Opportunities in fashion retail

Man knows fashion since long time ago. But fashion changes with time. Our grandparents had their own sense of fashion, which do not match ours.

Today, Indian retail industry is undergoing tremendous changes and opening, in the process, new avenues for corporates, businessmen, professionals, fashionistas and fashionable youths. Over the years, fashion retail has gained momentum and growth. Today, retail market is not just about nameless, unbranded clothing for it is as much about fashion as a Satya Paul showroom or a Manish Malhotra showroom. Besides changing the appearance of retail market like never before, fashion retail has created a multitude of opportunities in diverse areas and allied sectors. Shoppers of retail markets are no longer satisfied with simple clothing, they prefer shopping swanky outfits and fill their wardrobes with brands whose name rings a bell and whose brand value makes any piece of cloth look ‘oh! So beautiful’. This fashionable attitude of consumers today has made fashion retail to catch on more than ever-before. Consequently, businessmen can laugh their way out to the banks for they have so many opportunities.

Bollywood: the new dimension

With gaping eyes, we watch the heroes and heroines looking flawless, hip, fashionable and beautiful on celluloid. No matter how practical or self-satisfied we are, there are moments when we wish we looked like them, talked like them, walked like them and, above all, had the opportunity to dress like them. Their swanky outfits make us all want to go and splurge and, just for a moment, we do not mind emptying our bank accounts (though we may regret later and console ourselves by stating clichés like ‘beauty lies in simplicity’ or ‘Stars are born after applying oodles of cosmetics and years of starvation’). 

However, our fantasies of this sort can come true. Bollywood is going the retail way. Now, fashion followers can don the clothing that stars such as Shah Rukh Khan, Deepika Padukone, Ranbir Kapoor and Sonam Kapoor have donned in their respective movies. We can now boast of owning attires that have won many hearts on the silver screen. Specially created ‘Sawaariya’ merchandise has hit the retail market. SPE in collaboration with the Future Group has even carried it forward as a full-fledged supply chain. The list of merchandises available ranges from cosmetics, caps, badges, wristbands, coffee mugs to stationeries. Farah Khan’s baby and the movie that made Shah Rukh Khan undergo a complete makeover (with his 6 pack abs and well defined, chiseled face), Om Shanti Om, has also entered the retail arena. The team of the movie and the very well known ‘Shopper’s Stop’ have come together to promote the look of the movie through a ramp show. This serves a dual purpose. The movie is kept alive in the minds of the masses and at the same time, by promoting the look of the movie, the business venture gains maximum revenues. So, if there is any way that the retail market can go with the entry of Bollywood, the way is up.

Brands and markets

Brands like Ritu Beri, Ritu Kumar, Manish Malhotra, Rohit Bal, Rocky S and Satya Paul etc. are those that are deeply etched in the history of the Indian glamour industry. New names in the industry have never been able to match up to the standards of these veterans. Whether it’s the fashion weeks or the Hindi movies, these select few walk away with all the accolades while beginners are left behind in the rat race waiting for their big day to come. Now, the scene may change and this possibility is once again because of the retail boom. Budding designers who have faith and confidence in their work and who know what they can offer to the industry can now tie up with retail chains to launch their lines gaining maximum publicity and, at the same time, adding a fresh flavor to the industry. It may be difficult to catch on with names like Satya Paul or Manish Malhotra, but if the work is good, the fame is bound to come. Adding a variety to the market, this makes market more interesting for prospective customers and attracts buyers from various segments of the society. Today’s fashionable crowd, both young and old, does not mind paying more as long as the product is sure to enhance their wardrobe.

Opportunities

Any growing sector opens up a gamut of new avenues for the youth. Simply, this means more opportunities for young minds to achieve and earn their worth. Over the past few years, retail market has seen significant developments and, consequently, the job market has widened at its scale. These days, institutes specifically offer courses in retail and train students on the nitty-gritty of the industry. The industry demands skilled manpower in large numbers. However, the supply has been lesser than the demand. Therefore, efforts of these institutes are directed towards meeting the demand of the industry. Recent surveys suggest that the Indian retail industry is bound to grow up to $ 24 billion (approximately Rs 960 billion) by 2010. Toal number of job opportunities created in the retail sector during the period 2006–2007 is two lakh. The figure is expected to go up to 2.5 lakh by the beginning of next year. Required manpower in the retail sector in the next three years to run hypermarkets, super stores and wholesale cash-and-carry facilities in major Indian cities is expected to go up to five lakh. These figures clearly indicate that skilled manpower is the need of the hour. Therefore, the youth are on the right track if they are dreaming of lucrative career opportunities in the retail sector.

With several international players looking to India for any kind of investment, the industry is bound to be bigger and better in the next few years. If the brand value of India was limited earlier to that of a developing nation, it is today that of a destination for heavy investments with the ability of great growths in the years to come. Retail mixed with Bollywood, fashion and brands – the cocktail is sure to be a hit and is bound to take the industry to new heights.