This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Let's shift gears no pun intended there. Fashion industry. It's massive, covers so many different segments from luxury to second hand, at leisure, subscription services, so much more. Tim I came across one estimate global fashion pegged at a five point one trillion dollar market. It's got to leverage also to move the needle on so many things, whether it's climate change or
diversity inclusion. Yeah, that's what we want to talk about with Dr Joyce Brown, president of f i T also known as the Fashion Institute of Technology. She joins us on the phone from New York City. Dr Brown, how are you? I'm fine, Thank you. How are you? We're doing well. There's a lot we want to get to. Carol mentioned the fact that the fashion can move the needle, and we want to discuss the f i t S
creation of the Social Justice Center. It's a higher education initiative that's established help increase opportunity and accelerate social equity transformation UM for the bipop communities within fashion and creative industries. UM. Let's start by just identifying the problem here, what was give us some numbers about how big of an issue this has been. Well, it's a it's a tremendous issue. When you think about the representation UH and diversification of
leadership ranks in in the creative industries. You know, it's it's their lifestyle industries. It's more than just fashion. It really does affect you know, every aspect from advertising, marketing, you know, product development fashion. So when you take a look at the composite UM and you really try and and and estimate what the representation is and how that
impacts UH productivity and product development. UM, there's a there's a long road ahead that really UH where a lot of improvements can be put into place, and we think that Social Justice Center will help us do that. Dr Brown help me out here. I think there is a perception or belief, you know, whether it's Silicon Valley where a lot of innovation disruption happens, or whether it's anything to do with the arts. Fashion included right, that it would be more inclusive and diverse from the get go,
and yet it hasn't been. How come Well, you know, look, fashion, like everything else is a business. UH. You know and and I always say, creativity and talent is equally distributed in society, but opportunity isn't. So how does you know, how do you get to be the one that is recognized? How do you get to be a brand? You know that really does require and the infusion of of of money,
of trust, of networking of contacts. So you know, I think everyone is struggling for the same kind of recognition and it's not every door is open and every opportunity is available. So you know, there are many many talented people who are you know, creatives, uh and and makers of fashion and other elements of design, and they don't get the recognition. Well, what about when it comes to the big companies that recruit from F I T and how you've been able to really get them to support
the Social Justice Center? Companies like product s Acts, Ralph Lauren targeted more. Um, what are you hearing from them about what they want to see in terms of the next generation of leaders. You know, I've really been encouraged by the enthusiasm and goodwill that these companies have demonstrated. They've they've put their their money in, they've said they've appointed people within their companies to be leaders in this area, and we're most appreciative of that. But you know, at
the end of the day, it's really good business. Um. You know, you when you look at what the impact is UM in terms of the buying power and the economic impact of people of color UH in in these creative industries. I think it was estimated in in twenty that the black community had an impact of one point
six trillion dollars. So, you know, if we're honest and we look around at what's happening to the demographics in our society, it would be quite foolish not to pay attention to a growing and diversified market UM and So
I think it's twofold. I mean, I think it's a partnership that benefits all that are engaging in it and UM and I think that's what we're seeing with the companies, And we're very grateful and appreciate tive and think they're going to make a tremendous difference by supporting scholarships, being open to the whole notion of internships for talented young people, for mentoring for the employees that they currently have in
their practices. UM And you know, I I think there's a win in it at some element for for everyone that's engaged in it. Dr Brown, We have had guests on here that talk about the fashion industry and the impacts certainly on the climate and the environment. UH. You've probably seen the book about what it takes to make a pair of genes and the amount of water that's used. What's what are the conversations that the fashion industry are having when it comes to not only setting goals but
really making sure that they attain them. There's a tremendous commitment. You know. Over time there's been a lot of conversation about sustainability and about the excesses UH and the of the of the fashion industry and the impact on the planet UM. And at one time it was looked at as if it was a business expense UM and it
certainly does increase the cost of doing business. But at this point, the consumers have raised the consciousness so considerably about the importance of UH the practices of companies that it is really now just part of the cost of doing business UM. And there's lots of progress being made where companies are investing in waterless kinds of UM of
practices where here at the college do. We have students who are very involved in what they call biodesign, and they are making textiles out of natural ingredients like pineapple and cambusha and my celium and various things that they do in the laboratories that that have strength and resilience, and the companies are are adopting in in their production. So it's very real and it's very important, and you know, when you deal with an educated consumer, you really do
have to respond. I think it's very similar to what's happening with the requirement of a diversified leadership UH and and employee ranks. People are knowing what they want to see and and and how they want to judge the companies where they invest their funds. Hey, Dr Brown, what whenever we talked to an educator, I mean whenever talked to anyone, I should say, we asked about what things were like during the pandemic, what they've been like during
the pandemic. But I wonder specifically for you and particularly for you the Fashion Institute of Technology, right, this is an industry that requires lots of hands on, hands on and in person experiences. How have you dealt with the pandemic and where are you right now in terms of education or students? There are they? Are they getting to be around each other? Well, it's interesting you ask, because yesterday was the first day of our spring semester, and
yes we are opening in We opened in person. We actually delayed the opening until yesterday. We had come back for the fall semester UM and of course had to go back to remote right at the end when a macron was really surging in the city. But what I would say is that we where nothing is not resilient um and students, particularly so the faculty. We made big investments in technology that allowed faculty to go remote. You know.
It's uh. We have done strategic planning looking at what the future, what the response of education should be to future changes, and we thought we had anticipated what would happen in another ten years, and it all happened in March of and we were there from the deep end of the pool trying to figure out how we were going to stay float and and educate the students who had come to us for that, and we did. We did pretty well. I think it was difficult for our
art and design students. The business students did a little better, but the art and design. Students need that tactile uh in person, you know, draping and touching, and of course learning the software and the new advances of technology that really do so infiltrate and infuse fashion today. But all in all, we did not lose that. You know, many students we have, you know, their colleges all over this country that are you know, bemoaning the loss of of
their student body. We did not lose that much. The students are very there's amused sitting on their shoulder and they and they need to answer it. And they've come back and they're are anxious to be together in the studios with their faculty, and you know, I'm I'm quite hopeful that we will have a good spring semester and you know they will be able to deliver on um
the promise that's their talent creates. Although you know, it's also interesting when you look at their artwork, you know, the pandemic is very much reflected in what that experience was like bad I bet it's coming out right and their their innovations and designs. Um, We're gonna leave it there. Dr Joyce Brown, thank you so much, really appreciate it. President of f I T on the phone in New York City,
