“I’m going to wear that dress with those shoes and that clutch.” That’s how I think of dressing up. Like a zillion other fashion savvy women in the world! Accessories are integral to fashion. And we are willing to spend as much, if not more, on them. Point is there is money (pots of it!) to be made from the fun things we label as accessories.
18 accessory designers are part of WIFW this year. And they really are adding that delicious cherry on the mouth- watering business opportunity that this trade event presents.
Pinky Saraf started her label PVS Bags & Accessories 4 years ago and after tasting the fashion week last season, she is back to impress in this edition. I asked her why? “There has been so much exposure to international buyers. Even though I had international presence earlier, now my label is present in 8-10 countries. Imagine the confidence you feel when you see your bag at Madison Avenue!” says Pinky.
While the European and US markets are still recovering from the lingering impact of the 2008 slowdown, a lot of business is coming in from the Middle East. In fact, “about 50% of the business is generated by the Middle East buyer,” adds Pinky.
The rising orders and the added platform of this trade event have meant that year-on-year Pinky’s business has seen a growth of 75%. The base may have been small to begin with but then this kind of growth is what a developing business requires.
While PVS Bags & Accessories is largely focussing on international buyers, fashion week first timer Puja Duggal is looking at breaking into the domestic footwear market. “We have 25 years of export background and now we are looking at establishing presence on the domestic circuit,” says Ratul Duggal, the business brain behind this creative start up.
But hey if you’re making buckets by selling to some of the best brands in Europe, why do you care about selling in India, I ask. Ratul gave me three very good reasons. The first, retail in familiar territory is important to expand your business. The second, markets abroad have been terribly jittery is the past 2 years. And the third is the 90 day payment gap between international buyers and desi exporters. “When margins are thin anyway, 90 days is a long time to rotate the capital you invest in producing the goods,” explains Ratul.
Additionally, many international brands have developed local buying houses in the country and it’s a smart idea to target them, especially when your production infrastructure is in place. So Ratul is hoping that he can lure desi buyers by offering a high on quality product that is competitively priced.
Now clearly the two design labels above have come in with a clear business strategy. Two other first timer accessory designers at the fashion week are hoping to get exposure and generate business in equal parts.
Adi-kriti is a Kolkata based label that produces 22 carat gold jewellery inspired by tribal lifestyles. “We want to showcase our product to the designer fraternity,” says the director of the label- Rupak Saha. This he feels will help in generating future partnerships and national retail tie ups.
Rashmi Dogra from Mumbai focuses on artistic handbags that are unique since each one is hand painted! Rashmi is at the event for some ‘great visibility’ and she hopes to make her two year old label popular with domestic buyers to begin with.
Clearly, all accessory designers are here for one reason or another… and together they hope the outcome is the inflow of some (or a lot of) moolah! And yes… there is one wish that’s common to all…and that’s to be part of the runway action, the next time they add-on the ‘fun stuff’ to WIFW.
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