Arvind Singhal, chairman, Technopak, while speaking at ongoing India Fashion Forum 2009 (IFF ’09) in Mumbai, posed seven question for the Indian fashion industry to find out why the fashion and textile industry in India still has not managed to do what IT and telecom have.
Singhal questioned the missing scale in fashion sector and the giants of the Indian fashion industry. He asked the delegates attending IFF ‘09 – why no Indian international fashion brands? Where are the fashion brands from India? Singhal pointed out the fact that all these years industrialist have brought in a lot many international brands in the country. But then where are the India brands which have managed to create a niche for themselves on the shelves abroad.
Talking about FDI in retail sector, he said that in telecom sector and in every other possible sector, enough rounds have been done, while the textile sector has not yet managed to attract satisfactory FDI. He also talked about the value retail market wherein looking at international market; Primark in UK recorded a sale of USD 2700 million in 2007 whereas Meters/Bonwe in China closed 2007 with business amounting to USD 462 million.
Singhal also emphasised why fashion industry leadership is not at the national thought leadership forefront. Leadership in fashion industry is hardly represented at national level, he said. “Why fashion industry has not managed to provide thought leaders at platforms such as WEF, India Today Conclave, HT Leadership Conclave etc in India and outside India?” Singhal also asked the government of India to support the fashion industry.
In his concluding remarks, he asked about the innovations in the fashion industry. According to Singhal, the only solution for the fashion industry in India was to produce some good visionaries and leaders. “Fashion industry must make best effort to attract higher and highest quality talent – at all levels – to provide the intellectual backbone for engineering a renaissance for itself in the next 10 years,” said Singhal.
— IndiaRetailing Bureau, Mumbai