NEWS & EVENTS


WWD
“Coach Pledges to Give $500K to FMI”


Coach Inc. has pledged $500,000 to the Fashion Manufacturing Initiative.

Further, Victor Luis, Coach’s chief executive officer, will also join the 2015 FMI selection committee. Coach’s pledge, through Coach Foundation Inc., matches previous commitments by founding partner Andrew Rosen and it joins Ralph Lauren as co- premier underwriter.

“Since our founding as a loft-maker of leather goods in New York nearly 75 years ago, the city has been part of the Coach culture, and its spirit is central to all that we do. We have long-nurtured craftsmanship and continue to employ sample-makers at our company headquarters, maintaining our manufacturing heritage and hand,” Luis said, noting that his firm’s sponsorship will enable FMI to expand its focus to include accessories and leather goods production in the city.

FMI is a $3 million public-private program aimed at supporting local fashion manufacturing. The City of New York has pledged $1 million to the program, through the New York City Economic Development Corp. The Council of Fashion Designers of America Inc., through program chair Rosen and other partners, has raised $1.9 million to date in both financial and in-kind support for the program.

FMI’s funding assists NYC fashion firms in manufacturing in updating outdated facilities, training new workers and finding locations to produce.

FMI is in its second grant cycle. It has allocated grants totaling more than $1.1 million to 13 production facilities. For its second 2014 grant cycle, seven firms will receive grants ranging from $25,000 to $150,000.

The winning firms, selected from 37 applicants, include: sample and product development firm Design Incubator; fabric dyeing, painting and printing firm Dye-Namix; full-service apparel production firm Dynotex; full-service embellishment firm New York embroidery studio; product development firm Oomaru Seisakusho 2; leather printing and embossing firm Rainbow Leather, and high-end sample and production firm Sunrise Studio.



NYCEDC and CFDA Announce Second Round of Fashion Manufacturing Initiative Winners to Support Manufacturing and Grow Fashion Sector
Over $1.1 Million in Grants Committed to Date Through Initiative to Stimulate Local Fashion Manufacturing
The Coach Foundation Pledges $500,000, Will Serve as Premier Underwriter of Initiative


This week, the New York City Economic Development Corporation (NYCEDC) and the Council of Fashion Designers of America (CFDA) announced the second round of winners of the Fashion Manufacturing Initiative (FMI) grant program, a $3 million public-private program designed to support local fashion manufacturing and promote growth in the City’s fashion sector.

The Coach Foundation has pledged $500,000 to FMI and will serve as a Premier Underwriter of the program. With The Coach Foundation’s involvement, the program will expand its focus to accessory and leather goods production in New York City. Victor Luis, Chief Executive Officer of Coach, Inc. will also join the FMI Selection Committee.

“We are delighted to support the FMI grant program,” said Victor Luis, Chief Executive Officer of Coach, Inc. “Since our founding as a loftmaker of leather goods in New York nearly 75 years ago, the City has been part of the Coach culture and its spirit is central to all that we do. We have long nurtured craftsmanship and continue to employ samplemakers at our company headquarters, maintaining our manufacturing heritage and hand. We’re excited that our sponsorship will broaden the current program to cultivate accessories and leather goods production here in NYC.”

“The ability to adapt to the disruptions of technology and globalization is imperative for modern businesses, specifically in the fashion industry, and these seven winners of the Fashion Manufacturing Initiative will use their grants to do just that,” said NYCEDC President Kyle Kimball. “The Fashion Manufacturing Initiative provides the critical link addressing the unique challenges facing many of today’s fashion businesses.  These companies will be able to update obsolete technology and continue to train their talented workforces, helping to grow the City’s fashion industry beyond the 170,000 New Yorkers it already employs.”

“The success of FMI depends on the collective ambition and support of the American fashion industry. The grant program offers important financial assistance to New York City's best and most deserving factories and the men and women who work in them,” says Andrew Rosen, CEO of Theory and FMI program chair. “Its potential is significant and its impact far-reaching. I am thrilled to see an iconic American company like Coach assume a position of leadership in the initiative.”

FMI seeks to address challenges New York City fashion companies face in manufacturing, such as updating facilities and technology, creating opportunities to train new workers, and providing support in advising locations in which to produce. In addition to providing financial support, FMI provides mentoring and educational sessions to help generate growth for the winning businesses, as well as resources to connect designers at all levels to local manufacturers. Each award will be matched by the winning business with an investment of the same amount.

Through NYCEDC, the City of New York has pledged $1 million toward FMI, while the CFDA, program chair and CEO of Theory Andrew Rosen, and other partners have raised $1.9 million to date in both financial and in-kind support — including $500,000 from The Coach Foundation, $500,000 from Theory and its parent company Fast Retailing, and $500,000 from Premier Underwriter Ralph Lauren. Other contributors include Rue La La, rag & bone, Google, Precision Custom Coatings, CIT, ENK International, Alvanon, Gerber Scientific, Lectra, Optitex, Save the Garment District, and Project Gravitas.

FMI is one of the City’s suite of initiatives to support the fashion industry, which includes the recently announced Manufacturing Innovation Hub for Apparel, Textiles + Wearable Tech, an innovative fashion manufacturing and design hub in Sunset Park, Brooklyn, as well as the Fashion Production Fund, which offers short-term loan financing for City-based fashion designers to fill retail orders for locally produced apparel and fashion wear. The City has also provided seed funding for the CFDA Fashion Incubator, which offers professional mentorship in design and fashion management, and networking and educational programs in addition to a world-class design studio.

About NYCEDC
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.

About the CFDA
The Council of Fashion Designers of America, Inc, (CFDA) is a not-for-profit trade association founded in 1962 that leads industry-wide initiatives and whose membership consists of more than 480 of America’s foremost womenswear, menswear, jewelry, and accessory designers. In addition to hosting the annual CFDA Fashion Awards, which recognize the top creative talent in the industry, the organization offers programs which support professional development and scholarships, including the CFDA {Fashion Incubator}, the CFDA/Vogue Fashion Fund, the Geoffrey Beene Design Scholar Award, the Liz Claiborne Design Scholarship Award and the CFDA/Teen Vogue Scholarship. In 2013, the Fashion Manufacturing Initiative was created to nurture, elevate and preserve garment production in New York City. Member support is provided through the Strategic Partnerships Group, a high-profile group of companies offering designers strategic opportunities. The CFDA Foundation, Inc. is a separate, not-for-profit organized to mobilize the membership to raise funds for charitable causes. Through the Foundation, the CFDA created and manages the worldwide Fashion Targets Breast Cancer initiative; raises funds for HIV/AIDS organizations with events such as Fashion’s Night Out and 7th on Sale and addresses the issue of model health with The CFDA Health Initiative.

For more information, please visit www.CFDA.com, facebook.com/cfda, twitter.com/cfda, cfda.tumblr.com, and youtube.com/cfdatv.



back to all news & events