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Home , Athleisure, Casual wear, Formal trousers

The Swing Towards

Casual and unstructured , with ver the years, formal structures across various facets are a mix and match across products, has being broken and new fluid ways are emerging as winners. become a global phenomenon. People OBe it interpersonal relations, lifestyles, careers and job from New York to Tokyo and anywhere in roles etc. this trend is visible all across. The new generation is between, are being driven by convenience iconoclastic and does not want to be ruled by ‘structures and and comfort when it comes to dressing definitions’ of the past. The trend is extremely visible in not just themselves. Old rules of dressing up are our attitudes and behaviour, but also in our dressing. being re-written and consumer segments Casual and unstructured clothing, with a mix and match across are driven by casualisation, inclusivity products, has become a global phenomenon. People from New and active lifestyle, giving rise to York to Tokyo and anywhere in between, are being driven by , genderless and modest wear… convenience and comfort when it comes to dressing themselves. Old rules of dressing up are being re-written and consumer Baqar Iftikhar Naqvi, Business Director– segments are driven by casualisation, inclusivity and active Wazir Advisors & Samir Soni, Associate lifestyle, giving rise to athleisure, genderless and modest wear. Consultant – Wazir Advisors Casualisation is mostly driven by millennials, who are now buying individual items that appeal to them, such as t-, , , etc., and then mix and match them to create a

IMAGES Business of

casual wear study 99 RESEARCH // june ISSUE | 2019 Japan 47

Source: Statista Germany 46 It is one of the the of one is It Though still not in not still Though An informal attire such such attire informal An

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the realm of performance , sportswear, performance of realm the outdoor more for are garments these cycling, like activities adventure and include These etc. trekking hiking, etc. jackets capris, cargos, , of Consumption Driving Trends Key India in Wear Casual Apparel Indian of Casualisation Industry India in industry apparel Currently, at stands What Constitutes Casual Wear? Casual Constitutes What Casuals: Smart printed denims, T-shirts, round-neck as shirtsetc. & Casuals: Business business traditional to additions recent Chinos, Polos, includes and attire shirtsetc. sleeve half Cords, Athleisure: playing and exercising for made apparel Lately, etc. football tennis, like sports inclined are people more and more outing casual for apparel these towards about not is Athleisure too. purposes comfort about more but sport, a playing generally Athleisure wearer. the of jeggings, pants, track – includes etc. jackets , sweatshirts, Casuals: Outdoor United States United

37 China 30

Median age for 6 econo India 27 European economies, the global global the economies, European casual and apparel for stronghold and uncertainty revolves around around revolves uncertainty and wear sales will no longer be derived derived be longer no will sales wear As markets in the US are saturating saturating are US the in markets As from the west. With leading global global leading With west. the from economies having the bulk of the the of bulk the having economies personal statement. Many brands are brands Many statement. personal these to catering by market the buzzing the through mostly consumers, young celebrity and media social of power newsfeed a as acting are which push, of sense a giving and brands for trends. fashion to urgency population in the middle age bracket, bracket, age middle the in population for geographies growth main the emerging be to going are wear casual where China, and India like markets twenty- around is age median the respectively. thirty years and seven higher and economies growing With has sector apparel income, disposable these in expeditiously evolving been markets. emerging again is wear casual in growth India, In preferences changing the by catalysed refined more are who consumers, of fashion. on-trend global to aligned and very a had consumers Indian Earlier, now but choice, limited and variations proliferated have they Also, them. to available segments Gen largest the has India that given can there world, the in population Y the in evolution meaningful a seen be of behaviour buying and shopping consumers. Indian Indian apparel market size Women’s apparel market currently (`Lakh crore) pegged at `1.83 lakh crore, is estimated to grow to `3.22 lakh crore by FY 2024. Men Women Kids 9.57 Casual wear is estimated to grow at a faster pace than the ethnic wear 12% between FY 2019 and FY 2024. Growth in casual wear is largely driven by CAGR athleisure, which is followed by denims 5.4 3.03 and t-shirts categories. 3 Further, a woman’s western casual 1.63 3.22 wear segment is much more versatile 2.80 than man’s. A woman’s western casual 1.83 0.69 wardrobe typically comprises of chic 0.99 3.32 ; and shirts made out 1.97 1.12 of georgette/satin/linen/, etc; Various kind of bottoms – culottes, FY 2014 FY 2019 FY 2024 flared pants, jeggings, treggings, Source: Industry reports denims of varied colours and washes; jackets made of leather/denim, etc.

In FY 2019, casual wear as a category accounted for 36 percent in the total apparel market for men and women in India. It is further expected to grow at a CAGR of 16 percent from `1.37 lakh crore in FY 2019 to reach `2.84 lakh crore in FY 2024. Thus, casual wear category will account for 43 percent of the total apparel market for men and women, by FY 2024.

Currently, ~75 percent of the casual wear market in India is dominated by and is expected to reach `9.57 lakh Share of individual categories in Men’s Wear (INR Crore) crore in FY 2024, growing at 12 percent Share Market Size Share of Share of CAGR. As of FY 2019, men’s wear and (INR lakh Casual Wear women’s wear account for 36 percent crore) and 34 percent respectively, of the total Shirts 29% 0.57 60% 40% apparel market in India. 23% 0.45 30% 70% Denims 12% 0.24 100% 0% Within men’s wear, casual wear has a 51 percent value share, while it is 20 T-Shirts 7% 0.14 100% 0% percent for Women’s Wear, in FY 2019. Winter Wear 7% 0.14 70% 30% Further, while men’s casual wear is 5% 0.10 65% 35% estimated to grow at 14 percent CAGR, Ethnic Wear 7% 0.14 - - formal wear will grow at 9 percent CAGR between FY 2019-24. Thus, the Innerwear 7% 0.14 - - share of casual wear is progressively Others 3% 0.06 - - increasing. Total 100% 1.97 1.01 Source: Industry reports Note: Formal shirts are styled and coloured conservatively. They generally have stiff collars which is useful to withstand below them and lapel above them. are creased and are largely non- based. IMAGES Business of Fashion casual wear study 101 RESEARCH // june ISSUE | 2019 1.01 lakh 1.01 `

