In 1926, economist George Taylor discovered a distinct correlation between the length of hemlines and stock prices, which became known as the Hemline Index. But could the fashion industry also forecast the next Fifth Avenue?
ew York’s 5th Avenue has topped the charts as the most expensive shopping district in the world, until now. After New York’s eleven year reign at the top, Hong Kong’s Causeway Bay has finally triumphed over 5th Avenue in Cushman & Wakefields annual report in the world’s most expensive retail locations. Experiencing a 34.9% hike in the past year, Causeway Bay rental values reached a market high of US$ 2,630 (£1,650) per square foot as opposed to 5th Avenue at $2,500 (£1,568) per square foot.[quote align=”center” color=”#b64736″]Did the fashion industry forecast Asia’s property advancement?[/quote]
Hong Kong’s Causeway Bay is just one of the few Asian properties on Cushman & Wakefield’s report that has shown signs of an burgeoning market. Fueled by an expanding middle class, surge in property leasing, and demand for international brands, Asian districts take up half of the ten slots in the report. Taking up spaces four and five on the list are Hong Kong’s Central and Tsim Sha Tsui Districts, then coming in at the number nine and ten spot are Tokyo’s Ginza and Omotesando Districts. Asia seems to have taken over not just the most expensive retail properties this year, but have also had a dominant influence on this year’s runways. Which begs the inevitable question; did the fashion industry forecast Asia’s property advancement?
It was almost a decade ago when fashion designers really began to turn towards Asian markets, when Hong Kong’s Causeway Bay was just at number three on Cushaman & Wakefield’s report. Initiated by Marc Jacobs for Louis Vuitton in 2003, the collaboration with Japanese artist Takashi Murakami created one of the most sought after handbags in fashion, the LV monogrammed Murakami. This collaboration excited and propelled designers towards Asiabetween 2003 to 2005, and by that time Causeway Bay had secured it’s position at number two.[quote align=”center” color=”#b64736″]The emperor of fashion, Karl Lagerfeld, hosted Fedi’s Fall/Winter Collection on the Great Wall of China in Beijing, China[/quote]
For next few years, designers had quiet, sporadic affairs with Asian designs until 2007, when the emperor of fashion, Karl Lagerfeld, hosted Fedi’s Fall/Winter Collection on the Great Wall of China in Beijing, China. With Diane Von Furstenburg’s declaration that the 2000’s would be the “Chinese century,” it became clear that Asian influenced design wasn’t just a fad. In the past five years, the world has been looking at Asia not only for superficial detail inspiration, but for designers themselves. With leading Asian designers such as Vera Wang, Jimmy Choo, Prabal Gurung, and Derek Lam dominating the fashion industry, it may have been a surprise to many that Hong Kong has become the most expensive retail location in the world, but it seems as though the fashion industry saw it coming.
By CheRima Manayan
