Fashion designers aim to trim impact of financial crisis
As Londoners come to terms with the impact of the recession, their New York counterparts are taking steps to diversify their own city’s economy and revive industries that languished during Wall Street’s recent boom.
Design divas such as Diane von Fürstenberg and Nanette Lepore are teaming up with workers and manufacturers in the fashion trade to rescue New York’s midtown Garment District, once the city’s biggest employer.
It is one of a series of initiatives the city has taken to try to combat job losses in the downturn and find alternatives to its dependence on the financial sector. The administration of mayor Michael Bloomberg, facing a $4bn (£2.4bn) deficit in the coming year, has also found funding for the first of a number of planned small business “incubators” that opened this year. Read more
Courtesy : www.ft.com
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