The New York City Economic Development Corporation and Capital Business Credit have joined forces to launch the New York City Fashion Production Fund.
The $2 million public-private fund will provide financing for production at below-market rates to emerging New York City-based designer brands in order to bolster manufacturing in the five boroughs. Five to 10 labels are expected to benefit from the first round of financing, according to JoBeth Tananbaum, director of the New York City Fashion Production Fund. Loan recipients will have 60 to 120 days to pay off their loans, which will range from $50,000 to $300,000.
The NYCEDC and CBC, a commercial financing company, each contributed $1 million to the fund.
Within four years, the New York City Fashion Production Fund expects to issue as much as $32 million in financing. “The goal is to help as many designers as possible. ‘The more the merrier’ is how we look at it,” said Tananbaum, who also serves as CBC’s vice president of business development.
NYCEDC president Kyle Kimball said, “The Fashion Production Fund was created to cultivate the next generation of emerging designers and promote manufacturing here in New York City, as well as to attract new talent — all of which will reaffirm New York City as the leading global destination for the fashion industry.
In order to be eligible, applicants must have produced a collection for at least three seasons; they must be New York-based; manufacture the majority of their goods here, and have purchase order receipts from confirmed credit-worthy customers. As of today, fund seekers will be able to apply by filling out an online questionnaire.
In the next three or four months, or potentially sooner, the Fashion Production Fund will match recipients with seasoned industry executives, based on their individual needs, who will serve as mentors.
Tananbaum dismissed the suggestion that it might appear that CBC could potentially have first dibs on working with fund recipients once their tenure was over. Tananbaum insisted that the fund is a citywide effort involving multiple entities. She noted that they expect some applicants to have their own factoring in place. In addition, while other financial institutions such as Hilldun and Geneva Factors have not yet committed to the initiative, both companies are included on the list of recommended factoring resources on the fund’s Web site.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast