The bustling New York fashion industry will receive 15 million dollars to produce local products.
As one of the fashion capitals of the world, New York is no stranger to the apparel industry. Generating a massive 18 million dollars in retail sales annually, and constituting at least 5% of the city’s overall employment figures, it is clear that the industry is a key player in New York’s trade prosperity, and its local economy. Despite this, the city faces stiff competition from budget clothes manufacturers based overseas who have been able to apply pressure to local design houses and producers, taking a large share of their customer-base in the process. Fashion designers, retailers, and wholesalers all lose out under these circumstances as fewer New York items are created, limiting wholesale and retail options in the process.
Nurturing the New York Fashion Industry
In the face of this growing competition, New York is investing upwards of 15 million dollars in its local fashion sector. This will encourage businesses to continue producing and selling goods directly in the city, rather than being tempted to use foreign manufacturers who can often provide more appealing production costs due to lower standards of living.
This cash injection is being made available to businesses under the banner of “Made in New York”. To qualify, producers must sell a minimum of 1,000 units annually, cutting, sewing, assembling, and finishing any clothes items within the city limits.
Wholesalers Reap the Rewards
By encouraging fashion designers and producers to remain in New York, wholesalers may be the ones who benefit the most. New York fashion is iconic. Clothes produced there hold just as much cachet as those created in London, Paris, or Milan. With these new incentives, the availability of such apparel will increase, creating new options for wholesalers, who will be able to work with small upcoming producers selling items on in bulk to retailers around the world who are desperate for a New York fashion line. Furthermore, wholesalers operating within New York itself will have a plethora of great clothes options when dealing with retailers based in the city.
The benefits of the Made in New York scheme look to bolster the city’s iconic fashion district, helping producers, designers, wholesalers, and retailers to compete in an increasingly diverse market.
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