How important is fashion in India’s quest to achieve a $5 billion economy?
Sonali Mehra shares her view with Outlook on the continuously evolving fashion industry of India in conversation with Aditi Chakraborty.
How important is fashion in India’s quest to achieve a $5 billion economy?
The fashion market is projected to reach US$14.68 billion in 2024. The revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.65%, resulting in a projected market volume of US$24.35bn by 2029.
Fashion contributes 7 percent of industry output in value terms, 2 percent of India's GDP, and 15 percent of the country's export earnings. It is one of the largest sources of employment generation in the country.
What are the transformative forces that impact the fashion landscape?
Fashion is represented and adopted in many different forms in our society. Some of the main influencing factors are Bollywood and movies, social media influencers, celebrity endorsements, family and traditions, expression of individuality and culture and consumers’ preferences on representation and style. Designers also influence trends through fashion shows and styling.
The market is growing favourably as a result of the awareness in youth, a rapidly increasing fashion-conscious population and rising levels of disposable income.
How has Study By Janak created its niche positioning?
Study By Janak is an organization that has been able to hold on to its own for over 30 years now. The family-led business has successfully grown in many geographical locations across Northern India, Madhya Pradesh, and Uttarakhand and continues to grow and innovate.
Study By Janak is still a one-stop-shop for all your wedding needs, with customers flooding in from not only India but from the United States, Canada, and the United Kingdom. We cater to a loyal customer base globally, which has trusted our service, fit, and experience for over three decades.
We have further expansion plans of a pan-India presence. We are targeting the metro cities in 32 states to fulfil the need gap of customer demand and act as a bridge between premium & luxury segments of the fashion industry.
How is technology helping you in business?
In this age, people can easily access information and learn through the internet. Social media influencers and celebrity advertising have helped us hold our position in the domestic market. Our website and our customer service via WhatsApp have greatly helped us cater to our offshore clientele. We have also invested in software to streamline our processes and bring precision to our offerings.
What is your advice to upcoming entrepreneurs in the fashion industry?
Commitment to your designs will require you to maintain quality, focus on customer service, engage in social media marketing, and continue to innovate. It is the main mantra towards creating a sustainable and successful brand name in the market.