a
budding phase. Due to the higher the introduction cost of brand in Ìndia for the
foreign players, domestic players have no fear of any outside competition. The
main obstacle to the organized players is the huge unorganized scenario of the
market. Ìn a move to compete, the organized players have rolled out their own
strategy of standardizing the goods.

The brands introduced by these major textile players hold much intrinsic power
and high on quality and pricing factors. They present the inheritance and
constancy in the garment piece.

Siyaram's is venturing into readymade garment to grip the continuously
changing fashion trends. Ìt is becoming a prominent designer of men's
readymade garments and accessories from fabric manufacturer. The two major
unique selling points of the recently launched Siyaram's brand, Monday to Sunday Dressing would be the
widespread 30,000 retail outlets, where it is selling fabrics and second, the fabric quality that Siyaram's has,
which guarantees that the buyer gets the high quality at a cheaper price.
Ìn accordance of its venture into men's readymade clothing line, Siyaram's Monday to Sunday Dressing would
include casuals, semi-formals, formals, club wear in the middle and premium segments, targeting the youth. At
first the Monday to Sunday Dressing line would be introduced in Southern and Western Ìndia, and would be sold
through its retail outlets.

The leader in the suiting segment, S. Kumars Nationwide Limited (SKNL) is the newest to join the rat race. Ìt has
launched a brand, "Belmonte" the exclusivity of the brand is that it is only brand in the economy section, which
brings both fabric and readymade garments under single label. The brand has been targeted towards the young
group. The brand offers a wide range style with perfect fitting.

The other growing strategy major textile players adapted is
'Acquisition'. Many of companies have used this strategy to
dive into readymade garment segment. Raymond's acquired
ColorpÌus to jump in casual-wear, adding brands like
Raymond's, Parx and Park Avenue. Opting the similar
strategy, Ìndian Rayon acquired garments division of Madura
Coats, "Madura Garments" and entered the luring apparels
market with the successful brands like Van Heusen, Allen
Solly, Peter England and Louis Philippe. Textile leader,
Bombay Dyeing also gets hold of Proline to dive in the
sportswear segment, as well as adding Vivaldi range to its
formal menswear.

The above initiatives taken by the major brands depicts that
the textile
players
now started opting strategies to mark their presence in the
readymade garment segment. Their sheer benefits laze in
substantial production capacities, which can launch new
products in minimum lead-time, offering high quality.

Despite the smaller players in the unorganized market are in
much more advantageous situation, in the long run they
might loose out. The following are few problems faced by
smaller players:

. SmaIIer Market: There few cities and towns that they can
concentrate on, since these cities holds about 50 percent of
the Sec A&B of population that have a disposable income. As
a result, very few opportunities are there for smaller players.

. Limited Capacities: The restriction that these smaller players have is that they cannot emerge beyond a
definite level. Additionally, inadequate logistics and improper supply chain managements created huge problems
for the smaller players.

. Inadequate Logistic & Strength: For advertising and brand building, these smaller players are forced to extend
their reach geographically, which makes supply chain management more complex. To match with increasing
demand in competitive markets, stress on producing volumes also increases. To sustain existence these players
will have to inject in more investments to their businesses in the areas of designing capabilities, brand making
and retailing.

. Insufficient Funds: Funds will be a key restraint for the smaller players. Funds have to be spawned rapidly in a
massively capital demanding market that is seeing huge volumes of growth.
As per the industry forecasters, the textile majors are planning to take hold on the readymade garment market by
entering into complete entire value chain. Players that are not making fabrics for kidswear and sportswear, may
start producing the same to enter this segment.

The suiting brands are also picking up the trend, with the integrating fabric and
readymade garment under the single brand. S Kumar's Nationwide Limited
takes lead with introducing Belmonte brand in both fabric and readymade
garment apparel. Other players like Mayur Suitings and Donear are also
planning to enter in the readymade garment market. Arvind Mills is planning
with the usual fabric and readymade garment apparel strategy in the men's
casualwear segment.

Apart from the above-mentioned strategies, there is one more initiative to rule
out in the readymade market that is "foreign collaborations". Textile Company
based in Rajasthan, Banswara Syntex shake hands with French readymade
apparels major Carreman. Ìt is a joint venture initiative with Carreman Michel
Thierry. The joint venture company is called "Carreman Fabrics Ìndia".

Mr. Dwarka Das Agarwal ventured in the luring exclusive menswear segment in 1998, with casual brand TNG. He
sensed the global trend of relaxed cotton casuals was in fashion ever then. Many brands, such as Blackberrys,
Freelook, Biba, Stori, Essence, Moustache, Natalia, Shapes, Ruff Kids, Koutons, LFC, Upper Class etc. are
performing well in cut throat competition in the ready made garment. A Hyderabad based player, Priyadarshini
Spinning foray the readymade garment segment by establishing a shirt manufacturing unit at the Garment Park in
Hyderabad. Ìt is also collaborating with local and international players for marketing its shirts range.

