Indian cities may not be able to make a mark as global fashion capital in the near term, according to A T Kearney.
Speaking at a panel discussion on third and final day at the India Fashion Forum yesterday, Neelesh Hundekari, Asia Pacific – Consumer and Retail Practice, A T Kearney said, “It will be difficult for any of the Indian cities to become a global fashion capital in the near term, owing to the inherent dynamics. India’s fashion sector is very nascent and is considered to be less than 2% compared to the global market. Even Bangladesh, Vietnam is estimated to be 1/10th of size of India but compete strongly against India in the global apparel exports. “
China’s contribution to this is around 40% compared to India which is just 5% in the global apparel exports, he said.
The key challenges in our country to become a global fashion capital is building the brand’s legacy, developing a bridge market, acceptability for Indian designs and designers and the need for growth in demand for luxury brands, Hundekari said.
India’s fashion sector has entered into a hyper-competitive stage where retailers need to strategically choose their play to successfully monetize the consumption opportunity.
While India may fail as a fashion capital, it remains one of the lucrative markets for international brands. Says, Roy Kettlewell, Global Innovations Manager, The Woolmark Company, Australia, said, “Looking at the current scenario, in next 5 -10 years, India may replicate China. Good communication is important to do business in India and our role is augmenting the brand’s credentials.”
Stating that India as a licensee must be 4th or 5th amongst the entire global market, Vivek Sandhwar, Assistant Business Head, U.S. Polo Assn. said, “We have managed to bring fresh looks for men fashion in India by fitting in the DNA of the need gaps of the market. We have around 200 plus stores globally and India is one of the fastest growing markets.”
While India as a country lacked the infrastructure, there is a great access to good real estate with good shopping malls at attractive locations, said Yashovardhan Gupta, Director & CEO, Torero Corporation (Global Licensee & Partner of CROSS).
About India Fashion Forum:
The 15th edition of India Fashion Forum 2015 (IFF) is scheduled for 18th – 20th March, 2014 at the Bombay Exhibition Centre, Mumbai. IFF has been born out of pure passion to boost fashion consumption in India by catalysing fashion brands to think RETAIL, thing LONG TERM and think FASHION FORWARD. It is India’s biggest fashion extravaganza (Workshops + Conference + Exhibition + Fashion Shows + Trends Theatre + Awards), by bringing together the biggest and the most respected names from the industry, not only from India but from all important fashion markets across the world, to share their invaluable knowledge and provide inspiration to the fashion fraternity. This magnum opus of the fashion industry will also celebrate excellence and recognise outstanding achievements with the IMAGES Fashion Awards – one of the most glamorous fashion awards extravaganzas in the world.