Lecture Notes: Building a Fashion Brand for Gen Z with Sumit Joria

Introduction

• Speaker: Sumit Joria
• Subject: Building a fashion brand for Gen Z women, Numi
• Background: Sumit left a corporate job to launch a fashion technology company targeting Gen Z women.

Profile on Sumit Joria

• Hometown: Jaur, India, from a Marwari business family.
• Education and Early Career:
  • Passionate about technology and gadgets.
  • Worked at Airtel, gaining consumer connection experience.
  • Joined Rocket Internet and Meo, experiencing Myanmar and the photography industry.

Foundation of Numi

• Vision: Empower young women in India through fashion.
• Market Shift: Moving from Millennial consumers to Gen Z consumers.
• Fashion and Beauty: Key areas of spending for young women.

Numi Mission and Strategy

• Core Principles: Addressing Gen Z's needs, especially in fashion.
• Focus on Women: Women constitute a major consumer class in fashion.
• Fashion Equation: F = A (Aspiration) + E (Expression) + V (Validation).
• Challenges: Competing with global brands like Zara and H&M.

Market Opportunity

• Gen Z in India: Around 200 million, with 50 million active on Instagram.
• Business Goal: Capture even 1-1.5% of the market for substantial growth.
• Shift in Branded Fashion: Transition from non-branded to branded fashion.

Early Customer Acquisition

• Initial Strategy: Community engagement in universities.
• Team Composition: A Gen Z women team to understand the market.
• Event Strategy: Pop-up events in schools and interactive engagement not focused on selling.

Understanding Gen Z's Purchasing Habits

• Preferences:
  • Desire for freshness in fashion.
  • Avoidance of overwhelming choices.
• Spending Habits: Significant part of income on fashion and beauty.

Innovation in Supply

• Traditional Cycle: 6-month cycle for new designs.
• Numi’s Approach: 7-day cycle using technology and data science.
• Efficiency: Reducing waste and lowering consumer costs.

Building the Numi Brand

• Logo and Identity: A chameleon to represent diverse Gen Z personalities.
• Consumer Engagement: Unique experiences at every touchpoint.
• Store Experience: Distinct and engaging fitting rooms.

Advice for Aspiring Fashion Entrepreneurs

• Low Entry Barrier: Easy to start but requires insight and differentiation.
• Key Success Factors:
  • Analysis of consumer needs.
  • Unique brand role.
  • Strong team dynamics.
• Capital Requirements: Focus on understanding working capital cycle.

Conclusion

• Emphasis on the importance of consumer insight and innovation in building a successful brand in the fashion industry for Gen Z consumers.