Dr. Tanvir Abir :
For more than 40 years, Bangladesh has steadily been building a progress in the arena of exports of apparel items in the Western markets. The country is considered as an emerging economy based on garments being exported as the most viable Bangladeshi products with a huge demand in the world market. Thus, Bangladesh has been crowned as the world’s second-largest supplier of garments products following China. Vietnam and India have been the closest competitors to achieving unprecedented success in this area. Meanwhile, Vietnam has improved and increased its productivity by applying new technologies with almost 15 years of export experience. However, Bangladesh has produced only basic commodities of garments manufacturing in recent years, due to lack of technology and minimal efficiency, which is deemed a huge disadvantage for Bangladesh’s economy and export efficiency.
There’s an overwhelming demand for trendy or readymade luxury products in the world market. For several brands, the luxury retail industry is a multi-million-dollar annual driver of income, which tends to play a major role in the global economy. Luxury fashion is viewed as France’s fourth main source of profits. It also has tremendous impacts on different countries’ economies like India and China. By 2025, luxury apparel sales will rise to USD 130 billion.
Non branded luxury garments is considered as unique, pale and exclusive in a retail industry. Luxury brands are known as exclusive destinations that have special needs. Luxury apparel fits a lifestyle and certain services, such as satisfying emotional needs. It also plays a pivotal role in creating customer-sensitive relations and delivering economic benefits to the developing countries. Whether people are wealthy or not, luxury brands have a direct and indirect impact on the level of their thought and behavior. In the luxury goods industry, which has a large number of customers in the global market, the highest quality components, raw materials and craftsmanship are used. Luxury fashion plays a particular role in the social and economic structure, and has a significant influence on the economy.
Simple but a question to mention — does a country like Bangladesh, which is currently the second largest garment manufacturer in the world, aspire to be a partner in this huge income? Bangladesh has become a reliable alternative for global brands to produce low cost but equitable products. Our country has an attractive environment for mass production of garments made by retail brands.
Production of luxurious fashion can bring a lot of success in Bangladesh. This will not only bring innumerable economic benefits to the country but also enhance the skills, reputation and quality of the garment workers. At present most of the consumers are looking for luxury products at reasonable prices. So Bangladesh can produce luxury products at a fair price by utilizing its large labor force and providing continuous production. Another advantage of Bangladesh is that we have highly skilled manpower who can apply their knowledge they have acquired to enhance the mass production of any luxurious fashion in the existing readymade garments industry. Bangladesh has a lot of expertise in selling products, so can apply some sales strategies in the field of luxury fashion as well. Premium brands in this country have the ability to retain luxury apparel business in the global apparel market.
Why should luxury goods making have a potential in Bangladesh? The apparel buyers in the world market are no longer interested in buying substandard products. Fashion icons of the world brands are now moving towards sustainable fashion. Therefore, there is potential for a lot of income from the luxury market that Bangladesh can harness.
Due to the ongoing economic downturn, buyers in the global apparel markets are being forced to afford fewer garments and choose to purchase quality affordable products. Therefore, the major garments producing countries should make advantage from the situation in no time. Bangladesh has already developed its footprint in the Western fashion market, which is an advantage for harnessing further benefit. Some world renowned Bangladeshi companies have particular niches that can carry on their luxurious or quality goods quickly to make further opportunity in the existing capacity.
In addition to being familiar with the traditional production processes, innovative thinking is an urgent demand now for manufacturing luxury items. However, it will be possible for Bangladesh to produce apparel complement to the luxury market overseas. It also creates an opportunity for the country to get huge investment in this newly emerging RMG demands. Luxury customers need a “brandname” factor based on being aware of their needs and preferences and understanding their own style of choice. So there is no reason to worry about any other brand seemingly emerging, though, branding of luxury products is very important. Branding starts with the customer and ends with the consumer. The concerned authorities and collaborators should take necessary steps in the light of the above matters for the greater interest of our ready made garments industry.
(Dr. Tanvir is an Academic and Researcher)
