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Exploring India’s Booming Wedding Attire Market: Key Trends and Major Players for 2024

18 September 20243 mins read by Angel One
India's wedding industry, the world's second-largest, saw major growth in 2023-24, with luxury brands thriving. Key players like Reliance and Aditya Birla expanded significantly.
Exploring India’s Booming Wedding Attire Market: Key Trends and Major Players for 2024
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The Indian wedding industry, renowned for its grand celebrations and vibrant festivities, continues to experience robust growth. As the world’s second-largest wedding market, India hosts ~10 million weddings annually, translating into a staggering $130 billion in annual expenditure. 

 

India’s peak wedding season, which typically occurs between late November and mid-December, further uplifts the industry. During this period, a surge in wedding-related activities contributes to a significant economic upturn. A survey by the Confederation of All India Traders (CAIT) stated that in 2023, there were about 35,00,000 weddings in this timeframe, while it was 32,00,000 in 2022 and 25,00,000 in 2021. There are several aspects involved in an Indian wedding, such as photography, clothing, jewellery, venue, etc. 

 

When we look closely into the wedding attire market, in 2023-24, high-end designer brands, including Tarun Tahiliani, Abu Jani, Sandeep Khosla, Sabyasachi, and Rahul Mishra, saw impressive surges in sales of wedding and occasion wear. These labels recorded sales growth ranging from high double-digits to triple digits, contrasting the broader trend of subdued demand in other retail segments. The premiumisation trend within the wedding sector underscores the shift towards luxury and exclusivity, contributing to the financial success of these high-profile brands. Sabyasachi Mukherjee, a leading name in luxury fashion, reported a notable 42% increase in revenue, reaching ₹487 crore for the financial year 2023-24.

 

The sector’s buoyancy is also reflected in the performance of major retail players. Reliance Retail and Aditya Birla Fashion and Retail, two prominent entities in India’s fashion landscape, have significantly impacted the wedding wear market. Both companies have invested heavily in joint ventures (JVs) with leading designer brands and have acquired several labels, thereby expanding their footprint in the high-end wedding and occasion wear segments.

 

Indivinity Clothing, in collaboration with Tarun Tahiliani, saw its sales double to ₹100 crore. Similarly, Reliance Abu Sandeep Private Limited reported a remarkable 155% increase in sales, reaching ₹131 crore. Aditya Birla’s Finesse International, which operates the Shantanu & Nikhil brand, achieved a 14% growth in sales to ₹85 crore. The House of Masaba, another significant player, saw its revenue increase by 39%, reaching ₹70 crore. Reliance Retail’s partnership with Anamika Khanna’s fashion brand AK-OK also contributed to the overall industry growth, with the JV posting ₹17 crore in sales during its first full year.

 

The market for wedding wear has traditionally been dominated by local, made-to-order shops. However, the advent of brands like Manyavar (Vedant Fashions Limited), Mohanlal, Tasva, and Ethnix by Raymond has introduced a new level of consistency and professionalism to the segment. These brands, though positioned at lower price points, have successfully tapped into the celebration wear market, aligning with the broader trend towards standardisation and quality assurance.

 

As the wedding season draws near in November 2024, it will be fascinating to observe the continued growth and evolution of the wedding industry during this period.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

 

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