Wills Lifestyle India Fashion Week (WIFW)
will be held between March 18 and 23 in New
Delhi.
In
its 7th edition, the event is all set to
showcase leading designers like Manish Malhotra,
Rohit Bal, Rajesh Pratap Singh, Rohit Gandhi,
Rahul Khanna, etc apart from 24 newcomers. It
will have prestigious brands like Chivas, Audi,
Hewlett Packard, Fiama Di Wills, Fedex and so on
associated with the event, and ITC limited is
doing the title sponsorship. Atul Chand,
Divisional Chief Executive, ITC Lifestyle
retailing business division, spoke to Praveen Donthi of Deccan Herald about the event.
What’s the need for such a fashion show in these
times of recession?
We
have just extended our association with the
Wills Lifestyle Fashion Week for three years.
That’s investment. It’s not only about today,
but if you have a strong brand, it’s also about
tomorrow. Instead of cutting and chopping
everything, we want to be proactive. Even if it
is a downturn, so to say, still we have grown 20
per cent. There are strategies you have even in
a downturn.
What are the highlights of this edition of WIFW?
Through each event, WIFW continues to set new
standards and helps its members achieve global
benchmarks. The latest edition is represented by
some of the best and the most sought after
designers. Over 24 designers would be showcasing
their collections for the first time. It will
see participation of 13 commercial partners and
103 designers who would bring business and
fashion on a common platform. The designers
comprise of established and emerging names from
across the country who would market Indian
Fashion to domestic and international buyers,
fashion enthusiasts and other industry
stakeholders.
Isn’t the recession affecting your marketing
spends?
Its
just a slowdown. Not every brand gets affected
equally. Stronger ones will always survive
better. Rentals in the market are actually
coming down. Thirty to 40 per cent reduction in
rentals have happened. So profitability and
gross margins remain intact. Input costs are
that much less. Less sales are happening but the
expenses are also less. We were going at 25 per
cent in the first six months of the year; we
will close the year at 20 per cent.
How important is title sponsorship of WIFW in
your scheme of things?
When
we entered lifestyle retailing in 2001, the
market was large and fragmented. We wanted to
create a very strong brand image and our
sponsorship of the India fashion week is part of
that continuum of creating a very strong brand.
That is the epicentre of our prime strategy. All
the things we try and do, happen around this
particular event.
But Fashion Weeks don’t cater to the needs of
the market. Wearability is often a problem...
We
are not only sponsoring the fashion week but we
are also getting the designers to design
collections to sell in our stores. We are
collaborating with designers asking them to
design collections to be sold through our retail
stores under our ramp to rack initiative. We are
reaching out to consumers with an offer of
special occasion wear.
What’s the inspiration behind your ramp-to-rack
initiative?
Designer wear has always had the problem of
availability, affordability and wearability. We
tied up with the designers to address these
issues. It’s going to be premium rather than
ordinary stuff but is going to be far more
affordable than designer clothes. Premium but
affordable, glamourous but wearable. It will
enhance the accessibility of designer wear
across the country and celebrate the event with
our customers.
When will Indian fashion retail see an upturn?
In
October-December the sentiment was sluggish but
January-March things were better. Spring-summer
orders have been strong and positive. Close to
October, during the festive season, the positive
sentiment will be more prominent. In six months
time, things should get better.
Any plans up your sleeve to beat the recession?
We
are shortening the duration of our products from
three months to two months. We will change our
collections every two months. It’s possible to
win in a downturn. Not everybody is equally
strong. The consumers of the weaker brands could
be targeted. If you are able to understand and
satisfy them in a downturn, then they will be
with you when times change and things get
better.
