New fashion labels from Asia are rapidly emerging on the global stage as governments in the region bet on creative industries as new growth drivers.
"Asia is rising with a lot of young fashion talents and compared to overseas designers, they have a lot more support from the government," Singaporean designer Sabrina Goh told CNBC. "It's a good advantage compared to other regions like the U.S."
Goh's 'Elohim' brand was first launched in 2009 with $12,000 of her own savings. After receiving a $50,000 grant from government enterprise agency SPRING Singapore, she finally opened her own store two years later and got to participate in one of New York's largest trade shows last year.
Entrepreneurs like Goh are increasingly benefitting as countries like Singapore, South Korea and Japan wake up to the multi-billion dollar potential of the 'creative economy,' a term encompassing sectors like culture, design and media. Creative industries are estimated to represent anywhere from 3 to 12 percent of global gross domestic product currently, according to the World Economic Forum (WEF).
"Many politicians and business leaders look to the creative industries as a means of creating fast growth with a relatively low initial investment in soft infrastructure. They see these industries as a way of achieving stylistic and technological innovations, as well as advances in knowledge and economic development," WEF said in its 2014-2016 outlook report.