Image credits: Herny Jose
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News Article

Met Gala 2020: Fashion Stays at Home

By Alessa Flores | Wed, 05/06/2020 - 12:20

The Met Gala had its first virtual edition because of the COVID-19 crisis. The Met Gala, which is traditionally scheduled for the first Monday of May, is a fundraiser organized by the Costume Institute at the Metropolitan Museum of Art in New York City. This event was founded in 1948 by publicist Eleanor Lambert, who wanted to encourage the New York high society to donate to the development of the fashion industry, according to Glamour Magazine. In 2019, the Met Gala collected more than US$13 million according to a note from the New York Times.

The theme of this year was About Time: Fashion and Duration, which included an exhibition of 160 women's articles divided in two sections or time scales, which sought to show the evolution of fashion from 1870 to the present day, according to a note of Vogue Mexico and Latin America. It is estimated that a ticket to attend the Met Gala ranges from US$30,000 to US$50,000, while tables cost from US$275,000 to US$500,000, according to Vogue Mexico and Latin America. The cashflow does not end there. Guests have to invest in an impressive outfit, from the clothes to makeup, manicure, hair, jewelry and more that is estimated to be around US$60,000 to US$70,000, according to the same note.

The value of the US fashion industry is estimated at US$406 billion and represents 4 percent of the global industry market share, according to Fashion United. Fashion is an industry that employs millions of people in the US and globally. It is estimated that in the US, 161 million people are related to the fashion industry, according to figures from Fashion United. Meanwhile, worldwide it is estimated that 3 billion are related to the fashion industry.

Mexico is no exception. According to Jorge Carvajal, Vice President of the National Chamber of the Clothing Industry, the fashion industry in the country is considered a strategic sector that is estimated to contribute close to 2 percent of the GDP. Likewise, Carvajal explained the fashion industry spills employment and economic power to other industries in the country, such as manufacturing, which generates an indirect impact on 176 economic activities out of a total of 262, according to a note by Fashion United. In 2018 alone, the National Chamber of the Clothing Industry reported that the fashion industry in Mexico closed with a value of US$5 billion. In addition, the fashion industry employs more than 509,000 people, 60 percent being women, according to the Compilation of Sector and Regional Studies prepared by INEGI and CANAIVE.

According to INEGI figures, the clothing industry is concentrated in 10 states that represent 78.9 percent of national production. The states that stand out in the ranking are Mexico City, State of Mexico and Puebla. In addition, 95 percent of Mexico's fashion exports go to the US, which in 2017 was estimated at US$4.7 billion. Besides the US, exports go Canada, Guatemala, the Netherlands and other countries. Mexico’s imports are much more diversified. According to INEGI figures, Mexico’s main fashion imports partner is China with a 36.9 percent share, followed by the US with 12.3 percent and Bangladesh in third place with 6.3 percent. In 2018, Mexico positioned itself in 23rd place regarding exports of clothes and accessories among a total of 220 exporters in the world, according to INEGI figures.

Moreover, Mexico is a benchmark in the fashion industry for the Latin American market, according to IM Intermoda, the leading business and fashion platform in Latin America. According to data from Business of Fashion and McKinsey, projected by the specialized site Statista, Latin America’s maximum estimated growth in the fashion industry is at 5 percent and Mexico is expected to grow 4 percent.  

The data used in this article was sourced from:  
INEGI, Costume Institute at the Metropolitan Museum of Art, MET Gala, Intermoda, Vogue México and Latinamerica
Photo by:   Herny Jose
Alessa Flores Alessa Flores Senior Journalist and Industry Analyst