Around the time when Hong Kong revels in festivities and the world recounts its biggest moments in the past year, a group of fashion designers will be having their sleepless nights, filled with rounds of final touch ups, sewing and, if they’re quick, fittings for HKTDC Hong Kong Fashion Week, which opens on January 14 for its Fall/Winter edition.

Touted as the biggest of its kind in Asia, the event has, for the past 43 years, had a growing reputation for bringing together fashion insiders – including designers, buyers and fashionistas – from across the region. Michael Mok, divisional merchandise manager for Joyce, had no doubt about its influence. “Hong Kong Fashion Week should lead the fashion industry in Asia,” Mok was quoted saying in a 2011 Wall Street Journal story.

This year, Republic of Moldova and Pakistan will be joining for the first time to promote their products at the Hong Kong Trade Development Council (HKTDC) event, which will also debut Men in Style and Fashion Jewellery Feast zones to accommodate buyers’ new merchandising plans.

With the expanded list of exhibitors - from the exclusive designs of labels such as Ika Butoni, Eutropic and Groupe Pronuptia to value-for-money fashion from companies such as Muse, Focus, Sub Zero, Gulliver and Orient, the event is said to be anticipating one of the most diverse range of buyers in Asia.

As the Asian consumption of fashion matures – as with its will to be adventurous – this industry show will be one where Asian designers dwarf their western counterparts.

To help promote branded collections, HKTDC also set up, in 2003, another event to be held concurrently with the Fashion Week, called World Boutique, Hong Kong. Over 15 runway shows will take place at the World Boutique. Brands joining this year include Che Che New York, Marccain, Pashma, Adlib, Sumy Kujon, Ika Butoni and Walter Ma. The stellar lineup is the epitome of Hong Kong's status as an international trendsetter.

And to start off strong, international fashion designers coming from four countries have been invited to showcase their latest collections at the opening show, Fashion Extravaganza. In the past, Keita Maruyama from Japan and Hong Kong’s Barney Cheng are among the world-famed designers who had previously participated at the Fashion Extravaganza. This year, the Extravaganza will showcase four beautiful collections of Nana Aganovich and Brooke Taylor from Paris, Chi Zhang from Beijing, Holly Fulton from London and Johanna Ho from Hong Kong.

A graduate from the Central St. Martins College of Art and Design in London, Ho got her break in 2004 when she was handpicked by Japanese brand Sanyo Shokai to build her empire in Japan. “I’m very flattered and honoured to be part of the opening show for Hong Kong Fashion Week,” said Ho. “I have always wanted to let the world know that there are great talents and home-grown designs from here!”

The growing support from local consumers also plays the impetus to the local design industry. “Hong Kong consumers have definitely become more welcoming and accepting towards goods designed and made in Hong Kong, as well as China.” Ho said.

Now stationed in Hong Kong with her namesake brand, the widely popular designer said Hong Kong has the potential to take a leap. “Hong Kong has the advantages of being very close to China, and also a great central point of Asia, where resources, like factories, suppliers and so on are all near and accessible.” What the city is lacking, according to Ho, is a vehicle that helps young designers understand the business side of fashion.

Another HKTDC arm plays a significant role in this area. Since 1977, the Hong Kong Young Fashion Designers’ Contest (YDC) has assisted young designers in gaining real-life experience in running fashion shows. Its long list of past winners includes Barney Chen and Harrison Wong, all selected by notable guests judges including the likes of Ennio Capasa, Kenzo Takada, and Vivienne Tam.

While in the world of fashion, it would be a stretch for any Asian city to be compared forthrightly with powerhouses like Paris and Milan, Hong Kong’s own fashion revolution has progressively been shaping up to prepare the city as the regional hub for the industry.

And if the proliferation of new fashion flagship stores, including the first Alexander Wang store at Harbour City and Vera Wang’s flagship, doesn’t speak volume about Hong Kong and China’s importance in the growth of local and branded fashion, numbers and figures will. According to a report by Bain & Company and Italian luxury goods trade body Altagamma, China accounts for one in four purchases of luxury goods, while Chinese shoppers now make up half of the luxury purchases in all of Asia, and nearly a third of those in Europe. The number is projected to increase in coming years.