Media Matrix Fashion House MD Priyanka Ved discusses the world of possibilities India's first complete corporate fashion house entity has to offer
Mumbai: Media Matrix Fashion House (MMFH), India's first complete corporate fashion house entity, was launched recently - on 3 October 2003, to be precise. The idea behind this venture is to consolidate the domestic fashion industry and represent it on a global stage. MMFH is part of Media Matrix Worldwide Ltd (MMWL).
Priyanka Ved, the managing director of MMFH, feels the fashion industry should undergo a sea change. "There is no dearth of talent in India, hence the need to give the industry more recognition. MMFH is indeed an idea whose time has come. Just as India has been making its presence felt in the international arena in various sectors, fashion is another industry where the country has lots to offer to the world. The revolution has only started now."
In an interview with domain-b, Ved describes the world of possibilities for which MMFH has scripted a "roadmap to success." Excerpts:
What is MMWL all about?
MMWL is a Bombay Stock Exchange-listed company [market cap: Rs 400 crore] with interests in the entertainment industry, mainly in films, television, digital cinema and fashion. It is a professionally managed company set up with the intention to ride the corporatisation of the Indian entertainment industry. MMFH is the fashion arm of MMWL.
What are MMFH's areas of expertise?
MMFH will represent Indian interests internationally - across the fashion spectrum. It will address every aspect of the fashion business - from scouting for talent and grooming them, to placement and career management. Accordingly, the five major areas of involvement are:
1. Modeling and casting agency
3. Location India
4. Fashion institute and studio
Being in the area of entertainment with interests in software production, distribution and exhibition the need for scouting and handling talent was a priority. This will help us complete the circle. The fashion industry at large is the base of talent. The Indian fashion industry, like in the West, needed a corporate platform to bring it under one roof. This need of the industry and our interest in completing the circle made way to the concept of the fashion house - MMFH.
What do you mean by a 'corporate fashion house'?
The world of fashion is made up of designers, models, coordinators, choreographers, producers, directors, stylists, and the backstage crew… all working individually and at times divergently. A convergent mindset will benefit all. The need, therefore, in the Indian fashion industry, is a singular platform - a representative forum - where the interests of all the components will be met, simply by projecting the potential of the industry as a cohesive force. Thus the conception of a corporate entity.
Can you describe each and every aspect of MMFH?
Modelling and casting agency: The agency will scout, groom, place and manage talent in the areas of modelling, acting, designing and styling.
Events: Events will be another important thrust area. Regular events featuring designers and fashion houses will be organised across the country - the best of which will be taken to various fashion capitals across the globe to promote Indian fashion and similarly various international fashion event will be brought to the country. The two-mega annual events that are being implemented under the MMFH banner are:
- Miss Little India - pageant with a cause
- Bollywood Princess - Bollywood princes will be the first feather in the crown on the way to becoming the queen of the masses and ruling their hearts
Location India: MMFH has ambitious plans to market India worldwide as a destination for the following: international photo shoots, ad films, international fashion weeks, designer events, brand launches, feature films, documentaries, and music videos. This thrust will be in coordination with the various state tourism boards.
Fashion institute and studio: MMFH has already begun plans to create a state-of-the-art infrastructure for the fashion institute which will be a grooming school for aspiring models and will also impart training to designers, photographers, stylists and actors.
Labels: Designing is another thrust area for MMFH. Existing designer labels will be promoted and provided with an opportunity to gain footholds in global markets. Likewise, international labels will be promoted in India. MMFH also plans to create labels primarily targeting the mass segment, as well as a premium clientele, in both domestic and export markets.
What has been initiated already?
The modelling and casting agency and the events departments have been initiated as a part of Phase 1.
What is the expected turnover of MMFH?
For the financial year 2004-05 we expect a turnover of $2-3 million.
And the capital investment…
Many modelling and grooming agencies had sprung up in the past, but had to close shop. What were the mistakes the made?
In the West, the agencies operate in a manner where they have a select few talents that they represent. But the Indian firms followed the path of taking in anyone or everyone without testing their potential. Hence these agencies were not been able to market all the talent that they had hired. Now, we plan to select the talents based on their capabilities and the areas of work that we feel they can represent and grow on.