Google Glass is a the forefront of the wearable technology revolution

Last week we revealed that the government was sinking thousands of pounds into the intersection of fashion, science and technology via a competition run by IC tomorrow. A somewhat shrewd decision, as forecasts depict wearable technology to explode at an unprecedented rate of knots.

According to a study released by Credit Suisse on Friday, the market “is a lot bigger than investors realise”. Currently concentrated in health and fitness, the monetary value of the market is estimated to be worth between $3 and $5 billion today. In the next three to five years, that same market is set to rise tenfold to anything between $30 and $50 billion.

The study made a few comments worth quoting, including the fact that it described wearable technology as “a mega trend” that has hit “an inflection point in market adaptation”. For the first time, wearable technology is being taken seriously as a real money maker. Now that the pioneers have figured out the fundamentals – see Nike‘s FuelBand, Google Glass and Apple‘s alleged iWatch – design teams can play with the aesthetics to take the products to commercialisation. According to The Business of Fashion, edited by Industry member Imran Amed, Nike ”aims to eventually embed smart technology into its entire range of apparel, accessories and footwear”.

Not only is this forward thinking, it’s business savvy too. The team at Credit Suisse have predicted that the nascent trend will have “a significant and persuasive impact on the economy”, which is perhaps why the government is putting in the groundwork early.

By The Industry‘s features editor, Harriet Bowe

Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page.

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Industry member, Martyn Roberts is director of Graduate Fashion Week and Fashion Scout

Until now, Graduate Fashion Week has showcased the final projects of those fresh out of fashion education, working with some of the country’s very best universities. However this year, for the very first time, Graduate Fashion Week will be selecting students from international territories.

Taking place on 3^rd June, the event will showcase designs from 16 of the world’s leading schools including Parsons in New York, Istituto Marangoni in Paris and Italy and the Pakistan Institute of Fashion Design.

“The participation of such prestigious international establishments just goes to prove how influential and valued Graduate Fashion Week is around the world,” The Industry‘s Martyn told VOGUE.CO.UK yesterday. “We are thrilled to be able to welcome exciting talent and look forward to seeing their designs.”

Graduate Fashion Week isn’t the only business that Martyn has given global credentials to this year. Fashion Scout, where the Industry member is also director, announced that it would be expanding into new markets such as China, Scandinavia, Eastern Europe, the Middle East and Asia this January.

Registration for the event is now open. To apply for an industry pass, click here.

By The Industry‘s features editor, Harriet Bowe

Would you like to join Martyn in the premier members group for those shaping the future of fashion? Visit our JOIN page.

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World famous designers, Domenico Dolce and Stefano Gabbana take their Italian roots and plant them in London

As London Collections: Men continues to lure labels from the time-honoured catwalks of Paris and Milan, Italy’s most powerful designer has called on his peers to come home. “I am absolutely convinced that, if we want Milan’s leading role to be restored, the major brands that currently present their collections abroad must return to the Italian fashion system,” Giorgio Armani has told The Telegraph.

Not only has London Collections: Men – still only in its third season – enticed Burberry back to native soil, but last week Italy’s Dolce&Gabbana disclosed that they would be opening the initiative for the very first time. The designers, overtly proud of their Mediterranean heritage, will unveil their latest tailoring collection with an on-schedule show and an all-star party to celebrate the opening of their fourth store in London. Each season seems to bring more big names knocking, including Alexander McQueen, Tom Ford and Jimmy Choo.

“London has always been one of the cities we love the most. It’s not by chance that we have decided to open this particular store here. British sense of style is part of their DNA, it’s been part of their culture for ages. Just like in Italy,” the design duo, Domenico Dolce and Stefano Gabbana explained after the chair of London Collections: Men, Dylan Jones asked for their company. “When Dylan invited us to come, we couldn’t say no!” 

The move, alongside brand new additions from John Lewis and Duchamp has now pushed the three day event into four solid days – meaning that it is now only one day short of its coveted womenswear counterpart.

By The Industry‘s features editor, Harriet Bowe

Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page.

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Multi-millionaires are exploding in China, almost doubling in number between 2007 and 2011

Did you know that France receives at least 25% more Chinese tourists each year than Britain? That’s because most of continental Europe operates from a simple access all areas visa (a region called the Schengen free movement area). Britain, on the other hand, commands a separate more restrictive visa from Chinese travellers, meaning that many lucrative high-net individuals have been skipping London on their itineraries.

