The business project focuses on my voyage of discovery from a diploma in fashion designing course to the Cardiff MBA. The study explores on various aspects of fashion industry and revolves around the Indian fashion market from the North to the South and from the East to the West. Major classifications of fashions have been done, in addition to that India and its potential fashion markets have been highlighted. It puts a light on how this industry creates massive business every year.
Efforts have been made to understand the traditional designs and modern textiles in India as fashion changes from time to time with respect to region. Indian textile industry is 200 years old and in the past two decades it has changed drastically. By making the use of research tools, current performance and expertise regions have been found out. It’s necessary for entire the fashion industry to understand different sectors of business to zeal them to face immense challenges and risks and also to grasp the opportunities present, thus fashion markets have been correlated with different subjects of MBA.
The main motive behind doing MBA was to exploit the fashion knowledge to the leading world of business. The project also gives an overview of rise and fall of different leading fashion brands such as LaCroix and Valentino. These fashion firms have been through major success and have triumphed in the entire industry for several years but when these groups were sold, their profits subsequently declined and both the companies went insolvent. The main reason behind their bankruptcy was that their new owners were designers but not the entrepreneurs. They didn’t have much knowledge about how business works.
Research has also been done in order to know the future aspects of Indian fashion industry and to learn lessons from different case studies so that in near future, it doesn’t get repeated again. Towards the end of the project suitable conclusions have been made and thoughts have been expressed about the future of this industry in an emerging economy. The liberalization and globalization policies of trade and tariff barriers have opened up the platform for the fashion firm to display and showcase their talents in new arenas throughout the world.
Almost all kinds of fabrics are produced in the country ranging from cotton, silk, nylon, rayon and even eco-friendly fibers like khadi which is being increasingly used for making clothes on a wide scale. Year after year the production is increasing in millions sq feet. The recent survey shows the total production of several years of textile industry. Figure 1. 1 – Total production of Indian textile Industry in Fabric Sector Source:http://www. economywatch. com/business-and-economy/textile-industry-growth. tml) Currently Indian garment exporters’ share in European markets stands at decent 43% and in American markets, it stands at 42%. There is always the scope for more but fashion aficionados in India need to see at the industry from commercial point of view and take steps to promote it nationally as well as internationally.
On another front, a lot of corporate houses which were heretofore engaged in core business activities like telecom, construction, energy etc are foraying into garment and textile on a large scale. In the past five years companies like Aditya Birla, Reliance, ITC, Future Group, Wills etc have started their own garment retail stores and sell everything, ranging from Bridal couture to baby toys and clothes (The Indian Textile Journal. July 2010).
These retail stores either employ in-house designers to design clothes for signature brand or outsource their design and manufacturing activities to medium and large scale manufacturing units in the country. For the latter, they depend upon the services of efficient merchandisers who pick up the vast collection of various clothes and accessories for the stores and place the orders with the manufacturing units and export houses (Ibid).
But these stores cater to the ultra affluent people in the country and the common man remains aloof from what is happening in elite circles. Sabyasachi Mukherjee, SatyaPaul, Manish Malhotra, Neeta Lulla, Ritu Beri and Tarun Tahilani are amongst the most famous designers of the country which have their own signature High Street Stores in the major metros. But the reach of the designs created by these designers are limited to being featured on the Page 3 column of the major tabloids and become a trend only after a vast majority of the people have picked up on them.