Download Dr.Michele Reis

The Caribbean Fashion and
Glamour Industry: Exploring
‘New’ Ideas for Export and
Investment-The Case of
Trinidad and Tobago
Dr. Michele Reis
September 2007
Introduction
• There has been tremendous growth in
cultural industries worldwide-music,
visual art, film and television, the
performing
arts,
media,
book
publishing, festival arts and fashion.
• Cultural industries represent an avenue
for phenomenal economic growth, job
creation, for enhancing or reviving
cultural practices
that can generate
income for entrepreneurs, as well as
stimulate cultural tourism.
Rationale for Developing
Fashion Industry in TnT
• Diversification of the non-energy sector
• Exploiting a ‘new’ industry can also
contribute to the country’s goal of achieving
developed nation status by 2020.
• International
fashion
leaders
have
consistently showered praise on T&T’s
fashion labels for its innovative style and
superb craftsmanship.
Diversification of TnT’s Non-Energy
Sector
•
•
•
•
•
•
•
Yachting
Fish and Fish Processing
Merchant Marine
Music and Entertainment
Film
Food and Beverage
Printing and Packaging
Potential of TnT Fashion Industry
• The time is right to harness and develop that
potential to create a viable, sustainable
fashion industry with global marketing
potential.
• Potential niche markets have been identified
in textiles design and crafted tailoring for men
and women;
• high-end boutique-type fashion designers;
• accessories design and
• Manufacture
particularly
handbags,
swimsuits, belts and jewellery.
Potential of TnT Fashion Industry
cont’d
• Development of Sea Island Cotton
clothing line
• Export of TnT models for international
catwalks,
magazine
layouts
and
commercials
• Export of cosmetics, particularly herbal,
organic range
Novel Areas for TnT Fashion
Industry
•
•
•
•
•
Creative fashion
Convergence fashion
‘Old Gold’ fashion
‘Virtual fashion
Creative design
Economic Benefits of Investing
in TnT’s Fashion Industry
 The fashion and glamour industry can widen
Trinidad & Tobago’s economic base, offering an
alternative form of industrial development.
 It can assist in achieving some of the long-term
goals in the Vision 2020 Plan as well as achieve
objectives for diversification of the economy in
away the non-energy sector.
 The industry can provide an alternative source
of foreign exchange revenue via the export of
fashion, textiles and cosmetics ‘Made in TnT’.
Economic Benefits of
Investing in TnT’s Fashion
Industry cont’d
 It can benefit other areas of the economy
directly and indirectly, e.g. in cultural
tourism during the annual Makin’ Style
Fashion Week in September.
 To assist with the establishment of a
fashion district in POS to market and
retail annual ‘Made in T&T’ apparel.
 To enable fashion products with the
‘made in TnT’ label to penetrate markets
throughout the region.
Economic Benefits cont’d
 To assist with the creation of linkages
between
local
and
international
stakeholders within the Fashion Industry.
 To fast forward the devpt of allied
industries and services, examples
include:
beauty culture, cosmetic
manufacture, model management and
fashion and image consulting.
 Make substantial annual contributions to
Trinidad and Tobago’s GDP.
Economic Benefits cont’d
 Industry devpt will help in the reduction of
poverty in TnT and provide entrepreneurial
opportunities for nationals in small, medium
and large-scale fashion businesses.
 Strengthen the viability of the fashion industry
in Trinidad and Tobago in a competitive and
global environment.
 Finally, it can create a demand-pull for potential
investors in TnT.
Conclusion
Trinidad and Tobago can exploit the
brand it already possesses in terms
of its design talent, harness its
natural creativity to spur job
creation,
boost
exports
and
contribute to the diversification of
the non-energy sector.