The dynamics of fashion were discussed at a great length on second day of India Fashion Forum ’10 (IFF’ 10). “Be stupid and you will get it,” quipped Sumeet Yadav, head-international business development, Reliance Brands and business head, Diesel as he started off with his presentation at the forum.
Yadav asserted that it is pivotal to understand the consumer’s lifestyle before chasing the fashion trends and establish a brand. The audience unanimously appreciated Yadav’s point that differentiation is critical to a business success. He explained the same by citing an example, “The world is full of stupid people else we would have been deprived of bell-bottoms and torn jeans. So, stupidity has proven to be smart way of establishing a trend.”
The panel agreed to the fact that media influences fashion trend to a great extent. However, there is a difference between ‘Fad’ and ‘Fashion’. Apparently, the latter lasts longer than the former. The much heralded ‘Green Revolution’ has been fairly cashed on by the brands by making consumers aware about environment friendly raw-material that is used in the manufacturing of garments. “Magazines, websites, exhibitions and social networking sites play a major role in spreading the latest fashion trends,” added Rajiv Grover, VP, Genesis Colors.
While presenting his theme on the luxury market in India, Grover pointed that element of luxury differs from person to person. “What might be a luxury for a common man can be a necessity for a high-class customer. A treat to the entire family in a fast-food chain might just be a normal routine for a school going kid from upper-class segment of the society,” said Grover. International travels, elite clubs memberships, captive beaches or pools and farm houses have different meaning for different class of consumers. Conceding to the opinion Devanshu Dutta, chief executive, Third Eyesight, admitted that prices in the luxury market are not elastic and are not effected by market dynamics.
Dutta added that Indian consumers are extremely price conscious and desire the value for money.
At the end of the discussion, Rahul Gambhir, director, Licensing, Tommy Hilfiger, India pointed that accessories too form a vital part of any attire and rather complements the wardrobe. “Today, accessories like wallets and belts may not necessarily find a place in the shopping list of any middle-class household. However, if a brand promotes them along with the main product, customers would want to own a label which is within his reach,” added Gambhir.
— Pragya Gupta, Mumbai Bureau