Thursday, May 10, 2012

Fashion fund bonaza for young Indian designers


New Delhi, May 10 - There is encouraging news for the next generation of designers with the Fashion Design Council of India (FDCI), the country's apex body of designers, partnering with Vogue India for a fashion fund.

The fund, similar to the ones existing in the US, UK, Italy and China among others aims to give the younger crop of fashion designers the much needed additional push in terms of cash, mentorship and opportunities, including retail options at major stores, to promote their fledgling business.

ÒThe fashion industry in India has grown over the years.
Over three to four thousand graduates come out every year from fashion institutes. While some branch out into merchandising, export industry and other allied fields, some enter the league of designers who have to struggle to find their place in the fashion world which already has veterans with over 25 years of experience,Ó says Sunil Sethi, President, FDCI.

A recent industry report by Assocham projects that the designer wear industry in India which is growing at a compounded annual growth rate of about 40 per cent is likely to cross the Rs 11,000 crore mark by 2020.

A jury featuring renowned fashion designers Manish Arora Sabyasachi Mukherjee and Suneet Varma as well as retail experts like Alka Nishar and Tina Tahiliani will shortlist 5 finalists from 20 chosen designers.

The winner will win a grand cash prize, which is being finalised, as well as a one year business or marketing or PR mentorship with an industry professional. In addition, the winner will get the opportunity to partner with a leading retailer that will help commercialize the winner's collection, get access to Wills 

Lifestyle India Fashion Week and feature in Vogue India.
Past winners of the Vogue Fashion Fund from other countries include Joseph Altuzarra, Alexander Wang and Proenza Schouler in America, as well as Christopher Kane and Erdem Moralioglu in the UK.

Sunil Sethi says that while FDCI-owned Wills Lifestyle Fashion Week provides a platform for designers to do business at the various fashion and couture weeks sometimes even at subsidised rates, there is no funding or Òhandholding processÓ existing for the new designers.

ÒMany years ago when Manish Arora, Anamika Khanna and Rajesh Pratap Singh showcased at the Paris Fashion Week it was the only time when there was some sort of grant from the Government, otherwise we do not have a fashion fund,Ó says Sethi.

The jury for the Fashion Fund would not be looking for raw talent but for designers possessing a couple of years of experience and a solid business plan.

 ÒWhether it is with publicity, managing his business or getting attached to a retail sector, the fund will cater to specific requirement of the designer so he or she should have a business module in place and we will provide him a suitable platform,Ó says Sethi.

Veteran designers are upbeat about the idea.
ÒThe challenge for any new talent today is to find a strong foothold that provides stability for the brand and yet let it remain creative. The Fund understands the need of the hour and is looking to empower that hidden talent which has the future potential to be a successful brand in cutting edge design that celebrates Indian aesthetics,Ó says Suneet Varma.
The Fund is poised to be an annual event.

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