India is among the biggest hubs for fashion wherein global consumers always look for buying luxury fashion which builds up their fashion appeal and launching a luxury fashion business, you too can be a success at very little time. More people are getting conscious about their outer appearance and spending money on exclusive clothes. Today’s lifestyle has turned out to be more busy than before as there is less time for rest. The demand for branded clothes are continuously growing, making this industry worth billions of dollars annually.
The biggest business opportunities in the Indian economy are in the segment of luxury goods like apparels, accessories and furniture etc. The apparels are the first products which are bought by women due to their high quality and unique designs. Women buy designer apparels for weddings, parties, festivals, social functions and various other special occasions. Most of the branded clothes manufacturers are focusing their business models on the premium segment of the Indian market.
If you are interested in entering the world of luxury fashion then first of all you will have to decide the kind of brand you want to represent. You should choose a particular brand that suits your target segment. The key parameters to consider when choosing a brand are; Is the brand well known in the segment you are going to enter? Is the brand offering good quality and reasonable prices?
You will need to set up an exclusive distribution unit for selling apparels to be marketed. You must have sufficient manpower and space to store your inventories. An ideal choice for an ecommerce website for your company is a web based app. This will enable you to keep your products in one place rather than having them stored in numerous department stores. Apart from wholesale apparels, the wholesale clothing business can also include accessories like jewelry and handbags, thus increasing your profit margins.
The key factor behind the success of most fast fashion brands is the quality of their products. High quality products with very minimal packaging are the keys to a successful venture in the fast fashion segment. You will have to maintain excellent customer relationships to enjoy maximum sales. Since most of the time customers make purchases online, they will need to be reassured that they are buying genuine merchandise from a trusted source. A major advantage of having an ecommerce site is that you can offer photographic evidence of your goods, this will enable the customer to have a tangible proof of the genuineness of your product.
You will need to follow certain procedures to start your own venture in the luxury fashion business model. You will first need to acquire a license from the government for the production, sale and importation of luxury fashion products. Then you should set up a manufacturing unit to manufacture these items. You should also set up a distribution network, which will increase your chances of increasing your sales volumes.
The next step in the business model you should take is to come up with an attractive product or brand. This can be done by hiring an experienced and creative designer who has an eye for attracting maximum customers. You should also consider creating a viral marketing campaign, which will ensure that you are able to increase your customer base. If you want to protect your brand and maintain its profitability during the post-pandemic period you should adopt some specific strategies. You should not stock up on all the possible body parts of the animal instantly after the outbreak starts; instead you should focus on selling body parts that are commonly used in daily life by the local populace.
Post pandemic there will be less demand for the new luxury fashion brands. They will have to focus on building up their brand value by continuously offering innovative products and services using innovative manufacturing and distribution techniques. If you do not use the social media in an appropriate way, then your business will suffer due to lack of exposure and your competitors will gain an upper hand. Social media helps you target the right audience, share relevant information and build up a positive online reputation.