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1. Project Report
Penetration to Women’s Tailored Wear in
Global & Domestic Market
Submitted By: Batch 1 (Group 1)
Ashish More
Kiruthiga Rathinam
Laxmi M Gonehalli
Nitin G Wankar
Prajakta Gaitonde
Prashanth Kumar C
Rahul Kumar
Submitted To
Professor Devashish Das Gupta
IIM LUCKNOW

2. Scope of Project
• Women’s have entered the workforce in increasing numbers over the past several decades
rising from 32.7 percent participation in 1948 to 56.2 percent in 2020 and expected to grow at
4.9% CAGR by 2029. Hence the demand for women’s wear is estimated to rise rapidly owing to
the rising female population of the world & awareness of rights which is making them more
conscious about how they look and dress and the focus on personal appearance and grooming
is projected to uplift the global women’s wear market sales go forward.
• The aggressively increasing urbanization & industrialization is also an important factor
augmenting the growing demand in the women’s wear market. The di erent mediums of mass
communication & social media are making contributions to promote women’s wear demand.
• The Manufacturers of Women’s wear is predicted to largely benefit from the increase in size of
working women’s population enabling to cater a wider consumer base to push the sales in
women’s wear.
• There has been a big shift in consumer buying behaviors from Need based to Aspirational
based purchase. The growing demand of women workforce in Service industry, Banking &
others around the World has a direct impact on the growth of the Women Work Wear segment.
By ensuring that women across various sectors have access to attire that aligns with their
functional/occupational requirements, Personal style preferences and comfort is attracting
tractions.
• The changing socio-economic structure in-terms of Women Empowerment led to
Women's formal wear to expand rapidly. Women formal wear market size valued at $179 bn
and expected to grow to $249bn by 2029.
Report Attributes
Women’s
Apparel Wear
Women’s Formal
Wear
Women’s Tailored
Wear
Women's Apparel
Market Size
US $ 863 bn in
2023
US $ 179 Bn in
2022
US $ 12.60 bn in
2022
Projected Market Value
US $ 1280 bn by
2033
US $ 249 Bn by
2029
US $ 20.33 bn by
2032
Global Market Growth
Rate
4% CAGR (2023-
2033)
4.9% CAGR (2022-
2029)
4.9% CAGR (2022-
2032)
Women's Apparel Sales
Growth via Online
Channels
5% CAGR (2023-
2033)
5% CAGR (2022-
2029)
5% CAGR (2022-
2032)

3. Objective
International Market:
 Silver Spark the Garmenting group of Raymond is already in to Tailored Mens wear category and
we have almost all top brands in our portfolio for both Suiting and Shirting and has global and
domestic footprints. Our objective is to double the turnover in the next 3-5years. While we are
working to increase the depth of Men’s Tailored Brand business with existing customer, adding
new customers, we also realize that scaling the turnover by 100% cannot only come from
Men’s Tailored wear as and it is important to penetrate to other market segments. The Socio-
economic situation is also in favor so out of all available options it is more advantages to step
into Women’s formal wear line as this segment addition will add to turnover and does not
require large capex.
 Silver Spark apparel limited is currently one of the top 3 preferred Manufacturer for many of the
Global brands like JC Penny, Express, Tailored Brands, Brooks Brothers, BRFS, Charles Tyrwhitt
& many more. Our strong fabric & garment manufacturing presence in Men’s formal wear will
help us to penetrate faster into women’s formal wear business with these existing brands as
they know our handwriting.
Domestic Market:
 Raymond is a leader in providing high-quality Men’s formal wear products in India. It has a
strong market presence and loyal customer base. The company has consistently delivered
innovative solutions to meet the evolving needs of our customers. In our continuous pursuit of
growth and expansion, we have identified a significant opportunity in the domestic market to
introduce a dedicated women's wear line to our portfolio.

4. Competitive Landscape
 Strengths:
International Market: Silver Spark / Raymond is successfully handling below business service
models with most of the US, UK, and Japan brands in Men’s suit supplies.
A. Vertical Set Up - Fiber to Fabric to Garment which provides sharer lead times & cost benefit.
B. Landed Duty paid service for Ready to wear.
C. Freight On Board Service for Ready to wear.
D. Replenishment model for Ready to wear (Demand Chain Management Service)
E. Break bulk shipment service for Made to Measure.
F. Digital design enabled services like Clo, Penelope etc.
Domestic Market: Raymond’s current distribution channel is successfully handling the below model
of business in Men’s suiting business.
A. Whole Sellers Model
B. Franchise Model
C. Retail Model
D. Made to Measure Model
*****Adding the Women’s Suit segment will be like a plug and play model.
 Weakness:
1. Lack of specification data pointers (History) in women wear segment.
2. Lack of technical expertise in women wear segment.
3. Lack of brand recognition in domestic market (Raymond is established as a complete Men’s
Brand).
4. High Production cost.
5. Speed to Market expectation will be higher.
*****Important to build women wear expertise in the system to cater both global & domestic women
formal wear segment.