Creation and focusing in the value chain strengthens the smaller players. The main factors where the brands
need more concentration are designing, production, quality and merchandising. But, the designing is the most
significant of the value chain, which requires maximum focus. The merchandising is noteworthy factor stage for
the smaller players, as involvement, creation and fabric selection adds value to the creation. The retailing is also
an important factor for the smaller players. They may face problem if their merchandize remain for long on retail
shelves, since the value of the fashion drops, resulting increase in inventory costs.

ConcIusion:

Today, the buyers of ready made garment segment are aware of the running trends, and demand the newest in
fashion and products at a reasonable cost. At the front position of this evolution are the smaller players, which
private labels that are thoroughly transforming the dressing way of men, women and children. With the supply
chain limitations eased, organization in real estate markets, and rationale tax structure, the readymade garment
segment has become more lucrative and it is anticipated that the readymade garment segment will be the main
segment in the next five years.

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India`s fast-growing apparel market
Ìndia's apparel market is in the throes of change. Rapid growth and
rising urbanization have spawned a new class of consumers with
more money to spend, and a growing passion for fashion. Ìn Ìndia's
high-growth, fast-changing retail clothing market, we see significant
new growth opportunities for foreign and domestic players.
Indian apparel sales are expected to reach an estimated $25 billion this year, having grown in
excess oI 10 percent over the past 5 years
1
a growth rate Iaster than that oI the overall India
retail marketand the trajectory is expected to continue |Exhibit 1|. In India, apparel is the
second largest retail category (behind Iood and groceries), representing approximately 10 percent
oI the total market. This growth is being driven by a number oI Iactors:
O
Increase in disposable income. By 2005, 21 million oI India`s 210 million households
already earned more than $4,000 a year, qualiIying them Ior membership in what we call
the consuming class.¨ Based on McKinsey research, by 2015 the number oI consuming
class households will likely triple to 64 million.
O
ew occasions. As the liIestyles oI India`s prospering urban consumers have evolved,
their clothing needs have broadened, reIlecting more varied usage occasions. For men,
clothing choices once came primarily in three basic categories: home-wear, work clothes,
and special occasionwear. Now, with more socializing¨ opportunities, men are buying
more sophisticated combinations oI outIits: party wear, sports wear, clothes Ior hanging
out at the mall. Not long ago, Ior example, men Irom India`s northern regions only
required a good dark suit or Sherwani, the traditional long coat, to cover big occasions
and important celebrations. But over the past several years, men have begun to
supplement those staples with expensive Westernstyle jackets, and collared shirtssome
in Iunky¨ patterns and cut Ior a night on the town, others in stripes or checks Ior casual
meetings with important business associates. Today, Indians are more inclined than
consumers in other markets to buy apparel Ior a speciIic purpose. Indeed, 38 percent oI
Indian respondents to a recent McKinsey study said they were highly likely to buy
apparel Ior special eventsa signiIicantly higher proportion than in Brazil (5 percent),
Russia (3 percent) or China (6 percent).
2
Family celebrations and weddings continue to
eat up an enormous share oI Indian consumers` clothing budgets.
O

rowth in the women`s segment. Historically, the men`s apparel market in India has
been signiIicantly larger than the women`s apparel market. With only 20 percent oI
India`s urban women in the workIorce, women`s wardrobes have traditionally been
limited to home wear and items Ior special occasions. Now, women are more willing to
dress diIIerently when they venture beyond the hometo shop, Ior example, or visit a
school or oIIice.
O
ashion increasingly a form of self-expression. Increasingly, Indian consumers are
embracing the idea oI Iashion Ior its own sake, as a means oI selI-expression, and not
merely as a Iunctional purchase. Television, movies, advertising and the Internet
bombard today`s Indian consumer with new ideas about style, even as American-style
shopping malls lure them away Irom traditional marketplaces. Traditional clothing
remains central to the way consumers dress, and the quality and craItsmanship oI classic
Indian clothing have drawn rave reviews in recent years Irom some oI the world`s leading
designers, style magazines, and Iashion blogs. In a recent McKinsey survey oI Indian
consumers, 62 percent said they thought it was important to keep up with trends.¨ More
than ever, Indian consumers are experimenting with combining styles, as seen in the
recent Indo-Iusion,¨ boom, which mixes the silhouettes oI the East with the comIort cut
oI the West.
Over the next Iive years, we expect this growth to continue and the size oI the market to nearly
double. The increase will come partly Irom continued gains in disposable income, but it`s not
just that Indians have more to spend. As they prosper, Indian consumers will naturally continue
to spend more oI what they earn on what they wear. Our experience suggests consumers
worldwide typically spend an average oI 5-6 percent oI total income on apparel, but the Iigure is
oIten signiIicantly higher in emerging markets. Consumers in China`s larger cities, Ior example,
spend 10 percent oI their income on clothing, nearly double what their counterparts in Indian
cities spend.
3
That higher propensity to spend on clothes has helped to make China`s apparel
market 4-6 times larger than India`s. Brazil`s consumers similarly spend more per capita on
clothing than either India`s or China`s.
Besides continued momentum Irom the trends mentioned above, we see two additional Iorces
that will inject Iurther growth into India`s apparel sector:
O
:rther :rbanization and the comparative yo:th of India`s pop:lation. At present,
just 29 percent oI India`s population resides in cities, among the lowest urbanization rates
oI any nation in the world. But that has been changing. Over the next 20 years, we expect
the number oI Indians living in cities to grow by 300 million, where they will don new
styles and Iashions to match new liIestyles. A large percentage oI these new city dwellers
will be in their twenties, and making Iirst-time choices Ior whole categories oI clothing
items including denims, shirts, and even shoes.
O
ontin:ed rise of ~organized retail.¨ Large, branded store chains where products are
systematically stocked and displayed, will speed the transIormation oI consumer
preIerences. For now, organized retail accounts Ior less than 20 percent oI all Indian
apparel purchases; the rest takes place in tiny, Iamily-run shops. But over the past Iive
years, scores oI shopping malls have opened on the outskirts oI India`s largest cities and
the trend is sure to accelerate. New Iormats on the scene include export overrun¨
discounters, international Iranchises, hypermarkets, and luxury European boutiques.
4