This is a huge missed opportunity for London’s luxury retailers. Known for their insatiable appetite for all things designer, the average Chinese tourist spends £1,600 per person – at least twice that of any other visiting nation. It is thought that this shortcoming loses Britain £1.2  billion in annual tourism revenues per year, and consequently London’s luxury fashion industry a substantial amount in potential profit.

With this in mind, almost a thousand businesses have called on the UK government to streamline visa application. So far the uptake has been positive, with ministers agreeing last week to explore new ways to make the immigration system more flexible. Not only could this make a meaningful contribution to Bond Street’s bottom line, there’s also a strong case for it helping to boost employment figures and bolster economic growth on a national scale.

In an interview with The Independent, Industry member and former British Fashion Council chairman, Harold Tillman publicly backed the cause. “We’re not giving [Chinese tourists] enough in this country,” he said. “It’s only a matter of changing the system and getting the government to understand we’re losing billions.”

By The Industry‘s features editor, Harriet Bowe

Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page.

The post BORDER BUREAUCRACY: WHY CHINESE VISAS ARE AFFECTING FASHION appeared first on The Industry London.

Hong Kong has broken records for its sky high rents

Last November, Hong Kong’s Causeway Bay surpassed New York’s famous Fifth Avenue for the first time ever, pinpointing the well-heeled and billlionaire-heavy market as the world’s biggest superpower. According to new research by global property advisor CBRE, prime spots within Hong Kong are now nearly 150% higher than New York and 400% higher than Paris and London.

“Prime retail rents across the most expensive global markets have held firm against a backdrop of scarce supply and preference for prime space. Despite subdued retail sales growth and strained consumer sentiments, international retailers remain focused on long-term growth strategies that have resulted in store expansions across many key global markets such as New York City, London and Moscow,” explains CBRE‘s global chief economist, Raymond Torto. “However, at the current high levels, retailers are considering ‘off’ prime or secondary locations and showing a reluctance to pay record high rates.”

This has not necessarily harmed the cities in question. In London for example, Mayfair’s Dover Street has benefitted from those that have been priced out of Bond Street.

By The Industry‘s features editor, Harriet Bowe 

Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page.

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Some of fashion’s most popular tradeshows in the world are said to be covered by the funding, including those taking place at Paris Fashion Week

Designers looking to exhibit in Paris, New York, Milan (or almost any international tradeshow for that matter) could soon benefit from a significant increase in funding, as the UK Fashion & Textile Association promises to double the amount currently available via the Tradeshow Access Programme.

Grants will now be available to almost any tradeshow within Europe and America, with funds increasing to £1,500 and £2,000 respectively. For the first time, those exhibiting in emerging markets will now also be eligible for funding, offering anything in between £2,500 and £3,000.

“We have been lobbying the government for many years to maintain the Tradeshow Access Programme but this is the first time we have seen an increase in the money being allocated to the scheme. And what an increase!” explains Paul Alger, director of international business development at the UK Fashion & Textile Association. “There has never been a better time for UK fashion and textiles to look at new shows and markets. In particular, the grants we can now offer companies for shows in Russia, China and Hong Kong are the most generous we have had for almost 20 years.”

For further details, click here.

By The Industry‘s features editor, Harriet Bowe

Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page.

The post FUNDING FOR FASHION TRADESHOWS DOUBLED appeared first on The Industry London.

Selfridges are expanding on their click-and-collect service with the world’s first ever luxury drive-through

The internet retail revolution has meant that consumers cannot only order their products from the convenience of their own keyboards, they can now choose to receive that order via multiple options. Gone are the days where next day delivery is innovative; slick click-and-collect models, Harvey Nichols‘ upcoming click-to-try service or even the new Selfridges drive-through has made accounting for the point of sale a more complex task than ever before. Was the transaction officially made online or in-store, and should a retailer be able to choose which with a view to flatter ailing areas?

As channels increasingly merge, how do retailers decide which costs to attribute to stores and which to online, and how do they clearly account for this on their end-of-year books? “As online is growing, the way it is reported in sales and profit figures is only going to become more of an issue,” explains Christine Cross, chief retail and consumer advisor at auditor and consultant, PwC.

According to the Financial Times, until now the standard practice has been to include online figures with bricks-and-mortar from stores open at least a year. It’s no secret that retailers have long been using the prolific boom in internet sales growth to cleverly mask weak underlying sales in-store. However, the tactic can only hold strong for so long. As time goes on, analysts, investors and HMRC are bound to become more suspicious and retailers are going to have to understand exactly how they make their money when the façade falls.

