The Fashion Scholarship Fund Supports All Aspects of the Industry’s Future
The YMA Fashion Scholarship Fund (FSF) gala on January 9, 2018, promises to be one of the most glamorous of the year—how can an event that supports the future of fashion and retail not be? But the glitter of the dinner at the Marriott Marquis is just the way the FSF funds the hard work behind its day-to-day mission: advancing the fashion industry by supporting and educating the industry leaders of the future.
The gala will honor Kenneth Wyse, President of Licensing and PR at Phillips Van Heusen and a long-time member of YMA FSF’s Board of Governors; Katia Beauchamp, co-founder and CEO of Birchbox; and former Chairman and CEO of Saks Incorporated Stephen Sadove, who will receive the Lifetime Achievement Award. But it also will host and salute the winners of FSF’s much prized annual scholarships, awarded after a lengthy application process to college students they believe will lead the fashion industry in years to come, in a variety of specialities.
“Last year we had 229 scholars to whom we gave $1.4 million. The gala is an intimate affair with 1,500 of your closest friends, basically,” quipped Doug Evans, executive director of the FSF. “It’s become one of the largest sit-down dinners in New York City.”
That dinner serves a mission that remained the same since the FSF’s founding in 1937, but has adapted to a much-altered industry. At first, it was an informal group dubbed the Young Menswear Association, looking to raise funds to educate the next generation of professionals. That has grown into an organization that raises close to $4 million from more than 240 individual and corporate sponsors that include Phillips Van Heusen, Peerless Clothing International, Levi Strauss & Co., Macy’s, Global Brands Group, Randa Accessories, Perry Ellis International, Burlington Stores, Movado, Kohl’s, and many more.
“The need for this has increased, as the industry has become more complex with technology, omnichannel retailing, and more. It is requiring students and professionals with higher skill sets,” Doug said. “Retailers and wholesalers are looking for talent at a very high level now.”
College students from one of the 60 schools on FSF’s roster can apply for the merit-based scholarship. A minimum 3.0 GPA is required, and the school must allow the student to apply. Each applicant must submit a case study on a topic chosen by FSF’s scholarship committee that discusses a current trend relative to the industry. This year, the students have been asked to address how to use technology to bring shoppers back to brick-and-mortar retail.
After the students have uploaded their case study electronically, FSF’s committee participates in a blind competition. Two judges review each application and score it, without knowing anything about the applicant. Nor does any judge know who else is reviewing the application. Each case is then scored, and the top scorers are awarded various scholarship amounts depending on their placement.
Last year, the judges reviewed 590 case studies, and FSF eventually awarded more than $1.4 million, awarding more than 200 recipients a $5,000 scholarship. The winners also receive a trip to New York to the gala and a career event held at that time to help them start their career through an internship or full-time job. In addition, each school can nominate one student to compete with a higher-level case study for one of eight annual National Merit Scholarships, which range from $10,000 to $35,000. The students can continue to apply throughout their education.
“We have multiple year winners, which is terrific,” Doug said.
What many may not realize is that this program, and all of FSF’s programs, extend beyond designing and merchandisers, and to colleges and universities beyond Parsons, FIT and the Rhode Island School of Design. Reflecting the breadth of the skills needed in the industry, FSF scholarship winners have attended 60 institutions including Harvard, UCLA, the University of Washington, Ohio State, and more. Approximately half of the applicants and scholarship winners are in design.
“This industry isn’t just about apparel anymore. Now we try to find the best and the brightest among designers, merchandisers, analytics, marketing, finance, and human resources. It’s a broad spectrum,” Doug said. “Fashion is a business that employs people at all levels. This program allows people who aren’t designers or merchandisers to be in this industry. For example, someone with a psychology degree may want to be in human resources. This is an opportunity to compete for a scholarship and find their place in the industry.”
Companies that get thousands of job applications take notice when they see Fashion Scholarship Fund on a resume, he said. As further support to scholarship recipients, the FSF facilitates summer internships with prestigious fashion companies in cities across the United States and provide career mentoring by prominent senior executives who serve on its Board of Governors. Participating companies have included Calvin Klein, Global Brands Group, Nautica, Phillips Van Heusen, Vera Wang, Michael Kors, Fishman & Tobin, Ross Stores, Ralph Lauren, Macy’s, The Men’s Wearhouse, Perry Ellis, Bloomingdale’s, Levi Strauss & Co., Kenneth Cole, and Tommy Hilfiger.
Interns located in New York can also attend FSF’s exclusive summer event series, which includes special networking opportunities, speaking engagements with fashion icons, and more than 20 “Breakfast with the Boss” events hosting senior executives. These opportunities are designed to give interns an invaluable interaction with the fashion industry and many of its most influential leaders.
And the FSF has recently established an alumni association that allows students to stay in touch with the foundation and each other. Members of the YMA FSF Alumni Association have exclusive access to job opportunities with the foundation’s partner companies. These jobs range in compensation and duties, and are located in cities across the U.S.
“We want to have a lifelong connection with our scholars,” Doug said.
Globalization also is becoming a factor. Many applicants are foreign-born students attending U.S. colleges, and a number of sponsors also are global in nature, creating an additional layer of opportunity for FSF, he said. The scholarship program has grown from 200 or so applicants just a few years ago to 590 last year, and FSF anticipaties more than 700 applications this year.
“It’s a very diverse organization compared to what it was 20 years ago,” Doug said. “Our Board of Governors is a powerful group of people, but when they come to our meetings, their focus is on benefiting young people. Yes, the end result is that the industry gets talent, but the real joy is helping young people get ahead.”
Doug Evans, Executive Director
YMA Fashion Scholarship Fund
1501 Broadway, Suite 2302
New York, NY 10036
212-278-0008
devans@ymafsf.org
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