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'We aspire to be centre of Asian fashion sector' – TAFF

01
May '10
Mr Benny Pua, President of the Textile & Fashion Federation (Singapore), recently spoke at the launch of the inaugural Asia Fashion Summit, a key event of the Asia Fashion Exchange. He said, “The Asia Fashion Exchange, or AFX, is an integrated platform for the development of Singapore's fashion industry. Comprising other events such as Blueprint, Audi Fashion Festival and Star Creation, it brings together the private sector, the Textile and Fashion Federation of Singapore, and government agencies such as the Singapore Tourism Board, International Enterprise Singapore and SPRING Singapore, for an all-rounded representation of the industry. The AFX leverages a three-pronged approach – cultivating design talent, stimulating both local and international demand, and positioning Singapore as the centre of Asian fashion on the international stage.

“As the first Asian information exchange for fashion matters, this Asia Fashion Summit sets out to be the central driving force for the development of Asia as its strategic fashion hub. Asia has become the most attractive market destination for the fashion and retail industry, with its growing middle class demonstrating increasingly sophisticated tastes. According to Euromonitor International, the Asia Pacific had a combined purchasing power for fashion and footwear of some US$370 billion in 2008, a dramatic increase of over 60% from US$227 billion in 2007.

Asia has also rebounded from the global financial crisis faster than its Western counterparts. Consumer confidence in most Asia Pacific countries, with the exception of Japan, has returned to pre-crisis levels. The Asian fashion retail market is also expected to gain momentum in the coming years. The Asian fashion market size is projected to grow at more than 5% compounded annual growth rate from 2008 to 2013, compared to a possible contraction in Western Europe and in North America.

“Today's summit boasts an impressive lineup of celebrated speakers from around the world, who will touch on the challenges and opportunities for the industry in today's constantly changing market and consumer patterns. There will also be opportunities for participants to exchange ideas on fashion trends, market opportunities and growth strategies. Likewise, trade practitioners from all stages of the supply chain can network with one another. Indeed this Summit complements very well the Blueprint trade show, as well as the Audi Fashion Festival which are being held concurrently as part of AFX. It is also of immense benefit to aspiring designers hoping to break into the international fashion scene.

“Singapore's fashion apparel industry has evolved significantly over the last 20 years. It has grown from an Original Equipment Manufacturer (OEM) role to one that emphasizes retail, innovation and design creativity. With an estimated sourcing volume of about US$3 billion, Singapore is now recognised as the second largest fashion apparel businessand sourcing hub in Asia-Pacific after Hong Kong.


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