With growing population and a an expanding middle classes, BRICS countries (Brazil, Russia, India, China, and South Africa) are becoming increasingly important markets for global textile sector and fashion brands. As per a predicts a McKinsey & Company report, the textile and fashion industry in BRICS countries is expected to grow at a compound annual rate of 6 to 7 per cent between 2019 and 2025.

BRICS a fast growing fashion market

In recent years, the BRICS countries have emerged as major players in the global fashion, apparel, and textile industry. China has long been a dominant stakeholder in the industry as the world's largest producer and exporter of textiles and apparel. However, other BRICS countries have also made significant strides in the business of fashion. India has emerged as a major hub for textile manufacturing and is home to several leading fashion brands, while Brazil has a thriving fashion scene and a growing number of textile companies. Russia is seeing a rise in luxury fashion brands and South Africa is becoming a key player in the African fashion market.

China produced over 30 billion pieces of clothing in 2019 and accounting for 35 per cent of global apparel exports. India is the world's second-largest producer of textiles and with leading fashion brands. Brazil's fashion industry is expected to grow by 3.5 per cent annually, while Russia's luxury fashion market is projected to grow at a 8 per cent per year.

Key growth drivers

Growth in BRICS fashion industry is being driven by the expanding middle class in these countries, which has more disposable income to spend on fashion and apparel. Increasing popularity of online shopping is also a significant factor, making it easier for fashion brands to reach consumers. The e-commerce market for fashion and apparel is also projected to grow, with the Indian e-commerce market estimated to reach $200 billion by 2026 and China's online fashion market expected to touch $287 billion by 2024.

Growth challenges

However, despite growth there are numerous challenges that need to be addressed. And foremost among them are sustainablity and ethical practices. Many BRICS textile manufacturers have been accused of using unsustainable production methods and exploiting workers, putting pressure on fashion brands and textile manufacturers to adopt more sustainable and ethical practices.

The industry also faces other challenges, including environmental impact and labor exploitation. Meanwhile several initiatives have also been launched, such as India's Sustainable Alternative Towards Affordable Transportation (SATAT) program and China's program to promote sustainable cotton production, to address these issues.

The pandemic has also shifted global economic power dynamics in favor of developing countries, with the BRICS nations contributing more towards global GDP in terms of purchasing power parity than the G7 industrialized nations.