The Clothing Manufacturers Association of India (CMAI) is gearing up to unveil the 78th edition of the National Garment Fair 2024 (NGF 2024) in Mumbai from January 29 to 31, 2024. This premier event is set to showcase the offerings of over 950 garment manufacturers, featuring an extensive array of 1120 apparel brands spanning Women’s wear, Men’s Wear, Kids wear, and Accessories at the Bombay Exhibition NESCO Complex in Goregaon East.
Key platform for industry interaction
The NGF 2024 stands as the much-anticipated biannual trade show that acts as a crucial bridge, connecting national and regional brands, manufacturers, apparel designers, and fashion accessories manufacturers with retailers, agents, distributors, and e-commerce companies. It has earned its reputation as India’s leading trade fair, providing a comprehensive sourcing platform that optimizes both time and cost efficiency for all stakeholders involved.
Insights from industry leaders
Rajesh Masand, President of CMAI, emphasized the significance of NGF 2024 in gauging the industry's future, stating, “The apparel industry has faced challenges with consumer preferences shifting away from traditional apparel categories. Bookings made during NGF 2024 will serve as a key indicator for the outlook of the segment over the next six months.”
Rohit Munjal, Vice President and Chairman of the Fair Committee, highlighted the expansive scale of this edition, covering approximately 7,00,000 sq. ft. of exhibition area spread across 7 Halls. Anticipating a substantial turnout, Munjal expects trade visitors from all corners of India, including national-level retailers and distributors.
Industry stabilization predicted
Rahul Mehta, Chief Mentor of CMAI, expressed optimism regarding the demand for the upcoming spring-summer season. He stated, “Retailers are actively managing substantial inventory, and with the ongoing End of Season Sale (EOSS), we anticipate the clearance of surplus stock, leading to a normalization of bookings. Nevertheless, 2024 is projected to be a stabilizing period, with no substantial upswing expected in apparel sales during this year.”
Market overview
The Indian apparel market, estimated at Rs. 6.80 lakh crores, has witnessed a growth of 15-20% in FY2024. This growth is attributed to distributor network expansions and new store openings. However, the same-store growth has not been as substantial, indicating the need for innovative strategies to drive sustained growth in the industry.
As industry stakeholders converge at NGF 2024, the spotlight will be on forging collaborations, exploring market trends, and revitalizing a sector that is navigating through dynamic consumer preferences and market challenges. The fair is poised to serve as a pivotal juncture for the industry to adapt and thrive in the ever-evolving landscape of the fashion market.
