"Embracing the Struggle": The Financial Reality of Solo Fashion Designers
Turkish-born designer Dilara Findikoglu, who graduated from Central Saint Martins in 2015, is one of the most anticipated names on the five-day calendar spanning from September 15 to 19. A favorite among high-profile clients, her label boasts names like Rihanna, Lady Gaga, Madonna, and Bella Hadid. Recently, she was responsible for the standout looks of the summer, such as Margot Robbie’s ruby-red silk minidress on the Barbie VIP Red Carpet and Hari Nef's hand-tailored dagger dress at the film premiere. Even Kylie Jenner is a known fan, opting for a spring/summer 2023 look from Findikoglu during Paris Fashion Week, donning custom-made outfits for her 399 million Instagram followers.
The 'Fashion Debt' Challenge
At first glance, it appears that Findikoglu has made it big. Yet, one obstacle remained: money. In an interview with CNN on the first day of London Fashion Week, Findikoglu expressed her concerns about not having the budget to host the event at her East London studio. "I don't have the budget to make this happen," she admitted before adding, "The venue is almost booked out." The thought of not being able to cover her expenses weighed heavily on her. "I wouldn't be able to afford it," she asserted.
Findikoglu was still paying off the money for the fall/winter 2023 fashion show in February. If the spring/summer 2024 show was to go ahead as planned, she estimated that she would spend between 110,000 and 120,000 pounds (136,000 to 148,000 US dollars). She shared that many designers struggle with this challenge, citing herself and her friends as examples. They presented collections, incurred debt, and then took years to work off that debt before the next show.
The Dilemma for Emerging Designers
This Fashion Week saw many established, up-and-coming designers step back from the mainline calendar, including the 26-year-old Steven Stokey-Daley, who designs under the name S.S. Daley, and the 30-year-old Nensi Dojaka, who is expected to graduate in 2022 and won the prestigious LVMH Prize in 2021. Michael Halpern, the 31-year-old American designer who has claimed two British Fashion Awards, announced that his label would not participate in the London Fashion Week this year. Although Halpern clarified that this decision was not permanent, it was a statement of the financial challenges faced within the fashion industry.
Facing these financial struggles, Findikoglu was not immune to questioning her decision to leave her label. “I couldn’t work for a week,” she admitted. She spent days paralyzed with fear and insecurity, worried about how her peers and the industry would perceive her if she didn't push forward and speak up about her own, the brand's, and all that she stood for. “But I represent a fearless woman,” she asserted. “If I didn’t speak up, I wouldn’t be loyal to myself, to my brand, and to everything I believe in.”
The Challenges of Independence vs. Conglomerate Ownership
Today, the reality of leading an independent high-end fashion label is grim, with fierce competition among self-financed designers. Conglomerates like LVMH and Kering dominate the luxury fashion market, making up substantial shares. As per the Savigny Luxury Index, a marker for general market indices published by Savigny Partners' wealth management group, LVMH accounts for 45.4% of the market, with brands like Loewe, Louis Vuitton, Dior, Celine, Fendi, Givenchy, and Marc Jacobs all falling under its umbrella. Meanwhile, Gucci, Balenciaga, Bottega Veneta, Alexander McQueen, and Saint Laurent all count Kering as their parent company.
Ownership of multiple brands by Kering and LVMH comes with several benefits for smaller labels, including significant influence from well-known names, better retail layout negotiations, and exclusive vendor networks. However, a major disadvantage is the crushing financial burden that these parent companies' large revenue streams and cash flow impose on smaller independent brands like Findikoglu's.
In response to these challenges, some designers choose to sell their brands. Findikoglu faced this dilemma, having contemplated the benefits of having a business partner, investor, or external support to help her reach the next level. Yet, she acknowledged that her label was something she had built and cherished, adhering to the belief that working with a large corporation would require a certain degree of compromise.
A Path to Sustainability
Findikoglu has been self-financed since her debut in 2016. She highlighted the lack of government investment in her brand as a persistent challenge, having grappled with the subjectivity of international investors as a non-British designer since her career's early stages. On September 13, with two days left till the beginning of London Fashion Week, the British government announced plans to invest 2 million pounds (2.5 million US dollars) in NEWGEN, a BFC program that supports new designers under three years. While welcoming this move, Findikoglu contended that her label needed more extensive support. She noted that NEWGEN had earned its share but lamented that she had been striving to run her brand for seven years.
Findikoglu maintains that her ultimate goal is to expose her world to audiences. Although she is considering more affordable offerings, she clarified that she couldn’t find anything from her line that she would feel comfortable wearing strolling into her studio. She intends to explore collaborations with various brands to create a lifestyle offering, envisioning herself as a multi-disciplinary designer - dreaming of life in her own Dilara-branded bedsheets, linen, and cosmetics. Although many may cringe at the idea of conglomerate ownership, Findikoglu expressed her desire to work with a business partner or investor, stating that while her label was something she built, it required a significant boost to reach the next stage.
