Mayor De Blasio’s “Made In NY” Venture Hasn’t Reached It’s Full Potential Yet, But Give It Time
New York City is fiercely protective of its native artistic ventures, and Mayor Bill De Blasio’s pledge to increase the fashion industry’s Made in New York grant by $10 million initially seemed in favor of that initiative. However, as any politically-informed city dweller knows, there is a vast chasm between promising change and actually executing it. Despite the mayor’s grand claims, Fashionista reports that few positive changes have actually been enacted – as of yet.
With NYC by her side, JoBeth Tananbaum is investing in the fashion designers of the future
JoBeth Tananbaum grew up talking about factoring at the dinner table.
She wasn’t solving algebra problems but instead discussing how to finance fashion designers with her father. His business is Capital Business Credit— a family-run factoring company that offers designers a way to get cash quickly. Those conversations would stick with her, but first, Tananbaum had her own agenda to pursue.
How to Drum up Interest Outside NYC Fashion Week Tents
You can show at New York Fashion Week (NYFW), but it’ll cost you — hundreds of thousands of dollars to be more precise. Or, you can hold off until your second or third, or even fourth season, and make your money work for you.
That’s just one strategy JoBeth Tananbaum, vice president at Capital Business Credit (CBC) and director of the NYC Fashion Production Fund, suggests to young designers contemplating a Fashion Week showing.
NYC Mayor Unveils Fashion Initiatives
Made in NY is having a fashion moment
NYC Wants to Revitalize the Garment District
New York City hopes to draw fashion designers back to the Garment District with the NYC Fashion Production Fund.
New York City’s Garment District was the center of fashion production and bustling with activity in the mid-1900’s.”The streets were dense with people,” says Columbia Professor of Historic Preservation Andrew Dolkart. “There must have been this incredible dynamic life. It was basically the lifeblood of the city.”
But Dolkart says due to sky high rents and rising labor costs, designers left the Garment District to make their products in China. The city now wants to change this trend. That’s why the New York City Economic Development Corporation recently launched its NYC Fashion Production Fund. The EDC’s Eric Johnson says it awards loans to help with production costs.
City fund aims to pump new life into Garment District
The city is attempting to staunch the wound that has been driving fashion designers and fabric stores out of the Garment District for the last couple of decades.
High rent, as well as the rising cost of labor and manufacturing, has forced many designers from the area and chipped away at the one-mile expanse, between 34th and 42nd Street and Fifth Avenue and Ninth Avenue, that’s a landmark dedicated to U.S. fashion.
To combat that, the New York City Economic Development Corporation and Capital Business Credit recently earmarked the first recipients of a new NYC Fashion Production Fund that was announced shortly after Fashion Week. Its goal is to revitalize the city’s fashion merchandising industry and the Garment District.
Mayor Bill de Blasio and Chirlane McCray Host A NYFW Kick-off Event at Gracie Mansion
“Welcome fashionable people! This is your house, it’s the people’s house, and you will always be welcome here,” beams New York City’s First Lady, Chirlane McCray, from the podium of the Wedgwood blue reception salon at Gracie Mansion. It’s the night before the official start of Mercedes-Benz Fashion Week, and Mayor Bill de Blasio is hosting a kick-off cocktail party for a chic crowd of designers and industry execs—everyone from the Proenza guys to Carolina Herrera to Donna Karan to Jenna Lyons—decked out on this indecently sultry night in their summer finery (no one is tired yet! Fashion Week is just beginning!).
De Blasio continues Bloomberg’s fashion outreach
Much concern in New York last year post-election about whether new mayor Bill de Blasio (left, with his family) would be as much of a FoF (friend of fashion) as former mayor Michael Bloomberg (below, with Oscar de la Renta) – especially given Mr de Blasio’s stated goal to even the economic playing field in the city. Turns out, however, this refers not just to the income gap but the manufacturing gap, and in that fashion and the mayor’s office have found common ground.
As a result, he has just announced an initiative originally conceived under Mr Bloomberg as part of the Fashion 2020 programme but which his administration has adopted: the NYC Fashion Production Fund.
For press inquiries, please contact KCSA at CBC@KCSA.COM