Cole, 59, who is on his maiden visit to India, recently launched his store in the capital. He says traditional Indian wear with western influence is slowly catching up in the US and other countries.
"The rest of the world is getting inspired by Indian wear as there is a lot of creativity involved. But traditional Indian wear does not yet have a market in the west. So a middle path like a fusion of Indian and western wear could be big. It is much more comfortable and the people can understand it better," Cole told PTI in an interview.
The event will be attended by several Bollywood and Hollywood luminaries like Sharon Stone, Hillary Duff, Aishwarya Rai Bachchan, among others. Pop star Kesha will also perform at the gala.
Cole said "Basic Instinct" star Stone and Oscar-winning actress Duff needed no persuasion and were both more than willing to come to India to attend the event.
"I was not much involved in bringing them to India. But they were very willing to come her for the gala. They have earlier visited the event at Cannes and so I feel they know what we aim for," Cole said.