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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