Says Margrethe Vestager, Minister of Economic Affairs and the Interior, on the importance of Danish fashion: "Danish fashion is a big and significant export sector. Even though the industry has experienced an economic downturn, there are good signs in sight, including the fact that the industry as a whole is managing to deliver surplus figures in tough times. It's a sector that has managed to adapt by focusing on sustainability, quality, and versatility, among other things. I have great confidence in the fashion industry's role in Denmark's economic future."
Light in times of darkness
Copenhagen Fashion Week takes place at a tough time for the industry. That’s clear from the new statistics from auditing- and consultancy firm Deloitte. Total revenues in the industry fell by 3.6 percent in 2012 (the same goes for export numbers), but in spite of this, two thirds of fashion companies got surpluses. Additionally, the numbers show that only two out of ten fashion companies are in risk of going bankrupt, which is far better than for many other industries these years. Besides that, the Danish fashion industry is doing well in neighboring markets; in particular, exports to Sweden and Norway have risen by 9 and 7 percent, respectively.
Deloitte’s Peter Mølkjær, commenting on the new figures, says: ”Our latest analysis of earnings by clothing manufacturers shows that four out of ten have enjoyed surpluses in the last three years. That’s not a lot, but I believe that the wheat has truly been separated from the chaff. Healthy companies have proven their sustainability, and they’re the ones we’ll be seeing more of now and in the future.”
Peter Mølkjær also predicts that, in 2013, the large clothing manufacturers will need to explore emerging markets - China, India, and Indonesia, for example, where the middle class is growing. ”In particular, that’s where purchase power will lie in years to come,” says Mølkjær.
CEO of Danish Fashion Institute and Copenhagen Fashion Week Eva Kruse is upbeat about the interest for the week:”Despite the tough times for retail and the Southern European crisis, there is still great international interest for Danish and Scandinavian fashion. We’re always excited to see whether the visitor figures stand their ground, as they’re crucial for revenues and exports.”
Copenhagen Fashion Week
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