GLOBAL READYMADE GARMENTS INDUSTRY:

Readymade clothes are mass-produced clothing made from a variety of fabrics and yarns. These are finished goods that are created to a variety of standard sizes. As consumer affluence has improved and their affection for fashion has expanded, the readymade garment business has seen tremendous expansion over the last decade. The Readymade Garment sector has undergone many changes in recent years and is expected to undergo even more in the future year as a result of developments in manufacturing techniques and a shift in consumer preferences toward corporate aims. The readymade garments market has recently received a lot of traction in businesses all over the world. The worldwide readymade garments market has also benefited from an increase in sports and fitness consciousness, as well as dynamic fashion trends and their influence on customers.

ENTREPRENEURIAL OPPORTUNITIES

The ready-to-wear industry is mostly unorganised, with medium, small, and marginal operators. The industry’s supply-side growth drivers are plentiful raw materials, a competent labour, and the complete value chain. The apparel industries mass-produced completed textile goods are known as ready-made garments. They’re fashioned of a variety of fabrics and threads. Their properties are determined by the fibres used in their production. The outfits are simple to make and sell in both urban and rural locations. The need for readymade clothing is growing every day as cities become more urbanised. Ready-to-wear clothing is a part of our everyday lives. Clothes are a cultural essence. People in various places of the world have distinct wardrobe styles that reflect their culture and social standing. Due to changes in fashion in everyday life, the readymade clothes sector is growing at a rapid pace. In the Indian economy, the textile industry, which includes readymade clothing, holds a unique role. Its hegemony in the Indian economy is shown in its large contributions to industrial production, employment creation, and foreign exchange gains.

INDIAN MARKET OUTLOOK:

India’s readymade garment sector has long been one of the country’s most important segments of the textile industry. The Indian readymade garment market is one of the most important contributors to the Indian economy, employing millions of people and contributing significantly to the country’s annual GDP and export revenues. India is now the world’s sixth largest exporter of readymade garments, with annual readymade garment export value exceeding US$17 billion. With worldwide demand at an all-time high and considerably stronger government support and preferential policies, India’s readymade garment (RMG) industry is poised for substantial expansion in the future. According to IBEF data, India’s textile and apparel industry provides over 14% to industrial production, 4% to GDP, and 15% of the country’s export revenues. The industry employs over 51 million people directly and 68 million people indirectly.

GLOBAL MARKET OUTLOOK:

The Global Readymade Garments Market is expected to expand at an annual rate of 8.8%. Consumer demand for ready-to-wear clothes has been stable. The development in fashion trends and their influence over consumers has fueled the growth of the readymade clothing business. This rush to keep up with the shifting fashion trend is expected to have a substantial impact on consumers’ decisions to buy the latest designs, particularly those worn by celebrities. In addition, the increased demand for nightwear and athletic wear has prompted companies to introduce new goods to meet the growing needs of clients. Furthermore, the demand for these garments among adults has surged significantly. The readymade clothing sector is primarily driven by the online retail platform. This is due to the fact that most readymade clothes manufacturers now have their own web-based retail stores where customers can learn about the newest fashion trends and fabric/fabric options. Furthermore, due to the wide range of product alternatives and ease of price comparison on online shopping sites, the number of people purchasing online is rapidly increasing. Because no money is spent on actual stores or showrooms, this is beneficial to retailers. Consumers enjoy online shopping for a variety of reasons, including the ability to read reviews from other customers, compare different businesses and products, and compare product prices from multiple sellers. All of these reasons have led to the global readymade garments market’s expansion.

TOP PLAYERS WORLDWIDE:

• Michael Kors
• Mandhana Industries LTD
• Nike
• Loyal Group
• Lululemon Athletica
• Mandhana Industries LTD
• Carter’s
• L Brands
• Arvind Mill
• Perry Ellis International
• KPR Mill
• VF Corp
• PVH Corp