Revolutionizing Fashion Trends: Interview with ICH Creative Founders

An interview with Anuradha Chandrasekar and Kanika Vohra, Co-founders of ICH Creative Consulting

In this interview, we speak with Anuradha Chandrasekar and Kanika Vohra, the visionary co-founders of ICH Creative Consulting, who are revolutionizing fashion forecasting through innovative approaches.
As women entrepreneurs, they have successfully bridged creativity and analytics to reshape how brands predict trends.

Anuradha and Kanika share their journey, challenges, and insights into the future of fashion forecasting, inspiring future enthusiasts to explore the intersection of technology, fashion, and entrepreneurship.

Why do you think the fashion industry is expected to grow multi-fold in the coming years?

India has been setting the stage for a self-sufficient fashion eco-system in the last 3 decades. The obvious macro drivers are a young aspiring population, digitization and increased spending power.

Unlike most other countries, India has enough room for creators and consumers within its own diaspora, and with heightened digital adoption there are no boundaries, only limitless possibilities.

But diving a little deeper, lets understand what drives the growth of the fashion industry uniquely and more specifically in the country.

Historically, fashion has needed investment in 3 key factors – skilled manpower, access and means to invest in manufacturing and deep pockets for sales and physical retail.

1. Digital acceleration –With digitization, the dependency on physical retail got negated. D2C connectivity became an accessible reality, accelerating and building bridges for every designer, brand, manufacturer to find an audience anywhere in the world.
2. Ecommerce democratized production – Being a producing country with a large semi-skilled labour force available, clothing manufacturing has always been easily accessible with the only limitation of cost of investment (due to the long lead times and minimum order quantity). But with the introduction of ecommerce and its dangling carrot of unicorn growth, factories started embracing small quantity production by optimizing for raw materials. This significant behavioural change encouraged many an entrepreneur to venture into the fashion industry.
3. An economically stable middle and upper middleclass – led to a wider set of people willing to pursue entrepreneurial roles. With reduced pressure of Gen X parents, millennials felt encouraged to start micro or macro impact businesses in the fashion industry. Coupled with all the other factors above, specialized education or skill wasn’t a necessity, just fortitude.
4. International exposure created the itch – Travel, digital connectivity and education had many an Indian realizing the immense potential India had to offer. Between the widely accessible ‘living museums of art and craft’ and its ability to adopt the latest in technology, the country is ripe for the sculpting of future “businesses of fashion”.
5. Fashion expertise – Fashion education has evolved into a highly respected and mainstream career path. With over 50 fashion institutes and more than 15,000 skilled experts emerging from these institutions, the industry is building a robust foundation for growth and innovation in the country.

How will small vendors fare in comparison to bigger labels in the coming years?

In the coming years, small vendors and bigger labels in fashion will continue to operate in distinctly different but interconnected spaces, each with its own set of challenges and opportunities:

Advantages for Small Vendors:

1. Niche Markets and Customization: Small vendors can tap into niche markets, offering unique, handcrafted, or customized products that appeal to specific consumer segments. This level of personalization can help them build a loyal customer base.
2. Agility and Innovation: Without the bureaucratic layers of larger brands, small vendors can quickly adapt to trends, experiment with new designs, and adopt sustainable practices, which increasingly attract conscious consumers.
3. Direct-to-Consumer (D2C) Channels: The rise of e-commerce and social media has levelled the playing field, allowing small vendors to reach their audience directly, bypassing traditional retail models and reducing marketing costs.
4. With care: There is a growing perception that mass-produced fashion lacks the care and ethical standards offered by smaller, independent brands. This plays to the advantage of smaller labels or vendors that can offer simple, homegrown authentic stories.
5. AI in logistics: The recent draft of AI solutions in logistics has enabled small vendors to collaborate and improve their efficiencies and options in manufacturing, warehousing, and delivery system.

Challenges for Small Vendors:

1. Limited Resources: Smaller budgets can restrict marketing, production, and expansion capabilities, making it harder to compete with the widespread influence of established labels.
2. Supply Chain and Scalability: Managing the supply chain efficiently and scaling up production while maintaining quality can be a significant hurdle for smaller players.

In the future, small vendors that focus on craftsmanship, sustainability, and direct consumer engagement will carve out a significant space, especially among consumers looking for authentic and personalized fashion experiences.

Meanwhile, bigger labels will continue to dominate the mainstream market but may need to pivot their strategies, perhaps by incorporating elements of small-scale production, sustainable practices, and limited-edition lines to meet changing consumer demands.

In essence, while larger brands will retain a substantial market share, small vendors will thrive by catering to niche markets, building community-driven brands, and offering more unique and ethically-conscious products.

From a business perspective, why is fashion forecasting important?

It’s simple math honestly.

1. Inadequate research Þ limited understanding of consumer affinity Þ incorrect read of consumer want Þ wrong bets in futuristic decisions Þ wastage and a dissatisfied consumer.
2. Pure past data-based research Þ Repetitive product creation Þ Low freshness Þ excess ‘me-too’ production Þ wastage and a dissatisfied consumer.

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Fashion businesses are built on the pillar of staying relevant to their consumer set to retain loyalty and repeat purchases. While creating ‘more of what they buy’ is one philosophy, it is not enough to build brand saliency.

Secondly the lengthy supply chain for apparel houses require them to know well in advance the trends for future seasons that consumers would be seeking.

For decades now, global brands have steered their path to success by following deeply researched fashion forecasts, to better understand the emerging preferences of the global and local consumer.

A well-researched trend forecast provides a perspective of oncoming trends with clarity, to ensure businesses make the right decisions and stays relevant and exciting to their consumers.

Impacting the Bottom Line.

Establishing a successful apparel business necessitates strategic investments in the right product, typically made 120 – 270 days before the launch date. On average, a mid-sized retailer commits an investment ranging from INR 3-5 Lakhs for each product.

However, if the chosen style does not align with consumer preferences, the product may undergo substantial discounting, resulting in financial losses and a direct impact on the brand’s profitability.

Effective business metrics hinge on backing the ‘right product at the right time.’ Deciding what qualifies as ‘right’ requires thorough research that surpasses relying solely on instinct for optimal outcomes.

This is precisely where trend forecast research becomes invaluable. A meticulously researched product not only translates into higher unit sales but can also yield returns that are 10 – 15% higher, achieved through a reduction in product discounting.

Anuradha and Kanika’s work at ICH Creative Consulting underscores the impact of women entrepreneurs in transforming industries.

Their ability to merge creativity with data-driven forecasting is paving the way for a more dynamic and sustainable future in fashion.

As trailblazers in the field, their insights offer valuable inspiration for aspiring entrepreneurs, particularly in the fashion and tech spaces, guiding the next generation of innovators toward a brighter, trend-savvy future.

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