Lady LUX

The French government has announced a way to help salvage the financial impact on the fashion industry, which entails swaying financial institutions to shift their focus to fashion-only loans.

With greats such as Christian Lacroix and Cacharel failing, it seems that the French government is looking to reduce the casualties and find a way to avoid other fashion designers and artisans to incur the same fate! The plan involves government secured loans to entice different banking institutes to loan the money to qualified fashion-focused businesses!

As we know, fashion is a way of life for France and has become a part of its cultural heritage. This alone has encouraged the additional focus on helping to restore the once striving industry.

“I want Paris to remain the world's capital of fashion,” Estrosi told journalists. “Today, we need people to share the risks.” Estrosi's aide, Sylvain Roques, said the government hoped to flesh out details of the new bank by the end of March.

Most of the focus will be on the keeping the high-profile LUX-ury brands in good standing as well as keeping tabs on other fashion capitals around the world to stay competitive and to find ways to thrive during this current economic state.

It’s definitely nice to see that the government is stepping in to take measures to help preserve the lifestyle and fashion-focus of the economy.

What do you think about government support programs focused on fashion-only businesses? Do you believe this is the next logical step?

Tagged in: designers, artists, france, fashion heritage, french fashion industry, government insured bank loans,