At the & #BANNER1 & # seminar, Speed to Market, held on August 24 by agencyfaqs! in association with 'Dainik Jagran' and Hughes, Sanjay Kapoor, managing director, Genesis Colors, said that in the ready-to-wear market, in which his company operates, direction matters more than speed.
Kapoor said, "We operate in a very disorganised market and we are the youngest in the world as compared to the US, the UK, China and Japan. Over 65 per cent of the population is below 35 years of age and disposable incomes are on the rise. The Indian consumer is more aware of global fashion and is extremely brand conscious. Ready-to-wear is getting popular and women are in the limelight now."
Thus, the significant factor here, Kapoor pointed out, was to launch the right product, in the right place, at the right time, and at the right price. According to him, innovation was a must and a marketer was required to be in touch with the changing needs of the consumer. Production also needed to be carefully watched to meet market needs.
Marketing strategies, he observed, needed to be designed accordingly. "Focus needs to be more on the retail shop floor and events play a primary role in driving footfalls to the shop. Promotions also keep the consumers constantly engaged," he added.
Kapoor also talked about cause-related marketing. Genesis Colors took up an initiative of this kind under one of its designer labels, Satya Paul, wherein pink polka-dotted saris were designed specially for Breast Cancer Week in October 2004. Inspirational saris, too, were designed. "Beacuse fashion brands are considered frivolous, we associated ourselves with art, which is taken more seriously. We organise international shows targeting NRIs which influence fashion trends within India," he said.