Nashville Fashion Alliance Releases Economic Impact Survey
Area Fashion Businesses Projected to Contribute $9.5 Billion & 25,000 Jobs by 2025
NASHVILLE, TN, Jan. 25, 2017 -- The Nashville Fashion Alliance (NFA) released an economic impact study today, outlining the current scale and projected growth of the fashion industry in the Nashville area. According to the report, Nashville is poised to become a key player in the national fashion industry.
The analysis shows the projected economic impact of NFA constituents could reach $9.5 billion and 25,000 jobs by 2025. Fashion businesses currently contribute $5.9 billion and 16,200 jobs to the area economy (direct and induced impact).
Long-known for its strong music and healthcare industries, Nashville now boasts the largest, per capita concentration of fashion companies outside of Los Angeles and New York City (Bureau of Labor Statistics). High quality products and innovative business models have recently produced unprecedented growth in this category, with the number of fashion brands in Nashville doubling over the last five years.
NFA CEO Van Tucker says the report confirms the potential that exists in the Nashville area to support a growing fashion ecosystem. “From designer-led startups to emerging brands demonstrating traction and readiness to scale, the NFA is dedicated to creating the support network for fashion companies to grow, thrive, and become solid employers,” she says. “We believe our region belongs on the fashion map, and we are here to help make it happen.”
The new report was produced by the NFA in partnership with Gherzi Textil Organisation, a Zurich-based international leader for strategic development and expansion of companies in the textile, apparel and fashion industries. Underwriting for the report was generously provided by Bayer e3 Sustainable Cotton and Tennessee Valley Authority. Highlights of the study were shared at a press event attended by members of local government, civic and community leaders, and NFA members.
“Nashville enjoys a number of the key success factors needed to become a regional fashion player,” says Karim Shafei, International Partner at Gherzi. “The sector has experienced phenomenal growth over the past five years and has the potential to double in the coming eight to ten years to reach over nine billion dollars in total economic impact.”
Gherzi began by conducting a survey of the NFA’s members in order to measure the current economic footprint of the industry represented by the NFA members in Nashville. This established a baseline that can be used in the future to gauge the impact of the NFA intervention on the industry. From there, Gherzi widened its analysis, examining first the economic ecosystem and impact of the fashion and retail industries in Nashville and Middle Tennessee; they then widened their scope to look at the state of Tennessee as a whole. Finally, Gherzi analyzed the national and global industry to examine trends shaping the fashion industry, as well as the lessons learned from initiatives similar to the NFA.
The NFA is comprised of over 368 members, including approximately 132 fashion brands. Established in 2013, the NFA’s mission is to build the regional fashion industry by amplifying early-stage fashion businesses with an ecosystem of support and resources. The group is governed by a Board of Directors comprised of Nashville fashion industry players from the worlds of business and art, who collaborate on the best ways to move the region forward in the global fashion space.
With resources, infrastructure, and public-private partnerships, the NFA is helping to generate exponential growth in its region to build the fashion industry as a major economic driver. The organization is committed to supporting this growth with plans to develop a resource center in the Nashville area that delivers a seamless package of initiatives for young fashion businesses, including a comprehensive accelerator program.
ABOUT THE NFA
The Nashville Fashion Alliance is a trade organization with a mission to build the regional fashion industry by amplifying early stage fashion companies with an ecosystem of support and resources. More information is available at www.nashvillefashionalliance.com.
Established in 1929 in Zurich, Gherzi Textil Organisation is as Swiss based international consulting firm specializing in the textile, garment and fashion industries from fibers to the retail market. Gherzi provides advice to private companies, governments and organizations on various aspects of the sector including management & strategy consulting, engineering and investment banking services. Gherzi is present in over 30 countries through its own offices and representatives and has successfully implemented over 8,000 projects worldwide. More information is available at www.gherzi.com.
Nashville Fashion Alliance Contact
Gherzi International Contact