Germany's frustrating fashion market

For The Business of Fashion, Kate Abnett explores this seemingly perplexing question: 'Why Isn’t Germany a Bigger Fashion Player?'

Hamburg is one of the major markets for commercial models, and the clients that tend to shoot in South Africa and Miami from December-April. But none of the country's major cities holds a strong appeal for editorial models, and there are several factors at play.

Read The Business Model's Guide to Hamburg

 Daniela Pestova in German company S. Oliver's Spring/Summer 2015 Campaign shot by Marco Trunz |  Models.com

Daniela Pestova in German company S. Oliver's Spring/Summer 2015 Campaign shot by Marco Trunz | Models.com

Abnett explains that while German fashion companies are some of the highest-earning globally, domestic consumers are prudent and conservative when it comes to fashion.

“It is a wealthy country but quite conservative when it comes to fashion,” said Adriano Sack, style editor at German Sunday newspaper Welt am Sonntag. “That might be due to its Prussian work and life ethic and a general hesitation to show off. More subtle and less ‘fashion’ labels are doing well, but Germans spend their money rather on cars than on couture.”

Read the full article here.

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Growth Continues in Eurozone

 The Eurozone | Washington Post 

The Eurozone | Washington Post 

According to Fortune magazine, recovery in the euro zone weakened slightly in May but remains on course for having its best quarter in three years.

Research firm Markit said its Purchasing Managers' Index for the euro zone fell marginally to 53.9 in May from a three-year high of 54.0, indicating that the region is growing at an annualized pace of between 1.5%-2.0%, according to analysts at Bank of America Merrill Lynch. A number above 50 denotes expansion.

The euro zone exited recession last year, but the recovery has struggled to build any momentum, with unemployment still near record highs in some countries, and banks still more concerned with strengthening their balance sheets rather than extending new loans to businesses and consumers.

Read the full article here 

Europe's economy expected to grow 1.6 percent this year

According to an announcement by the European Commission on Monday, Europe's economy is expected to grow 1.6 percent this year. 

via The New York Times

 Siim Kallas, vice president of the European Commission, during a press conference in Brussels. | Francois Lenoir/Reuters

Siim Kallas, vice president of the European Commission, during a press conference in Brussels. | Francois Lenoir/Reuters

The European Commission said on Monday that growth across the European Union would gain significant momentum this year and continue through 2015, but it also warned of numerous threats that could still derail a slow, gradual recovery.

The commission, the bloc’s executive arm, also stressed the need for more robust domestic consumption partly because of an expected weakening of demand for European exports.

“The recovery has now taken hold,” said Siim Kallas, an Estonian politician who is a vice president of the commission. But it is “important to embrace structural reforms early on and to stay the course, whatever challenges may be faced along the way,” he said.

Mr. Kallas [...] identified multiple hazards that could still affect the economy, including tensions with Russia, a prolonged period of low inflation, and an unwillingness by member governments to continue reforms.

Concern about the vulnerability of the euro area was highlighted by a small trimming of the growth forecast for next year to 1.7 percent from the 1.8 percent forecast issued in February.

But overall there was some reason for optimism, Mr. Kallas said. “Deficits have declined, investment is rebounding and, importantly, the employment situation has started improving,” he said.