0.89 lakh crore in FY in 0.89crore lakh ` 0.36 crore in FY 2019. FY in 0.36crore ` 1.95 lakh crore in FY 2024. Though 2024.FY in Though crore lakh1.95 men’s wear, which stands at at stands which wear, men’s to expected is This 2019. FY in crore reach to percent 14 of CAGR a at grow ` a be to seems wear casual women’s men’s, to comparison in market smaller 20 of CAGR a at grow to expected is it reach to percent 2024 from from 2024 Tapping Brands Apparel Global Aspirations Indian Growing millennials, especially Consumers, self- of form a as fashion consider a as it consider They expression. and personality their of reflection global of number Increasing status. H&M,GAP, as such India in brands ZARA, focussed Aeropostale, etc., trendy and young on this to catering are wear casual and the fuelling further and demand, market. the are H&M,Zara,etc., like Brands Indian the in brands growing fastest brands, these of Success market. FDI relaxed more with coupled fancy the catches retail, in regulations brands fashion global large other of of list the is Following India. enter to last in India entered have that brands targeting are whom of most years, five Indian in segment wear casual the industry: apparel Casual of Inclusion Work at Codes has India decades two last the In sector service strong a as emerged has there Further, economy. driven entrepreneurship towards trend a been trends These self-employment. and also have economy growing with along sector. wear casual the fuelled & Government the in Employment those and sector Semi-Government has clothing formal more require that as pace same the at increasing been not etc., Retail, IT/ITeS, like sectors in that acceptable the is wear casual where like start-ups Many dressing. office Policy Swiggy, Zomato, Flipkart, Ola, - - - 0% 0% 0% 10% 100% Share of Formal Wear FY 2024 0.89 1.95 2.84 R Crore) N - - - 0% 90% 0.36 100% 100% 100% Share of Casual Wear 16% CAGR Women arket break up crore) 0.15 0.18 0.07 0.05 0.05 0.09 0.04 0.86 0.33 m 1.83 KH R lakh crore) R a Men MarketSize L N (I (` 4% 5% 3% 3% 8% 2% 18% 10% 47% 100% 1.37 Share 0.36 1.01 asual wear FY 2019 C Share ofindividual categories in Wear Women’s (I otal SergeyKlopotov / Shutterstock.com Others T Winter Wear T-Shirts Denims Western Formals** Innerwear Western Casuals* Sarees + Blouses SKD*** Source: Industry reports Note: The above market for casual wear excludes kid’s wear, however it largely comprises of casual wear only. Source: Industry reports jeggings, treggings, skirts, shorts, etc. *Western Casuals include trousers, shirts, , suits etc. **Western Formals include shirts, trousers, western ***SKD: Salwar Kameez Dupatta S.No. Brands India Physical Retail Expansion Partners Presence (EBOs) Plan 1. H&M Wholly 41 Add one EBO per owned month subsidiary Formal work wear, on the other hand, 2. GAP Arvind 16 4 new EBOs by CY is being classified as boring and Lifestyle 2019 needing a re-interpretation to make it 3. Mango Myntra 10 30 new EBOs by FY contemporary, fashionable and stylish. 2022 Thus, even the jobs where strictly 4. Scotch & Soda Reliance 8 NA formal clothing was necessary, today Brands one sees inclusion of ‘smart casuals’ 5. Massimo Dutti Trent 3 NA or ‘semi-formals’. Creative informal 6. Kate Spade Reliance 2 NA dress codes are slowly and steadily New York Brands replacing traditional formals such as 7. Wholly 1 9 new EBOs by FY ‘sari’, ‘business formals’ and ‘suits’. owned 2019 Across most sectors today, there are subsidiary no guiding principles or dress codes 8. Esprit Myntra Present through 15 new EBOs by FY anymore, the only aim is to offer a SIS in LFS 2024 productive, comfortable and enabling 9. Aeropostale Arvind Present through Rs. 500 crore work environment. Lifestyle SIS in LFS business by FY 2022 Source: Company Websites, Industry reports Given the above swing towards casual SIS-Shop in shop, LFS-Large format stores wear, many of the leading formal wear/ Besides the above, early entrants like Benetton, Levis, Tommy etc. continue to grow. Together these office wear brands like Louis Philippe, brands are exponentially growing the overall casual wear market. Van Heusen, Arrow, etc., have also launched their sports/casual wear lines. Distribution of workforce These lines now contribute anywhere Agriculture Industry Service between 40-60 percent of the revenue of some of these brands.

30.54% 31.74% 32.84% 33.48% Emergence of Athleisure as a Segment Athleisure as category that is an 23.94% 23.80% 23.72% 23.79% amalgamation of utility, comfort and sporty style is growing by leaps and bounds. As India’s fashion preferences 45.52% 44.36% 43.44% 42.74% are bound to make a shift towards comfort, the concept of athleisure 2014 2015 2016 2017 has evolved. As of FY 2019 active wear segment, which forms the part Source: Statista of casual wear, has the market size Bazaar, etc., have propped up which of `0.42 lakh crore and is further have led to the creation of newer job expected to continue growing at a profiles and work cultures. Backed CAGR of 25 percent in the coming by investor funding and aggressive years. With target customers being expansion plans, these companies in the age group of 20-40 years, continue to grow aggressively and athleisure is perfect for millennial employ large number of Gen Y consumers, who are always looking for population. Being dressed in casuals options that bridge the gap between in these new age jobs is considered to sportswear, gym wear and casual wear. be more relaxed, non-bureaucratic and As athleisure is considered to be worn the new normal. It is not considered both in gym, playing sports as well as out of place anymore to wear a denim for casual meets or even , this or coloured chinos or experiment with enables today’s working millennial similar combinations that allow for population in switching effortlessly greater inclusion of casual wear. between these day to day activities.

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