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WASHINGTON: Aspiring Indian entrepreneur Kartik Verma has won the 2015 edition of prestigious Global James McGuire Business Plan Competition with his business idea 'Assuage Mom' for the maternity wear market in India.
Verma, a Level 3 Fashion Business Management student of Pearl Academy, one of India's leading fashion designing colleges, received his award from James McGuire and Douglas Becker, the founder, chairman and CEO of Laureate Education, Inc at an event in Miami Florida recently.
At any given point in time, there are 17 million ready users accounting both pregnant and nursing mothers in India.
However – this market segment, which is growing at an annual rate of 17 percent every year, has been largely untapped.
"Assuage Mom' targets the need of nursing Indian mothers, offering them a wide range of stylish and comfortable nursing clothes," said Verma, about his award winning project.
Outshining candidates from 16 countries to bag the top spot in the competition promoting entrepreneurial spirit among students, Verma also received a low interest loan of $50,000 to launch his brand in India.
Based on extensive market research, 'Assuage Mom' was conceptualised offering functionality, fashion sense and use of organic and eco-friendly fabrics.
Stylishly designed for the modern day multi-tasking mothers, it promises comfort and ease.
Verma aims to kick-start his project by manufacturing the garments in his father's factory.
The marketing and distribution of the apparel will be done through various online portals through synergistic tie-ups.
Special concessions will be given to companies that support the cause of providing comfortable attire to nursing mothers.
"This is just the beginning and I am really blessed to get such an appreciation and support for my idea. My vision is to supply eco-friendly, environmentally sustainable mother care and baby care products globally," said Verma about his future plans.
Sharad Mehra, CEO, Pearl Academy, said, "It is a proud moment for all of us that Kartik has brought such a laurel to the Academy. With this accolade earned by Kartik, Pearl Academy hopes to continue the winning streak at other international competitions too."