The Business of Fashion

The Brit Pack | Published in Vogue India

Over dinner at Milan Fashion Week last February, I got to talking to Bandana Tewari, Fashion Features Director of Vogue India, about the renewed energy in London fashion. Naturally, her first question was what Indian designers were doing to contribute to the London scene, particularly as India continues to emerge for a centre for world-class design.

The result of our conversation is this Vogue India article on Indian designers based in London. While writing the piece, I got to know three Indian designers with three amazing stories, each of which started in India and subsequently took them all over the world, until they finally ended up in London.

Between them, Ashish Gupta, Saloni Lodha and Aseef Vaza have lived and worked in Toronto, Hong Kong, Mumbai, Florence, Paris and New York -- bringing quintessentially cosmopolitan energy to London's design and fashion community.

Luxury in India | Published in the Financial Times

If it's the Monday of Milan Fashion Week, it also means that the Financial Times has published its regular supplement on The Business of Fashion. We're a couple of days late, so in case you missed it, here is a link to a PDF of the entire supplement available on the FT's Partnership Publishing site.

Amongst the best reads are a fascinating article by Josh Sims featuring a brand that I have come to know well in recent times, Clemens en August. Founder Alexander Brenninkmeijer ably describes the counter-intuitive, but successful business model that underpins this innovative company. Another article, on A Bathing Ape, asserts that the Japanese streetwear company has a 98% sell-through on its goods and suggests they might be looking for an investor.

I also made my own contribution to the supplement in an article exploring the short- and longer-term potential of the Indian luxury market. I was fortunate to speak to Yves Carcelle of Louis Vuitton, Patrick Thomas of Hermes, Amin Jaffer of Christies, Mohan Murjani of the Murjani Group, Priya Tanna of Vogue India and the French jewelry designer Marie Helene de Taillac, to get their expert points of view from inside and outside the sub-continent.

So what's the quick verdict? Is India going to be the next China? The answer appears to be 'not just yet'.

Fashion 2.0 | India's slow Internet march

One look at the current advertising campaign for Hermès, and it's clear that India is on the radar screen of Western luxury brands. But this is not a new phenomenon. At the recent Walpole Seminar on China & India, Dr. Amin Jaffer, International Director of Asian Art at Christie’s, described the long relationship that India has had with European luxury brands, dating back to the late 1800's.

Today, however, things aren't as straightforward. Other Walpole seminar participants like Mohan Murjani (of the Murjani Group - partners to Jimmy Choo, Gucci and Bottega Veneta in India) also revealed that new luxury entrants in India are up against strong domestic players, labyrinthine bureaucracy, and inconsistent infrastructure. Break-even will take longer than some might have hoped.

On the Internet side, despite the naturally chatty and curious Indian nature, things have also been very slow to develop.  I explored this topic in an article in Luxeletter, an online publication from the Murjani Group, covering the luxury industry in India.

The entire article is republished below.

Luxury in India | Not just a cut-and-paste

While China may have the unyielding focus of many Western luxury brands today, many players are already beginning to set their sights on India for the next wave of expansion. But, as global luxury players begin to tentatively test these Indian waters, they are finding that India, which has its own vibrant indigenous cultural scene, may require a different expansion strategy altogether.

With Bollywood stars and local Cricket legends that get more attention in India than their Western cultural equivalents, there is no blank canvas in India upon which to paint Western tastes. Locals on the streets of Shanghai and Beijing have, by and large, adopted Western dress, but those in Delhi and Mumbai  are more likely to fuse East and West; a Tarun Tahiliani kameez paired with Seven for all Mankind jeans, Jimmy Choos and a Gucci bag or a Sabyasachi sari paired with Harry Winston jewels and Bottega Veneta minaudiere.

For international luxury brands, therefore, conquering the Indian market will require a lot more than a cut and paste -- and, there is some formidable local talent to contend with.

Stella McCartney | Taking Asia by storm

Bolstered by a string of well-received collections in recent seasons, positive feedback from the sales floor, and her newly profitable status, Stella McCartney is setting her sights on Asia. 

In 2007, the brand signed an exclusive distribution deal with the Lane Crawford Joyce Group to open 10 freestanding stores in China, Taiwan, Hong Kong, Macao, Singapore, Thailand, Malaysia and Indonesia by 2012. And yesterday, McCartney announced a partnership with TSG International Marketing Pvt to open 6 stores across India, including two stores by the end of this year.

Q&A: Is the Asian Luxury explosion on the rocks?

This month's Monocle magazine plays "Spot the Shopper" at one of China's cavernous new luxury malls. Have a look -- there's barely a shopper in sight. We've been hearing similar reports about luxury malls and stores in Russia, and the (admittedly anecdotal) fashion grapevine says that luxury stores in India are struggling as well. Add this to the economic uncertainty sweeping through the global economy and it's enough to step back  and wonder: is this whole Asian luxury explosion overstated?

