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Import substitution. Strategy for fashion and light industry development

15 Jun

In the fashion industry, a product is created and supported by a long chain of different market players: raw materials, fabric, manufacturing, marketing, image creation (art direction), photography and story-telling, work with social media and buyer involvement, retail and much more. According to the CreativEst agency, because foreign companies suspended operations in the Russian Federation in 2022, retailer purchases will fall by 2 million euros. For rapid import substitution and maintenance of the professional ecosystem in the fashion industry, it is now necessary to create an infrastructure for adapting regional businesses and forming co-operative chains. The experts estimate that this would allow the fashion industry market (2.6 trillion roubles) to be localized within three years. For rapid restructuring of the chain, what standards should products meet? What materials, fabrics and infrastructure are required for developing small businesses? What programmes exist for supporting and for localizing production of fabrics? How to create a local product capable of competing with imported brands?