IFF ’09 themed Get the Power! discussed about the retail renaissance occurring in the fashion industry. Participating on the mega event, industry stalwarts mentioned that the major factors behind the revolution is the foray of plethora of international brands in India. But they put forward a question how to customise these international brands in the Indian market so that they become price effective.
Expressing his thoughts in the session, fashion scope in India versus foreign countries, Thorsten Allenstein, country head, Triumph India, said: “Our company undertakes production of raw materials in India so that the average consumer can afford the products.” He explained that the purchasing power of the customers of Mumbai, Delhi, Bangalore and Chandigarh is definitely an eye opener.
Interestingly, the panelist also came with the facts that since the US and the UK are experiencing sluggish markets, India could be an ideal option for overseas brands to partner with on a long term basis. According to Shailesh Chaturvedi, CEO, Tommy Hilfiger India, “The consumer in India is shafted due to the lack of choice and presence of relevant international brands.” He felt that the gestation period would be long before India can consider making profits by targeting the middle market.
Meanwhile, IFF ’09 also touched upon the need for the ethnic touch in fashion industry. Adding to this, Puneet Nanda, creative head, Satya Paul mentioned that ethnic wear is quite a craze in India. “The Indian audience is diverse and relates to a variety, which is always fast changing. This is an apt time to re-invent products to set them in tune with what the basic consumer wants. It is a mix of being modern and yet conservative,” concluded Nanda.
— IndiaRetailing Bureau
