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The Hong Kong government just settled its 2016-17 budget — which includes an allocation for the fashion industry of 500 million Hong Kong dollars (or about $64.35 million at current exchange rates).
Financial secretary John C. Tsang told us that the funds will go towards developing the fashion industry, specifically promoting local designers and brands internationally and in Hong Kong. He added that the city’s government will establish an incubation program for fashion designers, “drawing on the experience of other fashion capitals like London, New York and Seoul.”
Additionally, the Hong Kong government will set up a resource center to provide technical training and support for young designers, according to Tsang.
“The uncertain pace of U.S. interest rate [normalization], heightened financial market volatility, modest and patchy growth in advanced economies, weak growth in emerging markets, a slowdown in inbound tourism and subdued exports will all impact on growth prospects,” the Hong Kong government said in a release, WWD reported.
The Hong Kong Trade Development Council will also team up with the local government to sponsor programs that will bring emerging Hong Kong-based brands to fashion weeks in Paris and New York. From Sept. 7-10, the HKTDC plans to host a new event called Centrestage — giving Asian brands a platform for runway shows.
In related news, Lane Crawford recently tapped nine artists to create a series of visual installations for the luxury retail company’s stores in Hong Kong and China in celebration of the Chinese New Year — which began earlier this month.
Participating artists include Andrea Minini, Angel Chen, Desmond Leung, Hui Hoi Kiu, Huijun Guan, Mosaic Art Projects (which is led by visual artists Karen Pow and Chao Harn Kae), Jan Zhou and Yeli Gu.
