NASHVILLE, Tenn.--(BUSINESS WIRE)--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.
Long-known for its strong music and healthcare industries, Nashville now boasts the largest, per capita concentration of fashion companies outside of LA and NYC. High quality products and innovative business models have 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.
The NFA’s report was produced 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.
Gherzi began by conducting a survey of the NFA’s members to measure the current economic footprint of the industry and established a baseline to gauge the impact of the NFA intervention on the industry. From there, Gherzi examined the economic ecosystem and impact of the fashion and retail industries in Nashville and Middle Tennessee and then widened their scope to look at the state of Tennessee. Finally, Gherzi analyzed the national and global industry to examine trends shaping the fashion industry, as well as the lessons learned from initiatives like the NFA.
With resources, infrastructure, and public-private partnerships, the NFA is helping to generate exponential growth in the fashion industry in its region. 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.