Reforming the Russian Fashion Industry and Its Economic Potential in Domestic and International Markets
The Fashion industry is one of the fastest growing sectors of the global economy, with annual turnover exceeding USD 3 trillion. The industry is undergoing a profound transformation stemming from radical changes in consumption patterns and the explosive pace at which technology and design are evolving. This has led to a constantly growing interest in the industry by investors worldwide. Moscow has been increasingly attracting leading names in fashion and design, which strengthens Russia’s potential of becoming a global fashion centre built on new names and young talent. The transformation of this industry has enabled the growth of a whole army of new brands and designers, who are applying new principles to their relationships with customers. Niche and sustainable fashion, personalization, responsible consumption are some of global trends that have made their way to Russia. Young designers, fresh out of fashion school, have become pioneers of the fashion industry 4.0. In 2019 the Moscow Fashion Fund was founded with an aim to reduce barriers and restrictions covering aspects ranging from local production to entering foreign markets. The Fashion Fund has brought together resources of market leaders, enabling a more effective communication on the regional and federal levels, as well as providing support for Russian talent abroad. What is the business potential of Russian designers in domestic and foreign markets? What are the key objectives of the Fashion Fund in reducing barriers and supporting growth of the fashion industry in Russia and abroad?
Aysel Trudel, Co-Founder, Member of the Board of Directors, Aizel.ru
Daria Veledeeva, Editor in Chief, Harper’s Bazaar
Alexey Fursin, Head of the Entrepreneurship and Innovation Development Department of Moscow, Moscow City Government
Alexander Shumskiy, President, Russian Fashion Council; President, Mercedes-Benz Fashion Week Russia
Front row participant
Emilia Vishnevskaya, Founder, Head, EMIVI