Hong Kong allocates 58 million euros for fashion incubator
As part of its 2016-17 budget, Hong Kong authorities on Wednesday announced the allocation of 500 million yuans (58 million euros) for the development of fashion-related activities and funding for local designers to hit New York and Paris Fashion Week.
The program intends to build on similar experiences currently led by fashion capitals like Seoul, New York and London, in order to promote emerging brands and designers on the local, and international market. A resource center will also emerge in order to help designers with the more technical steps of their businesses.
Furthermore, a program developed with the Hong Kong Trade Development Council (HKTDC) will aim to present collections of about a dozen Hong Kong designers on the Paris and New York runways.
This news comes following the erosion of Hong Kong’s commercial attractions in 2015. Notably a decline of 8.5 percent of retail market. The worst decline since 2002. Sales in big box stores fell 12.3 percent by the end of December, followed by a 4.8 percent drop the previous month, while the sales of shoes and clothes went down 11.6 percent, compared to a decline of 8.7 percent in November.
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