Why Fashion Accessories Franchise is Most Profitable Business Opportunity?
Not long ago, there was a time when fashion was only associated with big shots like celebrities, rich socialites, etc. but nowadays this term has become very a crucial part of the everyone’s lifestyle. The Indian fashion industry has gone through a drastic changes in terms of colour, designs, prints, & patterns and now it is considered as one of the most reputed and fast growing industries in the world.
Due to the change in preferences from gender-specific colours and home-grown designs to branded outfits which has led to an unparalleled growth of this sector in our country. Another reason for the growth of this industry is increase in the events like Indian fashion week and other annual shows held by Indian designer in various cities in India.
The main reason behind the growth of this fashion industry is the growth of its main source i.e. Indian textile industry, which is estimated around 108 billion dollars and expected to reach 223 billion dollars by 2021. The industry also hires over 45 million people directly to 60 million people indirectly. Besides, it adds approximately 5 percent to India’s GDP (Gross Domestic Product), and 14 percent to overall Index of Industrial Production (IIP). Not only this, it is one of the biggest contributors to India’s export with approximately 13.5 percent of total export, amount to 42.24 billion dollars.
The Indian fashion market can be generally classified into three broad categories; men’s clothing, women’s clothing and kid’s clothing. Even though men’s wear segment contributes the most in fashion market; i.e 42 percent followed by women’s clothing at 38 percent and kids at 20 percent, the women’s wear segment is anticipated to grow at a higher rate, even more than men’s wear, in the coming years. These mentioned segments have started showing great market potential and have strongly grown over a short span of time with the help of e-commerce and other distribution channels.
Presently, franchise business industry is on a roll. Fashion accessories franchise is considered as the most profitable prospect as it has opened the doors for all the established business persons and newcomers to invest in this sector. Companies & menswear franchise business has over the years proved to be the most lucrative business especially in this country as it has low risk and high turnover and it does not get affected by any negative phenomenon like inflation. In a franchisee business one does not has to start the business from scratch because the franchiser holds a considerable position the market already, has a brand name, provides operational and functional training to the franchisees and their unskilled staff and also supports in other aspects of the business.
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