THE FASHION INCUBATOR LAUNCHED IN NEW YORK CITY

 FASHION INCUBATOR – NYC

 By:  Hope Wilkos, Writer/Blogger

 Photographer:  George Whylie

 Videographer:  Maxine Nolan

 

New York City has long been considered the Fashion Capital of the World.   On Monday, February 13th, in the heart of the garment district of New York City and with Fashion Week well underway, Mayor Michael Bloomberg along with CFDA President, Diane Von Furstenberg, announced a new initiative known as ‘Fashion Incubator’ at a mid-morning press conference.  The New York City Economic Design Council has invested $200,000 to support this exciting launch.

Many are not fully aware of just how large an impact that fashion has on the city.  This year alone with Fashion Week in February and September, over $865 million will be generated in revenue for hotels, restaurants and businesses around the city. Seth Pinsky, President of the City Economic Development Council, was also present and confirmed that the fashion industry makes up 6% of the private sector, 173,000 people are employed in this industry, nearly $10 billion in wages is generated and more than 500 fashion shows are held during this two week period with over 232,000 in attendance.

The fashion industry is a critical driver of New York’s economy.  The city is headquarters to over 900 fashion companies, is home to one of the world’s largest wholesale fashion markets attracting visitors of close to 578,000 for trade shows and New York City’s fashion retail market is one of the largest in the country growing in leaps and bounds with employment projected to increase by 17% by 2025.  Some of the greatest fashion schools in the country are located in New York City with Fashion Institute of Technology, LIM College, Parsons The New School for Design and Pratt Institute all being strategically located in the city.

With these statistics, this even surpasses Paris.  For this very reason, a study of the fashion industry was undertaken in 2010 which resulted in a 2020 plan – New York City will become the Global Leader in the Fashion Industry and thus ‘Fashion Incubator’ was born.  With the introduction of the six initiatives, the plan will be a work in motion and will be refined along the way.

Here is an outline of the initiatives:

DESIGN ENTREPRENEURS NYC – Intensive mini-MBA course for up to 35 emerging designers.  Created in partnership with FIT, the program is accepting applications until March 31st and will kick off in the summer.  Selected designers will learn the skills needed to successfully run a fashion label, including marketing, operations and financial management.

FASHION DRAFT NYC – Kicks off this week bringing 25 business-minded college seniors from across the country to New York City to participate in a weekend of interviews for management-track positions at top fashion companies, including Alice + Olivia, Macy’s, Saks Fifth Avenue and Theory among others.  The program, a partnership between NYCEDC and Parsons The New School for Design, received over 350 applications for the 25 spots for a highly competitive admissions rate of 7%.

FASHION CAMPUS NYC – A partnership between NYCEDC and Parsons, took place in July 2011.  The weekend-long program introduced nearly 200 interns, representing over 90 universities and 150 companies, to the breadth of careers available on the business side of the fashion industry.  Parsons and NYCEDC are now in the process of planning the second installment of Fashion Campus NYC for the coming summer 2012.

PROJECT POP-UP – A competition to promote innovative retail concepts, to launch later this year.  The program will help accelerate the growth of select early-stage retail businesses by providing winner (s) with prizes such as a temporary pop-up store, PR/marketing support and business mentoring among other things.

NYC FASHION FELLOWS – This will launch later this year and will identify up to 20 rising stars in fashion management who will receive mentoring services and networking opportunities with industry professionals and their peers.

THE FASHION PRODUCTION FUND – This will help emerging designers by providing access to capital for production financing.  The fund will also require the designers to use local factories to make their products.  The Fashion Production Fund is expected to launch before the end of the year.

Diane Von Furstenberg, co-chair of Fashion 2020, expressed the strength of the future of the garment industry and the recognition that the CFDA is part of.  She also introduced IMPACT; an exhibit of the celebration of 50 years of the CFDA in partnership with The Museum at FIT showing until April.  All of the CFDA members (designers themselves) are honored in graphic and media displays – objects chosen as the most ‘impactful’ creations of the CFDA’s first half-century.   You can see designs from Michael Kors, Geoffrey Beene, Norma Kamali and so many more.   If you are not able to visit the exhibit, a book is also available for purchase.

 

Congress Member Carolyn B. Maloney was also on hand and expressed her support of the new ‘Fashion Incubator’ stressing that New York City holds double the fashion companies of Paris.  She is excited that young and creative students will be given this amazing opportunity.  They are certainly tomorrow’s entrepreneurs.

Also present was Joel Towers, Executive Dean of Parsons School for Design.  He communicated that the school is committed to the economy and the fashion industry. He is proud that his school can be part of the growing future.

It was an extremely motivating morning delivered with fervor and conviction.  A promise that manufacturing is coming back to America and that America will be a competitive force to reckon with China which is considered the marketplace of the future.  We will compete based on quality and efficiency and the ‘Fashion Incubator’ will contribute to improving education and working harder and smarter to get there.