Fast Fashion

Elle has recently entered into the Indian Market with its “Fast Fashion” range by signing up a licensing agreement with Arvind Lifestyle brand. Fast fashion is a term used to denote the speed with which designs move from catwalk to store to capture current trends in the market at affordable prices. The retailers will change the design of clothing and accessories at least once or twice in a week to call for repeat purchase.

This Fast Fashion concept is widely accepted in western nations. In India, this model is at nascent stage. Zara, Spanish clothing and accessories retailer, is working out with this model and able to see some footfall. But RPG-promoted Spencer Group, which in 2010 had introduced its fast fashion range, has wound up the business. They feel that “There were pricing issues and the products were not suited for the Indian markets.” Apart from these reasons, retailers feel that there are huge opportunities behind this.

Though the retailers think this way, I just want to share some insights on this based on my study.

Interesting insights are:

• Unlike western countries, Indian market is more feminine (consumers will purchase in small quantities and avoid repeat purchase). Western demand is masculine. (consumers love purchasing and at the same time they purchase more) 
• Purchase is mostly seasonal in India. It means they buy on occasions like festivals and functions. 
• Though western nations don’t have enough festivals like India, they will arrange for frequent meetings, parties, get together and others. So, they need to show off themselves. This will promote the market for “Fast fashion” and this is not possible in India. 
• Western consumers are independent. They used to start earning at the age of 17. They are free to spend for their need because of their high individual disposable income. Indian culture is not so and at the same time disposable income is calculated by considering family as a unit in India. This will not encourage frequent purchase. 
• Indians use both traditional and western clothes. In particular, the western cloth purchase will be only about 30% of their total purchase. Within this, the growth for fast fashion range will be very low. 
• There will also be some cultural influence in Indian purchases. 
• India is a place, where people will use their belongings for more than their average life time. 

Because of these reasons, most of my respondents feel that “Fast Fashion” range will take enough time (at least one or two decades) to build its market in India.

Do you agree?