The Asia Pacific is one of the largest retail markets in the world by a significant margin. In 2018, the regional sales were valued at 653 billion US dollars, representing 37% of the global apparel and footwear sales. This region also recorded the fastest growth and is expected to continue to lead the way, with a value CAGR of 3% over the period of 2018-2023. Led by India and China, rising populations, and a rapidly expanding base of increasingly wealthy and fashion-conscious middle-class consumers is expected to support apparel and footwear sales in the region.
Following China and the US in terms of market share, India has expanded into a strikingly more attractive market for apparel and footwear businesses. Expected to grow by 36 billion US dollars over 2018-2023, the Indian market is expected to record the fastest forecast growth at a 9% CAGR, overtaking Germany, Japan, and the UK to become the world’s third-largest apparel and footwear market by 2023.
How does this translate to the Indian Fashion and Design education?
The most obvious answer is the availability of jobs, the rising tech platforms for retail shopping, and the rise of unique and exquisite boutiques. With rising employment opportunities comes a deluge of fashion aspirants signing up for various fashion courses. The need of the hour is accomplished professionals who can craft newbies into connoisseurs of the fashion world.
In this issue, we have highlighted a few colleges that have created a niche for itself in the Fashion and Design education domain. We hope these institutions serve as a pacesetter for all other players in the industry.
It is said that Paris refused Hitler’s demand to move haute couture from France to Germany, but can we hope to see iconic showstopping collections on Indian runways in the near future?
Maybe, just maybe…