Fashion Industry: A multibillion-dollar global enterprise devoted to the business of making and selling clothes. [http://global.britannica.com/]
Some say fashion is fickle, while others like New York writer Christina Grasso, believe that “there's no escaping it unless you take a cue from Adam and Eve and forgo clothing forever.”
In conjunction with this week’s Fashion Festival Bali 2014, here are the answers to some of your fashion-related questions:
Fashion - So what’s all the fuss about?
Like it or not, fashion is a business and for countries like the UK, the fashion industry worth £26 billion to its economy. According to the New York City Economic Development Corporation, Fashion Week generates an estimated $532 million in direct visitor spending annually, which translates to $865 million in total economic impact.
How does Fashion Week and fashion-related events play a role in this significant industry?
While fashion events in a particular destination city help drive sales for the local businesses, they also play a significant role in elevating retailers and brands in the eye of the consumers. “When we started doing runway shows, it raised our company’s profile dramatically,” said designer Nanette Lepore. “After the first few seasons on the runway, sales jumped 20% a year.”
Who attends fashion shows?
The most important people at fashion shows are the Editors of influential magazines/media, the Designers and the buyers/retailers. Fashion shows are generally not open to the public, and fashion week is not a public event.
“At the shows, retailers see the designers’ creative vision. They get ideas on how the collection should hang in the store, how it should be merchandised, what the window displays might be and if it should be featured in a catalog or an ad.” -Fern Mallis, senior vice president of IMG Fashion
Do designers pay for their own fashion show?
In most cases, yes.
How much do models get paid per show?
According to Cosmopolitan.com’s Style Editor Charles Manning, “Anywhere from $0 to $20,000 or more; it just depends on the model and the show. Supermodels like Karlie Kloss and Gisele Bündchen can make thousands of dollars walking in shows for brands like Chanel or Dior, and there are rumors about models making much much more, especially when walking in the show is part of a larger contract with that brand or if they are on exclusive (only walking for one designer that season)."
"Less established models, on the other hand, often make next to nothing. Usually these models are working on smaller shows, for designers who do not have the budgets to pay them in cash and must instead pay them in trade.”
Who decides on a trend?
“Designers make the clothes – sometimes with the help of professional trend forecasters, sometimes not. Then editors identify the trends based on how many designers are doing whatever it is (pajama shirts, oversized pink cots, leather pants, etc.). The general rule is that you need a minimum of 3 designers to establish a trend, but bigger designers like Dior or Prada can often launch trends all on their own because they are so influential that anything they do will be instantly knocked off and copied by other designers, thereby becoming a trend.”
“That said, a trend is only successful if it sells and new trends often grow out of the successes and failures of old trends, so, in a way, it is the consumers themselves who decide what the trends will be just by shopping.” [Charles Manning]
For more information about The Fashion Festival Bali 2014, visit http://www.thefashionfestival.com/ and LIKE their Facebook page to stay in the loop of ongoing event updates: