77th edition of NGF 2023 by CMAI commences in Mumbai

The 77th edition of the National Garment Fair 2023 (NGF 2023) by the Clothing Manufacturers Association of India (CMAI) has commenced in Mumbai on July 18 and will conclude on July 21, 2023.  The official release informs that more than 1200 brands are participating in the four days long NGF 2023, at the Bombay Exhibition NESCO Complex in Goregaon East. The event was inaugurated by the retail Industry stalwart BS Nagesh, Founder TRRAIN & Chairman, Shoppers Stop Ltd, while Sharad Suri, Managing Director, Chunmun Stores, inaugurated the Kids Wear Exhibition at the Jio World Convention Centre in BKC.

Speaking about the festive apparel market, Rajesh Masand, President, Clothing Manufacturers Association of India (CMAI), said “The apparel industry in India holds significant importance within the country's economy. As the festival season of 2023 approaches rapidly, it becomes crucial for industry participants to closely observe consumer behaviour and trends to maintain a competitive edge.” 

Speaking about the NGF 2023, Rohit Munjal, Vice President and Chairman of the Fair Committee, Clothing Manufacturers Association of India (CMAI) said, “The business generated during this four-day trade event will provide valuable insights into the industry's sentiments and 

expectations for the upcoming festive season. Spanning across two of the largest venues in Mumbai, this edition of NGF covers an approximate area of 8,00,000 sq.ft. and anticipates a significant turnout of over 35,000 visitors, which include national level Retailers and Distributors.” 

Speaking about the consumer demand for the upcoming festive season, Rahul Mehta, Chief Mentor, Clothing Manufacturers Association of India (CMAI), expressed, “The industry is hopeful that the upcoming festive season coupled with the wedding mahurats in the month of November and December, will add to the growth in profits and not just volume. The initial response received for NGF 2023 is looking buoyant and we are looking forward to a successful festive quarter for the industry.” 

The size of the Indian apparel market is estimated to be Rs. 6.80 lakh crore, and has grown by between 15-20% in FY2023. However, with the costs of raw materials as well over all cost of production having gone up substantially, this growth has been entirely price-led, and the volumes would still be below the previous year by 3-5%, says the release.