FASHION INCUBATOR: Bpifrance, the state-owned investment bank, and the French Fashion Institute are teaming up to support French emerging creative brands.
“The emergence of new French companies in the fashion and luxury industry is key for the economy as it represents a major economic driver for France and has always been a significant vehicle for its international outreach,” the two firms said in a joint statement on Tuesday.
The agreement coincided with a Bpifrance‘s event on Monday called “The Future of Fashion Tech,” which drew 300 industry players.
Bpifrance is involved in the French creative and cultural sector through various funds. One of them, Mode et Finance II, is designed to help creative brands that are showing strong potential for international growth, while the Fonds pour les Savoir-Faire d’Excellence was created for businesses considered crucial for the French manufacturing sector. For its part, IFM offers several programs including IFM Labels for young brands with high potential.
With the new agreement, Bpifrance is committed to support IFM Labels in the selection and monitoring of the projects and to share its expertise in financing. Six candidates are selected every year. Labels that benefited from it in the past include Vetements, Jacquemus and Melinda Gloss.