CFDA (Photo : Vogue/YouTube)
There would be more of a two-way trade of fashion between the U.S. and China following the signing of a five-year agreement between Suntchi and the Council of Fashion Designers of America. The deal is the first to create a gateway that connect the top business network in China and the marketing giant branding platform of fashion designers and brands in the U.S.
It marks the start of a new era for fashion companies in the U.S. that want to expand its market by going into a more than 1-billion potential market, Suntchi founder & CEO Paul Fang said. He added it would also work the other way around with Chinese fashion brands seeking expanded markets overseas.
Massive Opportunities
He said the partnership with CFDA would “create massive opportunity for American designers, many of whom, require our Super IP + integration platform to operate in China.” He added the deal would connect thousands of fashion and lifestyle companies in the U.S. to create new consumer scenarios and consumption patterns by combining entertainment, art and fashion to prompt consumer adoption in China, Business Wire reported.
CFDA as more than 500 members made up of the top women’s wear, men’s wear, jewelry and accessory designers. The list includes Donna Karan, Marc Jacobs, Ralph Lauren, Michael Kors, Yeohlee Teng, Mimi So, Shayne Oliver and Gerard Yosca. The deal would all CFDA members to enjoy unrestricted access to the Chinese market.
Declining Sales
The CFDA expansion effort could be because of the declining sales of fashion brands in the U.S. To boost sales, the industry have provided instant access to fashion shows through streaming platforms of social media sites, SFChronicle reported.
The industry has also been affected by the turmoil of the Trump presidency that runways are now being used as a political platform, Ken Downing, senior vice president and fashion director of Neiman Marcus, said.
