Our five-pronged approach focuses on your individual strengths to develop your unique qualities towards making you an exemplary pi- designer.
Table of Contents
When we talk of 'Fashion', for most it is synonymous with hot couture shows, ramp walks, designer wear and all the
glitter sans the gold. But do you understand what goes behind all this mayhem? There is a method to this madness,
and this is precisely what we intend to develop as fashion business experts.
Fashion Business deals with the calculated and entrepreneurial aspect of fashion brands. In the fashion
business, you understand branding, budgeting, distribution, finance, forecasting, marketing, merchandising and
retail operations for haute couture to designer wear to everyday clothing.
Fashion- A modern-day industry comprising varied small firms including designs, retail, buying and sales firms. India Brand Equity Foundation (IBEF) states A contribution of 2.3 per cent to the Indian GDP comes from the Indian textile industry, further it constitutes 13 per cent to industrial manufacturing and 12 per cent to exports.
The Indian fashion business is estimated to hit USD 400 million. Leveraging a year-on-year growth rate of more than 10 per cent. As the world's second-largest export of textiles and clothing, it employs more than 105 million workers, directly and indirectly contributing to a more significant extent to the country's GDP.
The sector has also gone through a lot of innovations from the invention of the sewing machine to the growth of e-commerce.
1) AR/ VR solutions to meet Customer Experience- Virtual Reality (VR) takes customers into a store which is almost like a physical store where they can look through a variety of products and can try them before buying. Augmented Reality (AR) lets customers visualize what merchandise would look like in reality. The use of AR/ VR has largely grown during the pandemic. These have made purchasing easier and helped increase brand awareness. For instance, Gucci says, to try on shoes virtually at home using AR technology. They introduced the solution in 2019, before Covid 19. Post which it has proved itself to be one of the most sought-after tools for pushing top-line numbers; this trend will more than likely stay for good.
2) Omnichannel is a multiverse of opportunities- An ever-proven mode of conducting business, to help fulfill the customers’ needs at every touchpoint. Integrating and delivering parity in experiences irrespective of how a buyer chooses to interact. A thorough involvement is required by firms at each step of the purchase experience — research, discovery, support, purchase, customer service and returns. Further, build an ongoing relationship to grow repeat customers and loyalty. In layman’s language, omnichannel is about meeting customers wherever they are and providing exceptional service at every touchpoint, including:
a)Through a retail outlet either exclusive brand outlets or multi-brand outlets.
b) Through mobile applications
c) Through a brand’s website or marketplace models
d) Through social media
e) Through email marketing or catalog selling
3) Buy now, pay later (BNPL approach)- Many companies are giving their customers the ability to make after-purchase payments. For instance, a shopper could place an order for a Burberry bag on Ajio Luxe for INR 2,00,000 and only INR 50,000 at the time of purchase and then pay the pending amount in equal installments over the next 4 months. This started among selective fashion brands, and it is cropping into the luxury space.
4) Sustainability and ethical practices- In recent years, people have bought attention to social issues that are related to the fashion industry, specifically when it comes to fast fashion. People buy clothes quite often at low prices and quality leading to throwing them away even more often Another ethical issue that often arises is the use of sweatshops. The idea of factory workers being paid pennies to work in very poor conditions does not sit well with many. Recently, China’s brand Shein was in the news for its unethical practices of 3 pennies per garment which, a worker dedicating 18 hours a day highlighted another crucial/evil side of fashion.
5) Re-commerce- It means selling previously owned or used products through electronic means it could be through a thrift store or a consignment store. Especially in the last few years, “Re-Commerce” has become even more popular. Consumer-to-consumer marketplaces like Bombay Closet Cleanse, Curated Findings, and Vintage Laundry marketplaces have pushed the “Re-Commerce” trend. The reason it is becoming popular is that,
b) Focusing on Sustainability
c) Positive impact on the environment
6) Emergence of D2C (Direct to Customer)- Irrespective of the Pandemic online shopping has grown multifold. Customers’ preference has shifted from offline shopping to shopping online. D2C is contributing a $100 billion market opportunity by 2025, growing at a CAGR of 25% between 2020-2025. These brands mostly rely on influencers for marketing and social media marketing. The multi-channel marketing approach has also allowed them to stay in touch with the target group, and brands taking this path are set to stand out in a competitive market. Whereas a retail brand took 20 years to reach a 100 Cr revenue mark, these D2C brands are taking less than 5 years to reach a similar mark. Brands in fashion which are doing quite well are Chumbak, Fablestreet, FabAlley, Anouk, Zivame etc.
Some of the career opportunities after completing Fashion Business Management are as follows:
It’s the business of buying clothes from manufacturers and selling them to end consumers. Fashion Retailers may be buying merchandise from several manufacturers. They should know what the consumer wants. In retail, there are various opportunities.
Electronically buying and selling goods over the internet. Amidst the outbreak of covid, better infrastructure, digitization and growing mobile penetration has continued the rise of e-commerce channels over the last decade, this has led to better career opportunities in E-commerce, some of them are listed as follows:
It refers to activities a company does to promote the buying or selling of a product or a service and improve brand salience in the long run. This majorly includes advertising, operations of advertising campaigns, and attendance to trade shows and public events. In marketing, there are various opportunities,
A career in exports is a great opportunity for those with an interest in international business and trade. Exports are a vital part of many businesses and the economy, and there are many different export-related careers available.
Sourcing, Buying, Procurement and Merchandising
There are many career opportunities in sourcing, buying, procurement and merchandising. These roles are important in any organization that needs to procure goods and services. A successful career in this field requires strong analytical and negotiation skills.
3. Merchandising- Merchandising is the practice and process of displaying and selling products to customers, making sure the right products reach the customers in the right quality, quality and at right time. Whether digital or in-store, retailers use merchandising to influence customer intent and reach their sales goals.
4. Entrepreneurship- An entrepreneur is someone whose intention is to start something of his own with the agenda to earn profits.
As the fashion industry continues to grow and evolve, so too does the need for reliable and up-to-date information on fashion business management. To help you stay ahead of the curve, we've compiled a list of the top 10 must-read books on fashion business management for 2022.
5. Fashion Promotion by Gwyneth Moore- It’s about Building a brand through marketing and communication Gwyneth Moore examines what's required for a modern fashion brand to make its mark and stay visible in a shifting consumer landscape. It states the new ways in which brands engage with customers, through the latest digital channels as well as traditional methods. It is up-to-date, full of eye-catching outfits, celebrity models, designers and bloggers and full of useful, relevant information from leading figures working in fashion today. Topics covered include developing a brand from an original idea, the impact of blogging and street style sites, digital fashion, online and offline marketing techniques, creating the vision behind a brand and public relations. It is vital reading for anyone interested in working in fashion promotion in the current times.
Fashion in all its glamor is nothing but a combination of creativity, imagination, production and delivering it to the end consumer. The Fashion Business is the skill set that knits all this together. Delivering and ensuring the world stays fashionable.
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