5.  Opportunities : Market Size & Expected CAGR:
International Formal Wear Market size:
A. The Global Men’s Suits Market size valued at USD 12.60 bn in 2022 and is expected to reach
USD 20.33 bn by the end of 2032 with a CAGR of 4.9%.
B. The Global Women’s Suit market size is valued at $11.50 bn and expected to grow to $18.38
bn by 2032 with a CAGR of 4.8%.
C. To start with North America is a potential market to pitch for Women’s Business wear.
Domestic O ice Wear Market size:
A. The Indian Suit Market size valued at $0.90bn in 2024. It is estimated that the market will
experience an annual growth rate of 3.68% resulting in market volume of $1.04bn by 2028.
B. The demand for Western formal wear is rising in India, with sales expected to reach $43
billion by 2025.
C. Online platforms are driving the growth of personalized and customized clothing, with the
online women's apparel market expected to reach $26 billion by 2025.
D. To start with launching Women’s business line at Metropolitan networks will bring traction.
 Threats / Challenges:
1. Existing players in the Market.
2. Free trade agreements of other countries with major markets like the US, UK, South America &
Europe.
3. Global Economic slowdown
4. Unfavorable Bi Lateral & Multi-lateral trading practices
5. Supply chain of Trims & accessories cannot be locally sourced.

6. Market Intel : Growth Drivers
International Market :
1. Rising Employment of Women: The growing representation of women in various professional
and managerial roles has significantly influenced the demand for formal wear. Companies
worldwide are increasingly focusing on gender equality and promoting diversity, resulting in
higher expectations for women to dress professional.
2. Changing Fashion Trends: The formal wear segment undergoes constant evolution with
changing fashion preferences. Modern women now seek garments that combine comfort,
style, and professionalism. As a result, there has been a surge in the manufacturing of
contemporary yet classic formal wear designs.
3. Expanding E-commerce Industry: The convenience o ered by e-commerce platforms has
significantly contributed to the growth of the women’s formal wear market. Online retail
channels allow customers to explore and purchase a vast assortment of formal wear options,
providing a significant boost to the market.
4. Future Opportunities: The women’s formal wear market shows immense potential for further
growth due to several factors:
a. Increasing globalization and international business collaborations create demand for formal
wear across di erent cultural contexts.
b. Technological advancements in fabric development present opportunities to enhance comfort,
durability, and design aesthetics.
c. Growing emphasis on sustainable fashion practices inspires consumers to seek
environmentally friendly formal wear options.

7. Domestic Market : Growth potential of $43 bn by 2025
1. The Rise of the Working Woman: India boasts the world's largest young female workforce. As
women step into diverse professional roles, their clothing choices have adapted to navigate
boardrooms and client meetings. Comfort, practicality, and confidence have become essential
elements, leading to a demand for attire that empowers and facilitates their professional
journeys.
2. Globalization and Western Influence: The world has shrunk, and cultural influences
crisscross geographical boundaries. Western formal wear, with its structured silhouettes and
tailored trousers, has found its way into the Indian wardrobe. This influence, however, is not a
mere adoption; it's a fusion, often seen in the pairing of a crisp blazer with a vibrant kurta or a
modern blouse with a traditional sari.
3. Urbanization and Changing Lifestyles: As India's urban population swells, lifestyles evolve.
The fast-paced life demands outfits that transition seamlessly from work to leisure. This has
led to the rise of "smart casuals" – a blend of comfort and sophistication, often incorporating
elements of both traditional and western styles.
4. Individuality and Self-Expression: The modern Indian woman is bold and vocal. She seeks
clothing that reflects her unique personality and aspirations. Formal wear is no longer a
uniform; it's a canvas for self-expression, allowing women to experiment with cuts, color, and
drapes, pushing the boundaries of conventional definitions.
5. The Power of social media: Fashion influencers and online platforms have democratized
access to trends and empowered women to make informed choices. Social media showcases
diverse perspectives on formal wear, encouraging experimentation and challenging traditional
norms.

