CIT: LA Fashion Industry Largely Unappreciated
According to a report commissioned by CIT Group, Los Angeles’ fashion industry has largely been unappreciated as a driving force for the city’s economy. The report notes that local companies capture more than $18 billion in revenues through the fashion industry, and about one-third of that flows through to local workers.
“Los Angeles represents the intersection of innovative design, fashion leadership, commercial transport and production that meet global needs,” said Jon Lucas, president of CIT Commercial Services. “As Los Angeles’ profile in fashion keeps rising, local entrepreneurs and businesses will continue to need financing solutions to get their ideas and projects on to the global market.”
According to the report, the success of Los Angeles’ apparel industry has long been driven by the pull of design talent, favorable cost economics, the appeal of L.A. fashion and speed to market. However, while the city’s access to seaports and airports provides a strong advantage for imports coming into the United States from East Asia and Central America, the lack of Los Angeles-based fashion shows (typically associated with fashion “meccas” like New York and Paris) limits public awareness of the strength of the industry. What’s more, fashion trends emanating from Los Angeles tend to focus on active wear and not the high-fashion design typically associated with runway shows.
To read the entire press release, click here.