The 10th edition of the India Fashion Forum (IFF) kick started on a positive note with the inaugural address by IFF Chairman Mr Gautam Singhania. Mr. Singhania indicated optimism citing a lot of expectations and hopes; with improved consumer sentiment and business growth, after the financial debacle of 2008-09. Commenting on the quick bounce back from the economic slowdown, Singhania predicted that the industry was on a solid ground for a great performance drive, not just through this year but for the long term. When global economies like US, Japan, Germany and France contracted, India recorded a 6.7 percent growth with projections to touch 7-7.75 percent this financial year.
The backbone to India’s resilience lays in a long term outlook to business and focus on consumer benefits, said Mr. Singhania while explaining that India’s growth lay in its population – as generators of wealth for both producers and consumers. With the largest young population in the world - over 890 million people below 45 years of age, India indeed makes a resplendent international market. India has more English speaking people than in the whole of Europe taken together. As the economy grows; so does India's consuming class. It is estimated that 140 million Indians will earn a salary of over USD 20,000 by 2011. The number of effective consumers is expected to swell to over 600 million by this time – sufficient to establish India as one of the largest consumer markets of the world. “China gives volume business, while India gives value business”, pointed out Mr. Singhania.
The most awaited and anticipated 7th edition of the Images Year Book was launched by Singhania. The book elucidates key trends in fashion and the growing markets.
At the same session Kishore Biyani, CEO Future Group urged everyone to hold on to their entrepreneur instincts. He advised all retailers to build a portfolio of many brands and then pick up the right format (like Big Bazaar), all the while keeping a tab on the constantly changing consumers minds.
Another imminent panelist Ireena Vittal, Principal, McKinsey (India), spoke at length about the growth drivers like affordability, occasion and style; which are crucial for the smooth functioning of all markets. She concluded that as an industry one needs to create occasions for consumption; and create talents for industry and drive lower costs in the ecosystem.
The WGSN seminar on global trends saw a packed house. Juliet Warkentin, Content Director, WGSN, UK spoke about the key mood, colour, details, shapes inspiring the trends of fashion from around the world. She is a communication strategist, marketer and editor. WGSN, one of the leading international online portals has been offering strategies and consultation to the fashion industry from across the world.
From her years of experience, Warkentin urged the audience to be 'a global player in the local market.' She also dismissed a popular myth at the very outset by claiming, "Trends don't die, they only evolve." Moving forward in her discussion she emphasised on the fact that considering the current market post recession, products have to give an added value and not just remain beautiful. Her suggestion was, "Play with softness and silhouettes and give the consumers another reason to buy." Giving examples from each category, Warkentin observed, "As far as sportswear is concerned, keep it simple yet timeless."
As a final word, Warkentin pointed out that the design of the products should be enhanced by the use of graphics and a 'cheerful element'. She also harped upon the need to generate an element of global fusion by mixing and matching the traditional with the contemporary.
The AEPC conclave was anchored by Premal Udani, Chairman, Apparel Exporters Promotion Council (AEPC). Some of the leading exporters from the fashion industry debated on the prospective markets of the future by weighing out the global vs the domestic scenario.
Vimal Kirti Singh, Secretary General of AEPC shared that the market share of Indian exporters is 43 per cent in Europe and 42 per cent in America. But moving forward he said, "The Government is looking at exploring newer potential markets like Japan and South Africa." He also stressed, "At present it is not foreign exchange but skill development, on which the Govenment is concentrating." Singh also predicted that moving forward the domestic sector as well as the export sector in India will open up job opportunities for a huge number of skilled labour.
In this context, Udani added that compliance is becoming an important factor in this new age fashion industry. The idea is to keep to socially approved norms and build productivity in small and medium factories as well. Rahul Mehta and Ashok Rajani were also a part of the eminent panel. There was a desire expressed by the panelists unanimously that the exporters should create domestic brands. Hence establishing brand India was put down as the way forward.
The afternoon session also saw the unveiling of the Triumph 2010 Collection at a scintillating fashion show.