Indian Fashion Industry: All Set For The Next Wave of Entrepreneurship
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The Indian Fashion industry is filled with a plethora of brands, presenting infinite design options to the customer. The Indian Fashion industry has made a global mark owing to the uniqueness of designs and hues used historically. The country’s textile and clothing industry is the oldest, employing over 45 million people directly to 60 million people indirectly.
In the current scenario, trends in the fashion industry are upbeat and volatile. Many factors are contributing to plunging growth. The new wave of entrepreneurship in the fashion industry is responsible for this revolution.
The past decade has seen the disruption of technology and how e-commerce platforms have bridged the gap between fashion entrepreneurs and their target audience. The phenomenon of selling online has benefitted the buyer in terms of convenience and options. The past few years have also seen the rise of fast fashion by offline as well as online retailers. This phenomenon has been a huge hit among the middle class of the country. Availability of great designs at an affordable price has amped up the fashion game in the country.
The latest trend of selling on Social Media has also disrupted the industry by providing innovative solutions to the brands and fashion designers. These platforms have helped brands to connect with like-minded people who can choose to follow their favourite designers and stay updated with regular social media feeds.
It is worthy to note that the fashion industry has welcomed many new entrepreneurs in the last decade. The entrepreneurial mindset they hail is one of the most important assets for the fashion industry. The entrepreneurs have regarded the industry with new designs, brands, management, creativity, social causes, vibrant colours, and most importantly the mindset.
Today, every fashion designer must strive to develop a niche that he can deliver repeatedly over collections and make a mark for himself. Common designs and cuts are not something that appeals to today’s customer. Authenticity in design and the genuinity of the overall outfit, which makes it exclusive and perfect-for-you, makes for a great deal. Therefore, a designer must be a good entrepreneur with great design innovation.
What Brings Success?
It is a well-established fact that fashion is a dynamic and fast-paced industry. A successful fashion entrepreneur is the one who is flexible and adjusts to the needs and demands of the business in a constantly changing market. In the business of fashion, one must remain agile to successfully process developing information. Most successful entrepreneurs find themselves running a very different business than they set out to create at the beginning. Learn to act quickly before new ideas and opportunities lose their spark. Being agile means the difference between building momentum and starting over from square one every other day.
The next wave of entrepreneurship in fashion has to be skewed towards greater ecological integrity and social justice. Conscience efforts must be made to enable design and textile innovation for building sustainable fashion. Growing a business, which helps to balance the needs of people and the ecological impact of those needs, is the need of the hour. The ability to innovate sustainable trends and being able to act with flexibility has offered new horizons to explore for homegrown fashion-entrepreneurs.