Hyderabad: Designer Raghavendra Rathore says the demonetisation of high value currency notes has forced players in the Indian fashion industry to rework their business strategy in the face of growing competition from international brands.
Rathore said with the November 8 move adversely impacting the real estate sector, a shake-out phase is on in the significantly cash-driven fashion industry, which is now seeing a paradigm shift and a clean-up following the advent of more transparent transactions.
“I think a new order of sorts will emerge, and designers need to be prepared to modify their products and the environment they sell their products in, and get ready for competition which is going to be now global, because India that we knew till before November eight is going to change forever,” Rathore, a leading name in bespoke luxury men’s wear, told PTI.
“I think, rusticness and charming part of India will not be the same because it’s more homogenous and we are competing now with international brands, because everything is on the credit card and everything is on the white. Big correction has taken place,” he says.
Noting that demonetisation has led to “big changes” in the real estate, Rathore said there would a lot of cleanup in the fashion industry, where designers would have to calibrate to sustain business.
“Garage design days are over. One will have to slip into the big boy’s shoes and calibrate around. Prices of products will shoot up. There will be new price points.
Comparative narrative of how luxury products in the Indian context are priced will correct itself.
“It’s a big change. In the next two years there will be a very different India as we know it in terms of designs, labels and brands of India,” Rathore said. (MORE) PTI
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