According to IBEF, the Indian apparel industry is predicted to reach US$ 223 billion by 2021, to become a massive industry for both existing and aspiring apparel franchise business owners.
Apparel products specified to regions, use of floral prints, and utilization of what a country demands are among some latest trends transforming and impacting the apparel industry. Investors who are passionate about clothing are targeting this segment for converting their entrepreneurial dream into reality by growing their apparel franchise business.
India, in particular, is experiencing different national and international apparel brands that are extending their services and utilising the potential lying in this segment.
According to IBEF, the Indian apparel industry is predicted to reach US$ 223 billion by 2021, to become a massive industry for both existing and aspiring apparel franchise business owners. Moreover, the rising trends in sectors like franchising and retailing are further booming the Indian apparel industry, welcoming both national and international brands.
Brands like Mini Klub, NOI, Breya, and Roman Island are already some existing apparel franchise brands in India that are successfully turning their entrepreneurial dreams into reality through franchising their businesses.
India: An Organised & Favourable Apparel Market
Entrepreneurs and franchisors’ journey towards running a successful apparel franchise business could become easy if the market is both organised and favourable for the investment. Meanwhile, India has proven itself to be a profitable business destination, welcoming various business ideas and concepts.
Growing penetration of organised retail and franchise, favourable demographics, and rising income levels are some of the factors that might be driving sales for apparel businesses in the present and near future. In fact, India has emerged as the second largest exporter of textiles and clothing, where the Indian apparel industry production stood at around 58.1 billion square meters in FY19.
Change in Customer’s Changing Needs
Consumers’ constant needs for new and stylish clothes have eventually boomed this sector, increasing the business opportunity for existing and aspiring apparel investors.
The available varieties within the apparel segment are attracting the modern-day customers along with evolving the apparel market.
Robust Plans & Local Laws
Business investors that are planning to start their own apparel business have to be ready to invade and infiltrate an entirely new segment, something of which they might not be completely aware of. Thus, in order to assure success and fewer roadblocks while setting up the business, investors could focus on robust plans along with local laws that surround the region.
Also, investors need to closely look at some local laws of the region where they are expanding their business. Following the laws religiously can assure smooth functioning to a growing business, eliminating roadblocks.
Prior to expanding an apparel franchise business, business investors should get educated about local laws related to acquiring land, along with obtaining licenses and ensuring safety standards. While lots of information is available online, franchisors could also talk to local authorities for comprehensive knowledge.
Estimated Apparel Franchise Requirement
Area Requirement: Approximately 500 sq ft that can vary with different apparel franchise brands.
Investment Range: Approximately between INR 30-50 lakhs
Franchise Term: Between 3-5 years