Three Emerging Markets in Fashion
02:59London, Milan, Paris, New York: The four big fashion shows of the year (maybe five if you include Tokyo, it depends how charitable you're feeling). These countries have been influential in the fashion industry for the last twenty five years, but not everything lasts forever. Markets previously thought to have no importance in fashion are emerging with fresh talent and creative minds that push their country's own fashion shows and awards to make their mark on the map.
I've identified three emerging markets I believe are making the most progress towards becoming a major player in the fashion industry (even if the rest of the country is stuck in the 1800s).
3. Russia
(STYLEDUMONDE, n.d)
Like the rest of the world, I thought Russian fashion consisted of skinned bears and bullet proof vests. Oh how wrong I am! The fur is fake and bomb shelters are in, allowing the West's mysterious frenemy to sink their claws into an industry dominated by Europe and America.
Who is buying them? Who is wearing them? That would be wealthy oil billionaires and their bored trophy wives. In 2014, national expenditure on clothing was 2,82,243 RUB (Wouda, 2014). That equates to approximately £28,040GBP which seems insignificant when you consider that is only £2,000GBP more than what Katie Price spends on fake tan each month. That's pretty big for a country that only buys ushankas.
However, with designers like Ulyana Sergeenko decorating Paris Fashion Week with her contemporary looks, you can expect to see a lot more than a wife at fashion week from Russia.
2. South Africa
(Zimbio, n.d)
News flash: South Africa isn't just the setting for Red Cross adverts but is actually a country with a rich culture and a rising fashion industry. However, while there is growing interest in African fashion and African fashion designers particularly from Europe and North America, designers based in South Africa are still trying to find a sustainable local market.
Despite being a $4.3 billion industry in South Africa, fashion weeks that seemingly compete with each other fragment the industry rather than unite it. Back in 2004 only two fashion events were held in the country each year. In just four years, that jumped up to nine - a 125% increase. Many analysts and critics attribute this to government support and an increased awareness of domestic brands among consumers. (Brown, 2009)
Many are trying to transform Johannesburg into a destination for luxury brands and shopping in Africa. Who knows where they will be in ten years?
1. Singapore
(Beautiful Lands, n.d)
You'd be forgiven for forgetting Singapore in favour of Tokyo and even China. In recent years the city has experienced a rebirth, becoming one of the most modern cities in the world and a destination for massive companies. A knock on effect of this is the rise of their fashion industry. Now, Singapore Fashion Week is becoming an unmissable global event.
This shouldn't come as a surprise to anyone, though. Singapore's apparel industry generates sales of $3.6 billion. (iesingapore, 2010) There are nearly 130 manufacturers that make up the industry who are the main suppliers for some of the biggest brands in the world like Gap, Nike and Macy's.
Yep, not everything's made in China.
References:
1. Wouda, Y. (2014). Fashion industry statistics Russia. [online] Fashionunited.ru. Available at: https://fashionunited.ru/fashion-industry-statistics-russia [Accessed 30 Nov. 2016].
2. Brown, A. (2009). Africa's Fashion Industry: Challenges, Opportunities | Africa Strictly Business. [online] Africastrictlybusiness.com. Available at: http://www.africastrictlybusiness.com/news-analysis/africas-fashion-industry-challenges-opportunities [Accessed 30 Nov. 2016].
3. iesingapore. (2010). Sector Information. [online] Available at: http://www.iesingapore.gov.sg/Partner-Singapore/Singapore-Industry-Capabilities/Lifestyle-Business/Fashion/Sector-Information [Accessed 30 Nov. 2016].
4. STYLEDUMONDE, (n.d). Russia Street Style. [image] Available at: http://www.vogue.com/slideshow/13363264/russia-fashion-week-street-style/#2 [Accessed 30 Nov. 2016].
5. South Africa Fashion Week. (n.d.). [image] Available at: http://www1.pictures.gi.zimbio.com/Day+Arise+Magazine+African+Fashion+Collective+1x8RYZqYAkAl.jpg [Accessed 30 Nov. 2016].
5. South Africa Fashion Week. (n.d.). [image] Available at: http://www1.pictures.gi.zimbio.com/Day+Arise+Magazine+African+Fashion+Collective+1x8RYZqYAkAl.jpg [Accessed 30 Nov. 2016].
6. Singapore Fashion Week. (n.d.). [image] Available at: http://beautiful-lands.com/images/posts/SingaporeFashionWeek1.jpg [Accessed 30 Nov. 2016].
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