From brick-and-mortar to Instagram becoming everyone's personal front row, the fashion industry has transformed over the past decade
Changing. Digital. Fast.
According to McKinsey and Business of Fashion’s ‘The State of Fashion 2019’ report, these were the top three words used to describe the industry in 2018. A pretty succinct encapsulation of its evolution over the past decade too.
A telling sign is retail giant Zara’s window campaign from a few months ago, or the bold text on its shopping bags—even at the sprawling, always-packed store, the brand etched out a clear message: Dear India, shop online.
The past 10 years have rewritten the consumption of fashion, both in India and around the world, and as with most other industries, this transformation has been spurred heavily by technology.
“In the past decade, we’ve seen the emergence of what we call modern retail,” says Ananth Narayanan, former CEO of fashion e-tailers Myntra and Jabong. “The decade can be divided into two phases. The first five years saw the rise of ecommerce, which multiplied reach and got brands into everyone’s homes, changing the nature of how Indians consume them; and in the second phase, mobile internet penetrated through the breadth of the country. This has had a dramatic impact on how consumers discover brands, thanks to social media, and caused a focal shift from traditional advertising to digital brand building.”
Three distinct trends define the current fashion industry, says Narayanan. One is a classic millennial trait—each brand must have a unique purpose, and authenticity. “That’s a fundamental change. Now, whether it’s Dior making T-shirts that say ‘We should all be feminists’ or Burberry going fur-free, brands often need to associate with what’s happening in the world,” he adds. “Since brands are built digitally, it matters to buyers what these companies stand for.”
(This story appears in the 24 May, 2019 issue of Forbes India. To visit our Archives, click here.)