These changes will have Iar-reaching implications Ior designers, manuIacturers, and retailers
targeting the Indian apparel market. Spanish Iashion giant Inditex (Zara) has announced plans to
enter India this year. Fast Retailing (Uniqlo) has pegged 2012 Ior market entry.
But as in the Iashion industry everywhere, success in India will depend on getting many things
right at once: Iiguring out what consumers want, developing a proIitable retail concept, and
building a solid team. How, then, to compete in this promising but Iast-changing market? We see
three success Iactors:
O
$hape the category. Winners will innovate occasions, looks, and wardrobes; the Iocus
will thereIore be broader than just building brands. This is already being done in some
areas: over the past three years, Ior instance, major jewelry brands have revived a 5,000
year-old sacred¨ day known as Akshay Tritha,¨ which now accounts Ior the largest
single-day jewelry sales in India. Similarly, the Friday dressing¨ concept, introduced by
one apparel brand, asked young proIessionals to buy brighter colors Ior Fridays,
expanding the wardrobe in the process. Equally critical will be innovating styles: saree-
suits, Ior example, and other Iusion approaches that simpliIy otherwise diIIicult-towear
apparel have thus Iar proven more successIul than typical Western suits and evening
dresses. There is even a place Ior more cutting-edge trends such as organic clothing:
apparel retailers Van Heusen and Arrow recently launched 100 percent organic lines
made oI cotton, linen, and natural dyes.
5

O

oc:s on inventory and markdown management. Today, apparel is one oI India`s
most attractive business segments due to its high margins |Exhibit 2|. Looking at an
index based on the cost oI a basic white shirt, we have Iound that Indian apparel prices
have doubled over the last decade, and tend to be 25 to 30 percent higher than in China as
a result oI supply chain ineIIiciencies and restricted competition. We expect that situation
to change as India`s Iashion industry draws new players and capital in years to come. For
one thing, apparel retail in India relies heavily on sales promotions and special events.
Tempting as it will be to bring Western concepts like Iast Iashion¨ and large assortments
to India out oI the gate, innovation has its risks, including higher markdowns and lower
sell-throughs iI the new oIIer or collection is not a hit. And uncertainty on inventory
management and ordering in the absence oI historical sales data is likely to be the norm.
Winners will need to get the back-end operations right much earlier than the scale oI the
market suggests: managing margin through smarter in-season markdowns, a disciplined
balance between coreIashion and high Iashion, managing inventory through a proper mix
oI made-to-order and later engagement rates, and keeping 50 to 60 percent oI regularly
restocked items at the core have become part oI a winning retail Iormula. Though
optimum margins on these pieces oI clothing may not be as much as the more expensive,
high-impact Iashion pieces, they keep customers coming back regularly. The high Iashion
range should be advertised and showcased, but kept only to 10 to 15 percent oI inventory
to reduce the impact oI markdowns.
O
%ake a segmented view of the market. As in many other emerging markets, not all
consumer segments or geographies are the same. Our research, Ior example, shows that
some segments oI apparel shoppers spent 20 times more than othersdriven not only by
income, but also by liIestyle. For example, consumers in the north tend to spend more
than in other regions due to cooler climates and diIIerent approaches to social occasions.
Similarly, retailers cannot ignore the smaller cities, which will drive apparel growth
opportunities, even Ior more expensive brands. Benetton, Ior example, recently hit $100
million in sales in India, and is targeting $250 million within the next 3-4 years, largely
by targeting smaller cities, which are already contributing about 20 percent to the
company`s growth and growing much more quickly than in the larger markets.
6
Winners
who want to build real scale in India will be those who understand the market in a
granular manner, and then own¨ the customer throughout their liIecycle with a portIolio
oI brands, price points, and Iormats.

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