Dive Brief:
- Citing a “return to normalcy” as the pandemic receded, the Council of Fashion Designers of America and CFDA Foundation collectively doubled their revenue last year to $6.5 million compared to $3.2 million in 2021, per the organization’s annual report for 2022, released earlier this month.
- CFDA pointed to one of its flagship events, New York Fashion Week, as showing strong improvement in 2022, representing a rebound from the mostly-virtual pandemic era shows of previous years.
- Revenue gains for the not-for-profit trade association in 2022 came from membership dues, philanthropy, special events, and awards sponsorships, such as a collaboration with Amazon Fashion, which became the presenting sponsor of the CFDA Fashion Awards.
Dive Insight:
Overall operating losses dropped to $1.2 million from $3.8 million in 2021, and expenses increased by about $700,000 to $7.7 million, due in part to an uptick in funds handed out by the CFDA’s Fashion Manufacturing Initiative, which offers partially matching grants to New York-based contract manufacturing facilities committed to improving their services through innovation and technology.
Steven Kolb, CFDA’s CEO, said in the report that his organization saw a renewed momentum and signs of a return to normalcy in fashion in 2022. Meanwhile, he touted its commitment to diversity, equity and inclusion.
“We had a more robust New York Fashion Week, with 22 percent of the brands led by designers of color, while welcoming international brands to New York,” Kolb said. “In addition, 80 percent of our scholarship recipients are from underrepresented communities.”
Kolb added that the CFDA expanded that program with new funding from Walmart’s Walton Family Foundation, which donated $125,000 toward the CFDA x Crystal Bridges Heartland Scholar Awards in 2022. He also noted the CFDA’s continued partnerships with the Coach Foundation and Swarovski Foundation.
NYFW, held in partnership with IMG, is set to run September 8 to 13 and will include more than 71 designers. As more designers return to in-person shows, the number of virtual presentations during the week is declining, according to a spokesman for the organization. Spring Studios in Tribeca, which has hosted the shows since 2018, will again serve as the main location for many of the official Fashion Calendar presentations. Other shows, independent events, and various associated and ancillary functions will happen across Manhattan at yet-to-be disclosed locations.
Anticipated highlights for NYFW include the runway return of Ralph Lauren after a four-year absence. Jonathan Cohen and 3.1 Phillip Lim also return to the week. Peter Do’s debut show as creative director of Helmut Lang will formally kick off the American Collections on Friday, September 8. Newly elected CFDA Chair Thom Browne, who succeeds Tom Ford, is not currently on the calendar. Browne did, however, debut at Paris Couture Week in July.
The shows and presentations will continue to be presented via Runway360, CFDA’s centralized digital hub.
