Project report for Necktie

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Introduction

Neckties manufacturing sector is gaining popularity in India. Neckties are traditionally worn with the top shirt button fastened, and the tie knot resting between the collar points. Neckties project professionalism, confidence, authority, power, and exclusivity, which is anticipated to drive the demand. Many primary schools, business schools, and universities include neckties as a part of the uniform. Organizations such as military regiments, clubs, and professional associations, among others use specific colored and patterned neckties as a sign of membership. This factor is anticipated to further fuel the product demand. Self-tied neckwear is estimated to continue holding the largest market share over the forecasted period. Consumers prefer purchasing self-tied neckwear as these products are convenient and versatile. This factor is anticipated to bode well for the segment growth in the forthcoming years.

A necktie, or simply a tie, is a piece of cloth worn traditionally by men for decorative purposes around the neck, resting under the shirt collar and knotted at the throat, and often draped down the chest. Variants include the ascot, bow, bolo, zipper tie, cravat, and knit. The modern necktie, ascot, and bow tie are descended from the cravat. Neckties are generally unsized, but may be available in a longer size. In some cultures men and boys wear neckties as part of regular office attire or formal wear. Some women wear them as well but usually not as often as men. Neckties can also be worn as part of a uniform (e.g. military, school, wait staff), whereas some choose to wear them as everyday clothing attire.

Market potential & Strategy

The global neckwear market size was valued at INR 278.920 Crores in 2020 and is expected to expand at a CAGR of 2.1% from 2020 to 2025. The rising trend of pairing neckwear with casual dressing is projected to boost the demand. The product gives a professional, poised, and elegant appearance. Increasing demand from the key consumer such as bankers, media professionals, and students is anticipated to further drive the growth of the market. The rising trend of pairing ties with casual wear is anticipated to positively influence market growth. Manufacturers have introduced neckwear with floral and deco design, soft-touch fabric such as brushed flannel, heathered yarns, Donegal wools, knits, and chambray ties for different occasions. Neckties are preferred by corporate executives and businesspersons owing to their simple and sober designs. Also, the rising demand for neckties with different width sizes coupled with the availability of a wide range of products is expected to support the growth. Bankers, hotel employees, students, and media executives are some of the major consumers of neckties.

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