Big boom seen in women's mid-market apparel
Dubai, April 28, 2014
Emerging markets account for 37 per cent of women’s mid-market apparel today, but by 2025 their share is expected to rise to over 50 per cent as these markets would have grown three times faster than mature markets during this timeframe, a report said.
The global economy is experiencing an unprecedented shift in power toward emerging-market cities, added the new McKinsey’s report on apparel business.
“According to this important report, the women’s apparel market growth will accelerate further, driven by the increasing weightage of emerging markets,” said Midhat M Abu Ghazaleh, CEO, Abughazaleh Trading Company, a leading general trading company.
“The report says that the top 600 growth cities will account for 62 per cent of women’s apparel market’s growth by 2025; and 16 out of top 20 growth cities are from the emerging markets.”
According to the report, there will be 60 mega cities, more than double today’s number, where the GDP will exceed $250 billion, accounting for a quarter of the global GDP.
“Dubai is one of these mega cities that have standards on par with renowned cities in apparel business, such as London, Paris, Milan, Los Angeles and others,” said Abu Ghazaleh.
"The report says that half of the 20 largest women’s apparel markets will remain in the mature markets, and maintain their leadership role, however, emerging markets are getting a bigger slice of the apparel industry and Arab cities will be part of this growth.
“Driven by the consumer spending power in the UAE, we think that the national apparel industry will attract more franchisers as Dubai is emerging as a global outlet for the millions of tourists, anticipated to reach 20 million visitors by 2020,” he added.
“The significance of the apparel industry in the Dubai market is that its offerings are as wide as the diversity of cultures and lifestyles living in the UAE, attracting a variety of franchisers and clothes manufactures and vendors,” Ghazaleh concluded. - TradeArabia News Service