The IMAGES Group, South Asia’s and the Middle East’s largest retail intelligence organization, launched the 21st edition of India Fashion Forum, India’s largest fashion retail intelligence event, at The Leela Ambience in Gurugram on March 23, 2022.
IFF Chairman Akhilesh Prasad, President & CEO, Reliance Retail’s Fashion & Lifestyle Business, spoke about the pandemic’s unexpected impact on the fashion retail business and praised Reliance’s swift response in his welcome address.
“The only thing known about the future is that it will always be uncertain,” Prasad said of this industry-wide dilemma. “They need models that adapt to that.”
Because the future of the industry is repeatedly and dynamic, they must develop models that are more adaptable than ever before. The key to thriving in this dynamic climate is to be ready to meet problems head-on and seize opportunities when they present themselves.”
The forum was launched by Saloni Nangia, President of Technopak, who shared fashion retail sector views via the perspective of the economy and GDP, the broader fashion industry, and major trends for 2022-23. She emphasized the influence of COVID-19 on consumer purchasing power and expressed confidence in the industry’s recovery in the next years, predicting a 10% annual increase in GDP through 2025. “Technology is set to be the industry’s major value creator,” Nangia added, citing figures proving the digital retail space’s quick rise and unavoidable future expansion.
The conversation included themes such as how to break into the fashion retail industry and the problems that come with it. The panelists all agreed that having a strong mission and structuring your organization around it is critical. In terms of profitability, the panelists discussed the importance of striking a balance between e-commerce and physical shops. This equilibrium, according to Ms. Gudwani, is due to each firm making a personal decision and picking its own path of success.
From fast design tools to excellent in-store tech influencers, from the dynamic science of fashion retail analytics to hyper-targeted social marketing, the India Fashion Forum 2022 offers a venue for spectacular, eye-opening innovation in the fashion industry.