What is Fashion Business Management?
The fashion industry is not just limited to designers and models. It also constitutes people who manage the business, builds and maintain brands, creates awareness among the masses using various media vehicles, and are responsible for marketing, sales, and profitability. To study Fashion Business Management Course involves developing an innovative product, pricing, and marketing strategy basis the research and analysis of the fashion trends, ever-evolving market conditions, prevailing economic situations, consumer tastes & preferences along with the study of consumer’s capability to pay. They must have an eye for detail in order to predict the success and popularity of the product. They are also responsible for sourcing, merchandising, retailing as well as exporting the products.
- By 2025-26, the Indian domestic textile and apparel market is expected to grow at a CAGR of 10% to reach US$ 190 billion from an estimated value of US$ 75 billion in 2020-21
- India’s textile and apparel exports are expected to reach US$65 billion at a CAGR of 11% by 2025-26 from US$ 28.4 billion in 2020-21
- By 2025-26, India’s textile and apparel imports will grow at a CAGR of approx. 10% to reach US$ 15.2 billion from US$ 5.6 billion.
This encouraging outlook of the sector implies that huge job opportunities exist in the market. And it makes for an intelligent decision on the part of students to study fashion business management course for their graduation and reap benefits of being a part of the exciting sector.
After studying fashion business management course, one will have job opportunities in the following varied profiles:
Merchandising: Well-developed quantitative skills along with an ability to identify the relationship between sales and stock figures and stay updated with trends is a prerequisite for this profile. Basis the target audience, a Merchandiser plans and promotes the right product mix using attractive displays. He also ensures that an apt quantity of stock is sent to the right stores at the appropriate time.
Fashion Product Manager: He is responsible for product development right from its conceptual stage to its final market release. He generally manages a product line and ensures that the product that is developed is in line with the company’s overall sensibilities as well as customer preferences along with prevailing market trends.
Fashion Journalist/Editors/Bloggers: He gets the opportunity to share his insights about the fashion world with people through magazines, trade publications, blogs, e-commerce websites, PR articles. He is responsible to cover industry events like fashion shows etc. and at times even organize fashion shoots for the magazine. And if he develops a good online following, then he can write as an influencer and promote products through his blogs.
International Program Manager: He is responsible for the expansion of the brand internationally. He works with various teams to not only strategize but also operationalize these strategies for global expansion.
Vendor Analyst: He is responsible not only for maintaining the production schedule but also retain the competitive advantage by sourcing the best quality raw materials like fabrics, accessories, zippers, etc. at the lowest possible cost.
Buyers: He is not only responsible to identify the apt products that will be sold at their stores but also to negotiate contracts, pricing, quality, and delivery schedule. He is required to travel to attend trade fairs, fashion shows, meet the designers as well as visit the production facilities and stay updated with the trends. He should be adept at networking and building strong relationships besides having the ability to analyze customer habits and forecast fashion trends.
Marketing/Brand Management: He is responsible for developing appropriate online and offline marketing strategies to build and maintain brand positioning along with not only sustain but also grow the market share. He analyzes the consumer requirements, understands the trends, and builds apt unique communication to increase sales. As per specialization, Marketing can be further divided into:
- Digital Marketing-Driving digital marketing initiative-building online traffic and sales
- Events Marketing-Responsible to provide a platform to showcase products and generate discussion. For instance, Launch events, fashion shows, etc.
- Sales– Forecasts sales basis customer demand analysis. Responsible for converting marketing initiatives into sales. Ensures that the product reaches consumers efficiently.