E-Paper
Talking business, beyond fashion
When one speaks of the business of fashion during fashion weeks the reference is always to the amount of business generated for the designers.
Fern Mallis is the executive director of 7th on Sixth and vice-president, IMG, which manages some of the world's most prestigious fashion weeks. She will be writing exclusively for HT City during Lakme India Fashion Week.
When one speaks of the business of fashion during fashion weeks the reference is always to the amount of business generated for the designers. There is an alternative business generated that's just as important -- the "business" of Fashion Week itself. In the established cities like Paris, Milan, London and New York, fashion weeks are a semi-annual business affair where millions of dollars are generated not only for the designers but also for ancillary businesses such as retail, hotel, nightlife, models, choreographers, lighting, sound, styling, media etc.
A classic example is New York where annually the city generates revenues over $260 million during each fashion week. Hundreds of fashion aficionados, business people, models, lensmen and journalists from all over the world converge in New York to take part in the eight-day extravaganza. Ditto for a Shanghai, Toronto, Miami, Los Angeles, Istanbul, Sao Paolo, Sydney or Moscow, just to name a few cities.
Fashion weeks have a huge impact on the shopping landscape, hotels, and clubs too. The audience after all comprises A-listers whom upmarket restaurants and clubs target. No wonder many of them time their openings, furbished looks, parties during this week. Some 1,800 media members book into New York's hotel rooms that cost upward of $225 a night. Most hotels sell out during fashion week.
Chic fashion brands too time their store opening to coincide with this week. This gives them a chance to showcase their offerings. In February 2004, Louis Vuitton threw a mega-bash for the opening of its biggest store in the world at Fifth Avenue and 57th Street, timed to coincide with New York's Olympus Fashion Week.
Companies clamour to be part of this event as it provides them with a chance to place products in the hands of the right customers and fashion journalists who're likely to mention the products in their pages. At established fashion weeks, nearly all shows will have companies, designers, fashion houses handing over goodies in gift bags. Imagine the impact on retail businesses.
Delhi should take a cue. The positive trickledown effect is very evident and the direct benefits should be too obvious for anyone to miss.
