14 Feb We are the experts: ThePowerHouse supports German Minister on FashionTech Report
Germany’s FashionTech industry rang in 2018 with good news. Last month, The Federal Ministry for Economic Affairs and Energy commissioned a brief expertise from the Center for European Economic Research (ZEW) to shed light on the prospects of the FashionTech industry. We, at ThePowerHouse, supported the Federal Ministry for Economic Affairs and Energy as experts in the sector assisting them with research papers and contributing to the forecast report.
The German Federal Minister for Economic Affairs and Energy, Brigitte Zypries recently stated, ” FashionTech still concerns niches, especially in the field of health, but also occasionally in the field of fashion and accessories. Competitive sport is a potential future driver and other customer groups will follow suit. This is good news for the German textile and fashion industry. We are a land of engineers and creative people and we are particularly strong in the combination of quality, inventiveness and high technical standards.”
In July 2017, Brigitte Zypries met our founder Lisa Lang to discuss the potential of FashionTech in Germany and then for the first time had a closer look at the Marlene Dress, presented by ElektroCouture. The story and production of Marlene Dietrich’s dress is filmed by the film production company CO2 Berlin. The official documentary has been screened on ARTE MediaThek and you can watch the movie here on Deutsche Welle.
It was last year when Zypries reaffirmed the Ministry’s attention towards the sector. She mentioned during Berlin Fashion Week 2017 that the young creative talent in Germany has high potential as their ideas and designs are impressive. “Fashion is also an important economic factor. It is therefore important to me to show that we perceive and honour German fashion in economic policy and promote young fashion designers with regard to the export opportunities of German brands,” she said.
According to the ZEW report, based on various international market analysis, the global market volume for “smart textiles” is estimated to grow to almost 5 billion euros by 2022.. The German market would account for about 700 million euros and by 2030 have a potential market volume of approximately 4.2 billion euros.
The German cultural and creative industry has been growing continuously for years. In the fashion industry, new motifs and technologies are moving into the still-young field of FashionTech. The combination of fashion design, technology and new materials results in new fields of application and opportunities for the fashion industry. In these areas, Germany is amongst the technologically strongest countries in the world and a successful and promising player.
The ZEW short-term forecast was a part of the monitoring process for the cultural and creative industries. It can be retrieved here. (Available in German)