The Woolmark Company, the global authority on Merino wool, organised a seminar in New Delhi on ‘Wool – Versatility and Luxury’ where industry leaders shared their knowledge and thoughts on the potential of premium and luxury wear market in India where fine wool plays a vital role.
The objective of the program was to bring eminent industry leaders on a common platform and enlighten the industry with the looming opportunity in Indian luxury market in order to find out challenges and guide them to address the same.
Indian Wool Industry is an important industry representing small, medium and large scale units. For apparel industry, wool is majorly imported from Australia for manufacturing of fine suiting fabrics, knitwear, scarves, stoles, etc. India is now the second largest importer of Australian Merino wool, known for its comfort and luxury, and is a versatile fibre of all times.
The Indian luxury and super premium apparel market is expected to grow at a 30% CAGR according to industry experts and major retailers over the forecast period, not only driven by demand amongst the growing number of aspirational consumers, but also as a result of FDI allowing further penetration by foreign luxury branded goods.
According to a report, the number of high net worth individuals in India reached 125,500 by the end of 2011. An increase in the number of top income earners will continue to spur luxury spending in India, and by 2020, India's total consumer market is set to be worth US$2.0 trillion. This impressive trajectory offers significant potential across luxury goods categories.
On this occasion Mr. Amir Sheikh, Country Manager India said “I am glad that industry leaders have come together on this platform to share their thoughts which are likely to enlighten the vision of wool industry to tap inevitable growth in premium and luxury market. We are committed to bring innovation and improve quality standard to cater to this segment”
Ms Slava Zeman, Counsellor - Australian High Commission said “it is a great pleasure to be involved in this seminar. India is a highly valued wool export market for Australia. We have seen our two-way agricultural trade grow over the years. Our trade is assisted by the close ties that are being forged between our two countries through initiatives such as the Australia-India memorandum of understanding on cooperation in the field of wool and woollen products. We look forward to continuing the valuable relationship and to future opportunities for co-operation and trade between India and Australia'
Mr. Amit Jain, Director – Shingora Textiles Limited explicitly shared his thoughts on woolen accessories potential in Indian market mentioning “we have plans to tie up with leading luxury retailers to cater to the demand of high end consumers as well. We are already retailing in high fashion European market for some time now”
Mr. Sheikh further adds, “There are challenges in the current scenario but future is full of opportunities where consumers aspiration will be fulfilled by luxury players in market”
