Fashion Industry

1 .Introduction
1.1 Industry – Fashion industry

Fashion is the most important creative industry. The fashion industry is a product of the
modern age .In this era of global trade, however, the high-fashion runways are just one part
of the broader textile and apparel industry that ranges from high-end luxury brands to fast-
fashion retailer. Although the fashion industry developed in Europe and America, but now it
is a highly globalized industry, with clothing often designed in one country, manufactured in
another, and sold world-wide. The fashion industry consists of four levels:

1. the production of raw materials, principally fibres and textiles but also leather and fur
2. the production of fashion goods by designers, manufacturers, contractors, and others

3. retail sales

4. various forms of advertising and promotion

These levels have different sectors. These sectors are Textile Design, Production, Fashion
Design, Manufacturing, Fashion Retailing, Marketing and fashion shows. Each sector is
devoted to the goal of satisfying consumer demand for apparel under conditions that enable
participants in the industry to operate at a profit.

India is a country with an ancient clothing design tradition, yet an emerging fashion industry.
This was the result of increasing exposure to global fashion and the economic boom after
the economic liberalization of the Indian economy in 1990. The following decades firmly
established fashion as the industry, across India.

Fashion may be used to promote a cause, such as to promote healthy behaviour, to raise

money for a cancer cure, or to raise money for local charities.
In fashion industry, Media also plays a significant part.  Editorial critique, guidelines, and
commentary can be found on television and in magazines, newspapers, fashion websites,
Social network, and fashion blogs.

Fashion designing is a dynamic, fast paced field with unbelievable career possibilities.. .
Famous fashion designers of today have fame & money and there is a lot of personal
satisfaction in expressing one’s creativity.

1.2Segment- Boutique

A boutique is "a small store that sells stylish clothing, jewellery, or other usually expensive
things".

1.21 Product

We are thinking to open a boutique which would be different from other fashion store.
Because in our boutique we are going to design the clothes the way you want. One can find a
perfect piece of cloth at our boutique.

Where else delivers you the latest women’s clothing, hottest party dresses, playsuits, skirts,
tops, sarees, all types of suits etc.

We are specialised in unique styles that we pick out just for our customers at reasonable price
within lesser period of time. Our boutique is for both males and females and basically
focussing upon middle class family.

But to achieve all this, one has to address a lot of issues like sourcing of raw materials,
targeting the right consumer & market, the financial side of the business etc. So, in order to
make it big in this industry, a solid foundation is a must.
2. Why Promote Innovation in Fashion?

Before further developing and applying these distinctions between copying and trends, we
first focus on whether fashion is worth promoting. After all, one might well agree with our
account of the features of fashion, but consider fashion innovation to be undesirable.
Everyone takes part in apparel fashion on some level. Everyone inevitably expresses
themselves through the clothes they wear. But some may consider fashion frivolous or
wasteful. They may believe that we would be better off if fashion did not exist and if clothing
were used only for the literal purpose of covering the body or keeping warm.

3 .Changing taste of Indian women

In recent times, Indian women have given up their traditional sari for western wears, as they
feel more comfortable in t-shirts and trousers instead of saris and salwar-kameez. It has been
noted that Indian women spend just $165 million on western wear as against $1.74 billion
spent by men on trousers. With more women coming out to work, the combined western wear
market in sales terms has been increasing at a whopping 27% per annum.

4 .Facts and figures

The global market for designer wear is 5% of total apparel market. Currently, the worldwide
designer wear market is pegged at approximately $40 billion, with a 9% growth rate and it is
largely dependent on the small-scale sector. Indian Market: The total apparel market in India
is calculated to be about Rs 20,000 crore. The branded apparel market’s size is nearly one
fourth of this or Rs 5,000 crore. At present, the largest sales turnover within the designer
wear segment is about Rs 30 crore per annum, with many well-known names having
turnovers of Rs 10-15 crore. Consumers for designer wear have a yearly household income of
Rs 10 lakh-plus. There are 3.5 lakh such households in India. More than 81% of the
population below 45 years of the age is fashion conscious. Many fashion designers and
management experts foresee an average growth of about 10-12% for the Indian fashion
industry in the coming years. Though, the growth rate could be more than 15%, if
infrastructural and other logistical bottlenecks and drawbacks are overcome.

