India to be in focus for high-street fashion manufacturers: McKinsey & Company
The global consultancy firm said in the report that China's economic deceleration, changing consumer preferences and the return of international travel are making growth in the country highly challenging, leading international fashion brands to look to other Asian markets.
The firm further added that the global fashion executives rank Asia growth markets as their top sourcing hotspots for the next five years, adding that the regulatory incentives in these countries fuel manufacturer capability building.
«India is expected to play a more prominent role,» added the global consulting firm, highlighting that the country is set to take on a bigger role in the global apparel market.
It further added, «India's strong growth is rendering it a key global fashion market, particularly in the mid-market segment, which is expected to grow around 12 to 17 percent in 2025 compared to the projected low single-digit growth of the global fashion market.»
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