ICB » Retail » FDCI sets up COVID-19 support fund to help budding designers and SMEs

FDCI sets up COVID-19 support fund to help budding designers and SMEs

The deadly coronavirus is eventually taking the entire world into darkness, claiming lives in lacks and jeopardizing the world economy in irreparable ways. This has left everyone worrying about their survival, resulting in a nationwide lockdown by many countries including India.

The Textile and the Apparel Industry is one of the most adversely hit industries due to the lockdown announced by the Indian Government. Realizing the need for the hour the Fashion Design Council of India has set up a COVID-19 support fund for all the budding designers and the small entrepreneurs in the field.

“We, as a fraternity, are what we are because of each one of our designers; their passion is our driving force and with a little support we can lend them some strength to spring back on their feet sooner than later.

FDCI has taken the lead to set up a COVID-19 Support Fund (CSF by FDCI) to provide financial assistance to small businesses and young designers in need. An eminent designer member of the industry has very kindly pledged support to this cause. The Council, the Board and myself are putting in the seed funds to get this rolling”, says Sunil Sethi, Chairman of FDCI

Courtesy- Fashion Design Council of India

The current situation has put everyone in deep waters as retailers struggle to pay their rent and salaries to employees, as a result of which many are appealing to the mall owners for adopting a revenue-sharing model. The craftsmen and daily wage earners remain the worst hit amongst all. This initiative by FDCI will provide the craftsmen with necessary aid in the trying times of coronavirus.

The move was also appreciated by Smriti Irani, Textile Miniter of India, who says “The Indian fashion industry is the pride of the Indian textile industry. Today those who weave dreams onto a cloth are weaving together a support group. My gratitude to the Fashion Design Council of India, ably led by Sunil Sethi, for coming up with a COVID-19 fund. “I’m hopeful that the fund which will come together with the assistance of designers, design houses and other organizations affiliated to them will help us tide through these challenging times,”.

The Fashion Industry is witnessing unfavorable impacts leading to the cancellation of fashion weeks causing huge losses to designers and the industry both. Consequently, many designers, across the globe are seen resorting to new methods to keep their businesses on the move and social media is contributing to it tremendously.

The Textile and the Apparel sector is India’s one of the largest employers but is standing at stake due to the current corona pandemic. If the condition worsens, the sector is said to undergo irrevocable losses, leaving millions of people unemployed.

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