According to McKinsey's FashionScope, the fashion landscape's valuation in India will climb to a whopping $59.3 billion in the year 2022, making it the world's sixth-largest. If you are planning to leverage this sector, you need to know these 5 things.
Introduction
Did you know that, in 2016, India’s annual consumer expenditure on footwear and apparel reached a staggering USD68 billion? This is why it should come as no surprise that entrepreneurs all over the world are going the extra mile to how to start Fashion Designing Business in India. Not only is India a major exporter of textiles and apparel, but it has also attracted numerous international fashion houses such as Tommy Hilfiger and Gap Inc. who have made India their focal point from a manufacturing perspective. Things You Need to Know about Fashion Industry
5 Things to Know About the Fashion Industry Business
1. Know Your Target Audience
Fashion startups tend to fail because they do not take the time to get to know their customers. Not everyone prefers the same looks or has the same taste in fashion. To identify the ideal placement for your company in the market, test your fashion products and the message you wish to convey. It’s essential to choose the right customer base so that your brand can focus on serving a niche, instead of every customer in the marketplace.
This step is the most crucial thing to perfect before you step into the fashion industry. Don’t underestimate the importance of knowing your target audience and identifying a niche just because it seems like it won’t lead to the generation of profit. This step is crucial for long-term survival in the fashion marketplace because it is only through customer research that you will be able to discover a blind spot that requires supply and complements your vision.
2. Focus on Nailing That Logo Design
Branding is everything and a good logo is an absolute game-changer when it comes to the fashion industry. People will judge your brand and make decisions on whether or not they want to purchase from your collection based on their initial impressions. So get your logo right the first time. Your brand logo must not only have the ability to instantly connect with your customers; but it should also be able to accurately convey the tone of your business, its message, style, and who you are as a designer. Nevertheless, we understand how difficult it can be to come up with an eye-catching logo that can be trademarked, this is exactly why we recommend engaging professional help.
3. Careful Curation Is Better Than an Extensive Collection
In the words of Ananth Narayanan, CEO of Myntra, ‘Personalization and curation based on personal taste will become a lot more important. It’s not about having the most options; it’s about presenting the best options to the customer. Gone are the days when Indians equated greater quantity with higher customer satisfaction. More and more people are looking for quality pieces that align with their sense of self rather than an extensive range of products.
4. Take Your Ideas Digital: E-Commerce Is the Way to Go
E-commerce is all the buzz. Everything from fashion industry careers to fashion industry news is moving digital, and the pandemic has only accelerated the transition. The e-commerce fashion industry is going to be the next multi-bagger and we can’t say that we didn’t see it coming. The success stories of fashion powerhouses like Myntra, Shein, Urbanic, and Ajio to name a few are unprecedented and inspiring. If you wish to succeed as a fashion industry company and become the next big name in fashion, let us take your business online.
5. Fashion Industry Pollution: Need for Sustainable and Eco-friendly Practices
The apparel business accounts for 10% of global carbon emissions and is the world’s second-largest water consumer. The situation is so bad that the fashion industry has become synonymous with pollution. Even fast-fashion brands like Zara and H&M, have realized the importance of embracing sustainable and eco-friendly manufacturing processes. In such a climate, it is important for new and upcoming fashion startups to strictly adhere to the fashion industry’s sustainability standards. Getting ISO 14000 certified can help your brand remain ethical and achieve sustainable and eco-friendly standards. Get in touch with our consultants to learn how.
Key Sectors of the Fashion Industry:
The fashion industry is a complex and multifaceted industry that encompasses a wide range of sectors. Some of the key sectors of the fashion industry include:
- Design: This sector involves creating new designs and concepts for clothing, accessories, and footwear.
- Manufacturing: This sector involves the production of clothing, accessories, and footwear, including sourcing materials, cutting and sewing, and quality control.
- Retail: This sector involves the sale of fashion products to consumers through brick-and-mortar stores, e-commerce websites, and other channels.
- Marketing and Advertising: This sector involves promoting fashion products through advertising campaigns, social media, and other marketing channels.
- Public Relations: This sector involves managing the public image of fashion brands and designers through media relations, events, and other activities.
- Styling: This sector involves creating and coordinating outfits for fashion shoots, runway shows, and other events.
- Fashion Journalism: This sector involves reporting on the latest trends, news, and events in the fashion industry through print, online, and broadcast media.
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7 Things You Need to Know Before Entering the Fashion Industry:
- Passion and Creativity are Essential: The fashion industry is highly competitive, and success often requires a deep passion for fashion and a creative mindset.
- Education and Training are Important: While a formal education is not always necessary, many fashion professionals have degrees in fashion design, merchandising, or related fields.
- Networking is Key: Building relationships with other professionals in the industry can help you find job opportunities and advance your career.
- Internships and Entry-level Positions are Valuable: Starting at the bottom and working your way up can provide valuable experience and help you learn the ins and outs of the industry.
- Adaptability is Crucial: The fashion industry is constantly evolving, and professionals need to be able to adapt to new trends, technologies, and business models.
- Business Skills are Necessary: Understanding the business side of the fashion industry, including marketing, finance, and supply chain management, is essential for success.
- Persistence is Key: The fashion industry can be challenging and competitive, and success often requires persistence, hard work, and a willingness to learn from failures.
FAQs:
1. What is needed in the fashion industry?
To succeed in the fashion industry, professionals need a combination of creative, technical, and business skills. A deep passion for fashion and a creative mindset is essential, as is a willingness to adapt to new trends and technologies.
2. What is the highest position in the fashion industry?
The highest position in the fashion industry varies depending on the company and the specific role. Some of the top positions in the industry include creative director, chief executive officer, chief operating officer, and chief financial officer.
3. Why did you choose the fashion industry?
Choosing the fashion industry as a career path can be a rewarding and fulfilling choice for those with a passion for fashion, creativity, and a desire to express themselves through clothing and accessories.
The Takeaway
The world of fashion is an exciting and lucrative industry. While chasing your dreams of launching a ground-breaking fashion startup remember to remain true to your brand’s identity and message. If you succeed in remaining true to your story, fame and success will follow.
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