The Hindu Business Line : ‘Global fashion brands see opportunities in India’

Mumbai, Jan.30 Fashion is the main driver for retail in India, said Mr E. V. K. S. Elangovan, Minister for Textiles, while inaugurating the “India Fashion Forum 2008”.

“Global fashion brands, attracted by the opportunities available in India, have started recognising India as an unexplored gold mine. However, a lot remains to be done to turn the country into a hub for fashion. There is an urgent need to create Indian brands in fashion that can be comparable with the leaders in the other sectors like FMCG and consumer durables,” he said.

Fourth essential commodity

Mobile phones have become the fourth essential commodity after roti, kapda aur makaan, said Mr Kishore Biyani, Managing Director, Future Group, adding that the mobile phone industry was eating into the share of the apparel fashion industry. He also maintained that marketers should visit the ‘real’ India, to innovate on products rather than go to the US or the UK.

The Provogue Managing Director, Mr Nikhil Chaturvedi, admitted that Indian brands still had a long way to go as compared to foreign brands which were making inroads into India. “But I do not want to create a market before its time has come. Today, the mobile phone sector is booming. After its cycle is over, it will be the turn of the garment sector,” he said.

Outlining the future scenario in the emerging business of fashion, Mr Ramesh Poddar, President, Federation of All India Textile Manufacturers Association, and Vice Chairman & Managing Director, Siyaram’s, emphasised the need for, “innovation, path-breaking technology and healthy competition in the textile industry.”

Highlighting the need for Indian retailers to join hands and discipline sales, Ms Ireena Vittal, Principal, McKinsey & Co, said, “Excessive short term promotion can spoil long term market behaviour making consumers bargain hunters.”