8. Key Market Players: Women’s Tailored Wear
INTERNATIONAL
BRANDS
DOMESTIC
BRANDS
JC PENNY VAN HEUSAN
MICHAEL KORS ALLEN SOLLY
EXPRESS GLOBAL DESI
BROOKS
BROTHERS
UNIQLO
GAP
PVH Corp.
H&M
BURBERRY
ANNTAYLOR
ZARA
FOREVER 21
JCREW
 Brands – Currently, Silver Spark is engaged in Men’s Tailored Business.

9. Women’s Product Range
 Jackets & Vests
 Pants & Skirts
 Dresses
 Suit
 Shirts
 Blouses

10. Want of today’s customer
1. Hybrid Formal Wear :
Items of clothing that they can wear for any occasion - work, home, or party and mix and match
with each other.
2. Comfort & Functionality :
Product that makes the customer feel right fit, warmth, protected & relaxed while using it.

11. 3. Embracing Individuality & Personalization :
Making odd size customer feel appreciated & valued.
4. Performance fabrics :
All day wear with finishes like Wrinkle free, Thermoregulatory, finishes, Odor free finishes etc.
5. Eco-consciousness & Sustainability :
O ering a product range that makes customers aware of their choice of selecting sustainable
products that will have e ects on the environment.
A. Using fabrics made of Organic cotton, Recycled Polyester, Recycled Viscose
B. Using blue signed certified textiles.

12. Consumer In-sights taken from Survey:
118 members shared their response.
15.6%
22.9%
49.0%
12.5%
How often do you purchase formal wear for
work or special occasions?
Monthly Once in two months Quarterly Yearly
27.1%
10.4%
62.5%
What are the most common challenges you
face when shopping for formal wear?
Choice of colour/fabric
Finishing is missing in Tailored garment.
Right Fit is missing in Readymade garments

13. 3.1%
44.8%
10.4%
29.2%
12.5%
What factors are most important to you when
purchasing formal wear? (e.g., quality, style, fit,
price, brand reputation)
Brand reputation Fit Price Quality Style
36.5%
58.3%
5.2%
Do you purchase Tailored made garments or
Readymade?
Both Readymade Tailored

14. 46.9%
1.0%
42.7%
9.4%
What is your preferred shopping channel for
formal wear? (e.g., in-store, online)
Both None Offline Online
5.2%
6.3%
24.0%
64.6%
How much amount do you spend on formal
wear purchase annually?
16000-20000 21000 & above INR 11000-15000 INR 5000-10000

15. 35.4%
31.3%
17.7%
5.2% 10.4%
What is your overall perception of Raymond brand in
terms of quality, style, and reliability?
All the above Good quality Reliable Stylish Value for money
92.7%
7.3%
How interested would you be in a new women's wear
line from Raymond?
Interested Not interested

16. 10.4%
33.3%
41.7%
14.6%
What specific features or design elements would you
like to see in a women's wear line by Raymond?
Add on services Impeccable Fit Latest Styles Vibrant colours
11.5%
2.1%
66.7%
19.8%
What marketing and promotional channels would be
most effective in reaching you about our new women's
wear products?
Outdoor media Print Media
Social Media (Instagram etc) Through Whatsapp

17. 1.0%
11.5%
22.9%
64.6%
How satisfied are you with the current formal wear
options available in the market?
Extremely Satisfied Not satisfied Satisfied Somewhat satisfied
42.7%
14.6%
22.9%
14.6%
5.2%
What aspects of your current formal wear purchases
could be improved?
All the above Availability of colours/fabric Fit Pricing Quality

18. Product Recommendations
Product o ers can be made unique from others compared to competitors are as below :
• Better fit
• By o ering innovative designs in both fabrics & garments
• By incorporating trendy elements
• By combing sustainable & Ecofriendly materials
• By adding styling features to accommodate wearable devices that enhances functionality
• A ordable price
• Quick turn around
• Speed to Market

19. Road Map to approach Women’s wear Segment in both International &
Domestic Market
 Product Development Process - Bulk :
The product development process for our new line of women's formal wear suits is structured into
three main phases: Concept Generation, Design and Prototyping, and Testing and Validation. This
process ensures that each product meets the highest standards of quality, functionality, and style.
Concept Generation:
A. Market Analysis: Process starts by analyzing current market trends, consumer preferences, and
gaps in the existing product o erings. This involved reviewing fashion shows, market reports, and
competitor products.
 Brand study
 Exhibition
 Study on Market Trend
 Customer Psychology
 On-line Study
C. Brainstorming Sessions: Based on Market Analysis team to conduct several
brainstorming sessions involving Design Team, Sales team, Supply chain management
team, Finance, HR, and Production Team. The goal is to generate diverse ideas that cater to
modern professional women's needs in more e ective & e icient ways.

