New York Fashion Week is in full swing, but the country most in fashion these days seems to be China. Many top U.S. designers are fanning their feathered dresses down the runway, hoping to tap the world's fastest growing luxury market.
As models strut down the catwalk in their eye-catching garb, many designers are hoping their bright lights and glitzy designs will shine far beyond this New York runway. They have their sights across the Pacific - to China.
Chinese appetites for luxury have grown along with their wealth. China is now the fastest growing fashion market in the world.
Consulting firm McKinsey & Co says by 2015, China will account for 20 percent of the global luxury market with spending expected to be around 180 billion yuan. That's 27 billion U.S. dollars - nearly triple the $10 billion spent in 2009.
European luxury designers such as Chanel, Gucci, Louis Vuitton and Christian Dior, have all created a big presence in China. Now, American designers want to catch up.
Donna Karan opened her first store in China in 2006 and now has 40 stores across the country. Michael Kors has a handful of stores in China and Diane von Furstenberg has opened nine. Von Furstenberg says it's critical for designers to include China and the rest of Asia in their business strategies.
According to Forbes, China has more billionaires than any other country on earth, except the U.S.. With so much cash to burn, Chinese buyers and Chinese media have a strong presence at New York Fashion Week.
To cater to this market, some designers realize they have to tweak their clothing lines. American designer Nicole Miller says she hopes her clothes, which generally run in smaller sizes, will attract more petite Chinese women.
"I've always been very big with small sizes. And I know China has a huge range. But I've always had that kind of 'zero', 'two', 'four' clientele and I think that's because I make a lot of those sizes that would be very good for a lot of those consumers," Miller said.
"Getting China right is a high-stakes game for many luxury companies. The Chinese fashionistas are not only well-informed, they're also looking to stand out.
