India, with its increasing income levels, rapid urbanisation and growing modern retail, offers tremendous opportunities in the fashion and retail sectors. A large number of national and international players entering these sectors is testimony to the potential fashion and retail hold in India. But where exactly do the opportunities lie?
To answer this, the upcoming India Fashion Forum (IFF) 2011 will dedicate an entire session, “Where are the opportunities in the business of fashion & retail?”, on ‘opportunities’. Those participating in the session include Dilip Jiwrajka, MD, Alok Industries; Atul Ruia, MD, Phoenix Mills; Dipali Goenka, MD, Welspun; and Prashant Agarwal, MD, Bombay Rayon Fashions, among others.
Discussing the theme becomes relevant as changes are visible in various fashion categories. Sports brands, including Nike, Reebok and Adidas, for instance, have changed their product mix in India to include more casual wear. This follows the realisation that the Indian consumer, lacking options, opts to wear their apparel for ‘everything outside office’. Now, with growing consumer interest in fitness, they offer a wide variety of fitness apparel/footwear options as well.
Kids’ wear, one of the fastest growing categories, is expanding due to the increased needs of both indulgent parents and decisive kids. This presents a large opportunity for speciality kids’ stores with an expanding product range. With the increase in the number of school-going children and the new-age concept of international schools, uniforms also present growth potential.
Moreover, fashion retailers are poised to chase consumers in small towns, as the opportunities exists in tire II and III cities apart from metros.
To be held on February 17-18 at The Renaissance hotel in Mumbai, India Fashion Forum, organised by IMAGES Group, acts as a major platform for visionaries and think tanks to share their visions with the captains of the fashion industry. Besides national and global fashion retail chains, India’s top regional retail chains and most successful franchisees participate in the forum.
– Payal Kapoor