Apr 14, 2012 12:33 PM EDT
FashionNYC2020 is an initiative in the city that began last year by Mayor Bloomberg. The program is designed to support and help the growth of the fashion industry, increase business, and maintain New York City as the fashion capital of the world. A year-long study was conducted as part of the program to evaluate the state of the industry and to make points for adjustments and new works
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A study conducted in partnership with Bain & Company also influenced Bloomberg's involvement in increased support for the industry. The report addresses "new challenges" the industry is encountering, including "shifts in consumer preferences for what and how they buy and the rise of new technologies that call into question the viability of traditional business models."
Here are some of the key points from t he study as outlined by NBC news.
The bad news is that the garment industry isn't really growing in the U.S. The biggest growth markets for fashion right now are Brazil, Russia, India, and China.
Shoppers are spending more at very high and very low price points, but they're spending less at "mid-tier price points," which is tough news for most department stores, where the bulk of merchandise falls in that middle ground.
"Buy now, wear now" is king: The study notes that consumers are increasingly looking for "on-trend and in-season" products, and as such, retailers with vertical brand strategies -- i.e, a business that controls its entire supply chain and can thus quickly create new products -- are growing the fastest.
"Contemporary" brands such as "teen fashion and premium denim labels" are seeing pretty explosive growth. This is especially interesting where the booming Los Angeles fashion scene is concerned, as most of these brands are based out there.
Web and social media is affecting the way people are shopping, and in addition, shoppers are having a more direct impact on the items they purchase -- either by customization or "crowd-sourced collections."
Good news for eco-fashion: Sustainable goods are increasingly of interest to both designers and consumers
The study, which is fully available online, gave pointers on "asset-building opportunities: Helping to develop a new breed of management and merchant leaders," and also tips on making New York a "hub of innovation" for retail. The city will be launching a series of new programs to boost and increase exposure for fashion businesses, designers, and managers.
Some of these programs include Design Entrepeneurs NYC (in partnership with FIT), Project Pop-Up (a retail competition), NYC Fashion Fellows (for "rising stars in fashion management.") and much more! The highlight of all of these new projects is by far the CFDA's Fashion Incubator program which gives talented designers mentorship, a space showcase work, and an inexpensive office.
FashionNYC2020 holds great promise for fostering and raising good talent. Many hope that the program will help expand the fashion industry and increase business in retail for NYC--and thus keeping it the global center of fashion.
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