By The Industry‘s features editor, Harriet Bowe

Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page.

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With the newspapers full of positivity, the confidence of fashion businesses is sure to flourish

In the last year there has been a lot of talk about the double-dip recession, and at times even fears of a triple-dip recession, overcasting any chance of business confidence. The knock on effect has impacted professional decisions at every level, from advertising budgets to hiring new staff. However as we creep into the summer of 2013, there seems to be an overarching feeling of optimism, and the news hasn’t just come from one source.

A series of surveys published on Monday have found business sentiment picking up, employers expanding their teams and consumers starting to dig into their pockets and spend once again. The Confederation of British Industry has forecasted growth of 1% this year, and 2% in 2014. On top of this, the Chartered Institute of Personnel and Development has said that they are expecting to see an increase in staffing, whilst Barclaycard have found that shoppers spent an extra 3.6% on last year.

“We continue to expect UK economic growth to strengthen and become more broad-based over this year and next,” said Stephen Gifford, the CBI‘s director of economics. “Global uncertainty has receded somewhat, setting the stage for a gradual improvement.”

By The Industry‘s features editor, Harriet Bowe

Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page.

The post GOOD NEWS FOR THE BRITISH ECONOMY appeared first on The Industry London.

Accessories designer, Catherine Wales is leading the way for 3D printing – image shot by Christine Kreiselmaier

Innovations in the digital world have seen the relationship between fashion and technology amalgamate at an unprecedented rate in the last 10 years. The movement has changed the way clothes are designed, publicised and retailed forever; yet much of the industry has been slow to adapt – no doubt because 3D printers, fully compatible iPad sites and ceilings that rain à la Burberry still require heaps of cash and a whole new set of skills.

However in a bid to help, the government has backed an initiative called IC tomorrow to give the movement a £120,000 injection. In association with the British Fashion Council and the Tech City Investment Organisation, the competition will aim to bring the industries closer together: “The fashion and digital sectors are among the most vibrant and innovative markets in the UK. Yet they operate pretty independently of each other. At IC tomorrow we think greater involvement could bring benefits to both which is why we are launching this competition now,” explains IC tomorrow‘s programme manager, Matt Sansam. “The fashion industry will be able to make inroads in the online arena while digital firms will gain from exposure to a range of fashion industry partners, being able to test new applications, products and services with major industry players.”

Interested? The initiative is looking for fashion businesses to provide a commercial prototype that defines the future of fashion tech in four distinct areas: shopping centres, mass personalisation and customisation, intelligent clothing and accessories, and mobile technology.

For more information on the competition or to apply, click here.

By The Industry‘s features editor, Harriet Bowe

Would you like to join the premier members group for those shaping the future of fashion? Visit our JOIN page.

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Industry member, Yasmin Sewell’s new pop-up concept has brought California to London

Trust Yasmin Sewell to come up with another cool idea. Fresh from consolidating the very best of London Fashion Week‘s talent into one tightly edited space at the British Fashion Council‘s Designer Collective, the member has announced plans to open up her own pop-up. Named Beach in the East, the temporary shop will live in an drained out Shoreditch swimming pool, encapsulating a sunny seventies skateboarding feel.

“It came about because we all sat in the office, asking ourselves, what are we feeling this summer, what is this moment in fashion, right here in this point of 2013? My whole thing was all about California,” the member told upcoming speaker, Sarah Mower in a recent Vogue interview. “We referenced the Z-Boys, Lords of Dogtown – really the whole unique mood of that era and moment in time, and looked at fashion today to see how the two could come together.”

Not only has Yamsin been busy bagging a limited edition selection of products from some of the world’s most highly sought after designers – House of Holland, Acne and Thomas Tait to name a few – she’s also partnered with farfetch.com to take her venture online. “It is the first ever pop-up concept store that they will be hosting online, which means that even if you aren’t remotely near Shoreditch, you will be able to shop the store around the world.”

“It’s going to be this very surreal and transportive experience for visitors,” Yasmin adds. The pop-up will open its doors on the 18^th May for the whole summer, until the 24^th August.

By The Industry‘s features editor, Harriet Bowe

Would you like to join Yasmin in the premier members group for those shaping the future of fashion? Visit our JOIN page.

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