Fashion and the World Economy

A passion for fashion

A few years ago I was asked to show a young lady from Harvard Business School the sights of my city. This girl who looked more like a Fashion Major rather than a Business Executive was formerly employed in a luxury fashion house and her haute couture look belied her hard headed nose for money. Since fashion was her passion, I tailored my tour around her interests and took her to Mangaldas Market my all time favourite tourist destination in Mumbai. Even though it was grey, rainy and miserable, the lady was gracious and willing to step into the puddles we came across and happily went through the entire gamut of low end and high end fashion stores in Mumbai.

I was quite amazed by her interest in Mumbai’s Haute Couture because I thought it had little resonance in a sophisticated western market. But she was not only interested in the amalgamation of traditional skills ( shadow work and zardozi) with modern fabrics and cuts but also interested in a new angle to couture – tapping the skills of the unorganised sector and getting them on board with high fashion.

Beware the world’s interest in India

My pet theory which I shared with her seems to be coming truer by the day.

When the world shows an interest in Indian fashion, it is the sign of a great recession. I had noted this trend earlier and I find it even more pronounced now. Karl Lagerfeld’s India inspired fashion show in December 2011 is a case in point. From fashion this passion for all that’s Indian has spread to Yoga , meditation, food, medication and even occasionally a holiday destination.

Now that’s really scary because we all know that in their heart of hearts no one really likes things Indian least of all Indians themselves who blindly go for anything “foreign”.

History always repeats itself

And what is scary is that the world situation is quite similar to what it was before the Great War.

There is an economic recession
There is a perceived persecuted ethnic minority
There is marked social and economic inequity
There is uncontrolled inflation
There is policy paralysis almost everywhere
There is political discontent the world over

And last but not least, there is an interest in all things INDIAN.

So while all governments ( our included) have announced measures for economic reform, I have my doubts about the economy picking up.