Unlocking International Markets: Strategies for Fashion Brands from the BRICS+ Fashion Summit

Image commercially licensed from: https://unsplash.com/photos/person-holding-assorted-clothes-in-wooden-hanger-Fzde_6ITjkw
Image commercially licensed from: https://unsplash.com/photos/person-holding-assorted-clothes-in-wooden-hanger-Fzde_6ITjkw

The recent BRICS+ Fashion Summit held in Moscow showcased the city’s prowess as a business and cultural hub, attracting fashion industries from various countries. The summit served as a platform for industry leaders to delve into strategies aimed at penetrating international markets. While the specific approaches discussed may vary, there are overarching tactics that hold relevance across nations.

With the ever-growing influence of e-commerce and digitalization, Sameep Shastri, Vice Chairman of BRICS Chamber of Commerce & Industry, underscored their fundamental significance within the fashion realm. Shastri emphasized the indubitable success of companies that timely embarked upon electronic trading platforms in India, substantiating the criticality of e-commerce for the fashion industry. Exploiting the vast reach of e-commerce platforms and digital marketing channels becomes imperative, as brands optimize their online presence, leverage social media, and deploy targeted advertising to augment visibility and captivate customers in uncharted markets.

Unlocking International Markets: Strategies for Fashion Brands from the BRICS+ Fashion Summit
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Of paramount importance is a comprehensive market research endeavor. By delving deep into the target market’s preferences, consumer behaviors, cultural nuances, and competitive landscape, fashion brands gain a critical understanding that can inform and tailor their strategies accordingly. Mmantlha Sankoloba, CEO of Botswana Exporters & Manufacturers Association, emphasized the significance of such research, stating, “You must grasp the environment you are venturing into, comprehend your competition, track their movements and adapt accordingly. Armed with maximum information about your rivals, victory becomes more attainable as you gain an edge and surge ahead.”

Equally crucial is the need to adapt products, marketing messages, and branding to align with the specific tastes and cultural sensitivities of the target market. This ensures that the brand strikes a chord with the local audience while maintaining its essence and core values. Mmantlha rightly asserted that stepping out of familiar grounds into unexplored territories necessitates extensive market research to truly grasp the desired market.

In the midst of a fashion industry landscape long dominated by a select few nations, Senan Kamel Alwan, CEO of Baghdad Fashion Week, sparked a call for shaking things up, envisioning a more diverse and inclusive landscape. He urged for a breakthrough involving the participation of Middle Eastern and African countries, emphasizing the democratization of the fashion industry. Alwan recognized the immense potential of BRICS countries, highlighting their economic power that can sway other regions. Proposing innovative pitches, he anticipated greater diversity and expansion into novel markets.

Strategic partnerships emerged as a vital avenue for brands seeking to tread new territories successfully. Collaborating with local distributors, retailers, influencers, and fashion associations bestows brands with an entryway into local networks, invaluable market knowledge, and distribution channels, all of which pave the way for growth in new markets.

To thrive in international markets, fashion brands must remain vigilant in monitoring and evaluating market dynamics, consumer preferences, and competitor activities. Necessary adjustments must be made to their strategies to stay in line with evolving landscapes. Seeking guidance from industry experts and seeking local insights are invaluable assets that help brands navigate the unique challenges and opportunities that arise with venturing into new territories.

 

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