05 Feb. 2010
INDIA SEEKS INVESTMENT FOR FASHION INDUSTRY“Come to India, make money in India.” That’s how the Minister of Textiles Dayanidhi Maran is promoting the second fastest growing economy of the world.
Accompanied by a delegation of the Ministry of Textiles, Maran is making his way through Europe in search of partners for strategic business joint ventures.
And Maran knows how to get these people on board. As a Minster of IT and technology, he helped boost India’s economy by bringing big players such as Nokia, Motorola and Microsoft to India.
Now in charge of the second largest economic sector, the textile industry, Maran attended an investors’ conference held at the Steigenberger Hotel Frankfurter Hof in Frankfurt on Wednesday, where he aimed to raise interest for manufacturing projects such as the installation of spinning and weaving machines and for the production of technical garments, in which India is a leader.
India wants to be more than just a country for sourcing and production, however Maran suggested: “Produce in India, sell in India.”
There is high potential in the growing domestic market. Salaries are still rising and people are ready to spend more and more money. With more than half of India’s population under 25, there is a huge number of young consumers longing for international brands. The college generation, for example, is familiar with the Internet as it is with mobile phones, thus making the Indian consumer market a hot spot for testing new products.
Big players such as Adidas, Puma, Reebok, Esprit, S.Oliver, Benetton and Lacoste that have already entered India and are producing for its consumers are now looking to expand into retail, as retail giants such as Marks & Spencer and Carrefour have already done.
And there is rising interest even amongst German companies. Strenesse’s CEO Gerd Strehle along with Luca Strehle for instance, came to the conference held in Frankfurt. The brand is looking for a strategic partner to develop the brand internationally.
Other names on the guest list, apart from many textile machine companies and textile associations, were Marc Cain, the lingerie specialists Triumph and Felina, and Sportswear International which launched an Indian edition in partnership with the Delhi-based publishing house Images Multimedia Group. Questions to the magazine on the future market of India or possible business partnerships may be directed to firstname.lastname@example.org.
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