We have more than 100 ambassadors who have partnered with us
The Fashion Entrepreneur Fund, an initiative by India Fashion Awards, is a venture studio dedicated to nurturing fashion and lifestyle entrepreneurs. Merging financial support with expert mentorship, the organisation is committed to accelerating startups and contributing to India’s economic growth. In an interview with Fibre2Fashion, Founder Sanjay Nigam discusses mentorship for individuals and businesses stepping into the fashion field.
Innovation is key in the fashion industry. Which recent innovations have outshined the market this year?
One innovation that has been in conversation for quite some time now is ‘sustainability in fashion’, but only now are we seeing it being integrated with high-quality fashion. That for me is the future! If we look at it from an everyday consumer’s perspective, I think the integration of AR/VR technology to online fashion and lifestyle shopping is a big innovation. Being able to see how a certain accessory looks on you through your phone’s front camera, or to see how a certain item will look in your living space, totally revolutionised how we shop.
What are some of the fashion trends that made waves in 2023, and what trends are you envisioning for 2024?
Since we are in the autumn-winter season, let me try and recount the trends for this season. Bold tones of red have been a big theme this season, whether it is full on red outfits or matching the loud colour with some neutrals. On the other end of the spectrum, metallic boots have been making big waves, having been showcased in quite a few designers’ work recently.
How has the rise of e-commerce and virtual fashion experiences changed the traditional fashion retail model?
Earlier we were limited to the brands that we have in our vicinity. The surge in e-commerce, and especially social commerce, has expanded the consumers’ reach significantly. The audience can search for and explore a range of niche designers. By connecting directly to these boutique brands, there is way more scope for customisation. Further, this virtual fashion experience also comes with a sense of personalisation. The users are now seeking the same personalisation in retail stores.
What inspired you to establish the Fashion Entrepreneur Fund, and what specific gap or need within the fashion industry does it aim to address?
The Indian fashion and lifestyle industry currently stands at $60 billion and is expected to reach around $105 billion by 2025. Unfortunately, there is no financial fund or mentorship programme available to individuals and businesses stepping into the fashion field. This became way more pronounced to me during the pandemic. To bridge this need gap, the solution that we came up with was a venture studio, hence the Fashion Entrepreneur Fund (FEF) was born. My board members were a great help, in the way they enthusiastically embraced the idea and helped me make it a reality. FEF, in essence, was inspired by the need to create an ecosystem of growth and mentorship for the fashion and lifestyle start-ups.
Starting your fashion journey at just 14, what key experiences influenced your views on the industry?
Starting the Talent Factory was definitely one of the turning points for me. I had been in the industry to understand the struggles associated with it. With a will to do something about it, I founded the talent management company which successfully created opportunities for a host of aspiring models, photographers, directors, stylists and others associated with the industry. It also led me to realise the need to appreciate the unsung heroes of the industry. That is how India Fashion Awards shaped up. These ideas are further amplified with FEF. And now, one of our latest ventures, India Style Week, brings the stylist on centre stage, literally, as they show their skills live on the ramp.
With ventures like La Finesse, India Lifestyle Week and Indian Bridal Fashion Week under your belt, how do you maintain the distinctiveness and vision for each of these platforms?
Each of these IPs were started with a very specific goal in mind. Understanding that goal, breaking it down and devising a strategy based on that, helped me and my team to envision a truly unique execution for them.
Could you explain the criteria and process for fashion entrepreneurs seeking support and funding from FEF?
Actually, we are just round the corner from opening our applications for this season, from January 2024. We envision registrations from over 1.5 lakh individuals, colleges and businesses, who will compete in around 6-7 creative and business-led rounds. They will be whittled down to just 30 finalists, out of which the winners will be chosen by an eminent jury and our ambassadors. These winners will eventually receive the funding.
Can you share some examples of successful collaborations or partnerships that have emerged from your initiatives so far?
