Fashion labels across the globe are focussing on India an over 300 global fashion brands are to open stores in the country by 2020, as per a McKinsey FashionScope report.
International brands now cannot ignore the power of the fast growing middle class, the strong economic fundamentals and the increasingly powerful manufacturing industry.
According to the report, ‘The State of Fashion 2019′, Asia is witnessing an economic expansion, however, India will take centre stage in 2019’.
Between 2018 and 2022, India is slated to grow at 8 per cent a year as the country is being propelled by strong macroeconomic tailwinds. Outpacing even China, Mexico and Brazil, the country’s middle-class would expand at 19.4 per cent every year, it is forecasted.
Hence, India is set to be one of the most attractive consumer markets beyond the West, moving from being just an important sourcing hub.