The fund, similar to the ones existing in the US, UK, Italy and China among others aims to give the younger crop of fashion designers the much needed additional push in terms of cash, mentorship and opportunities, including retail options at major stores, to promote their fledgling business.
"The fashion industry in India has grown over the years. Over three to four thousand graduates come out every year from fashion institutes. While some branch out into merchandising, export industry and other allied fields, some enter the league of designers who have to struggle to find their place in the fashion world which already has veterans with over 25 years of experience," says Sunil Sethi, President, FDCI.
A recent industry report by Assocham projects that the designer wear industry in India which is growing at a compounded annual growth rate of about 40 per cent is likely to cross the Rs 11,000 crore mark by 2020.
A jury featuring renowned fashion designers Manish Arora Sabyasachi Mukherjee and Suneet Varma as well as retail experts like Alka Nishar and Tina Tahiliani will shortlist 5 finalists from 20 chosen designers.
The winner will win a grand cash prize, which is being finalised, as well as a one year business or marketing or PR mentorship with an industry professional. In addition, the winner will get the opportunity to partner with a leading retailer that will help commercialize the winner's collection, get access to Wills Lifestyle India Fashion Week and feature in Vogue India.
Past winners of the Vogue Fashion Fund from other countries include Joseph Altuzarra, Alexander Wang and Proenza Schouler in America, as well as Christopher Kane and Erdem Moralioglu in the UK. MORE