20. C. Concept Development: Through the brainstorming sessions some concepts like below can
emerge.
 Convertible Suits: Suits that can be easily transformed from formal o ice wear to evening
attire.
 Sustainable Fabrics: Use of eco-friendly materials such as organic cotton, bamboo, and
recycled polyester.
 Tech-Integrated Suits: Incorporation of smart fabrics that o er features like moisture-wicking
and temperature control.
 Inclusive Sizing: Development of a size range that caters to various body types, promoting
body positivity.
Design:
 Product Specifications: Based on the concepts generated, detailed specifications were
created. This included fabric selection, color palettes, cut and fit details, and special features
like hidden pockets and adjustable components.
 Features and Aesthetics: Emphasis was placed on creating a balance between functionality
and style. Designs included modern cuts, sleek lines, and professional yet feminine aesthetics.
 CAD Modelling: Initial designs were created using CAD software to visualize the suits and
adjust before physical samples were produced.

21. Prototype:
 Initial Prototypes: The first set of prototypes was created based on the CAD designs. These
prototypes were evaluated for fit, comfort, and overall look.
 Iteration and Refinement: Feedback from the initial evaluation led to several iterations.
Adjustments were made to the fit, fabric selection, and construction techniques. Multiple
prototypes were created to refine the design.
 Final Prototype: A final prototype was developed, incorporating all the refinements from
previous iterations. This prototype was used for detailed testing and validation.

22. Testing and Validation
 Alpha Testing: The final prototype underwent alpha testing with a small group of users,
including our team members and select consumers. They provided feedback on fit, comfort,
functionality, and style.
 Usability Testing: Comprehensive usability testing was conducted to assess the suit's
performance in various scenarios. This included wearing the suit for extended periods, testing
the flexibility of convertible features, and evaluating the durability of the materials.
 Beta Testing: A larger beta testing phase involved a broader audience, including professional
women from various industries. Their feedback was crucial in identifying any remaining issues
and areas for improvement.
Findings from Testing Phases :
Strengths:
 Fit and Comfort: The suits were praised for their excellent fit and comfort, thanks to the
inclusive sizing and careful design.
 Style: The modern, professional aesthetic was well-received, with many users appreciating the
balance between formality and femininity.
 Functionality: Features like hidden pockets and convertible elements were highlighted as
highly useful.
Areas for Improvement:
A. Fabric Choices: Some feedback suggested the need for more breathable fabrics for warmer
climates. Adjustability: A few users found the adjustable components di icult to use and
suggested simpler mechanisms.
B. Sustainability: While the use of sustainable fabrics was appreciated, there was a demand for
more transparency in the sourcing and manufacturing processes.

23.  Product Development Process – MTM (Made to Measure):
Consultation & Design:
 Understanding the Client: This involves an initial meeting or questionnaire to assess the
client's needs, preferences, and body type. Discussing the occasion, desired style, fabric
choices and budget providing insights into the needs and preferences.
 Taking Measurements: A skilled tailor will meticulously measure the client for an accurate
and personalized fit.
 Design Collaboration: Based on the consultation, the tailor might sketch initial designs or
present fabric and style options. This can be a collaborative process where the client's input
shapes the final suit.
Prototyping & Fitting:
 Initial Garment (Muslin Mockup): A preliminary suit, often made from inexpensive muslin
fabric, is created based on the chosen design and measurements. This allows for initial fit
assessment and adjustments.
 First Fitting & Refinement: The client tries on the muslin mockup and the tailor identifies
areas for refinement. This might involve adjusting the sleeves, shoulders, waist or overall
silhouette.

24. Production & Finishing:
 Fabric Selection: The final fabric is chosen based on the client's preferences and the
suitability for the design.
 Suit Construction: The order is received by the factory, analyzed and then a track sheet for the
customer is made along with the receipt of fabric and trims from the MTM Store. After receiving
raw materials MTM CAD alteration and checking is done with plotting and pattern making and
finally issuing to cutting section for cutting. Then they meticulously sew the pieces together
ensuring a high-quality finished garment.
 Final Fitting & Delivery: Once the suit is constructed the client comes in for a final fitting to
ensure a perfect fit. Any last-minute adjustments are made before the suit is delivered.
Advantages in MTM manufacturing :
 Stitch by well-trained operators.
 Constructed in Assembly System.
 Follow notch and seam margin.
 Inline quality check.
 End line quality check.
Technology in MTM Tailoring:
 While traditional tailoring methods are still essential, technology is playing an increasing role.
 3D body scanners can capture precise measurements, which can then be used to create
digital patterns.
 Virtual Try-On (Emerging Technology): Some tailors are exploring virtual try-on technology
using 3D body scans and software. This allows for a more immersive design experience where
clients can see a digital simulation of the suit on their own body.
Additional Considerations:
 Customization Levels: Some tailors offer a wide range of customization options, from lapels
and buttons to pocket styles and linings.
 Pricing: Customized tailoring is typically more expensive than off-the-rack suits due to the
time and expertise involved.
By following a well-defined product development process that emphasizes communication and
collaboration a custom tailor can create a unique and perfectly fitting suit for every client. By utilizing
a combination of traditional techniques and innovative technologies, the design and prototyping
stage plays a vital role in creating a MTM Women’s suit that is both stylish and perfectly tailored.