Not according to Radha Chadha, a leading expert on Asia's luxury boom and co-author of the book The Cult of the Luxury Brand: Inside Asia's Love Affair With Luxury. Turns out that some companies and luxury projects are just not well conceived to begin with, and these ones are likely to fail. However, other players are scoring major successes in Asia, especially those that have been present in the region for some time.

We reached Radha Chadha in her Hong Kong offices to better understand the impact of the global economic downturn on the luxury boom in China and India and to get Radha's views on which brands are best positioned to dominate the market there.

Vogue: India has arrived

I wanted to share with the BoF community an exciting step in the evolution of Indian fashion that marks the official arrival of India on the global fashion scene.

For years, Western designers and global brands have  used Indian craftsmanship, culture and history as  an inspiration for fashion. From intricate embroidery this season on Marchesa's "Raj and in Charge" dresses for Spring/Summer 2008 to khaki's from Gap, Ralph Lauren and Abercrombie and Fitch that have outfitted generations of Americans, India's influence on global fashion goes all the way from the high-street to the high-end.

Today, my good friend Bandana Tewari, Fashion Features Editor of Vogue India , graciously sent me an image of the first cover for the newest magazine in Vogue's stable of global fashion magazines, which now number 17 in total. From Japan to France to Mexico to Switzerland, Vogue has been the undisputed arbiter of fashion and culture for over 100 years, since its launch in 1892 as a society magazine.

New York Fashion Week: Sabyasachi's talking bout a revolution

Sabyasachi showed his S/S 2008 collection in New York last night to a crowd mixed with New York City-based Indian socialites, important fashion journalists like Laird Borrelli-Persson of Style.com and Meredith Melling-Burke of Vogue, and other curious onlookers eager to see what the "Hermes of India" would come up with this season.

As Laird told me before the show after she had taken a quick pre-show sneak peek backstage, it was "classic Sabya".

He sent out rich Indian fabrics in a deep "revolutionary" colour palette of burnt orange, forest green and indian khaki, cut in classic (sometimes very voluminous) Western silhouettes. Revolutionary symbols from Russia, Cuba and elsewhere accented the clothes, which strummed along to Tracy Chapman and perhaps a deeper message of Sabyasachi's plans of bringing a little bit of India to the global fashion.

(more photos below)

L'Officiel India: London Bound

L'Officiel India held a glitzy party in London last night to celebrate the distribution of its magazine in the UK, the first official deal of its kind for the magazine outside of India. Hosted by Bollywood director and talk-show host Karan Johar, and attended by the now infamous Shilpa Shetty (who literally sashayed into the club with an entourage who were running to keep up with her), the party was a sleek affair, mixing London fashion personalities, Bollywood star wattage, and high-net worth Indians with money to spend.

Up until now, Indians in the UK have had to use the old "suitcase" import technique to stay up to date on new hotspots in Mumbai, fashion week in Delhi, and Bollywood gossip. But now, they will be able to find L'Officiel India at their local newsagent right next to other international fashion magazines. The magazine in the UK will contain exactly the same content as the magazine distributed in India. Depending on the success of the UK initiative, next stops for L'Officiel India could be distribution deals in Dubai and Hong Kong.

Bandana Tewari: Featuring Vogue India's Guru

No sooner had posted my own thoughts on the future of Indian fashion, that I began seeing other interesting perspectives which have emerged in other online fashion media over the past week on India's luxury goods and fashion industry. Clearly, Indian fashion is on fire. Much of the content is infused with the intelligent musings of Bandana Tewari, who is also the newly named Fashion Features Editor of Vogue India and has become a good friend since we met back at London Fashion Week in February 2006.

The most recent JC Report focuses on India, covering Wills Lifestyle India Fashion Week in Delhi and Lakme Fashion Week in Mumbai. The highlight for me was an insightful interview conducted by global fashion guru Jason Campbell (the JC of JC Report) who speaks to  Bandana Tewari,  who is equally guru like in her knowledge of the Indian Fashion scene. You could call it the meeting of the gurus.

Bandana also features as part of an interesting dive into Indian fashion aesthetic at luxuryculture.com. There is also a fascinating interview with India's minister for Commerce and Industry, Shri Kamal Nath, who provides a detailed look inside some of the drivers of Indian wealth and how the luxury goods industry is shaping up. If you want to get your head around the dizzying growth of Fashion and Luxury in India, this article is a must read.

[The picture above is snapped in Bandana's hotel room at Delhi Fashion Week, when Bandana kindly ordered us some room service after an exhausting day full of shows.]