We have more than 100 ambassadors who have partnered with us. They will help us during the entire FEF process and mentor the budding entrepreneurs. Once we initiate the process, get to know the rising stars, I am sure that it will lead to further successful and interesting collaborations.
How do you plan to utilise social media to connect with your audience?
Social media is the platform where everybody goes to share their work with the world today. So, it is very intrinsically linked to all our efforts around FEF. We will be leveraging it to invite entries from across the nation and to market the concept. We also plan to tie up with multiple influencers on different platforms to further create a buzz among the right audience.
Moreover, we have also integrated social media as part of the larger selection process, where the entrepreneurs will present their business pitches on social media and the netizens will be given the opportunity to vote for their favourite participant’s work.
With numerous other funding options available for entrepreneurs, what makes FEF stand out?
With FEF, the aim is to create an entire fashion and lifestyle ecosystem, which provides the budding entrepreneurs with a holistic aid including monetary investment, mentorship from established players in the field, branding and PR assistance, business and finance skills, industry-specific personal development, and much more. I believe such a comprehensive approach makes us stand out. Moreover, our main motive for the start-ups is their business sustenance, so that in the long run they garner the ‘unicorn’ status.
Looking ahead, what are the future plans and goals for FEF, and how do you envision the organisation’s impact on the fashion industry in the coming years?
We envision achieving the coveted status of a ‘unicorn’, in the next 5 years, for the start-ups we invest in, and in turn establish ourselves as the world’s largest venture studio down the line. The path that leads up to this includes doubling the ₹20 crore budget of the first season in the second, and we are all set to go international for the third. The goal is to create a supportive and collaborative fashion ecosystem and open up the industry to a plethora of raw and never-before-seen talent.
What advice would you give to aspiring fashion entrepreneurs who are looking to start their own brands?
It is very important to understand and carve a niche for yourself. It allows you to offer expertised products and services in one specific aspect of the industry, hence amplifying your value. Aspiring entrepreneurs should never shy away from collaborating with peers. It lends a fresh perspective to your work and multiplies its reach.
I strongly believe that every person needs a fighting chance – a launchpad to reach their true potential. I have been fortunate enough to have the right resources to provide this launchpad to the next generation, something which I shall always choose to do.
How can entrepreneurs adjust to evolving consumer tastes and market trends without compromising their brand’s essence?
Adapting to changes and staying up to date is crucial for any entrepreneur. Amid ever-evolving consumer tastes and preferences, this becomes even more crucial. Entrepreneurs can adapt by staying attuned to their audience, conducting market research and fostering agility. While evolving, they should stay true to their brand’s core values and mission, ensuring their essence remains intact as they respond to dynamic market demands. This can also make them more creative and innovate new ideas.
Having established multiple platforms and ventures, what’s next for Sanjay Nigam? Is there an unexplored avenue or idea in the fashion industry that particularly intrigues you?
Apart from the Fashion Entrepreneur Fund, I am also involved with the India Fashion Awards (IFA), where we felicitate the unsung heroes of the industry. We are holding IFA’s 4th season in Mumbai. My goal is to further amplify its reach and the impact it creates by celebrating everyone’s contribution to the fashion industry.
Additionally, this year we are coming up with the India Style Week (ISW), India’s first ever deconstructed fashion show, where the stylists and their processes will be in the limelight, as they style the models live on the runway. While fashion shows usually boast of established designers, for the first time ever, ISW will give the much needed space to the homegrown labels. I would always be passionate about this industry and will keep figuring out new ways to make it just a little bit better.
Finally, can you highlight a particular fashion trend or movement that excites you right now, and how do you see it shaping the future of the industry?
Of late, the industry is witnessing a strong growth of small, homegrown, boutique labels, and this is a trend that I am quite excited about. Being in the business of helping such budding fashion entrepreneurs, I feel especially enraptured by this phenomenon. Digital and social media have further amplified this, as they bring an engaged audience actively seeking such brands, and there are a variety of platforms to present it aesthetically.
