Mercedes-Benz Fashion Week brings $865 million in economic impact

Models, fashion editors and high heels flood New York City during Mercedes-Benz Fashion Week, which kicks off today -- and so does a lot of money.

The semiannual event draws in nearly $865 million a year, according to the Economic Development Corporation. About 500 fashion shows take place around the city during the two weeks, which occur in February and September and are headquartered at Lincoln Center.

During Fashion Week, in Lincoln Square alone there's an increase of $40 million in economic impact, according to a study by Fordham University about Fashion Week's influence in the city.

"New York City is the fashion capital of the world, and nothing demonstrates this more than Mercedes-Benz Fashion Week," Seth W. Pinsky, president of the New York City Economic Development Corporation, said in a statement. "Each year Fashion Week provides a major boost to the city's economy -- especially in the Lincoln Square neighborhood ... [We] can expect tens of millions of dollars in increased economic activity as a result."

Mercedes-Benz Fashion Week is a semiannual event, hosting nearly 200 designers who present their styles for fall on the runway. Fashion buyers, bloggers, magazine editors, and celebrities attend the shows inside the tents at Lincoln Center and at other select venues around the city. The event previously was held in Bryant Park before moving to the Upper West Side in 2010.

During the shows, more than $6 million is funneled into hotels, nearly $7 million is spent in retail stores, $9 million in restaurants and $12 million on venue rental and use, and IMG and other MBFW sponsors spend an additional several million dollars.

About 232,000 people attend the shows each year, according to the EDC, and those attendees are eating, sleeping and shopping in the city.

"Not only does the event bring excitement, commerce and style to our community, but IMG and Lincoln Center continue to contribute by engaging and responding to the needs of the neighborhood," Mel Wymore, chairman of Community Board 7, said in a statement. "Fashion Week represents the kind of business, community partnership that keeps our city humming. Everyone joins in and everyone benefits."

Albania Rosario, executive director of Uptown Fashion Week -- an alternative to the mainstream festivities -- wants to help the Washington Heights area piggyback off Lincoln Square's success by hosting 12 designers from New York, Peru and the Dominican Republic the Triangle Building. The Uptown Fashion Week events are open to the public.

"The idea is to making the Washington Heights neighborhood a second destination for people," Rosario said. "And in the long term it will help the restaurants and local businesses, just like it did in Lincoln Square and downtown."