Fashion has taken on a new element in the local market with a number of Sri Lankan designers aspiring to become big names in the business of fashion with potential of turnovers topping US$500 million.
The local retailers of the local fashion labels have the potential to touch US$500 million in the next two years, Ajai V. Singh, founder of the Colombo Fashion Week, told the Business Times.
With the industry now blooming in the wake of a number of students passing out as designers with capabilities of competing even on a global scale, a new industry has awoken.
The fashion design industry in Sri Lanka was almost non-existent about three years ago whereas today these stores are earning around US$10 million annually.
The commerce between the Sri Lankan designers, retailers and consumers is gaining more attention. Previously, the focus was to create a local retail network.
Compared to the last two years, retail shopping is picking up only now as tourism is gaining momentum and more travelers are interested in shopping, eating, visiting places.
In witnessing the growth of the fashion industry, the retail market is likely to grow by 50% of the number of pieces made or displayed and sold.
Michelle Therese, Dharshi and KT Brown are designers that own their own retail while there are other retail stores carrying the labels of local designers on display.
Mr. Singh pointed out the need to focus on business-to-business meetings as opposed to celebrity and gala event fashion show as the industry is seeing a rise of the local fashion retail market.
From being tailors to the world, Sri Lanka is now taking a turn to fashioning out its own brands, he noted adding that “while going international we want to ride the wave of growth happening in India,”
With the Colombo Fashion Week operating as a not-for-profit organisation it will be carrying out its first marketing effort in February 2012 with the ability to pick up information from coffee shops as the aim is to create fashion for the fashion consumer in Sri Lanka.
The Colombo Fashion Week has been able to attract the Sri Lankan designers with retailers capable of identifying potential and introducing local brands to the market.
Ms. Melanie Wijesinghe of the Melache retail store said that with a growing popularity for Sri Lankan designer wear it was pointed out that with the right marketing more would become aware of the products available.
Ms. Wijesinghe right now has only Sri Lankan products on display with an evening dress costing around Rs.6000 – Rs.20,000 since stitching costs are high but as there are no shipping charges involved the price is much more reasonable.
It was pointed out that with their current clientele they have had really good sales and an exclusive clientele due to the exposure received at the fashion week.
The fashion industry has so much growth that showcases their collections for three days and retailers definitely benefit from the fashion week, Ms. Jaishree Jayasinghe of Aashkii retail store told the Business Times.
Commenting on Dharshi and KT Brown, she noted that they have done really well and any new fashion designers on the Colombo fashion week would be welcome in local stores.
At the Ashkii retail store they have been marketing fashion designer, Asanga's sarees for the past three years, Ms. Jayasinghe said. The ‘79 brand with hand-woven Sri Lankan designer sarees that could be worn in the Kandyan or Indian style are marketed at the retail store, she said.
Ms. Jayasinghe noted that in one of his creations Asanga had used gold thread as well that gave the saree a dressier look and they have gained popularity among locals.
Asanga’s designer sarees are given once in four months as he can’t afford to do large numbers; but now he can do a bigger and better collection as there is a huge potential, Ms. Jayasinghe noted. |
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