Debasish Acharya
Post News Network
Bhubaneswar, May 5: Branded garment sale, which is going through a slump in the state, is likely to see demand revival in next two to three years on the back of improving buyers’ sentiments. According to industry experts, rising demand for women branded garments along with revival in general economy will drive growth in coming years, an official of Garments’ Association of Orissa said.
“Branded garment sales in Orissa may see revival in growth with growing demand for women branded items of women apparels,” Secretary of Orissa Garments’ Association, Avinash Chhapolia said adding that the industry has seen tepid growth during the last financial year.
According to Chappolia, growth rate of garment industry has declined to 10-15 per cent in 2015-16 from 20-25 per cent seen in 2014-15. “Slowdown in state’s economy due to disruption in mining segment was the major factor for such subdued growth. The industry is likely to grow at the same rate during this fiscal. “We don’t see any improvement in the growth rate this fiscal, which is likely to stay around 10-15 per cent. Despite general improvement in the economy, demand revival will take some time,” he said.
Another official of a branded garments company said, apart from mining; real estate and exports must show growth to drive demand in the state. On market size of branded garments in the state, Chappolia said it stands at Rs 500- Rs 700 crore with around 100 brands selling their products. “Demand for ladies branded garments is growing with opening of shopping malls and exclusive women garments. We hope that this demand for women apparels may help revival in the segment going ahead. As per our estimation, 20-25 per cent rise in sales should be achievable in next two to three years,” Chhapolia said. He also said currently only 4 to 5 brands in the women segment are selling their products. In next two to three years, 40-45 brands are likely to enter the state in this segment, he added. “We are also going to organise a garment fair in June this fiscal on the outskirts of Bhubaneswar. More than 100 brands will take part in this fair, which will be held for three days. Around Rs 200 crore of turnover is likely from this event,” he added.
