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Even models are hit by the recession
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Description
The modelling industry has finally been hit by the current economic crisis with reports in that many models are struggling for work as shops and retailers cut advertising budgets. It has been announced that Swiss firm Richemont are bracing for a financial downturn after they saw no recovery in third-quarter sales.The magazine industry has been hit as well with Conde Nast (owners of Vogue) reporting a major advertising drop for sales, and the New York Times reporting that sales will drop even more. This of course will have a knock on effect on modelling with more models unable to find work in advertising. Apparently both the Paris and Milan January fashion shows have hired far less models than in previous years, and some model management agencies are now having to cut the amount they pay models by as much as half.
Karen Diamond, director at Models 1 commented "Clients will go with established models rather than giving new faces a break, and it'll be tough for new girls." | |||||