From Imran Amed, Editor of The Business of Fashion
LONDON, United Kingdom — In February of 2004, writing about London Fashion Week in the Guardian newspaper, Charlie Porter declared: “It’s that old London fashion week conundrum all over again — wondering what’s the point, and failing to find an answer.” A month earlier, Porter said that London Fashion Week was in crisis mode.
Looking back, it’s easy to understand Porter’s lack of optimism. That February, London hosted 40 shows in a 5-day schedule. This was a decline from 50 shows in September of 2003. Style.com only reviewed 13 of the on-schedule shows in London, or about 33 percent. As a proxy for quality, this ratio did not bode well for London’s position amongst the major fashion capitals. Major editors were in short supply and international buyers were few and far between at the lacklustre event.
What a difference five years makes. It felt like three times as much activity was packed in to the same five day period during this London Fashion Week. With more than 75 on-schedule shows and presentations at Somerset House and other locations, more than 50 off-schedule designers showing at Fashion Scout and On|Off, plus a full day of menswear and even more events each evening, this was a jam-packed London Fashion Week to remember.
But more than sheer quantum of activity, the quality of collections also saw a marked improvement from that gloomy February five years ago. This season’s London collections were remarkably polished, confident and forward looking. London is increasingly the city to which all other fashion capitals look for fashion direction.
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I would also add that the next decade will see a revolution in the way fashion product is promoted, sold and, most importantly, bought. Sure, in the old world, London, lacking an LVMH or a PPR, has been somewhat peripheral to the major international brands and buyers but in 10 years time how many of those businesses will still exist (at least in any recognisable form). London is increasingly where future business opportunity lies and brand investors would do well to cotton on. In the old world buyers and press necessarily followed the branding dollar/euro to it's fashion capital source so creating the status quo today but the digital, democratised fashion landscape will be a different terrain altogether. Some of the old guard, many perhaps, will fail to navigate the new world and will perish. The driver of change will be digital brand promotion. Having an established brand may, or may not, be a competitive advantage. For many 'old' brands positively not. Return on investment on web based campaigns will vary wildly with the gap between hit or miss widening exponentially as net networks map down and solidify. A brave new world indeed and one in which where you are physically will matter less and less but a world in which if you don't get it, you just don't get it.
