Indian corporate houses are investing in luxury fashion designers - a long overdue move, experts say.
India's largest conglomerates have been snapping up stakes in high-end, homegrown designer brands to help them scale up and go global.In October, Reliance Brands Limited , a subsidiary of the the oil-to-telecoms Reliance conglomerate, announced it was buying 40% equity in celebrity fashion designer Manish Malhotra's eponymous label. A week later, the company bought more than 50% stake in Ritu Kumar, one of India's oldest fashion houses.
He points to several fashion powerhouses - Dior, Chanel, Hugo Boss, Saint Laurent - who did the same: they "institutionalised" by moving beyond the founder who started the eponymous labels."Many of the designers in India are now in their 50s, and 60s and having to take that call," Mr Bisen said. But RBL isn't the first or only company to invest in homegrown labels. Aditya Birla Fashion, owned by the India-based multinational Aditya Birla Group, has done the same - in recent years it has acquired stake in major couturiers like Sabyasachi, Tarun Tahiliani and Shantanu & Nikhil.Can sustainable fashion turn the red carpet green?
She added that since couture shopping in India is largely driven by weddings and religious festivals, the allure of homegrown labels lies in their emphasis on bridal and ethnic fashion. According to data from McKinsey, India's apparel market will be worth $60bn in 2022, making it the sixth-largest in the world, comparable to the UK and Germany.
In a world where fashion trends are set largely in Europe and America, and the market is patronised by consumers from China and the Middle East, making Indian ethnic wear aspirational is a tough proposition. It's also difficult to introduce a supply chain that suits the global industrial model to Indian fashion, which still relies on weavers, handiwork and a vast informal talent pool.
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