Most people agree that it’s a tough market right now. After nearly a year of coping with a severe overstock situation, brands are understandably gun shy about pulling the trigger on new orders.
Everyone is looking for something new, something that will get consumers excited – but at the same time, things that can be ‘repurposed’ in a worst case scenario where sales are below forecasts. One exhibitor summed it up saying “We are facing a hostile retail environment.”
Still, there was an atmosphere of optimism as mills and print studios presented their Fall ‘24/25 collections at Premiere Vision New York (July 18-19, 2023). Overall, the fair had a relaxed and friendly vibe creating the perfect environment for buyers and suppliers to discuss opportunities for the coming season.
“Our sales are still good because we get repeat business on the back of our prints having good sell through at retail,” said Michael Allison, Owner at Sprout Design NYC. He noted that in general, the industry was facing a situation where there was “less urgency” and more “on demand buying”.
At Robert Vernet the word was that business right now (and for Fall ‘24/25) is about the same as last year. “Not great, but not disastrous. I’d say it’s stable.”
Most exhibitors all reported making new contacts, a signal that brands continue to have the will to look for new developments – even if they are cautious about buying.
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“The show has been very good and the meetings went really well. Buyers are looking for inspiration,” said Eragh Mihalakis, representing her eponymous design studio. She added that there was a lot more hesitation before buyers placed orders, with brands being a lot more ‘thoughtful’ now.
“We’ve been quite busy. I would certainly say it’s been a good show and we’ve made many new contacts here,” said Jenny Geilke, Co-Founder at Bureaux Bo.
It’s About the Product
Taking a more granular look at the market, it appears that larger brands are being more cautious, while smaller brands are making faster and bolder decisions. While no one is immune to general market conditions, the brands that have focused on product rather than price are continually showing up as strong performers. They know their customer and as long as they give that customer what they want, sales remain reasonably stable.
“The fashion industry is a bit slow right now. There’s more activity from the smaller brands. For the larger brands the process is slower and involves more steps and needs more approvals,” said Luciana Garcia at Augustina Correa.
Like other exhibitors, she noted that she had made “some good contacts” at PV New York, but added that it will “take some time to develop them.”
“There’s been a lot of people at the fair, but much more ‘looking than buying’ this season,” said Jorge Bellester at Bold Design. Nonetheless, he was getting a good reaction from buyers.
Though they face a quiet market, mills and print studios seemed confident that business would improve.
Looking Ahead
Despite facing a slow market, people were optimistic that ‘this too would pass’. Unlike in past seasons when a downturn in the market cast a black cloud over the industry, this time it truly is different.
Most suppliers are staying calm and carrying on. There’s a certainty that the present uncertainty will pass and that the market will right itself again.
“We’ve seen times like this before and we’ve always gotten through it,” said Mr. Allison. Other vendors seem to agree.
While no one has put a date on when the market will rebound, there’s a consensus that while Autumn/Winter 24/25 is likely to be disappointing, Spring ‘25 will show that much hoped for improvement.
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