East European designers target luxury shoppers

Some new names, and some new nationalities, are hitting high-fashion catwalks.

Designers from central Europe are muscling in, aiming for a slice of the global luxury market.

Hungary's Nanushka is one.

Once a struggling local brand, its revenues have grown 33-fold since it got private equity backing in 2016.

Now it counts Billie Eilish and Justin Bieber among fans.

Boss Peter Baldaszti says technology has made growth possible:

"We can't deny the fact that social media was a key enabler not just for Hungarian brands but for brands of other smaller countries to achieve a global presence in the fashion industry. Without social media probably you know 15-20 years ago it would have been almost impossible to build a global fashion house from Budapest."

It's not just Hungary.

Slovakia-based Nehera is worn by Hollywood stars like Keira Knightley and Tilda Swinton.

Products from Poland's Magda Butrym are sported by Megan Fox and Hailey Bieber.

Besides social media, they're helped by central Europe's long tradition of craftsmanship in textiles.

After the fall of Communism in 1989, many western brands set up shop there to take advantage of lower costs and skilled workers.

Now home-grown brands want their share of a global luxury goods market forecast to hit $383 billion in 2025.

Peter Baldaszti again:

"We all know that, undeniably the future of luxury lies in China and there are tremendous opportunities which we are also working on to explore."

For now, global groups like LVMH still dominate the luxury market.

But industry experts say high-end shoppers are always looking for new names and new ideas.

Central Europe's budding luxury brands aim to seize the chance.

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