Kremlin Does Couture: Russia Creates The Fashion Fund - Forbes

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.

Fashion Futurum @ Mercedes Benz Fashion Week Russia

Oxana @rosescross

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.

Fashion Fund was established during St. Petersburg International Economic Forum. On the far right is Alexander Shumsky, the president of the Russian Fashion Council.

Valentine Egorshin

“I consider this a good trend. It means we can already produce top quality garments. We need to support young Russian designers now,” said the minister. Alexander Shumsky, the president of Russian Fashion Council, echoed this sentiment based on his decades of experience: “When it comes to doing business worldwide, even the most successful Russian fashion brands are start-ups in terms of actual sales. However, due to current technologies, every start-up brand is a multinational company. We must integrate everyone into the bigger picture market!”

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.

Russian designers are aiming for a global spotlight.

Courtesy of MBFW Russia

The biggest announcement of the forum excited investors and designers alike: the creation of the Russian Fashion Fund. This new fully licensed non-profit entity is formed by the Russian Fashion Council and Aizel.ru, the country’s leading fashion e-commerce retailer. Its mission is to streamline complex production and distribution services for Russian designers. Aizel Trudel, founder and owner of Aizel.ru and co-founder of Fashion Fund, expressed her enthusiasm for growing the ratio of Russian designers on her platform from about one in five (150 out of 700) to well over half in the near future:

“It took us two years to get to this point and we are determined to lift Russian fashion industry to even higher levels," said Trudel. This year she has joined the jury of prestigious LVMH Prize, a fund in search of new names in fashion. “We have to bring more Russian talent onto a global scene and on a global scale”, said Trudel.

A sharp rise in fashion start-ups across Russia precipitated the creation of the Fashion Fund during St. Petersburg International Economic Forum.

Courtesy of MBFW Russia

At this very moment, a surprising viral fashion video is sweeping through the Russian internet. It is a promo for a textile manufacturer in Cheboksary, an industrial city on the Volga river. Set to techno music and executed in the 1990’s aesthetic, it is in equal measure a parody (“Gucci is made in China. This is made at home!” goes a one-liner) and an inspired love letter to “winter leggings from the Republic of Chuvashia” which apparently have kept the creators warm in subzero Russian frost.

Harnessing original creativity throughout the regions and empowering it with the PR and production resources of the capital is part of the Russian Fashion Fund mission. Next season of #MBFWRussia will take place in Moscow in October 2019. I look forward to seeing what Russian designers have in store and shopping for a pair of now meme-legendary Chuvash leggings.

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https://www.forbes.com/sites/stephanrabimov/2019/06/28/kremlin-does-couture-russia-creates-the-fashion-fund/

2019-06-28 07:27:52Z
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