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Mayors of London and New York Say Fashion Means Business

BoF editor-in-chief Imran Amed recaps the week in the business of fashion.
New York mayor Bill De Blasio | Source: Shutterstock
By
  • Imran Amed

NEW YORK, United States — As fashion month began in New York this week, the CFDA and the BFC pulled in political heavyweights Bill de Blasio, mayor of New York, and Boris Johnson, mayor of London, to promote their respective fashion industries — and the contributions that they make to their local and national economies.

At MADE, which was recently acquired by IMG, Mayor de Blasio announced that New York will soon inject $15 million into fashion via grants, paid internships and technology, citing that the fashion industry employs 180,000 people, pays $11 billion in wages and generates $2 billion in annual tax revenue.

"In very real economic terms, this industry is more vital than ever," he said. "When you believe in something, you invest in it. The city of New York is tripling our investment in fashion initiatives.”

Meanwhile, Boris Johnson schmoozed with Anna Wintour and other British fashion implants in New York at a dinner organised by the BFC.

"We believe strongly that fashion and design are central to the future,” Johnson said. “Fashion is an industry that probably employs about 900,000 people in my country, and generates direct and indirect GDP of 49 billion pounds. It’s of huge importance.”

While it's not a new phenomenon for mayors to promote the role of fashion in their cities, the competing PR events seemed to signal that municipal governments have really begun to understand that fashion doesn't just lend a bit of glamour to the cultural life of a city, but also creates significant economic impact, and employs millions of people.

Please enjoy our top stories for the week gone by:

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For Fine Jewellers, the Red Carpet Means Business
Why awards season is more important than ever to gem purveyors.

Colin's Column | Only Katie
Katie Grand, editor of Love, talks to Colin McDowell about her career, Kim Kardashian and making a fashion magazine in the Internet age.

Top 10 Risks for the Luxury Industry
Luca Solca, head of luxury goods at Exane BNP Paribas, examines the top ten risks confronting the luxury industry today.

China's Elusive Fashion Capital, Part 1
Almost every major fashion country has one city that shines brighter than the rest. But China's vast, diverse market defies the norm. In Part 1 of a two-part investigation, we examine the fashion capitals of Shanghai and Beijing. Next month, in Part 2, we explore Hong Kong and Guangzhou.

Op-Ed | Bitcoin is Good Money
If you acknowledge that money is simply a language to communicate value, you quickly realise that bitcoin stacks up well, argues Nick Tomaino.

And don't forget to check out BoF Weekly, a week in review published with Flipboard and updated every Saturday.

Imran Amed Founder and Editor-in-Chief

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