Fashion has always been incomplete without accessories. It is considered as an integral part to fashion and trends. The additional accessories as belts, shoes and jewelleries add incredible value to a person’s look and his individualistic style. With the ever changing trend and fashion statement, the demand for accessories as fashion input is on boom.
Accessories can be divided into two divisions on the basis of style quotient as, Enhancer and Statement. The first one, uplifts the consumers place in the society such as bags, handbags, wallets etc. while the later, creates a style statement such as scarves, headgear, tie-pins etc.
Following are the key features related to the business growth of the fashion accessories:
Fashion Trends are Changing:
Fashion is such a trend which is style driven and changes rapidly. Such changes are difficult to be predicted. An industry expert Saurabh Kumar says, “The fashion accessories industry is fast changing and high-fashion driven. Trends generally change every season, and in some cases multiple times in a season.”
Big Brands are Entering into Accessories Vertical:
The presence of brands in this segment is not prominent and is usually ruled by unpopular brands. However, there are brands like Louis Vuitton, Hermès, and Swarovski entering the segment with rapid growth and launching their line of accessories in India.
Marketer Size in Getting Bigger:
According to India Retail Report 2015, the total fashion accessory retail market is worth Rs 15,557 crore, growing at 18 per cent to 19 per cent and is expected to touch Rs 25,306 crore by 2017. Fashion is not limited to a particular segment both men and women are demanding these at equal rates. Fashion accessories are no more considered to be only the add-ons but are products of value.
E-commerce in India:
In India, fashion accessories are among the most popular online shopping categories. Youngsters are the main growth drivers and it has high penetration among the urban cities. Leading e-commerce businesslike myntra, amazon, flipkart etc, are joining hands with leading brands to fulfill the growing demands.
Next Stop for International Fashion Players :
There are many upcoming international brands in the market in the fashion accessories segment. The brands like Louis Vuitton, Hermès, and Swarovski are catering to niche consumers. The accessories like leather bags, belts, wallets, ties, jewellery are a few products they have been growing their market into.
Fashion Industry has dynamic nature so businesses need to change them according to market needs.Fashion accessories is new trend so grab it.