5.Data analysis

5.1Correlation
 Expenditure Prefernce
on Clothing for
Age Occupatio clothing(Per preferenc purchasin
  Gender group n Month) e g clothing
Gender 1
Age group -0.12563 1
Occupation -0.10299 0.17327 1
Expenditure on clothing(Per Month) 0.027455 0.176642 0.384642 1
Clothing preference 0.031924 -0.13652 -0.19428 -0.05524036 1
Prefernce for purchasing clothing 0.162197 -0.0203 -0.06274 0.072170864 0.123354
From where will you shop 0.17641 -0.09425 -0.09425 -0.09247351 0.030159 0.13852
Do you use social media -0.05039 0.094952 0.200812 -0.04202272 -0.35996 -0.0239
Do comments affect your purchase? 0.028739 0.160457 0.049373 0.143551732 -0.10982 -0.005
Are they effective? -0.00393 0.027466 -0.03616 0.099090223 -0.05783 -0.0265
Do you follow fashion brands ? -0.07696 -0.03857 0.063054 0.060766171 -0.16665 0.17834
Would you like to come to our
boutique? -0.17168 0.052585 0.062648 0.0788244 -0.01088 0.22687
Rate our idea 0.061296 0.037113 0.056 0.295283554 0.005301 0.12581

The above table shows you the correlation of our survey.

From the above, we can conclude that expenditure on clothing affect the rate of our idea. As
mostly people choose the range of clothing between 5000-10000.

So this shows that the price of our products should lie between this range to attract the
customers.

5.2Regression

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.363196
R Square 0.131912
Adjusted R Square 0.056126
Standard Error 0.697649
Observations 138

ANOVA
Significanc
  df SS MS F eF
Regression 11 9.318881 0.847171 1.740591 0.071752
Residual 126 61.32605 0.486715
Total 137 70.64493      

Coefficient Standard Upper

  s Error t Stat P-value Lower 95% 95%
Intercept 1.542705 0.520974 2.961195 0.003663 0.511713 2.573696
Gender -0.30876 0.135968 -2.27085 0.024853 -0.57784 -0.03969
Age group 0.006081 0.059568 0.102082 0.918854 -0.1118 0.123964
Occupation 0.023827 0.06554 0.363558 0.716797 -0.10587 0.153528
Expenditure on clothing(Per Month) 0.032139 0.077613 0.414096 0.679508 -0.12146 0.185734
Clothing preference -0.01694 0.082049 -0.20643 0.836789 -0.17931 0.145435
Preference for purchasing clothing 0.134847 0.041057 3.284422 0.001323 0.053597 0.216097
From where will you shop -0.0485 0.04324 -1.12168 0.264134 -0.13407 0.03707
Do you use social media 0.065115 0.128742 0.505777 0.613897 -0.18966 0.319891
Do comments affect your purchase? -0.09423 0.130637 -0.72134 0.472036 -0.35276 0.164293
Are they effective? 0.21676 0.132947 1.630425 0.105509 -0.04634 0.479858
Do you follow fashion brands ? -0.08368 0.126487 -0.6616 0.509436 -0.334 0.16663

The above table shows the regression of the survey.

It shows that mostly people prefer the western type of clothing. So we would focus more on
western clothes.

Now the below graphs are the interpretation of the survey in the form of lines and area.
5.3Demand forecasting
Demand forecasting- It is the activity to estimate the demand of our product or service in the
future. Therefore, by our survey we will try to focus on the price of our product, and even on
the customer preference to increase the demand of our product in the near future.
6 .Conclusion

We have got really good and positive feedbacks from the people, also we found out that our
idea to serve people in different way would really be appreciated in the society. Considering
customer as the king pin of the market we have surveyed the questionnaire within 140 people
from different backgrounds, society, culture. And we will open our boutique keeping in mind
the needs of the customer and their suggestions which they gave at the time of survey.

7. Source
Wikipedia -https://en.wikipedia.org

Google-https://www.google.co.in/

Mirror india-www.indianmirror.com/indian-industries/fashion.html

Wikinwest-www.wikinvest.com/industry/Fashion

US Fashion industry - www.usfashionindustry.com/about-us/about-the-fashion-industry

Made by –

Diksha

Isha

Aastha

Gunjan