Various ways in which industry tycoons can support the fashion domain

Does the name Project Runway ring a bell? It has been the most successful fashion reality show that offered a marquee platform to aspiring designers to create dreams after winning the grand prize and an opportunity to start their fashion line. 

Along the way, contestants were judged and mentored by the biggest names in the industry, including the likes of Michael Kors, Heidi Klum, Tim Gunn, and Brandon Maxwell. 

Similar shows like Making the Cut have proliferated on OTT platforms since then, where supernova celebrities such as Naomi Campbell, Nicole Richie, and Joseph Altuzarra have created a huddle of fashion designers and entrepreneurs from across the globe—hell-bent on making their offerings the biggest sensation in retail. 

Closer home, the aim should be to have shows that not only focus on the designers but also highlight the unsung heroes of the fashion fraternity—the stylists, show directors, photographers, and makeup artists—inevitably the backbone of the fashion domain.

Giant platforms indeed bring phenomenal exposure to fledgling fashion entrepreneurs. They are transformative in their potential to give wings to the hopes and aspirations of budding voices of fashion. 

Much like reality shows, large fashion-focused venture studios have the financial muscle to invest in upcoming fashion startups or running businesses. These funds—by having the ability to put the full weight of a large corpus behind emerging talents—can drive innovation in the fashion ecosystem.

Today, India is at the heart of the fashion buzz. As per, JD School of Design, the country has emerged as one of the most powerful fashion markets globally, with a value of about Rs 15.1 lakh crore in 2023. It is expected to reach around Rs 45.3 lakh crore by 2032. 

It is also a market buoyed by social media platforms and a variety of technological advancements, including augmented reality and virtual reality. 

In this energised world of fashion, there are exciting new voices to be nurtured and doors to be opened for upcoming talents. However, novice entrepreneurs and startups do not have the financial bandwidth to scale up in this intensely competitive ecosystem. 

Small and medium-sized fashion enterprises often struggle to cast their nets wide and stay ahead of the curve due to limited access to capital. This gap can be bridged by offering financial assistance and creating venture studio funds tailored for the fashion industry.

Mentorship: The need of the hour

Undoubtedly, ruthless retail is the order of the day. In this context, startup founders need to understand that raw materials for the fashion industry are expensive as is the skilled talent that needs to be hired to deepen a brand’s footprint. 

One needs more than just talent to thrive in this unforgiving fast-paced retail environment dominated by scale and technology. This is where experienced industry leaders can share their wealth of knowledge by setting up mentorship programmes while helping young entrepreneurs navigate the complexities of the fashion business. 

Mentorship can also provide invaluable industry insights and help new entrepreneurs avoid common pitfalls. 

Indeed, meaningful connections with the established players can act as a springboard for those at the starting line. The fashion-forward venture studios can bring in expertise and organise networking sessions—all the while connecting smaller brands with industry leaders and potential investors. 

Capitalising on these opportunities is a huge bonus for emerging fashion startups, who can benefit from a host of fruitful collaborations and partnerships.

Technology to pave the way

It cannot be stated enough how vital exposure and visibility are in the field of fashion. Fashion needs to be seen as a spectacle, and social media is changing how we interact with apparel and accessories. 

Technology has also altered how new designs are accessed and purchased by a wider arc of consumers worldwide. 

In such a hyper-visual context, it is important to create platforms where new talents can showcase their vision to a global audience. Project Runway’s youngest winner, Christian Siriano, has gone on to create not only a successful fashion label but also picked up a huge Hollywood following. 

In a meteoric rise to fame, Siriano had outfitted 17 celebrities for the Oscars in 2018. 

These are phenomenal success stories that can be replicated by venture studios in India. These funds can help emerging brands gain the exposure they need to succeed by offering visibility through online and offline platforms. In the process, they can further the positive narrative around the trailblazers at the cutting edge of fashion. 

There is a range of possibilities that large fund venture studios can bring to the fashion startup scene. In the future, large companies will likely play an active role in nurturing the next generation of design talent and help shape a vibrant and dynamic fashion landscape that lies at the intersection of technology, creativity and craftsmanship.

(Sanjay Nigam is the Founder of Fashion Entrepreneur Fund.)