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CFDA/Vogue A Common Thread needs to raise more money

By Kristopher Fraser

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Fashion

CFDA/Vogue's A Common Thread initiative is a noble effort to help independent designers stay afloat as they lose business and orders because of coronavirus, however, the amount that they have raised so far is not enough. The joint companies have been able to raise 4.1 million dollars, but A Common Thread has received more than 800 applications. The funds raised are specifically reserved for companies with revenues under 10 million dollars and less than 30 employees.

“We don’t pretend this is a bailout,” said Vogue editor-in-chief Anna Wintour to The New York Times. “We see this as a grant that will bridge a very difficult time, something to keep the lights on. The goal is to give a little bit of money to as many as possible.”

The CFDA has made it clear that no grant will be more than 100,000 dollars, but that could be used for essential things like paying factory workers who produce their collections and paying sample and fabric suppliers. The companies who applied for relief range from designers to small public relations companies. According to the CFDA, approximately 71 percent of the applicants were brand or designer names, 13 percent independent retailers, 7 percent small factories, and 8 percent associated companies like production and PR companies that help support the industry.

The committee who will be approving grants includes 3.1 Phillip Lim CEO Wen Zhou, KCD partner Rachna Shah, and Farfetch America's president Jeffrey Fowler. The money is expected to be disbursed between mid and late May.

The donations so far have been made up of major contributions, including 1 million dollars from Ralph Lauren, to smaller contributions of 5 to 10 dollars by multiple small donors. CFDA president Steve Kolb says that they expect to help ten percent of applicants who have applied, and those who don't receive funds during the first round will still be considered for the second round. Due to privacy, the list of companies who have applied has not been disclosed.

CFDA
Vogue