De­signed to Dress

VM&RD - - Industry Special Indian Mannequin Industry -

Af­ter the stage of adopt­ing global trends, the In­dian Fash­ion In­dus­try is see­ing an ex­plo­sion in the con­sump­tion of fash­ion across chan­nels. The over­all re­tail mar­ket is ex­pected to grow at 12 per cent per an­num. Mod­ern trade ex­pand­ing at 20 per cent per an­num and tra­di­tional trade at 10 per cent per an­num (IBEF Re­port Dec 2017). The fash­ion in­dus­try is in step at 10 per cent. This growth has fu­elled the growth of good qual­ity man­nequins and the no of man­nequins used in the top 15 Ap­parel Com­pa­nies would be over 100,000 (VM&RD Es­ti­mate 2017) over 5000+ stores!

VM&RD has a close look at the In­dian man­nequin sup­ply in­dus­try af­ter con­nect­ing with the top 17 sup­pli­ers. Some of the key find­ing are pre­sented be­low.

In­dus­try Snap­shot

The growth of the In­dian Man­nequin in­dus­try is on an av­er­age a very healthy 20% which is dou­ble the growth rate of the over­all re­tail in­dus­try. This is ow­ing to the growth in the con­sump­tion of fash­ion in the mar­ket be­yond Tier 1.

The av­er­age age of Man­nequin com­pa­nies is about 14 years with 3 old­est be­ing 30+ years old and the youngest about 8 years. Only 2 play­ers are be­low 10 years old, mak­ing this an ex­pe­ri­enced in­dus­try.

The av­er­age rev­enue gen­er­ated from each player is mod­est at 40.0 Mil­lion INR (4 Cr INR) which shows that the in­dus­try is frag­mented.

Only 10% of the to­tal rev­enue comes from the Or­ga­nized Re­tail Sec­tor and rest from the Tra­di­tional Re­tail Sec­tor which is look­ing for price over de­sign.

About an av­er­age of 12%of the pro­duced man­nequins are sup­plied to neigh­bour­ing coun­tries.

Ac­cess & In­fra­struc­ture

45% of the top 17 ven­dors are in North (New Delhi) fol­lowed by 31% in the West (Mum­bai & Ahmed­abad) and the rest in the South

(Ban­ga­lore).

Com­pared to the Re­tail Fix­tures in­dus­try’s space manning den­sity of 900 sft per per­son the manning den­sity of the In­dian Man­nequins in­dus­try is about 460 sft per per­son. This is ow­ing to the need for man­ual and semi­au­to­mated pro­cesses in the man­u­fac­tur­ing which is labour in­ten­sive.

The to­tal in­fra­struc­ture space of these play­ers is about 245,000 sft with an av­er­age of 15,000 sft each which is about one fourth the av­er­age of that of the Fix­tures In­dus­try.

In­ter­est­ingly, about 75% of the play­ers have in­house de­sign and devel­op­ment ca­pa­bil­i­ties which is a com­bi­na­tion of sculpting and 3D form­ing.

The no of clients is sig­nif­i­cantly higher in the Tra­di­tional Re­tail Sec­tor, most of who make ‘cash and carry’ pur­chases. top 17 play­ers have done busi­ness with over an im­pres­sive 15,000 clients out of which about 90% are from the Tra­di­tional Re­tail Sec­tor. This clearly in­di­cates how the Tra­di­tional Re­tail Sec­tor, which is purely price sen­si­tive is driv­ing de­mand while the Or­ga­nize Re­tail Sec­tor is driv­ing de­sign.

The av­er­age no of clients for each player is about 75 Or­ga­nized re­tail­ers and about 900+ Tra­di­tional Re­tail­ers.

In con­clu­sion, it is ev­i­dent that the In­dian Man­nequin In­dus­try has a huge mar­ket to be cap­tured open­ing room for many new play­ers. With the Tra­di­tional Re­tail Sec­tor driv­ing de­mand of lower spec­i­fi­ca­tions and price, the en­try bar­rier into this busi­ness is also low. On the other end, top man­nequin man­u­fac­tur­ers can sat­isfy the spec­i­fi­ca­tions of many in­ter­na­tional brands serv­ing niche mar­kets. With the sharp rise in con­sump­tion of fash­ion, thanks to ecom­merce, con­sumers will see more and more of fash­ion com­pet­ing in re­tail des­ti­na­tions where man­nequins will play a large role in cre­at­ing at­trac­tion and de­sire.

Suren­der Gnanao­livu

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