Overview
New York City is a global hub of innovation and design, thanks to a concentration of diverse, creative talent, top-ranked educational, research, and cultural institutions, and market leaders in almost every sector of the economy. New York’s status as a trendsetter is exemplified in the fashion industry where it is preeminent in American sportswear, streetwear, and prep. For almost two centuries, the business and art of fashion has been a defining contributor to New York City’s culture and international brand.
Over the past decade, there has been evidence of decline in the size and prominence of the fashion industry in New York City, reflecting societal and economic shifts attributable to the global COVID-19 pandemic and longer-term factors.
Courtesy of Marc Jacobs, New York Public Library
This report examines how New York City is being impacted by recent trends as well as what will be required to ensure that it remains a global leader in fashion. More than 40 of the most prominent voices across the fashion ecosystem— including brands, retailers, investors, media, landlords, events and trade show managers, leaders of educational institution, etc.—were interviewed and helped shape the recommendations to reinvigorate and sustain the industry.
These recommendations include:
- Establish a coalition of fashion industry leaders from across the fashion ecosystem who will provide vision and funding for a well-connected, highly visible, and forward-looking local industry organization that can work with the city and state economic development agencies to revive and strengthen New York City’s fashion “brand.”
- Launch a hybrid (in-person and virtual) Designer Accelerator to help designer brands grow their businesses, providing access to investment, marketing, and mentorship.
- Create a Central Designer Campus to provide new/emerging designers with a space to work, learn from each other, and share pooled resources.
- Develop curated storefronts/pop ups to encourage the discovery of emerging designers by consumers and buyers, with a mix of brick-and-mortar and virtual offerings of rotating brands.
- Expand deeper industry partnerships with schools to encourage students to explore the wide range of careers in fashion, and to ensure that education aligns to the skillsets and knowledge that the fashion industry needs.
- Reinvigorate New York Fashion Week with increased promotion and by showcasing more emerging designers.
Despite the challenges that the fashion industry faces in New York City, industry leaders continue to be optimistic about its future. A targeted, collaborative strategy with embedded private and public sector support can reinforce New York City’s position as a global fashion capital.
Innovation is not hampered by tradition [here]. Creativity, grit, inclusivity, resilience—that’s what New York is.
Kim Fasting Berg, Executive Vice President, Marketing, WME Fashion
Courtesy of Lafayette 148 New York
Related Content
Timeline: A Brief History of Fashion in New York City
Press Release: New Report Finds New York’s Fashion Industry Is At a Crossroads