The International Apparel Federation has said that India could soon evolve beyond being a sourcing hub, into a fashion destination for global retailers.
The association, which has 25 member countries under its aegis, also said smaller and medium retailers globally are looking to forge alliances with their Indian counterparts to develop products for the domestic market.
“Over the last five years, we have seen India grow from a sourcing hub for textiles into a fashion destination. Lots of our members are looking at India as the domestic market here is growing exponentially,” Mr Vassilis Masselos, President, International Apparel Federation, told Business Line
IAF, in association with Clothing Manufacturers Association India, is holding a convention in India to share insights on trade, policy and business for its various stakeholders.
Stating that IAF is looking to fill the gap between the small and medium retailers in expanding its footage in India, he said, “Currently, only large retailers are here (in India). For smaller retailers, sourcing is still a challenge. We are looking to address the gap so that the system is harmonised”.
He also said that the growth in organised retail is a key driver for the growth in the apparel segment. The domestic apparel market stands at $30 billion and is likely to touch $50 billion by 2014.
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