Friday, June 28, 2019
Kremlin Does Couture: Russia Creates The Fashion Fund
Russians say that if things are slow to start, you must proceed with "seven-mile steps". This popular expression applies to Russian fashion, as well. Since I began covering its emerging industry almost 15 years ago, there have been several breakthrough developments in Russia to strengthen the local market and its creative future. Just five years ago, news focused on the exodus of international fashion retailers and talk of "import substitution" in all areas, including apparel and accessories. Last year saw the arrival of FashionNet, a unique comprehensive program in partnership with National Technology Initiative. Earlier this year Mercedes Benz Fashion Week Russia launched Global Talents Initiative, another bid to secure its position as a viable front-row platform for emergent fashion talent. There is also the Fashion Futurum Accelerator for domestic rising stars. The latest "seven-mile step" is the boldest, yet.
Earlier this month, a historic meeting took place at St. Petersburg International Economic Forum, a power-brokering geopolitical event under the auspices of the Russian President Vladimir Putin. There was a panel dedicated to support and development of the Russian fashion industry featuring several key players. It was an opportunity to check how well the reforms have done so far and to set further ambitious milestones. Denis Manturov, minister of trade and industry, noted that international fashion corporations like Inditex have already opened production lines in Russia and rely on Russian workforce and manufacturing knowhow as part of their global supply chain.
Recently, Russian Export Center had negotiated a tariff-free deal for Russian clothing manufacturers enabling them to import textiles and accessories without taxation if they intend to use them for exportable products. Anton Siluanov, first deputy prime minister of Russia, confirmed the government’s commitment to the sector. "We see Russian products becoming more and more popular around the world year after year." Several projects have already contributed to the growing prestige of Russian design beyond the iconic traditions of Fabergé. Editor-in-chief of Harper's Bazaar Russia, Daria Veledeeva, remarked that pursuit of "global domination" was "a romantic illusion" for most brands and encouraged local designers to cultivate domestic clientele, which can ensure the brand’s sustainability in the long run.
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