25. Testing and Validation in MTM Women’s Tailoring:
In customized ladies suit tailoring, testing and validation take on a slightly different meaning
compared to mass-produced clothing. Here's how these concepts apply:
Testing:
 Focus on Fit: The primary function of a suit is to fit the wearer flawlessly. The muslin mockup
stage acts as the main testing ground. The client tries on the mockup, and the tailor identifies
areas that need adjustment. This iterative process of fitting, refining, and refitting ensures a
perfect final fit.
Validation:
 Client Satisfaction: The ultimate validation in customized tailoring is client satisfaction. Once
the final suit is complete, the client tries it on for a final fitting. Their feedback and approval
validate the entire design and tailoring process.
 Wear and Comfort: A well-made suit should not only look good but also feel comfortable
throughout the day. During the final fitting, the client assesses the comfort level of the suit in
terms of movement, breathability, and overall feel. This provides validation that the suit is not
just visually appealing but also functional.
ClientFeedBackForm
Client Name:
What is your opinion about the fit of a Customized Garment regarding the following points?
(Mark in Respective Block)
A. Jacket fitting at:
Excellent Good Ok
1. Chest   
2. Stomach   
3. Shoulder   
4. Back   
5. Arm hole   
6. Sleeve fall   

26. B. Trouser fitting at:
Excellent Good Ok
1. Waist   
2. Hip   
3. Crotch   
4. Leg fall   
C. Overall customized Garment Fitting & Appearance
Excellent Good Ok
  
D. Developed ‘Customized Garment’enhances your look.
Yes / No
E. It restricts any body movement.
Yes / No
F. Comments/ Feed Back regarding the ‘Customized Garment’
_______________________________________________________________
_______________________________________________________________
G. Rate the Customize Garment on scale of 1 to 10 ; 1- Not Ok 10 – Excellent
Customer Rating: _________ / 10
Conclusion:
Testing and validation in customized tailoring are an ongoing process throughout the product
development cycle. While the muslin mockup stage plays a crucial role, the final validation comes
from the client's satisfaction with the fit, comfort, and overall quality of the finished suit.

27. Road Map to achieve 2000cr by FY 2028
FY 2023 2024 2025 2026 2027 2028
Men's ( Inr in Crs) 852 1022 1227 1472 1693 1947
Women's ( Inr in
Crs)
0 1 50 65 85 110
Total ( Inr in Crs) 852 1023 1277 1537 1778 2057
Conclusion
The Scope & Objective of the Project to penetrate Women’s formal wear market has a
significant untapped potential as more women enter the corporate sector and seems to be a
preferable option to enter the market as it is an extension to our existing brand portfolio and
this segment addition will add to turnover and does not require large capex.
852 1022 1227 1472 1693 1947
0 1 50 65 85 110
852
1023
1277
1537
1778
2057
0
500
1000
1500
2000
2500
2023 2024 2025 2026 2027 2028
Road Map to 2000crs by 2028
Men's ( Inr in Crs) Women's ( Inr in Crs) Total

28. References
https://medium.com/@stand.tough.park/women-formal-wear-nbsp-market-focuses-on-market-
share-size-and-projected-forecast-till-2030-6ce0b08bc2c5
https://www.haveignition.com/industry-guides/product-management-for-formal-wear
https://markwideresearch.com/womens-blazer-market/
https://kingandallen.co.uk/journal/tips-advice/what-is-hybrid-workwear/
https://straitsresearch.com/report/womens-coats-and-jackets-market
https://www.sustainably-chic.com/blog/sustainable-workwear
https://www.statista.com/statistics/1328186/india-women-s-western-apparel-market-
size/#:~:text=The%20market%20size%20of%20western,in%20the%20financial%20year%202025