Debt-Free Design: Is the Fashion Industry a Worthwhile Investment?

This story is a contribution to CNN Styles' ongoing project, "The September Issues," which serves as a platform for discussing the influence of fashion on individuals and the environment.

The journey of a budding designer is anything but predictable. However, in recent weeks, Dilara Findikoglu experienced a whirlwind of events. She dressed Cardi B for the MTV Video Music Awards, had Olivia Rodrigo don her clothing for Rolling Stone Magazine, received a nomination for best emerging talent at the 2023 British Fashion Awards, and officially withdrew from London Fashion Week just days before her scheduled slot.

Turkey-born Findikoglu, who graduated from Central Saint Martins in 2015, was highly anticipated on the five-day schedule, which took place from September 15 to 19.

Her illustrious clientele includes A-list talent that many brands can only dream of, ranging from Rihanna and Lady Gaga to Madonna and Bella Hadid. She is also credited with creating some of the most iconic celebrity looks of the summer. For example, she designed the striking ruby red silk mini dress worn by Margot Robbie at the "Barbie" VIP red carpet event in London, as well as the hand-sculpted knife dress worn by Hari Nef at the film's premiere. Additionally, Kylie Jenner is a well-known fan of her work, having chosen a Spring-Summer 2023 ensemble to wear during Paris Fashion Week last September and frequently posing in custom pieces for her massive following of 399 million on Instagram.

Cardi B wore Findikoglu's hairpin dress to the 2023 MTV VMAs.

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On the surface, it appears that Findikoglu has achieved success. She possesses all the necessary elements to propel the 33-year-old artist from a rising talent to a well-established name in London. However, there is a crucial component that remains absent: financial stability.

"I couldn't afford to do the show, plain and simple," Findikoglu told CNN during an interview outside her studio in east London on the first day of London fashion week. "I was just about to book the venue when I realized I couldn't keep financing it myself. I don't want to put myself through that again."

Findikoglu explains that she is still paying off the expenses from her brand's Winter 2023 catwalk show, which took place in February of this year. If the planned Spring-Summer 2024 show had proceeded, it could have cost her anywhere between £110,000 and £120,000 ($136,000-$148,000). "I speak to my designer friends, and we all face the same situation. We go into considerable debt for one show and then continue paying it off until the next one."

Margot Robbie's corseted mini dress worn to the "Barbie" London red carpet was also the work of Findikoglu.

Stuart C. Wilson/Getty Images

A group of young, celebrated talents in the fashion industry have chosen to withdraw from the official schedule this season. Among them, Steven Stokey-Daley (26), known as S.S Daley, and Nensi Dojaka (30), winners of the esteemed LVMH Prize in 2022 and 2021 respectively, decided to cancel their runways before the start of the events. Additionally, Michael Halpern (31), an American designer who has received two British Fashion Awards during his career, recently announced that his label will not participate in London Fashion Week and will permanently close.

Fashions conglomerate takeover

Despite believing it was the best decision for her brand, Findikoglu did not make the choice to drop out lightly. "I was unable to work for an entire week," she expressed. During that time, she felt "paralyzed," burdened with the fear that her peers and individuals within the industry would perceive her as weak. However, as a representative of fearlessness, she acknowledged that if she didn't address the situation openly, she would be betraying her true self, her brand, and everything she stands for.

Running an independent high-end fashion label in today's market is challenging, especially for self-funded designers who face fierce competition. According to the Savigny Luxury Index, conglomerates like LVMH and Kering collectively dominate 53.6% of the luxury fashion market, with LVMH alone accounting for a staggering 45.4% share. LVMH owns brands including Loewe, Louis Vuitton, Dior, Celine, Fendi, Givenchy, and Marc Jacobs, while Kering owns Gucci, Balenciaga, Bottega Veneta, Alexander McQueen, and Saint Laurent.

The ownership of multiple brands gives these conglomerates significant influence. Smaller brands under the care of Kering or LVMH benefit from the leveraging power of renowned names like Gucci and Louis Vuitton, enabling them to negotiate better retail placements. Additionally, they gain access to an exclusive and extensive network of suppliers. However, the primary challenge for independent designers like Findikoglu is generating substantial revenue streams and managing cash flow.

Findikoglu believes more financial help should be available to all brands on the London fashion week schedule.

Since its debut in 2016, her label has been privately funded. Findikoglu reveals her ongoing struggle with a lack of governmental support, as she felt hesitant to seek out opportunities due to not being British, which greatly limited her options, particularly in the early stages.

I want people to see my world

Ahead of the commencement of London Fashion Week on September 13, the UK government made a significant announcement. It pledged a noteworthy sum of £2 million ($2.5 million) to be allocated over the next two years towards NEWGEN, a program initiated by the British Fashion Council to assist emerging designers with brands less than three years old. However, for Findikoglu, this financial support appears to fall short. "In my opinion, the money should definitely go to NEWGEN. Nevertheless, as a young designer, I have diligently managed my own brand for a span of seven years," she voiced. "It should be made accessible for all participants on the schedule."

The dilemma faced by independent designer Dilara Findikoglu is a common one: How can you expand your business without compromising your creative integrity? Despite having already achieved success with her swimwear line, Findikoglu is now considering focusing less on couture and instead concentrating on creating more wearable designs. One factor influencing this decision is her own personal experience with her office wardrobe. As she sits outside her studio in the scorching summer heat, Findikoglu is dressed in a stunning ivory satin dress with dramatic puff sleeves. But is this dress from her own collection? "No! I want to produce more ready-to-wear pieces because I struggle to find suitable attire from my own brand when I come to work. I can't exactly wear my knife dress to the studio, you know?"

A model walks the runway at the Dilara Findikoglu show in the avant garde knife dress during London Fashion Week February 2023.

Cameron Smith/BFC/Getty Images

As she puts the finishing touches on her Spring-Summer 2024 collection, set to be showcased at a Paris showroom later this month, she enthusiastically discusses confidential collaborations that she hopes will generate more commercial success. Her ultimate objective? Creating a complete lifestyle brand. "I have a passion for interior design and would love to design furniture. I want to create my own line of cushions and even have my own branded bed, where I can sleep blissfully. I want people to experience every little detail of my world, whether it's through bed sheets, mascara, or red lipstick."

While some may be resistant to the idea of conglomerate ownership, Findikoglu is not an idealist. "I've managed to bring my brand to this point on my own," she stated. "However, I genuinely need a business partner, an investor, or a major fashion house that can propel me to the next level."