New York City Economic Development Corporation (NYCEDC) and the Fashion Institute of Technology (FIT) announced the second class of New York City-based fashion companies selected for Design Entrepreneurs NYC, a free, intensive “mini-MBA” program that teaches emerging fashion designers how to run a successful label.
The program, which will launch at a kickoff orientation and reception at the G-III Apparel Group (G-III) offices at 512 Seventh Avenue at 6:30 pm, will take place during the summer at FIT, led by FIT faculty and other industry professionals, and will focus on fashion business marketing, operations, and financial management.
NYCEDC and FIT also announced that NYCEDC’s financial contribution to the program will be matched by a generous gift from G-III. This gift will be used, in part, to award two participants funding to help advance their businesses: The top two business plans, judged by an expert panel at the end of the program, will receive $25,000 and $10,000 respectively in funding. The G-III gift will also be used to provide financial workshops, networking opportunities, and business-related informational events for both past and current program participants.
“Fashion in New York City is a $98 billion industry, spurred in large part by the success and growth of small businesses,” said NYCEDC Executive Director Kyle Kimball. “Design Entrepreneurs NYC will help cultivate the next generation of fashion designers and businesses, allowing New York City to continue to thrive and remain the world’s fashion capital.”
Dr. Joyce F. Brown, president of FIT, said, “The college’s long commitment to providing career education that marries design, business, and the liberal arts makes FIT the ideal institution to host Design Entrepreneurs NYC. We are particularly grateful to our partner G-III for enhancing this year’s program with a generous gift. DENYC gives our city’s creative talent the tools that will allow them to flourish and helps to ensure that New York City remains the fashion capital of the world.”
“G-III is proud to be able to participate in the initiative intended to unleash some of the hidden talents relating to the fashion industry in New York,” said Morris Goldfarb, chairman and CEO,
G-III Apparel Group, Ltd.
Thirty-five participants were selected from a field of 193 applications submitted from across the world. The companies span a wide range of fashion categories including women’s wear, menswear, children’s wear, bridal, jewelry, accessories, and footwear.
The selected designers trained at universities in the United States and abroad, including Japan, Australia, and Great Britain. To participate, designers are required to operate New York City-based companies that have been in business for at least one year. The majority of this year’s participants have beenin business for less than four years.