In 2010, GQ's annual best-dressed 50 in Britain had the then PM-in-waiting David Cameron at No. 8. Simply for knowing "the importance of a good suit and tie." Apparently, a good suit and tie make you successful, gain you an in into coveted lists, and heck, even win you the elections.

Since then, Cameron might have slid on the subsequent lists but was lauded by what many people treat as a style Bible as the ambassador for suits. For the record, the man has a proclivity for 3,500 Savile Row suits.

The Mecca of bespoke might not be here in India, but the experience is, courtesy the luxury menswear brands that are catering to the Indian man's newfound zeal to be dapper. The men's ready-to-wear gets a new sheen and spin thanks to a host of luxury brands available.

Gucci, Hugo Boss, Salvatore Ferragamo, Armani, Versace, Brioni, Ermenegildo Zegna, Canali, Corneliani, Alfred Dunhill, Cadini, are all in the race to clothe the new sartorially savvy Indian man.

The Men are Buying:

According to Technopak Advisors, a retail consultancy, the entire textile and apparel industry (2010 estimates), including domestic and exports, is pegged at Rs 3,27,000 crore and is expected to grow by 11% to Rs 10,32,000 crore by 2020. Currently, menswear is the major chunk of the market at 43% (Rs 72,000 crore) and is growing at a compounded annual growth rate (CAGR) of 9%.

The menswear market in India is the fastest-growing apparel segment. The India Menswear Market Analysis 2010-2014 by Venn Research found that the total revenue from menswear was $11.8 billion in 2009, representing a CAGR of 8.6% from 2005 to 2009. Industry estimates peg the formal suits, jackets, and blazers segment at Rs 4,500 crore. Clearly, the men want to look dapper.

The fact that it's the fastest-growing luxury segment is no surprise, points out Pinaki Ranjan Mishra, partner & national leader, retail & consumer products at Ernst & Young, a consultancy.

Themen's apparel is more westernised unlike women where even in the high-end youwould see many of them opting for Indian wear. Hence, standardisation ofproducts is simpler and easier," he says.

Thenagain, the men have always been the prime spenders and are now finding avenuesto explore. Mishra says: "Even in case of equal spending power, by naturewomen might buy more jewellery while men show a preference for technology andapparel."

Asthe man about in business Abhay Gupta, executive director of Blues ClothingCompany that promotes exclusive menswear brands like Cadini, Corneliani,Versace Collection and operates in four cities (Delhi, Mumbai, Hyderabad andBangalore), agrees with Mishra, but adds that men are fundamentally quickshoppers.

"Theytake faster decisions and have more brand loyalty," he says. Then again,he adds, the fact that westernised wear does offer more standardisation for menthan women, not only for style but for colours too. "In terms of sizes andspecifications, men's ready-to-wear is simpler and unlike womenwear, there arefewer attributes to customise," he says.

The Dandy March

Twenty-five-year-old Delhi businessman Vikram Sawhney is the type of customer Gupta and others arelooking at. Sawhney was introduced to the impeccable Italian cut by hisDubai-based friends. And as the saying goes, "Once you go Italian, youcan't go back", he was shopping for luxury ready-to-wear on his tripsabroad.

Imageconsultant and grooming coach to various corporates Yatan Ahluwalia notes thatover the past few years, men under 25 and over 35 have become a major consumerbase for luxury ready-to-wear. There's a marked shift from tailoring toready-to-wear brands. "With an increase in disposable income and a greaterbrand consciousness, the market is set to double over the next few years,"he says.

London-baseddesigner brand Paul Smith, which is planning to open its third store in Mumbai'sPalladium Annexe in June 2012 in addition to its existing two in Delhi and Bangalore, has noticed the demand shifting from simple business wear tolifestyle space with occasion-based formalwear.

"Alot of young customers are now interested in dressing up more formally. Whileearlier a majority of the demand for high-end tailoring came from seniormanagement and business owners. Now a lot of young men are treating a good suitor jacket as an investment, essential for a work wardrobe," says a spokespersonof Paul Smith India.

 

Gupta says there's not one type of luxury buyer. He classifies them into four categories: the old money brought up in the lap of luxury and needs no introductions to the brands; the new professionals who have made money, are well-traveled and developing somebrandloyalty; the entry to luxury category that will start with the lesser-pricedbrand and will move up the value chain and the aspiring class that waits forthe end of season sales to get an in into luxury.

Originally published in the Economic Times dated February 12th, 2012written by Nupur Amarnath associated with the Economic Times Bureau.

Image Courtesy:

1)    thisnext.com

2)    realbollywood.com

3)    aliexpress.com

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