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Fashion Week to generate US$865mn for New York City

15
Feb '12
The biannual New York Fashion Week is likely to fetch revenue of US$ 865 million for the City in 2012, according to Michael Bloomberg, the current Mayor of New York City (NYC).

This is an increase over the estimated US$ 773 million generated by the Fashion Week in 2007.

The Mayor was speaking at an event to highlight NYC's efforts to support the fashion industry, in view of the fact that in recent years, apparel manufacturing has moved out of New York's garment district to other countries.

The Mayor said it is difficult to imagine the city getting back to bulk manufacturing of garments. He added that a producer wanting to manufacture “a million white T-shirts” would get it done elsewhere.

But, the city's garment producers can make top quality products and also provide hands-on customer service, he added.

Diane von Furstenberg, President of the Council of Fashion Designers of America, however, said some garment makers are returning to the city as cost of production is rising in other countries too.

The Mayor discussed a suite of initiatives developed over the past year to ensure that NYC remains the global capital of the fashion industry, including a new mini-MBA programme, now accepting applications until March 31st, in which selected designers will attend courses at the Fashion Institute of Technology on marketing, operations, and financial management.

“The strength of New York City's fashion industry, which today employs 173,000 people and generates nearly US$10 billion in wages, has always been its spirit of entrepreneurship,” said Mayor Bloomberg. “Working with the private sector and our partners in higher education, we're doing everything we can to support the City's entrepreneurs and make sure they can grow their businesses here, create jobs and strengthen our economy.”

Held twice a year at Lincoln Center, Milk Studios, and other venues throughout the City, the New York Fashion Week includes more than 500 fashion shows and attracts approximately 232,000 total attendees each year.

The fashion industry is a critical driver of New York City's economy, employing 173,000 people in NYC, accounting for 5.7 percent of the City's workforce, and generating nearly US$2 billion in tax revenue annually.

The City serves as headquarters to over 900 fashion companies, and boasts the country's best fashion schools, such as the Fashion Institute of Technology, LIM College, Parsons The New School for Design and Pratt Institute.

In addition, the City is home to one of the world's largest wholesale fashion markets, which attracts more than 578,000 visitors a year to its trade shows and showrooms.

Fibre2fashion News Desk - India


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