"Exhibitors, experts and media held discussions about upcoming trends and dynamics of global fashion industry at the ongoing Hong Kong Fashion Week. They exchanged views from different markets. In his opening remarks Byron Lee, Senior Exhibition Manager said, “Despite clouds on the global textile horizon, this fair and Hong Kong in particular is standing tall.” According to research, in first six months of the year, Hong Kong has grown modestly by approx. 5 per cent, exporters’ confidence index also, for the first time in last couple of years, is pegged above 50 per cent."

Exhibitors, experts and media held discussions about upcoming trends and dynamics of global fashion industry at the ongoing Hong Kong Fashion Week. They exchanged views from different markets. In his opening remarks Byron Lee, Senior Exhibition Manager said, “Despite clouds on the global textile horizon, this fair and Hong Kong in particular is standing tall.” According to research, in first six months of the year, Hong Kong has grown modestly by approx. 5 per cent, exporters’ confidence index also, for the first time in last couple of years, is pegged above 50 per cent.

Other speakers included Lawrence Leung, Chairman, HKTDC Garment Advisory Committee and Kaylie Kan, Vice Chairman, Hong Kong Apparel Society. Sharing their insights about the fair, Lawrence mentioned in this edition quite a few new forums/features have been added, viz., ‘The Urban Clothing’ & ‘Fashionable Sportswear’. Besides new countries like Saudi Arabia, Vietnam, Canada & Nepal, overall 20 countries are presenting their know-how.

Stabilising global economy

Talking exclusively to FashionatingWorld, Lawrence said the global economy is on a recovery mode on the back of US economy stabilising. “Moreover, the EU is likely to revisit the figure of how long quantitative easing is required. But no one alone can pull the global economy out of woods in this ever connected and collaborative economy; especially when purchasing power of an individual globally is under pressure and clearly there is under trading in quite a few categories in the ever changing and evolving consumer behaviour matrix.”

Lawrence pointed out there is a clear rebalancing of power and sourcing hubs. “Notably, manufacturing is shifting base to newer production hubs. Case in point is China, which had a great economic vision of investing heavily into infrastructure, isn’t cheap any more. More and more Chinese companies are taking offshore manufacturing route by exploiting the cost arbitrage of low cost production centres such as Cambodia, Vietnam, Bangladesh, Myanmar and other competitive Southeast Asian countries. Chinese state policy/ vision is very clear and increasingly textile & clothing sector is consciously moving to hi-tech, advanced technology and value addition where it is profitably sustainable.”

Hong Kong gaining stronghold

Experts felt with inherent advantages, Hong Kong will continue to sustain its position as a apparel sourcing hub in the future. These advantages include: low cost of financing/ funding; supportive banking system and highly competitive and advance fintech/financial service sector; use of global language both in communication and deep understanding of the global buyers’ needs especially the US buyers from where it generates bulk of business; global laws are followed, which are easy to interpret and execute. It has been able to provide unmatched designing and innovative inputs at a time when fashion cycles are shortening and the buyer is desperately looking to develop some cutting-edge solutions and services to outperform competition. Superior logistics support and easy access of Hong Kong makes it a gateway to the East and West.