Apparel industry has managed better growth with overall Apparel Index Value at 5.45 points in April-June FY 2016-17 compared to the previous quarter (Q4) where the overall Index Value was 3.79 points, The Clothing Manufacturers Association of India (CMAI) said.
Giant and large brands maintained their growth trajectory, which is still much higher than small and mid-brands. In fact, growth for giant and large brands during the three-month period is higher than last quarter but lower than the same quarter previous year.
“The trend is similar for mid brands, however, it is the small brands that have performed much better this quarter compared to other quarters, touching 4.45 points,” CMAI report added.
“We operate in the economy segment and cater to the middle class who have many aspirations but limited budget. This segment is extremely price sensitive and we have always been tempted to give promotional schemes to compete, however since last one year we have changed track and are focusing on better value for money i.e. same price but better quality. Hence, our focus has shifted to quality rather than price. Consumers remember quality everyday and price just once,” Sanjay K Jain, MD of TT Ltd said.
– Indian Apparel, Apparel Talk